The People’s Bank
Annual Report
2017
State Street Branch • Ithaca
ELMIRA SAVINGS BANK
Board of Directors
(Front row l-r) Kristin A. Swain, Retired Executive Director, The Rockwell Museum; John R. Alexander, Vice Chairman and Corporate
Secretary of the Board & Managing Partner, Sayles & Evans; Katherine H. Roehlke, President & Chief Executive Officer, F.M. Howell
& Company. (Back row l-r) Robert K. Lambert, President & Chief Executive Officer, Arnot Health; A. Scott Welliver, Chairman &
Chief Executive Officer, Welliver; Thomas M. Carr, President & Chief Executive Officer; Donald G. Quick, Jr., Retired Partner, Mengel,
Metzger, Barr & Co. LLP.; Michael P. Hosey, Chairman of the Board; Arie J. van den Blink, Chairman & Chief Executive Officer, The
Hilliard Corporation. Not pictured: Marianne W. Young, President & Chief Executive Officer, Market Street Trust Company
ELMIRA SAVINGS BANK
Senior Officers
Pictured in the new Ithaca State Street Branch
(left to right): Donna J. Tangorre, Senior Vice
President & Retail Banking Manager; Kevin J.
Berkley, Executive Vice President & Senior Loan
Officer; Jason T. Sanford, Senior Vice President
& Chief Financial Officer; Thomas M. Carr,
President & Chief Executive Officer.
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.
The People’s Bank
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.
Thomas M. Carr
President & Chief Executive Officer
TO OUR
Shareholders
The People’s Bank
The year 2017 was defined by
continued progress for Elmira
Savings Bank in several key
areas. The Bank continued to produce
strong financial results including
improvements to net income, earnings
per share, net interest margin and asset
quality. We completed a significant
investment in our branch network
in one of the strongest economies
in upstate New York. The capital of
the Bank was restructured with the
issuance of common stock and the
repurchase of preferred stock. We
continued to work on our operations
and processes by implementing a
mortgage pipeline management
system. Finally, we continued to invest
in technology to provide additional
conveniences to our customers.
I am pleased to report that net income
totaled $4.9 million for 2017 compared
to $4.3 million for 2016. This $514,000
increase is the net result of a decrease
in income tax expense of $1.6 million
offset by a decrease in noninterest
income of $463,000, an increase in
provision for loan losses of $408,000
and an increase in operating expenses
of $282,000.
The enactment of the Tax Cuts and Jobs
Act on December 22, 2017 reduced our
federal tax rate starting in 2018 from
34% to 21%. As a result, the Bank was
required, under Generally Accepted
Accounting Principles, to adjust our net
deferred tax liability. This resulted in
a $1.2 million reduction of income tax
expense for 2017.
Noninterest income declined by
7.80% or $463,000, the result of
lower gains on sale of mortgages
combined with lower gains on sale of
securities. Gains on sale of mortgages
declined by $360,000, the result of
lower origination volume. In 2016, we
realized $180,000 of gains on sale of
securities which was absent in 2017.
Basic and diluted earnings per share for
the twelve months ended December
31, 2017 were $1.28 per share for both,
compared to $1.26 and $1.25 per share
respectively for 2016. We declared cash
dividends of $0.92 per share which
resulted in a dividend yield, based on
our per share price, of over 4%, one of
the highest in our industry.
The net interest margin, our largest
source of revenue, was 3.32% for 2017
compared to 3.21% for the same period
in 2016.
Total assets decreased by $18.9 million
year-to-year to total $554.6 million
at December 31, 2017. This decrease
was primarily in cash which declined
by $16.4 million. Loans increased by
$2.7 million to total $458.6 million at
December 31, 2017.
Our nonperforming assets decreased
by $2.4 million or 45% to total $2.9
million on December 31, 2017. During
the fourth quarter of 2017, the Bank
settled a complex, multi-year, problem
commercial loan. We are pleased to be
able to reduce our nonperforming loans
and also truncate the ongoing expense
with this loan workout.
Deposits totaled $456.8 million at
December 31, 2017, a decrease of $12.8
million. The decline was due to one large,
out of market customer withdrawing
$25.0 million during the first quarter of
the year. Absent this transaction, deposits
increased by $12.2 million.
