Elmira Savings Bank (the Bank) was organized in 1869 as a New York chartered mutual savings bank under the name of Southern Tier Savings Bank. In 1890, the Bank’s name was changed to The Elmira Savings Bank. In 1983, the Bank converted from a state charter to a federally chartered mutual savings bank. In March 1985, the Bank became a stock savings bank with its first stock offering NY State Chartered bank. As of January 1, 2012, the Bank converted from a federally chartered savings bank to a New York State chartered savings bank. The Bank conducts its business through ten full service offices located in Chemung, Tompkins, Cayuga, and Steuben Counties, New York, one limited service office located in Tompkins County, New York, one limited service office located in Cortland County, New York, and one cashless branch in Schuyler County, New York. The main office is located at 333 East Water Street, Elmira, New York.
The Bank has two subsidiaries: ESB Realty Corp. and ESB Advisory Services, Inc. ESB Realty Corp. operates as a real estate investment trust. The Bank offers financial services products and financial planning advisory services through its wholly-owned subsidiary, ESB Advisory Services, Inc.
The Bank is engaged primarily in the business of attracting deposits from the general public and originating mortgage loans secured by first and second liens on one-to-four family residences; consumer loans on automobiles; general consumer loans; commercial real estate loans; and commercial loans. The Bank offers a wide variety of services to its individual and commercial customers.
The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank is chartered by New York State and thus subject to regulation and examination by this regulatory agencies. The Bank is also a member of the Federal Home Loan Bank System and is subject to the regulations of the Federal Reserve Board as they relate to savings institutions.
The Bank’s market areas are in Elmira, New York, and Ithaca, New York, and include the surrounding communities in the southern tier and central New York region. The Bank’s Elmira market area is characterized by a stable population, moderate household incomes, and a stable and diverse industrial and service corporation base. Education plays a significant role in the economy in the Bank’s Ithaca market area with Cornell University and Ithaca College being two of the area’s major employers. The Ithaca market area is also marked by moderate population growth and a low rate of unemployment, relative to other areas of New York State.