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Elmira Savings Bank to pay quarterly dividend of 22 cents a share

By Journal Staff

Date:

ELMIRA — The board of directors of Elmira Savings Bank (ticker: ESBK) has declared a 22 cents per share cash dividend on its common shares outstanding.

The banking company will pay the dividend on March 23 to shareholders of record March 7. The bank also declared a dividend on its preferred shares outstanding.

“We are pleased to be able to continue to pay cash dividends to reward our many loyal shareholders,” Michael P. Hosey, president and CEO of Elmira Savings Bank, said in a news release. “At our current stock price, this dividend represents a 5 percent dividend yield,” he added.

Elmira Savings Bank, with $518.2 million in total assets, is a state-chartered bank with five offices in Chemung County, three offices and a loan center in Tompkins County, one office in Steuben County, one office in Cayuga County, one office in Schuyler County, and a loan center in Cortland County.

Elmira Savings Bank generated net income of $5.03 million, or $1.48 per share, in 2011, compared to $4.83 million, or $1.56 a share, in 2010. 

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