The People’s Bank
2014
Annual Report
The People’s Bank
OUR MISSION
THE MISSION OF ELMIRA SAVINGS BANK is to
provide above average returns to our shareholders
while providing a broad range of financial services
that meet the needs of the individuals, businesses, and
organizations of our community.
We will achieve this through our commitment to:
• Consistent and superior quality service for our
customers.
• A culture that incents employees to excel personally
and professionally.
• Leadership in and support for our community.
• Independence as a local community bank.
DESIGN PS Graphic Design
PHOTOGRAPHY Frank Borkowski
ELMIRA SAVINGS BANK BOARD OF DIRECTORS
(Back row l-r) Robert K. Lambert, President/Chief Executive Officer, Arnot Health; Marianne W. Young, President/Chief Executive Officer, Market Street Trust Company;
Arie J. van den Blink, Chairman/Chief Executive Officer, The Hilliard Corporation; Katherine H. Roehlke, President/Chief Executive Officer, F.M. Howell & Company;
Donald G. Quick, Jr., Retired Partner, Mengel, Metzger, Barr & Co. LLP; Kristin A. Swain, Executive Director, Rockwell Museum of Western Art.
(Front row l-r) A. Scott Welliver, Chairman/Chief Executive Officer, Welliver McGuire, Inc.; John R. Alexander, Vice Chairman and Corporate Secretary of the Board/Managing Partner, Sayles & Evans;
Thomas M. Carr, President/Chief Executive Officer; Michael P. Hosey, Chairman of the Board; George Howell, Chairman of the Board, F.M. Howell & Company.
DEAR SHAREHOLDERS,
As I reflect on this past year
it becomes apparent that
2014 was a year of change
for the organization. At the Board
During the year the Senior Officers
and Board of Directors worked
vigorously on a new strategic plan
for the company. This plan was
Thomas M. Carr
President/Chief Executive Officer
of Directors level we saw Michael P.
approved by the Board of Directors
Hosey appointed Chairman of the
in the third quarter and management
Board after 30 years of service to the
began implementation immediately.
company. John R. Alexander, Esq.
The core theme of our new strategic
moved into the role of Vice Chairman
direction is a commitment to growing
after serving on the Board of Directors
the company in order to increase
since 1985. We began 2014 by adding
profitability. The customer is at the
Robert K. Lambert, M.D., President &
center of our business strategy with a
CEO of Arnot Health, to our Board of
primary goal of growing organically.
Directors. However, in June of 2014
This will be achieved by expanding our
due to unforeseen events we suddenly
existing relationships and acquiring
lost our Chairman of the Board and a
new customers while continuing
stalwart of the company when John
to provide a high level of customer
Brand, III passed away unexpectedly.
service and a high quality consistent
Upon Mike Hosey’s retirement I was
appointed President & CEO which
required me to pass some of my
experience through the entire life of
the relationship that meets or exceeds
the expectations of our customers.
existing responsibilities to Kevin
Our goal is to create an organization in
Berkley, Executive Vice President &
which every employee has an intense
Senior Loan Officer, who is responsible
focus on acquiring new customers
for all lending functions at the
and expanding our relationship with
bank, Jason Sanford, CPA, Senior
every existing customer. This goal has
Vice President & Chief Financial
heightened focus in markets that we
Officer, who accepted oversight of
have entered over the last ten years
our technology operations along
because they represent our greatest
with his previous responsibility for
opportunity for growth and because
accounting and treasury functions,
we have already invested in physical
and Donna Tangorre, Senior Vice
branches and human resources.
President & Branch Administrator,
who is responsible for all branch
operations, deposit support services,
electronic delivery vehicles and ESB
Advisory Services. The support and
efforts of these individuals have made
the transitions experienced by the
organization seamless.
During 2014 the company continued
to make financial progress. Total assets
grew by 6% or $31.6 million to total
$546.0 million at December 31, 2014.
