The three former Elmira Savings Banks in Ithaca have changed their maroon, gold and black logos to the red and white of Community Bank in recent days as a combination of two centuries-old banks has been completed.
The $82.8 million cash acquisition of the Elmira Savings Bank by Community Bank N.A., first announced in Oct. of 2021, was legally finalized in mid May. The 12 Elmira branches spread throughout the Finger Lakes Region—including three in the Ithaca area —are now officially part of the 220+-location Community Bank network and are under the Community Bank N.A. moniker.
The three converted area Elmira Savings bank branch locations are at 2300 Triphammer Road in the village of Lansing, and at 702 South Meadow Street and 602 West State Street in the city of Ithaca. There was already a Community Bank location at 200 East Buffalo Street.
“We are pleased to welcome the customers and employees of Elmira to Community Bank. Over the past 150 years, Elmira has developed a culture dedicated to exceptional customer service and meeting the banking needs of its communities. Community Bank shares these same values and looks forward to the opportunity to continue to serve Elmira’s customers,” stated President and Chief Executive Officer of Community Bank System Mark E. Tryniski in a statement announcing the merge completion.
Not all of the former ESBs were maintained; according to the press release, eight branch locations were added to the Community Bank total as a result of the merger. Elmira Savings Bank Corning, Erwin, Moravia and Watkins Glen locations merged with nearby Community branches, according to a Community Bank site listing its newest branch locations.
According to a New York State Department of Labor Worker Adjustment and Retraining Notification notice, 33 employees will also be laid off as a result of the acquisition.
“Permanent separations affecting 33 employees will occur beginning on 5/13/2022 and will run through 7/7/2022,” stated the notice, which was made public on Jan. 27.
Community Bank, based in DeWitt, has locations spread throughout New England, New York and Pennsylvania and currently has more than $16.2 billion in financial assets, placing it among the country’s 125 largest banking institutions.
ESB originally opened in 1826 in its namesake town, and has been in Ithaca for two decades. In 2007, ESB purchased two First Niagara Bank branches, increasing its Ithaca presence. Community Bank can also trace its origins to the nineteenth century; its predecessor, St. Lawrence County National Bank, was chartered in 1868.
This story was originally published by the Ithaca Times as a part of The Cornell Daily Sun Ithaca News Fellowship.