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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Elmira Savings Bank (“Elmira” or the “Company”) (NASDAQ: ESBK) to Community Bank System, Inc. (NYSE: CBU) (“Community Bank System”). Under the terms of the merger, Community Bank System’s bank subsidiary, Community Bank, N.A., will acquire “Elmira” in an all cash transaction and shareholders of Elmira will receive $23.10 in cash for each share of common stock they own.
The Elmira merger investigation concerns whether the Board of Elmira has harmed stockholders by agreeing to enter into this transaction and whether all material facts have been properly disclosed to stockholders.
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