Elmira Savings Bank Repays SBLF Capital
ELMIRA, NY -- (Marketwired) -- 04/04/13 -- Elmira Savings Bank (NASDAQ: ESBK) announced today that it repaid 75% or $10.5 million of its outstanding preferred shares that had been issued to the United States Treasury Department through the Small Business Lending Fund. The bank continues to have $3.5 million of shares outstanding issued through this program.
"We are pleased to have accumulated retained earnings over the last several years and enhanced our capital position to a point where we can redeem these outstanding shares and reduce our dividend payments to preferred shareholders and increase our earnings per common share," said Michael P. Hosey, President and Chief Executive Officer.
Elmira Savings Bank, with $509 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a 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 office in Schuyler County, NY; 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.
For further information contact: Thomas M. Carr EVP & COO Elmira Savings Bank 333 East Water Street Elmira, New York 14901 (607) 735-8660 E-Mail Email Contact
Source: Elmira Savings Bank