Carr Promoted to President and Chief Executive Officer Hosey Elected as Chairman of the Board

ELMIRA, NY--(Marketwired - Jul 16, 2014) - The Board of Directors of Elmira Savings Bank (NASDAQ: ESBK) is pleased to announce the appointment of Thomas M. Carr as President and Chief Executive Officer. Mr. Carr has been serving as President and Chief Operating Officer since April 2013. He joined the bank in June 2000 as Senior Vice President and Chief Financial Officer.

"Tom has played a major role in the development of a team of management and employees that are deep in talent and highly motivated to offer great service to our customers. Through Tom's leadership, this team has generated consistently strong returns for our shareholders," said Michael P. Hosey, Chairman, Board of Directors.

Mr. Carr succeeds Michael P. Hosey, Vice Chairman and Chief Executive Officer, who is retiring from the bank after 30 years of service. Mr. Hosey has been elected as Chairman of the Board of Directors of the bank. During his twelve years as Chief Executive Officer, the bank's assets have grown from $286.4 million to $517.6 million, profitability has improved significantly, and the number of branch locations has increased from six to sixteen.

"It has been my pleasure to serve the customers, shareholders, and employees of the Elmira Savings Bank," said Michael P. Hosey, Chairman, Board of Directors.

Elmira Savings Bank, with $517.6 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a New York State-chartered bank with six offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one cashless office in Schuyler County; NY; a loan center in Cortland County, NY; 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 regulatory reports.