This asset growth was composed of
7% loan growth or $28.2 million which
brings our outstanding loan portfolio
Page 4 : Elmira Savings Bank : 2014 ANNUAL REPORT
to $417.4 million. We funded this
In addition to financial progress
agencies throughout our six counties
balance sheet growth with deposit
the company also had many other
of operation. Our employees, and
growth of 6% or $24.8 million to bring
achievements during the year. In
all officers, volunteered at over 117
total deposits to $422.6 million at
March of 2014 we acquired a bank
community organizations during
December 31, 2014.
building in Watkins Glen, NY, and are
the year helping to improve our
Net income totaled $3.7 million for
2014, down $1.4 million or 28% from
2013. This decline was partially due
to a one time retirement expense
recorded in the third quarter totaling
$820,000 combined with noninterest
income being lower by $799,000
due primarily to lower gains on sales
of mortgages. These gains were
reduced partially by lower mortgage
activity, but also by a shift in the mix
of originations between portfolio
looking forward to opening our 13th
communities.
full service branch during the first
quarter of 2015. In April of 2014 we
closed the largest single commercial
loan in our history totaling $7.5 million
when we provided the financing for
CFA Apartments in Corning, NY. We
were also proud to be able to finance
a significant student housing project
adjacent to the Cornell University
campus when we partnered with
Rabco, LLC.
As we look forward to the coming
year we are engaged in implementing
our strategic plan. We have already
made strategic staffing decisions;
implemented results-based incentive
systems, and established management
processes to monitor and initiate
business development activities. We
have begun a business line process
review targeted to create efficiencies
and scalability and we are planning
products and saleable products.
During the third quarter ESB Advisory
focused sales training to assist our staff
Net interest margin, our primary
source of revenue, remained steady
during 2014 declining by only 2 basis
points from 3.25% in 2013 to 3.23%
Services, a wholly-owned subsidiary,
with their success.
converted its operating platform and
has had a marked increase in activity
since this upgrade.
We understand that to achieve
stronger results and increased
profitability we will need to work
in 2014. Our operating expenses
In the fourth quarter we added long-
harder, be more determined, and
were increased year to year by $0.6
term tenants to our Big Flats and
display patience. We endeavor
million; however, absent the one-
Corning facilities. Keller Williams of
to make these improvements for
time retirement charge our expenses
the Southern Tier and Finger Lakes, a
the benefit of our shareholders,
would have been slightly reduced
premier local real estate agency, joined
customers, and employees but realize
year to year. Asset quality continues to
us in our Big Flats location and Three
we will only be successful with their
remain strong with our nonperforming
Rivers Development Corporation
continued support.
loans being 1.13% of total loans
joined us on the second floor of our
and delinquencies, excluding non
Market Street, Corning, location. We
performing loans, totaling .26% of
look forward to working more closely
total loans at December 31, 2014.
with these organizations in the future.
During 2014 we continued to pay
Another accomplishment of the
quarterly cash dividends totaling ninety
organization in 2014 was our
two cents per share which equates to a
contribution to the communities
4% dividend yield based on our share
in which we serve. During 2014
price on December 31, 2014.
