Community Bank of Excelsior Springs, A Savings Bank conversion to stock form approved.EXCELSIOR SPRINGS, Mo.--(BUSINESS WIRE)--Aug. 21, 1996--Larry E. Hermreck, chief executive officer of Community Bank of Excelsior Springs, A Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. ("Community Bank" or the "Bank"), Excelsior Springs, announced that Community Bank has received approval from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. to convert from a federally chartered mutual savings bank Mutual savings bank A state-chartered savings bank which is owned by its depositors and managed by a fiduciary board of trustees. to a federally chartered stock savings bank. In connection with the conversion, Community Bank has formed a holding company, CBES CBES Cherokee Bend Elementary School (Mountain Brook, Alabama) CBES Cost/Benefit Estimating Service Bancorp Inc., to hold all of the outstanding capital stock of Community Bank. CBES Bancorp Inc. is offering up to 1,207,500 shares of its common stock, subject to adjustment, at a price of $10 per share. Certain account holders and borrowers of the Bank will have an opportunity to subscribe for stock through a subscription offering that closes on Sept. 17, 1996. Shares that are not subscribed for during the subscription offering may be offered to the general public in a community offering, with first preference given to natural persons and trusts of natural persons residing in Clay and Ray Counties, Mo. The subscription offering and community offering, if conducted, will be managed by Trident Securities Inc. of Raleigh, N.C. Copies of the prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offerings and describing the plan of conversion were mailed to customers on or about Aug. 19, 1996. As a result of the conversion, Community Bank will be structured in the stock form as are all commercial banks and an increasing number of savings institutions and will be a subsidiary of CBES Bancorp Inc. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Hermreck: "Our day-to-day operations will not change as a result of the conversion and deposits will continue to be insured by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). up to the applicable legal limits." Customers with questions concerning the stock offering should call Community Bank's Stock Information Center at 816/630-0395, or visit one of Community Bank's offices. CONTACT: Community Bank of Excelsior Springs, A Savings Bank, Excelsior Springs, Mo. Stock Information Center, 816/630-0395 |
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