ELMIRA, N.Y., April 24, 2017 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK), Elmira, New York, announced today that it has completed a private placement with institutional and selected accredited investors of 548,000 shares of common stock at a purchase price of $17.25 per share for gross proceeds of $9.5 million. Sandler O’Neill + Partners, L.P. acted as the sole placement agent for the offering.

“We are pleased to announce the successful completion of a private placement of our common stock. This new capital will be used to support growth opportunities in markets we serve and further enhance the value of our franchise,” said Thomas M. Carr, President and Chief Executive Officer.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About Elmira Savings Bank

Elmira Savings Bank, with $571.0 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with six offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Broome County, NY.