Bailout Bank Bio: Elmira Savings Bank

Jan 8, 2009 | 2 min read | Print Article

Elmira Savings Bank operates as an independent community bank. The company has eleven banking offices: three in Elmira, three in Ithaca, two in Horseheads, and one each in Corning, Moravia and Mansfield, Pennsylvania. The bank is headquartered in Elmira, New York. Through the Treasury Department’s Capital Purchase Program, Elmira Savings will issue shares of perpetual, non-cumulative senior preferred stock in exchange for approximately $9.1 million. The Bank would also issue to the Treasury Department warrants to purchase a number of shares of the Bank’s common stock having an aggregate market price equal to 15% of the Treasury’s investment in senior preferred shares.

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Bailout Bank Bio: Elmira Savings Bank


Federal Equity Investment	$9.1 million
Total Revenue	$25.29 million
Net Income	$2.095 million
Number of Employees	93
Corporate Headquarters	Elmira, New York
Business Sector	Financial
Officers and Directors	George L. Howell, Chairman of the Board Michael P. Hosey, President, Chief Executive Officer, Director Thomas D. Morse, Vice Chairman of the Board Thomas M. Carr, Chief Financial Officer, Executive Vice President
Corporate Website	http://www.elmirasavingsbank.com
Executive Compensation	Unable to Locate