[ES&L BANCORP, INC. LETTERHEAD]


FOR IMMEDIATE RELEASE
May 19, 1997


                              CONTACT:  William A. McKenzie
                                        President & CEO
                                        (607) 733-5533, Ext. 240


       ES&L BANCORP, INC. ADOPTS SHAREHOLDER RIGHTS PLAN

    ES&L BANCORP, INC., parent company of Elmira Savings & Loan,
F.A., today adopted a Shareholder Rights Plan.  The Plan is
designed to protect shareholders' interests in the event of an
unfair and coercive takeover attempt.

    The Shareholder Rights Plan entitles each holder of ES&L
Bancorp, Inc. common stock to purchase the Company's stock at a
discount price in the event any person or group of persons
exceeds predetermined ownership limitations of the Company's
outstanding common stock and, in certain circumstances, engages
in certain activities deemed adverse to the interests of the
Company's stockholders.

    According to William A. McKenzie, President and Chief
Executive Officer, "The Rights Plan is intended to assure that
all of ES&L's shareholders receive fair and equal treatment in
the event of any proposed takeover of the Company.  The Plan will
not prevent a takeover, but should encourage anyone seeking to
acquire the Company to negotiate with the Board prior to
attempting a takeover."

     "Our principal objective," Mr. McKenzie said, "is to continue
to build long-term value for our shareholders."

     The Rights Plan applies to shares held on the record date of
May 13, 1997.  However, rights issued under the Plan will not be
exercisable initially.  They will trade with the Company's common
stock and no certificates will be issued until certain triggering
events occur.