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 ("Community Bank" or the "Bank"), Excelsior Springs, announced that Community Bank has received approval from the Office of Thrift Supervision 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 natural person n. a real human being, as distinguished from a corporation which is often treated at law as a fictitious person. 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 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 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 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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