Shareholders’ equity increased by
$1.0 million to total $56.7 million at
December 31, 2017. This increase is
the net effect of the common equity
Page 4 : Elmira Savings Bank : 2017 ANNUAL REPORT
raise of $9.5 million, the repurchase of
the preferred stock which totaled $9.4
million and the difference between net
income and dividends. Our common
shares outstanding had a book value
per share of $17.07 at December 31,
2017, an increase of $0.33 per share
from December 31, 2016.
We invested in our branch network
in 2017 by completing our new full-
service branch located at 602 West
State Street in Ithaca in May. This
historic rehabilitation was a major
management focus for the last half of
2016 and the first five months of 2017.
The completed facility, showcased in
this report, is the centerpiece of our
franchise in Tompkins County. The
branch consists of a full-service Bank
Branch of 2,100 square feet with two
drive-through lanes, one of which
includes a state of the art ATM.
In addition to the Bank Branch, we have
leasable space on the second floor.
We also maintain control of several
vacant parcels surrounding the State
Street Branch that we look forward to
developing in the future.
During 2017 we restructured our capital,
first in April with the successful private
placement of 548,430 shares of common
stock. These shares were placed with
select investors with no single investor
acquiring more than 5% of total
outstanding shares. The proceeds from
this issuance totaled $9.5 million.
In December, the Bank repurchased all
of its shares of preferred stock that were
outstanding. The liquidation value of
these shares was $10.0 million. They
also had a dividend rate of 9.00%. The
shares were repurchased at a discount
of $600,000 with the total purchase
price being $9.4 million.
We were able to repurchase these
shares with the capital raised in
the private placement of common
stock. After this transaction, the Bank
maintained a core capital ratio of 8.5%
as of December 31, 2017, significantly
above the well-capitalized level
established by Bank regulators.
The anticipated effect of retiring
preferred shares will be to reduce the
overall dividends paid out of earnings,
increase the net income available to
common shareholders, and improve
the Bank’s tangible common equity
ratio. We were pleased to execute this
repurchase and complete the second
step of our capital strategy during 2017.
As mentioned, we continue to
work on improving operations and
processes and are pleased to have
implemented a mortgage loan process
management system to improve the
time it takes us to process a mortgage
loan from application to closing. This
effort began with an analysis of our
2016 mortgage originations which
provided us with key information to
standardize our process and establish
benchmarks. The implementation of
this system has produced early results
that are encouraging. In the first half
of 2017, our mortgage turn time was
approximately 60 days. By the 4th
quarter of 2017, the average turn time
was 44 days, an improvement of 16 days
from application to closing.
Finally, we continued to invest in
technology. We recently continued
expansion of our Electronic Banking
Services through an upgrade to our Bill
Pay Services, as well as expansion of the
Touch ID and Passcode access within
Mobile Banking. Bill Pay allows users
to pay all of their bills through Online
or Mobile Banking rather than setting
up payments on multiple websites or
paying by check. The latest version of
Bill Pay features an updated look and
streamlined efficiencies within Online
Banking, as well as expanded abilities
offered through Mobile Banking.
Additionally, the Elmira Savings Bank
Mobile Banking App was recently
updated to allow users to access all
functionalities of the App using a
fingerprint or six-digit Passcode of
their choice.
As we look forward to 2018, we are
dedicated to organically growing our
business. We are fortunate to have
strong and expanding economies in our
geographic footprint and will continue
to focus on increasing our market share
in these regions.
We will continue to invest in our staff
and in technology to keep improving
the quality and convenience of every
customer interaction with our institution.
We have, and going forward will, benefit
financially from changes in the federal
tax code. These changes have reduced
our tax burden and will benefit our
shareholders, customers and employees.
We remain optimistic that regulatory
relief will occur in a meaningful way
and provide us with reductions in
compliance-related burden.
We are determined to provide excellent
service for our customers and strong
financial results for shareholders.
We appreciate your loyal support as
shareholders and look forward to
continuing to build our business.
