Community Bank, N.A. Completes Merger with Elmira Savings Bank and Expands Its Presence in the Central New York and Southern Tier Regions

Community Bank System, Inc. (“Community Bank System”) (NYSE: CBU), the parent company of Community Bank, N.A. (“Community Bank”), announced today that Community Bank completed its merger with Elmira Savings Bank, a New York state chartered savings bank (“Elmira”) (NASDAQ-CM: ESBK) on May 13, 2022. Community Bank acquired Elmira in an all cash transaction representing total consideration valued at approximately $82.8 million. The merger added eight branch locations across a five-county area in the Central New York and Southern Tier markets. With completion of the merger, Community Bank System has over $16.2 billion in assets and over $13.8 billion in deposits.

Mark E. Tryniski, President and Chief Executive Officer of Community Bank System commented, “We are pleased to welcome the customers and employees of Elmira to Community Bank. Over the past 150 years, Elmira has developed a culture dedicated to exceptional customer service and meeting the banking needs of its communities. Community Bank shares these same values and looks forward to the opportunity to continue to serve Elmira’s customers. The commitment of our collective employees was demonstrated time and again by their efforts to work through the challenges caused by the COVID-19 pandemic to ensure that the customers’ transition to Community Bank is as seamless as possible. I want to commend both teams for their innovation and hard work and we are excited about this opportunity to expand the reach and depth of our banking services in the Central New York and Southern Tier regions. We hope that our new customers will enjoy the larger branch network and broad variety of financial services Community Bank and its subsidiaries have to offer. Community Bank is committed to our new employees and customers and the communities in which they live and work, and we look forward to this opportunity to welcome them to the Community Bank family.”

Under the terms of the Agreement and Plan of Merger, as amended (“Merger Agreement”), Elmira’s shareholders are entitled to receive $23.10 per share in cash for each share of common stock. The Paying Agent, Computershare Trust Company, N.A. (“Computershare”), is in the process of mailing the transmittal paperwork to each Elmira shareholder in order to process the merger payment in accordance with the Merger Agreement. Shareholders should receive the exchange paperwork within the next five to ten business days and do not need to take further action until such time. Any questions related to the exchange and payment process should be directed to Computershare at [phone].