ComFed, M. H. C., Community Savings Bankshares, Inc., and Community Savings, F. A. Announce Completion of Conversion and Offering.NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 15, 1998--Community Savings Bankshares, Inc. ("Bankshares") (Nasdaq:CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ), its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Community Savings, F. A. (the "Association"), and its mutual holding company parent, ComFed, M. H. C. ("ComFed") (collectively "Community Savings") today announced the completion of the conversion and reorganization of the Association from the two-tier mutual holding company structure to the stock holding company structure and the related stock offering of Community Savings Bankshares, Inc., a newly formed Delaware corporation (the "Company") which has become the holding company for the Association. The Company sold 5,470,651 shares of common stock for $10.00 per share in a Subscription and Community Offering (the "Offering") resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $53.2 million. The Company is issuing 5,078,233 exchange shares to existing minority shareholders (the "Exchange") at the exchange ratio of 2.0445 shares for each share of Bankshares common stock. Total shares of common stock to be outstanding following the Offering and Exchange will be 10,548,884. The new shares are expected to begin trading December 16, 1998 on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol "CMSVD" for a period of approximately twenty trading days to signify the Company as a new issue. After this initial period, the stock will trade under the symbol "CMSV". James B. Pittard, Jr., President and Chief Executive Officer of Bankshares, stated that, "Community Savings has a long and proud heritage of placing the needs of our customers and the communities which we serve first and foremost. We believe the second step mutual holding company conversion permits us to continue to serve our customers and communities first and foremost by providing us with a stronger capital base from which to grow, which will in turn permit us to meet the savings and borrowing needs of our customers." Mr. Pittard went on to state that, "The completion of the conversion positions us to continue our strategy of growing our retail customer and deposit base. Community and customer service have been the guiding principles of this institution for over 40 years and will continue to be so for the foreseeable future." Bankshares operates the Association. Chartered in 1955, the Association is a federally chartered savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. , the deposits of which are insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . Headquartered in North Palm Beach, Florida North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. The population was 12,064 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 12,645. , the Association serves customers in Palm Beach, Martin, St. Lucie, Indian River and Brevard counties from 21 full service offices and two loan production offices. At September 30, 1998, Bankshares had total assets of $791.3 million, total deposits of $580.8 million and total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $84.6 million. Community engaged Friedman, Billings, Ramsey & Co., Inc. as its financial advisor and marketing agent in connection with the conversion offering and Elias, Matz, Tiernan & Herrick L.L.P. as special conversion counsel. FinPro, Inc. served as the independent appraiser A person selected or appointed by a competent authority or an interested party to evaluate the financial worth of property. Appraisers are frequently appointed in probate and condemnation proceedings and are also used by banks and real estate concerns to determine the market . |
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