Elmira Savings Bank Declares Cash Dividend

ELMIRA, NY--(Marketwire - Feb 22, 2012) - The Board of Directors of Elmira Savings Bank (NASDAQ: ESBK) has declared a $0.22 per share cash dividend on their existing common shares outstanding. The cash dividend will be paid on March 23, 2012 to shareholders of record March 7, 2012. The Bank also declared a dividend on their preferred shares outstanding.

"We are pleased to be able to continue to pay cash dividends to reward our many loyal shareholders," said Michael P. Hosey, President and Chief Executive Officer. Hosey continued, "At our current stock price, this dividend represents a 5% dividend yield."

Elmira Savings Bank with $518.2 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state chartered Bank with five offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; one office in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Cortland 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.