Savings bank

Elmira Savings Bank to merge with Community Bank in 2022

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Elmira Savings Bank, which is headquartered in Elmira and has 12 branches in the Finger Lakes region, plans to merge in the first quarter of 2022 with the larger community banking system.

Community Bank System operates more than 215 client locations in upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its banking subsidiary, Community Bank, NA

According to a press release, Community Bank will offer an expanded product offering to Elmira Savings Bank customers, including no-closing mortgages, ‘Carefree CheckingSM’, free online and mobile banking, as well as a full range. investment and financial services.

“By combining these two great organizations, we will be able to offer customers a larger branch network and an increased level of service, including robust digital and mobile banking offerings,” said Thomas Carr, president and chief executive officer. the management of Elmira Savings Bank, in a press release.

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As of June 30, Elmira Savings Bank reported total assets of approximately $ 648.7 million.

The Dewitt-based community banking system has more than $ 14.8 billion in assets.

The merger still requires the approval of state and federal regulators and shareholders of each institution.

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