Elmira Savings Bank Declares Cash Dividend

Rhea-AI Summary

The Board of Directors of Elmira Savings Bank (NASDAQ:ESBK) has declared a cash dividend of $0.15 per share on existing common shares. This dividend will be paid on June 12, 2020, to shareholders of record as of June 5, 2020. CEO Thomas Carr noted the decision to reduce the dividend was due to economic uncertainty but emphasized the bank's commitment to continue dividend payments, which have been issued quarterly since its IPO in the 1980s. Elmira Savings Bank holds $638.8 million in assets and is FDIC-insured.

Positive

• Elmira Savings Bank is still committed to paying dividends, maintaining a record of quarterly payments since the 1980s.
• The declared dividend of $0.15 per share provides income to shareholders despite the reduction.

Negative

• The decision to reduce the dividend reflects economic uncertainty, which could indicate potential challenges in the bank's profitability.

News Market Reaction – ESBK

+12.11%

+12.11% Session move

In the trading session that priced this news, ESBK gained 12.11%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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ELMIRA, N.Y., May 20, 2020 (GLOBE NEWSWIRE) -- The Board of Directors of Elmira Savings Bank (NASDAQ:ESBK) has declared a $0.15 per share cash dividend on their existing common shares outstanding. The cash dividend will be paid on June 12, 2020 to shareholders of record as of June 5, 2020.

Mr. Thomas Carr stated, “We made a difficult decision to reduce our cash dividend for the current quarter due to the uncertainty of the economic recovery.” Mr. Carr continued, “We have paid a cash dividend for every quarter since our Initial Public Offering in the 1980’s, and we are committed to its continuance.”

Elmira Savings Bank, with $638.8 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices 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.

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.

For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
E-Mail  tcarr@elmirasavingsbank.com

FAQ

What is the dividend amount declared by Elmira Savings Bank (ESBK)?

Elmira Savings Bank has declared a cash dividend of $0.15 per share.

When is the dividend payment date for Elmira Savings Bank (ESBK)?

The dividend will be paid on June 12, 2020.

What is the record date for receiving the dividend from Elmira Savings Bank (ESBK)?

The record date for the dividend is June 5, 2020.

Why did Elmira Savings Bank (ESBK) reduce its dividend for the current quarter?

The reduction was due to uncertainty regarding the economic recovery.

Has Elmira Savings Bank (ESBK) always paid dividends?

Yes, Elmira Savings Bank has paid a cash dividend every quarter since its Initial Public Offering in the 1980s.