we contributed over $180,000 to
Thomas M. Carr
President and
Chief Executive Officer
Elmira Savings Bank : 2014 ANNUAL REPORT : Page 5
Assets, Deposits, and Net Loans
SELECTED FINANCIAL DATA
Assets Deposits Net Loans
(in thousands, except share and per share amounts)
$499,839
$523,358
$536,936
$514,325
$545,969
FINANCIAL STATEMENT HIGHLIGHTS
2014
2013
$356,621
$310,477
$381,729
$348,824
$409,565
$381,275
$397,733
$390,976
$422,561
$3,665
$418,146
$2,765
2010
2011
2012
2013
2014
Total Return Performance
Elmira Savings Bank
NASDAQ Composite
SNL Thrift NASDAQ
SNL Mid-Atlantic Thrift
SNL Bank NASDAQ
SNL Bank $500M-$1B
SNL Mid-Atlantic Bank
350
300
250
200
150
100
50
2009
2010
2011
2012
2013
2014
Assets
$ 545,969
514,325
Loans (including loans held for sale)
418,146
390,976
Allowance for loan losses
Deposits
Shareholders’ equity
Net interest income
Provision for loan losses
Non-interest income
Non-interest expense
Net income attributable to Elmira Savings Bank
PER SHARE INFORMATION
Basic earnings per share
Diluted earnings per share
Book value per share
Cash dividend per share
SELECTED RATIOS
Return on average assets
Return on average equity
Shareholders’ equity to assets
Dividend payout ratio
Efficiency ratio
3,974
3,834
422,561
397,733
55,493
15,412
407
4,758
14,503
3,665
$
1.03
0.99
16.91
0.92
0.70%
6.60%
10.16%
89.32%
71.90%
54,025
15,053
315
5,557
13,862
5,054
1.47
1.40
16.64
0.84
0.97%
8.51%
10.50%
57.14%
67.26%
Net Income ($000)
Net Income ($000) Available to Common Shareholders
$4,833
$5,029
$5,213
$5,054
$3,382
$3,265
$3,604
$3,839
$3,665
$2,765
OTHER SELECTED DATA
Number of offices
Number of automated teller machines
16
13
15
13
Weighted average shares outstanding
2,677,252
2,617,073
Weighted average diluted shares outstanding
2,799,670
2,745,934
2010
2011
2012
2013
2014
Page 6 : Elmira Savings Bank : 2014 ANNUAL REPORT
Consolidated Balance Sheets
Elmira Savings Bank and Subsidiaries
(in thousands, except for share and per share data)
ASSETS
Cash and due from banks
Federal funds sold and other short-term investments
Total cash and equivalents
Securities available for sale, at fair value
Securities held to maturity - fair value of $7,641
at December 31, 2014, and $8,302 at December 31, 2013
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost
Loans held for sale
Loans receivable
Less: Allowance for loan losses
Net Loans
Premises and equipment, net
Bank-owned life insurance
Accrued interest receivable
Intangible assets, net
Goodwill
Other assets
December 31,
2014
December 31,
2013
$
7,959
606
8,565
65,624
7,389
11,182
787
417,359
3,974
413,385
9,475
12,790
1,566
125
12,320
2,761
$
7,077
564
7,641
63,464
7,805
10,417
1,847
389,129
3,834
385,295
8,620
12,387
1,454
210
12,320
2,865
Total assets
$ 545,969
$ 514,325
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Borrowings
Other liabilities
Total liabilities
SHAREHOLDERS’ EQUITY:
Preferred stock, $1,000 liquidation value per issued share; 5,000,000 shares authorized;
10,000 shares issued at December 31, 2014 and 2013
Common stock, $1 par value; authorized 5,000,000 shares; 2,809,364 shares
issued at December 31, 2014 and 2,776,240 at December 31, 2013
Additional paid-in capital
Retained earnings
Treasury stock, at cost - 104,418 shares at December 31, 2014 and
116,268 shares at December 31, 2013
Accumulated other comprehensive income
Total Elmira Savings Bank shareholders’ equity
Noncontrolling interest
Total shareholders’ equity
Total liabilities and shareholders’ equity
$
422,561
62,000
5,915
$
397,733
56,500
6,067
490,476
460,300
9,700
2,809
42,365
2,769
(3,053)
849
55,439
54
9,700
2,776
41,693
2,485
(3,327)
644
53,971
54
55,493
54,025
$ 545,969
$
514,325
Elmira Savings Bank : 2014 ANNUAL REPORT : Page 7
