Elmira Savings Bank Announces Shareholder Approval of Merger Agreement

Rhea-AI Summary

On December 14, 2021, Elmira Savings Bank (NASDAQ:ESBK) shareholders overwhelmingly approved a merger with Community Bank, N.A., with over 98% voting in favor. The merger, valued at approximately $82.8 million, was first announced on October 4, 2021. Community Bank System, Inc., the parent company, possesses assets exceeding $15.3 billion. Elmira Savings Bank, with total assets of $634.6 million as of September 30, 2021, operates multiple branches across New York, ensuring FDIC insurance. This merger aims to enhance operational efficiency and market presence.

Positive

• Shareholders approved the merger with over 98% in favor.
• Transaction valued at approximately $82.8 million, indicating strong shareholder support.
• Community Bank System's significant asset base of over $15.3 billion enhances stability.
• Potential for improved operational efficiencies and market expansion.

Negative

• None.

ELMIRA, N.Y., Dec. 16, 2021 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK) announces that the Shareholders of Elmira Savings Bank (“Elmira”), at its Special Shareholders Meeting held on December 14, 2021, voted to approve the proposed merger (the “Merger”) of Elmira with Community Bank, N.A. There were more than 75% of the issued and outstanding shares represented at the Special Meeting and more than 98% of the votes cast were voted to approve the Merger.

“We are pleased that our shareholders have overwhelmingly approved the Merger Agreement with Community Bank, N.A.,” said Elmira Savings Bank President and CEO, Thomas M. Carr.

On October 4, 2021, Elmira Savings Bank, in a joint press release with Community Bank System, Inc. (NYSE:CBU), announced that it had entered into a definitive agreement to be acquired by Community Bank System’s bank subsidiary, Community Bank, N.A. for approximately $82.8 million in cash. Community Bank System, with reported assets of over $15.3 billion, is headquartered in DeWitt, New York and is among the country’s 125 largest banking institutions.

Elmira Savings Bank, with total assets at September 30, 2021 of $634.6 million, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Broome County, NY.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank’s publicly available regulatory reports.

For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
E-Mail tcarr@elmirasavingsbank.com

FAQ

What was the outcome of the Elmira Savings Bank shareholder meeting on December 14, 2021?

The shareholders overwhelmingly approved the merger with Community Bank, N.A., with over 98% voting in favor.

What is the value of the merger between Elmira Savings Bank and Community Bank, N.A.?

The merger is valued at approximately $82.8 million.

What impact will the merger have on Elmira Savings Bank's operations?

The merger is expected to enhance operational efficiencies and expand market presence.

When was the merger agreement between Elmira Savings Bank and Community Bank first announced?

The merger agreement was first announced on October 4, 2021.