Thomas M. Carr
President and
Chief Executive Officer
Elmira Savings Bank : 2017 ANNUAL REPORT : Page 5
Assets, Deposits, and Loans ($000)
Total Assets Total Deposits Total Loans
SELECTED FINANCIAL DATA
$514,325
$545,969
$397,733
$390,976
$422,561
$418,146
$561,344
$573,450
$554,560
(in thousands, except share and per share amounts)
$469,547
$459,528
$456,762
$460,628
$440,472
$3,665
$454,998
$2,765
FINANCIAL STATEMENT HIGHLIGHTS
2017
2016
Assets
$ 554,560
573,450
Loans (including loans held for sale)
460,628
459,528
2013
2014
2015
2016
2017
Per Share Data
Diluted Earnings Per Common Share
Cash Dividends Per Common Share
1.40
0.84
0.99
0.92
1.17
1.25
1.28
Diluted earnings per share
0.92
0.92
0.93
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
$
Book value per share
Cash dividend paid per share
SELECTED RATIOS
Return on average assets
Return on average equity
Shareholders’ equity to assets
Dividend payout ratio
Efficiency ratio
OTHER SELECTED DATA
Number of offices
Number of automated teller machines
4,442
4,263
456,762
469,547
56,681
16,548
895
5,437
15,884
4,851
1.28
1.28
17.07
0.93
0.86%
7.78%
10.22%
55,723
16,520
487
5,900
15,602
4,337
1.26
1.25
16.74
0.92
0.76%
7.77%
9.72%
72.66%
73.02%
72.25%
69.59%
14
14
15
14
Weighted average shares outstanding
3,125,434
2,722,243
Weighted average diluted shares outstanding
3,140,893
2,739,668
2013
2014
2015
2016
2017
Net Income ($000)
Net Income ($000) Available to Common Shareholders
$5,054
$4,122
$4,337
$3,665
$3,839
$3,222
$3,437
$2,765
$4,851
$4,006
2013
2014
2015
2016
2017
Page 6 : Elmira Savings Bank : 2017 ANNUAL REPORT
SELECTED FINANCIAL DATA
Consolidated Balance Sheets
Elmira Savings Bank and Subsidiaries
Assets
$ 554,560
573,450
(in thousands, except for share and per share data)
ASSETS
Cash and due from banks
Federal funds sold and other short-term investments
Loans (including loans held for sale)
460,628
459,528
Total cash and equivalents
Securities available for sale, at fair value
Securities held to maturity - fair value of $8,186
at December 31, 2017, and $8,679 at December 31, 2016
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost
Loans held for sale
Loans receivable
Less: Allowance for loan losses
Net income attributable to Elmira Savings Bank
Net Loans
Premises and equipment, net
Bank-owned life insurance
Accrued interest receivable
Intangible assets, net
Goodwill
Other assets
Total assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Borrowings
Other liabilities
Total liabilities
SHAREHOLDERS’ EQUITY:
Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares
authorized; 10,000 shares issued at December 31, 2017 and at December 31, 2016
Common stock, $1 par value; authorized 5,000,000 shares; 3,410,622 shares
issued at December 31, 2017 and 2,844,670 shares at December 31, 2016
Additional paid-in capital
Retained earnings
Treasury stock, at cost - 93,883 common shares and 10,000 preferred shares
at December 31, 2017 and 98,118 common shares at December 31, 2016
Accumulated other comprehensive loss
Total Elmira Savings Bank shareholders’ equity
Noncontrolling interest
Total shareholders’ equity
Allowance for loan losses
Deposits
Shareholders’ equity
Net interest income
Provision for loan losses
Non-interest income
Non-interest expense
PER SHARE INFORMATION
Basic earnings per share
Diluted earnings per share
Book value per share
Cash dividend paid per share
SELECTED RATIOS
Return on average assets
Return on average equity
Shareholders’ equity to assets
Dividend payout ratio
Efficiency ratio
4,442
4,263
456,762
469,547
56,681
16,548
895
5,437
15,884
4,851
$
1.28
1.28
17.07
0.93
0.86%
7.78%
10.22%
55,723
16,520
487
5,900
15,602
4,337
1.26
1.25
16.74
0.92
0.76%
7.77%
9.72%
72.66%
73.02%
72.25%
69.59%
14
14
15
14
OTHER SELECTED DATA
Number of offices
Number of automated teller machines