Consolidated Statements of Income
Elmira Savings Bank and Subsidiaries
(in thousands, except for per share amounts)
INTEREST AND DIVIDEND INCOME
Interest and fees on loans
Interest and dividends on securities
Taxable
Non-taxable
Years Ended December 31
2013
2012
2014
$ 17,709
$ 17,733
$ 18,114
1,659
899
1,744
776
2,111
760
Total interest and dividend income
20,267
20,253
20,985
INTEREST EXPENSE
Interest on deposits
Interest on borrowings
Total interest expense
Net interest income
Provision for loan losses
2,986
1,869
3,224
1,976
3,712
2,184
4,855
5,200
5,896
15,412
407
15,053
315
15,089
463
Net interest income after provision for loan losses
15,005
14,738
14,626
NONINTEREST INCOME
Service fees
Gain on sale of loans held for sale
Net gain on sale of securities
Other service fees
Earnings on bank-owned life insurance
Other
Total noninterest income
NONINTEREST EXPENSE
Salaries and benefits
Net occupancy
Equipment
Marketing and public relations
Professional fees
Other
1,437
1,633
422
687
404
175
1,357
3,007
61
660
399
73
1,242
3,561
75
677
388
107
4,758
5,557
6,050
7,692
1,416
1,012
884
690
2,809
7,382
1,259
1,022
676
674
2,849
6,770
1,130
946
722
643
2,733
Total noninterest expense
14,503
13,862
12,944
Income before income taxes
Income taxes
Net income
Less: Net income attributable to noncontrolling interest
5,260
1,590
3,670
5
6,433
1,374
5,059
5
7,732
2,514
5,218
5
Net income attributable to Elmira Savings Bank
$
3,665
$
5,054
$
5,213
Dividend on preferred stock
Income available to common shareholders
Basic earnings per common share
Diluted earnings per common share
900
1,215
1,609
2,765
$
3,839
$
3,604
1.03
0.99
$
$
1.47
1.40
$
$
1.44
1.37
$
$
$
Per share data has been restated to reflect a 10% stock dividend paid on December 27, 2013.
Page 8 : Elmira Savings Bank : 2014 ANNUAL REPORT
Consolidated Statements of Comprehensive Income
Elmira Savings Bank and Subsidiaries
(in thousands)
Net income
OTHER COMPREHENSIVE INCOME (LOSS):
Net unrealized holding gains (losses) on securities available for sale
Tax benefit (expense)
Realized securities gains included in net income
Tax expense
Other comprehensive income (loss), net of tax
Comprehensive income
Years Ended December 31,
2014
2013
2012
$ 3,665
$ 5,054
$ 5,213
757
(293)
464
(422)
163
(259)
(1,943)
753
(1,190)
(61)
23
(38)
205
(1,228)
-
-
-
(75)
29
(46)
(46)
$ 3,870
$ 3,826
$ 5,167
Consolidated Statements of Shareholders’ Equity
Elmira Savings Bank and Subsidiaries
(in thousands, except for share
and per share amounts)
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
other
comprehensive
income
Noncontrolling
Interest
Total
Balance at December 31, 2013
$ 9,700
2,776
41,693
2,485
(3,327)
644
54
54,025
Net income
Other comprehensive income
Stock based compensation expense
Issuance of common shares
(8,566 shares)
Exercise of stock options, net
(24,558 shares)
Issuance of treasury stock
(11,850 shares)
Cash dividend on preferred stock
Cash dividend on common stock
($.92 per share)
-
-
-
-
-
-
-
-
-
-
-
9
-
-
421
(9)
24
235
-
-
-
25
-
-
3,665
-
-
-
-
-
(900)
(2,481)
-
-
-
-
-
274
-
-
-
205
-
-
-
-
-
-
5
-
-
-
-
-
(5)
3,670
205
421
-
259
299
(905)
-
(2,481)
Balance at December 31, 2014
$
9,700
2,809
42,365
2,769
(3,053)
849
54
55,493
To the Board of Directors and Shareholders of Elmira Savings Bank
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the consolidated balance sheets of Elmira Savings Bank and subsidiaries as of December 31, 2014 and 2013, and the
related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows
(not presented herein) for each of the three years in the year ended December 31, 2014, and in our report dated March
18, 2015, we expressed an unqualified opinion on those financial statements.
