The commercial loans had an average rate of approximately 7.6% and were purchased at a slight discount. The loans consisted primarily of commercial mortgages in Tompkins County.
Michael Hosey, president and CEO of Elmira Savings Bank, said: We are pleased to report the finalization of this phase of the transaction and look forward to bringing our service-oriented and customer-focused approach to our new customers in Tompkins and Cayuga Counties.