Weighted average shares outstanding
3,125,434
2,722,243
Weighted average diluted shares outstanding
3,140,893
2,739,668
December 31,
2017
December 31,
2016
$
7,800
97
7,897
24,056
8,039
10,221
1,999
458,629
4,442
454,187
16,772
13,982
1,497
-
12,320
3,590
$
24,195
99
24,294
32,581
8,519
9,811
3,597
455,931
4,263
451,668
12,634
13,592
1,552
20
12,320
2,862
$ 554,560
$
573,450
$456,762
35,000
6,117
$469,547
42,000
6,180
497,879
517,727
9,700
3,411
50,258
5,493
(12,202)
(31)
56,629
52
56,681
9,700
2,845
41,644
4,407
(2,907)
(19)
55,670
53
55,723
Total liabilities and shareholders’ equity
$ 554,560
$
573,450
Elmira Savings Bank : 2017 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
2016
2015
2017
$ 18,971
$ 19,056
$ 18,418
965
610
1,000
832
1,367
949
Total interest and dividend income
20,546
20,888
20,734
INTEREST EXPENSE
Interest on deposits
Interest on borrowings
Total interest expense
Net interest income
Provision for loan losses
2,951
1,047
3,055
1,313
3,998
4,368
3,016
2,084
5,100
16,548
895
16,520
487
15,634
630
Net interest income after provision for loan losses
15,653
16,033
15,004
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
Total noninterest expense
Income before income taxes
Income taxes
Net income
Less: Net income attributable to noncontrolling interest
1,485
2,701
-
739
390
122
5,437
8,183
1,499
1,278
884
720
3,320
1,420
3,061
180
728
403
108
5,900
7,927
1,416
1,200
794
517
3,748
1,471
2,382
284
716
398
140
5,391
7,324
1,383
1,061
832
773
3,220
15,884
15,602
14,593
5,206
350
4,856
5
6,331
1,989
4,342
5
5,802
1,675
4,127
5
Net income attributable to Elmira Savings Bank
$ 4,851
$ 4,337
$ 4,122
Dividend on preferred stock
845
900
900
Income available to common shareholders
$ 4,006
$ 3,437
$ 3,222
Basic earnings per common share
Diluted earnings per common share
$
$
1.28
1.28
$
$
1.26
1.25
$
$
1.19
1.17
Page 8 : Elmira Savings Bank : 2017 ANNUAL REPORT
Consolidated Statements of Comprehensive Income
Elmira Savings Bank and Subsidiaries
(in thousands)
Net income attributable to Elmira Savings Bank
OTHER COMPREHENSIVE LOSS
Net unrealized holding losses on securities available for sale
Tax benefit
Realized securities gains included in net income
Tax expense
Other comprehensive loss, net of tax
Comprehensive income
Years Ended December 31,
2017
2016
2015
$ 4,851
$ 4,337
$ 4,122
(20)
8
12
-
-
-
(12)
(459)
177
(282)
(180)
70
(110)
(493)
191
(302)
(284)
110
(174)
(392)
(476)
$ 4,839
$ 3,945
$ 3,646
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
Loss
Noncontrolling
Interest
Total
Balance at December 31, 2016
$ 9,700
2,845
41,644
4,407
(2,907)
(19)
53
55,723
Net income
Other comprehensive loss
Stock based compensation expense
Issuance of common stock
(548,430 shares)
Restricted stock grants (9,643 shares)
Exercise of stock options, net
(7,879 shares)
Repurchase of preferred stock
(10,000 shares)
Issuance of treasury stock
(4,235 shares)
Preferred stock repurchased -
noncontrolling interest
Cash dividend on preferred stock
Cash dividend on common stock
($.93 per share)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
228
548
8,327
10
(10)
87
-
(18)
-
-
8
-
-
-
-
-
4,851
-
-
-
-
-
-
-
-
-
-
-
-
(9,400)
-
-
(845)
105
-
-
-
-
(2,920)
-
(12)
-
-
-
-
-
-
-
-
-
5
-
-
-
-
-
4,856
(12)
228
8,875
-
95
-
(9,400)
-
87
(1)
(5)
(1)
(850)
-
(2,920)
Balance at December 31, 2017
$ 9,700
3,411
50,258
5,493
(12,202)
(31)
52
56,681
Elmira Savings Bank : 2017 ANNUAL REPORT : Page 9
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, 2017 and 2016, and the
related consolidated statements of income, comprehensive income, statements of shareholders’ equity, and cash flows
(not presented herein) for each of the three years in the period ended December 31, 2017, and in our report dated
March 19, 2018, 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.