In our opinion, the information set forth in the accompanying consolidated financial statements is fairly stated, in all
material respects, in relation to the financial statements from which it has been derived.
Wexford, Pennsylvania
March 18, 2015
The following organizations have
received contributions from the Bank or
volunteer services from its employees.
American Association of Retired Persons
Able 2
Adult Hockey League - First Arena
American Legion
American Red Cross
Arctic League
Arnot Art Museum
Arnot Health
Arnot Health Foundation
Autism Awareness
Bethany Village
Better Housing for Tompkins County, Inc.
Big Flats Community Center
Big Flats Little League Baseball
Binghamton Triple Cities Spiedie Fest &
Balloon Rally
Camp Good Days and Special Times
CareFirst
Cayuga Chamber Orchestra
Chemung County Agricultural Society
Chemung County Chamber of Commerce
Chemung County Historical Society
Chemung Volunteer Fire Department
Children’s Miracle Network
CHOW New Life Food Pantry
Clemens Center
CNY Motocross Riders of America
Community Foundation
Community Wesleyan Church
Corning Area Chamber of Commerce
Corning Community College Foundation
Cortland Hospital
Diven Elementary School
Eagles Mere Conservance
Elmira Animal Shelter
Elmira City Club
Elmira College
Elmira Country Club
Elmira Downtown Development
YOUR COMMUNITY BANK
Elmira Heights Events Committee
Family Enrichment Network of Broome County
Federal Home Loan Bank of NY
Finger Lakes Land Trust
First Baptist Church of Waverly
First United Church of Christ
Food Bank of the Southern Tier
Friends of the Chemung River Watershed
Friends of Indian Mound Cemetery
Friends of Woodlawn Cemetery of Elmira, Inc.
Fur, Fin & Feathers, Inc.
George F. Randolph Foundation, Inc.
Girl Scouts
Girls Hockey - Ithaca
Girls on the Run of the Southern Tier
Greater Binghamton Airport Advisor Board
Greater Binghamton Chamber of Commerce
Greater Binghamton Realtor Association
Groton Central School
Groton Fall Boosters
Groton Youth Soccer Program
Guthrie Corning Hospital
Hangar Theatre
Hendy Elementary School
Historic Elmira
Holy Family Elementary School
Horseheads Babe Ruth League
Horseheads High School
Horseheads Middle School
Horseheads Snowmobile Club
Ithaca Downtown Business Women
J.E. Hullett Fire Company
JE Wheelock’s Fire Department Auxiliary
Junior Achievement of the Twin Tiers
Lawrenceville Cinderella Softball
Lions Club
Meals on Wheels
Montour Falls Beautification Committee
Montour Falls Fire Department
Moravia/Locke Chamber of Commerce
Moravia Village Planning Board
Muscular Dystrophy Association
National Soaring Museum
North Chemung Cemetery
Notre Dame High School
Orchestra of the Southern Finger Lakes
Paleontological Research Institution
Powers Library
Regional Economic Development and
Energy Corporation
Ridge Riders Snowmobile Club
Rockwell Museum
Rotary Clubs
Schuyler Health Foundation
Schuyler Hospital Auxiliary
Sciencenter
Schuyler County Partnership for
Economic Development
Slot Car Club of the Twin Tiers
So. Tier CASH Program
So. Tier Economic Growth
So. Tier Technology Education Association
Southport Recreation Association
St. Jude’s Research Children’s Hospital
St. Mary Our Mother School
STAR Reader Program
Susan G. Komen Foundation
Tanglewood Nature Center & Museum
Three Rivers Development Corporation
Tom Sawyer Youth League
Tompkins County Area Development
Town of Southport
United Way of the Southern Tier
United Way of Tompkins County
Upstate Chill Travel Baseball Organization
Victory Highway Church
Watkins Glen Chamber of Commerce
Waverly Basketball and Booster Clubs
Waverly Soccer Club
West Elmira Cal Ripken Baseball
West Elmira Recreation Corp.
