Elmira Savings Bank has purchased three branches in Tompkins County and one branch in Cayuga County. The acquisition consists of total deposits of $78.9 million and $8.5 million of consumer loans.
Elmira Savings has paid a 15.5% premium or $12.2 million for the branches. Elmira Savings Bank is planning to acquire approximately $27 million of First Niagara’s commercial loans. The bank is also planning to retain all staff members at the four branches.
Michael Hosey, president and CEO of Elmira Savings Bank, said: The directors, officers, and employees of the bank are excited about entering this new chapter of our organization’s history. We look forward to welcoming our new staff and customers in Tompkins and Cayuga counties, as well as expanding our many existing relationships in those markets.
