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Elmira Savings Bank repurchases preferred shares for $9.4M

Elmira Savings Bank completed the repurchase of 10,000 series A preferred shares for a purchase price of $9.4 million.

Originally issued in 2007, the shares were bought back at a discount to the $10,000-per-share, or $10.0 million, liquidation value. They represented all of the Elmira, N.Y.-based bank's preferred shares that were outstanding.