Wings of Eagles Discovery Center
Woodbrook Assisted Living Residence, Inc.
Young Entrepreneurs Academy
YWCA Elmira & the Twin Tiers
MARKET PRICE INFORMATION
The Bank’s common stock was first offered in March
1985, and is now listed on the NASDAQ exchange under
the symbol ESBK. This table summarizes the high and low
market price for the Bank’s stock during 2014 and 2013.
Quarters
2014
2013
High
Low
First
26.97
22.25
Second
24.78
21.92
Third
24.54
20.16
Fourth
23.00
20.50
High
23.05
23.93
22.73
28.45
Low
20.67
18.18
19.30
20.15
Page 10 : Elmira Savings Bank : 2014 ANNUAL REPORT
Keller Williams of the Southern Tier and Finger
Lakes is a premier real estate agency in our
region. We are very pleased to welcome them as a
tenant to our Big Flats facility on County Route 64.
We look forward to a long and lasting partnership
with this company.
We were very pleased to provide
construction and permanent financing
to Rabco Highland House I, LLC for the
expansion of their student housing complex
at 304 Thurston Avenue, Ithaca, NY. This three-
building project created 18 new apartments
convenient for 59 students of Cornell University.
The Bank provided construction and
permanent financing to CFA Apartments
LLC, owned by Mark Purcell, to renovate the
former Corning Free Academy Middle School
Building located at 11 West Third Street,
Corning, NY, creating 58 units of residential
apartments. This is the largest project
financed in the Bank’s 145 year history.
ELMIRA SAVINGS BANK OFFICERS
EXECUTIVE
Thomas M. Carr
President
Chief Executive Officer
Shirley A. Weigand
Assistant Secretary
AUDIT AND CONTROL
Joseph P. Klaiber
Vice President
Edith B. Keebler
Assistant Vice President
Jill M. McConnell
Assistant Secretary
COLLECTIONS
Tricia Rennells
Assistant Vice President
FINANCE
Jason T. Sanford
Senior Vice President
Chief Financial Officer
John J. Stempin
Assistant Vice President
Judy A. Woodruff
Assistant Secretary
HUMAN RESOURCES
Bradley V. Serva
Vice President
Stacy Ward
Assistant Secretary
LENDING
Kevin J. Berkley
Executive Vice President
Senior Loan Officer
Gary O. Short
Senior Vice President
Tamara S. Pabis
Vice President
Jason Sorochinsky
Vice President
Susan M. Cook
Assistant Vice President
Carrie L. Spencer
Assistant Vice President
Amy Ward
Assistant Vice President
Jennifer M. Murphy
Assistant Secretary
MANAGEMENT
INFORMATION SYSTEMS
Joseph L. Walker
Vice President
Phillip J. Collins
Assistant Vice President
OPERATIONS
Margaret A. Phillips
Vice President
Frank P. Spena, Jr.
Assistant Vice President
RETAIL SERVICES
Donna J. Tangorre
Senior Vice President
Deborah L. Adams
Assistant Vice President
Kimberly A. Elliott
Assistant Vice President
John Strong
Assistant Vice President
Janette Allen
Assistant Treasurer
Linda Confer
Assistant Treasurer
Theresa A. Emo
Assistant Treasurer
Lorenda D. Gneo
Assistant Treasurer
Margaret Hurd
Assistant Treasurer
Phylis A. Jensen
Assistant Treasurer
Debra S. Knowles
Assistant Treasurer
Renee A. Wheeler
Assistant Secretary
Michael P. Hosey came to
work at Elmira Savings Bank
in 1984 as Controller. At that time
the Bank had total assets of $162
million and $2.5 million of net
worth. The Bank had a net loss in
1984 of $146,000. After 30 years
of Mike’s involvement, including
19 years as an executive officer,
12 of which he served as
President and CEO, the Bank
has $546 million in total assets,
net worth of $55.5 million, and
earnings of $3.7 million.
