Elmira Savings Bank Declares Dividend

　　

　　ELMIRA, N.Y., Dec. 7 /PRNewswire-FirstCall/ -- The Board of Directors of The Elmira Savings Bank, FSB (Nasdaq: ESBK - News) has declared a $0.22 per share cash dividend on common shares outstanding. The cash dividend will be paid on December 28, 2007 to shareholders of record December 7, 2007. The Bank also declared a dividend on their preferred shares outstanding which will be paid in December. The preferred dividend is equal to an annualized rate of 8.98%.

Elmira Savings Bank, FSB with $450 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a federally chartered Bank with five offices in Chemung County, NY; one office in Steuben County, NY; three offices and a loan center in Tompkins County, NY; one office in Cayuga County, NY; and one office in Tioga County, PA.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank''s publicly available regulatory reports.

Source: Elmira Savings Bank, FSB