Cranberry Township, Pennsylvania
March 19, 2018
MARKET PRICE INFORMATION
Quarters
2017
2016
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 2017 and 2016.
High
Low
High
Low
First
21.75
20.28
20.55
16.83
Second
21.75
19.65
20.10
18.06
Third
21.10
19.80
21.50
18.85
Fourth
20.90
18.90
22.25
18.50
ANNUAL SHAREHOLDERS’ MEETING
The Annual Shareholders’ Meeting will be held at 10:00 a.m. on April 24, 2018 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
Page 10 : Elmira Savings Bank : 2017 ANNUAL REPORT
Ithaca State Street Branch
Elmira Savings Bank’s new Ithaca Branch is
strategically located at the center of one of Ithaca’s
busiest intersections. Originally built in the early 1900’s,
602 West State Street had many business lives until
Elmira Savings Bank renovated the building in 2017.
The exterior restoration of the building, depicted
on the front and back covers, includes a renewed
entrance canopy, an upgraded building envelope,
new windows and sun shades for improved energy
efficiency, extensive landscaping, and a brick and glass
addition that brings a new, modern element to the
historic structure.
The People’s Bank
The modernized interior features state-
of-the-art banking workflow elements
including hybrid teller lines, collaboration
zones, a light-filled waiting area with customer
courtesy bar, decorative lighting to foster
wayfinding, and optimized acoustics to ensure
privacy for customers. The result is a bright,
lively, efficient and engaging commercial
banking and office space experience that
underscores the people-first brand of Elmira
Savings Bank.
Ithaca State Street Branch
Elmira Savings Bank was presented with a Pride of
Ownership Award from the Ithaca Rotary Club and
the City of Ithaca in late 2017. Elmira Savings Bank
was applauded for their substantial investment in
the Ithaca community and commitment to keeping
Ithaca a great place to live and do business.
The People’s Bank
ELMIRA SAVINGS BANK
Employees
April Eggleston-Branston
Julia Evans
Kelly Ewanyk
Shanna Flint
Valerie Friedrich
Patricia Frisbie
Robin Gardner
Ilene Girardi
Kristin Haner
Thomas Hill
Malissa Hootman
Jennifer Hourihan
Rachel Houseknecht
Margaret Hurd
Laura Ingle
William Klinko
Keegan Knoll
Debra Sue Knowles
Brian Kunk-Czaplicki
Theresa Laney
Shaina Leister
Christina M. Losey
Trisha Luchaco
Colleen Manuel
Laurel Mareck
Julie May
Lindsey McCutcheon
Cherry Merrill
Rebecca Morehouse
Haley Mullins
Katie Murphy
Alexis Naylor
Kimberly O’Dell
Jessica Ober
Jennifer Orr
Sarah Parker
Eileen Payne
James Pollen
Hannah Qualey
Laura Reynolds
Deborah M. Rockwell
Sharla R. Root
Kristin Sad
Heidi Saks
Denise Sarro
Youngmi Schickel
Taryn Schwartz
Jena Senefelder
Mark Simon II
Christine Snyder
Jennifer Stampp
Tania-lynn Suhm
Desirea Sullivan
Ashley Tallarida
Erin Thomas-Allen
Michelle M. Tilden
Suzanne Walsh
Tracy Wiles
Tamara Williams
Jenna Wilson
Stacy Woodworth
Christina Allen
Amy Allshouse
Shannon J. Bailey
Dwayne Balcom
Kathleen Bange
Blair Beavers
Mary A. Becker
Allison Bellinger
Joyelle Briggs
Amber Brimmer
Marilynne Burchard
Alyssa Burdick
Marissa Butts
Susan Campbell
Alyssa Carlisle
Janet S. Caswell
Jennifer Catron
Jacqueline Cecce
Peter Chaney
Brenda Cimakasky
Daniel Cleary
Mary A. Cleary
Jessica Coates
Ashley Congdon
Michele Corby
Tammi L. Cronin
Kristie Cummings
Karen Dimmick
Tina Dittler
Rachel Dodge
Pamela Donovan
Nicholas Dutcher
The People’s Bank
Elmira Savings Bank : 2017 ANNUAL REPORT : Page 13
EXECUTIVE
Thomas M. Carr
President
Chief Executive Officer
Anne M. Lavancher
Assistant Secretary
ADVISORY SERVICES
Andrea C. Devon
Assistant Treasurer
AUDIT AND CONTROL
Edith B. Harkness
Vice President
Jill M. McConnell
Assistant Secretary
COLLECTIONS
Amber Simms
Assistant Secretary
ELMIRA SAVINGS BANK
Officers
CREDIT
Carrie L. Spencer
Vice President
Susan M. Cook
LENDING
Kevin J. Berkley
Executive Vice President
RETAIL SERVICES
Donna J. Tangorre
Senior Vice President
Senior Loan Officer
Retail Banking Manager
Assistant Vice President
Christopher J. Giammichele
Renee A. Wheeler
Senior Vice President
Vice President
Amy Frisbie
Assistant Vice President
Gary O. Short
Linda S. Confer
Senior Vice President
Assistant Vice President
Frank P. Spena, Jr.
