BSB Bancorp Makes Announcement.BINGHAMTON, N.Y.--(BUSINESS WIRE)--July 28, 1998--BSB Bancorp Inc. (NASDAQ/NMS:BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ) announced today the completion of a $30 million capital securities offering. The 30-year 8.125% capital securities were issued by BSB BSB Backstreet Boys BSB Bayerische Staatsbibliothek BSB British Superbikes (motorcycle racing series) BSB Bachelor of Science in Business BSB Bandar Seri Begawan (capital of Brunei) Capital Trust I, a Delaware business trust that was formed by BSB Bancorp. Keefe, Bruyette & Woods Inc. was the lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. and the capital securities were sold to institutional investors in an offering that was exempt from registration under the federal securities laws. The Trust was formed solely to invest the proceeds from the sale of the capital securities in 8.125% junior subordinated debentures issued by BSB Bancorp Inc. The capital securities will qualify as Tier I Capital for BSB Bancorp and the proceeds to BSB Bancorp Inc. will be used for general corporate purposes. BSB Bancorp Inc. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Alex S. DePersis stated "We believe this is an opportune op·por·tune adj. 1. Suited or right for a particular purpose: an opportune place to make camp. 2. Occurring at a fitting or advantageous time: an opportune arrival. time for us to leverage the strength of BSB's sound financial base and take advantage of a favorable interest rate environment. This action provides added flexibility as we pursue opportunities for further growth." BSB Bancorp Inc., which reported consolidated total assets of $1.77 billion as of June 30, 1998, is the holding company for BSB Bank & Trust Co. BSB Bancorp Inc. and BSB Bank & Trust Co. are headquartered in Binghamton and conduct business in Broome, Tioga, Chenango, Chemung and Onondaga Counties, and adjacent areas in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State.
CONTACT: BSB Bancorp Inc., Binghamton
Alex S. DePersis
President & CEO
607/779-2584
www.bsbbank.com
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