In addition to the financial
progress the Bank has
made, Mike is an active and
committed community member,
participating in a leadership role
in many key local organizations.
We wish Mike all the best in his
retirement and are pleased that
he remains with us as Chairman
of the Board.
John (“Skip”) Brand, III was
elected to the Bank’s Board
of Directors in 1988. Mr. Brand
served in a variety of capacities
at the board level highlighted
by ten years as Chairman of
the Audit Committee and
as Chairman of the Board of
Directors from 2012 until his
untimely passing in June of 2014.
Mr. Brand’s thoughtful and
inquisitive manner was an
uplifting and guiding force
for the Board of Directors and
Management. Mr. Brand was a
trusted steward of the Bank and
he will be missed by all.
Michael P. Hosey
John (“Skip”)
Brand, III
Page 14 : Elmira Savings Bank : 2014 ANNUAL REPORT
MAIN OFFICE
333 East Water Street
Elmira, NY 14902-9967
607-734-3374
HORSEHEADS
2149 Grand Central Avenue
Horseheads, NY 14845
607-734-3374
SOUTHPORT
1136 Pennsylvania Avenue
Elmira, NY 14904
607-734-3374
WEST ELMIRA
930 West Church Street
Elmira, NY 14905
607-734-3374
BIG FLATS
971 County Route 64
Big Flats, NY 14841
607-734-3374
ELMIRA HEIGHTS
2075 Lake Road
Elmira Heights, NY 14903
607-734-3374
ELMIRA SAVINGS BANK LOCATIONS
ERWIN
404 S. Hamilton Street
Painted Post, NY 14870
607-936-1806
ITHACA LOAN CENTER
301 East State Street
Ithaca, NY 14850
607-257-3584
COMMONS
301 East State Street
Ithaca, NY 14850
607-272-1111
The People’s Bank
Finger Lakes
Region
SOUTH MEADOW
702 South Meadow Street
Ithaca, NY 14850
607-272-2211
CORTLAND LOAN CENTER*
77 South West Street
Homer, NY 13077
607-749-7251
TRIPHAMMER
2300 North Triphammer Road
Ithaca, NY 14850
607-257-8808
VESTAL LOAN CENTER*
3439 Vestal Parkway E.
Vestal, NY 13850
607-729-0386
MORAVIA
142 Main Street
Moravia, NY 13118
315-497-1300
WATKINS GLEN
712 N. Franklin Street
Watkins Glen, NY 14891
607-535-4026
*ATM available at all locations
except for the
Montour Falls Office,
Cortland Loan Center and
Vestal Loan Center.
CORNING
19 East Market Street, Suite 101
Corning, NY 14830
607-962-0812
MONTOUR FALLS*
401 West Main Street, Suite 110
Montour Falls, NY 14865
607-535-4026
ARNOT MALL ATM
Entrance 4 - Center Court
Horseheads, NY 14845
607-734-3374
ANNUAL SHAREHOLDERS’ MEETING
The Annual Shareholders’ Meeting will be held at 10 a.m. on April 28, 2015 at the
Clemens Center, 207 Clemens Center Parkway, Elmira, NY 14901
SHAREHOLDER INQUIRIES
The Bank’s transfer agent is:
Computershare, Inc.
Computershare Investor Services
PO Box 30170, College Station, TX 77842
(800) 368-5948
•
The Bank’s Annual Report on Form 10-K will be furnished
without charge upon written request to:
Thomas M. Carr
President/Chief Executive Officer
Elmira Savings Bank
333 E. Water Street, Elmira, NY 14901
Elmira Savings Bank : 2014 ANNUAL REPORT : Page 15
The People’s Bank
www.elmirasavingsbank.com
Member FDIC | Equal Housing Lender