VESTAL — Elmira Savings Bank (NASDAQ: ESBK) recently established a physical presence in Broome County by opening an office in Vestal that focuses on making residential mortgage loans. The limited-service, loan-production office, located at 3439 Vestal Parkway E. in Vestal, opened on Sept. 3. “We just looked at that Binghamton market as the next logical […]
VESTAL — Elmira Savings Bank (NASDAQ: ESBK) recently established a physical presence in Broome County by opening an office in Vestal that focuses on making residential mortgage loans.
The limited-service, loan-production office, located at 3439 Vestal Parkway E. in Vestal, opened on Sept. 3.
“We just looked at that Binghamton market as the next logical step for us to do residential lending,” Thomas M. Carr, president and chief operating officer of Elmira Savings Bank, says. He notes that Broome County was the natural next step after the bank opened a loan office in Cortland two years ago and a full-service branch in Erwin (west of Corning) early this year.
Elmira Savings Bank, originally founded in 1869, never had a branch in Broome County before, Carr says, though it has occasionally made loans to Broome County residents through its other offices.
The new, 1,600-square-foot Vestal office employs three full-time mortgage-loan professionals, Carr says. The office is open 8:30 a.m. to 5:00 p.m. Monday through Friday, or by appointment.
The bank leases the space from Kradjian Properties, a Binghamton–based real-estate development and management business, Carr says. Kradjian’s real-estate portfolio includes several properties along Vestal Parkway.
Elmira Savings Bank’s research indicates that Broome County is about a $250 million residential mortgage-loan market, and the bank hopes to capture six to 10 percent of that, Carr says.
The new Vestal office is not targeting Tioga County customers but Carr believes that the location, not far from the Tioga County line, does open the door for business from that county as well.
Elmira Savings Bank originated $150 million in mortgage loans last year and is on that same pace this year, Carr says. About 70 percent of its mortgage business is new loans, while 30 percent involves refinancing existing mortgage loans. “Our mortgage business is very strong,” he adds.
Carr says it’s too early to say if Elmira Savings Bank will open a full-service branch in Broome County, but says that if the loan office is a success that increases the likelihood.
Elmira Savings Bank, with $520 million in total assets, is a state-chartered bank with six branches in Chemung County, three branches and a loan center in Tompkins County, two offices in Steuben County, one branch in Cayuga County, one office in Schuyler County, and loan centers in Cortland and Broome counties.
The banking company’s main headquarters office is located at 333 E. Water St. in Elmira.
Contact Rombel at arombel@cnybj.com