Assistant Vice President
Robert W. Hazelton
Kimberly A. Elliott
Vice President
Assistant Vice President
Jason Sorochinsky
Deborah French
Vice President
Assistant Vice President
John Strong
Assistant Vice President
Cory Eddy
Assistant Treasurer
Lorenda D. Gneo
Assistant Treasurer
Christine Iles
Assistant Treasurer
Phylis A. Jensen
Assistant Treasurer
Ellaminda Leader
Assistant Secretary
FINANCE
Jason T. Sanford
Senior Vice President
Chief Financial Officer
John J. Stempin
Vice President
Controller
Judy A. Woodruff
MANAGEMENT
INFORMATION
SYSTEMS
Joseph L. Walker
Vice President
Assistant Vice President
Phillip J. Collins
HUMAN RESOURCES
Bradley V. Serva
Senior Vice President
Stacy Ward
Assistant Secretary
Assistant Vice President
OPERATIONS
Margaret A. Phillips
Vice President
The People’s Bank
Page 14 : Elmira Savings Bank : 2017 ANNUAL REPORT
ELMIRA SAVINGS BANK
Locations
Finger Lakes
Region
The People’s Bank
*ATM available at all locations except for the Vestal Loan Center.
MAIN OFFICE
333 East Water Street
Elmira, NY 14902-9967
607-734-3374
STATE STREET
602 West State Street
Ithaca, NY 14850
607-272-111
HORSEHEADS
2149 Grand Central Avenue
Horseheads, NY 14845
607-734-3374
SOUTH MEADOW
702 South Meadow Street
Ithaca, NY 14850
607-272-2211
SOUTHPORT
1136 Pennsylvania Avenue
Elmira, NY 14904
607-734-3374
TRIPHAMMER
2300 North Triphammer Road
Ithaca, NY 14850
607-257-8808
WEST ELMIRA
930 West Church Street
Elmira, NY 14905
607-734-3374
MORAVIA
142 Main Street
Moravia, NY 13118
315-497-1300
BIG FLATS
971 County Route 64
Big Flats, NY 14841
607-734-3374
VESTAL LOAN CENTER*
3439 Vestal Parkway E.
Vestal, NY 13850
607-729-0386
ELMIRA HEIGHTS
2075 Lake Road
Elmira Heights, NY 14903
607-734-3374
WATKINS GLEN
712 N. Franklin Street
Watkins Glen, NY 14891
607-535-4026
CORNING
19 East Market Street, Suite 101
Corning, NY 14830
607-962-0812
ARNOT MALL ATM
Entrance 4 - Center Court
Horseheads, NY 14845
607-734-3374
ERWIN
404 S. Hamilton Street
Painted Post, NY 14870
607-936-1806
Elmira Savings Bank : 2017 ANNUAL REPORT : Page 15
The People’s Bank
www.elmirasavingsbank.com
Member FDIC | Equal Housing Lender
Design: PS Graphic Design
Cover Photography: Revette Photography
Interior Photography: Foto Forum
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