Community Savings Bankshares, Inc. Completes Repurchase of 527,444 Shares of Common Stock.NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Oct. 4, 1999-- Community Savings Bankshares, Inc. ("Bankshares" or the "Company") (Nasdaq:CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ) announced today that it has completed its previously announced repurchase of 5% (527,444 shares) of its issued and outstanding shares of common stock. On July 12, 1999, the Company filed an application for a regulatory waiver with 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. ("OTS See Office of Thrift Supervision. ") to repurchase shares of its common stock prior to the one-year anniversary of the Company's completion of its second step conversion (i.e., December 15, 1999). On August 30, 1999, the Company announced that it had received approval from the OTS. As a result of the repurchase, the Company has 10,051,873 shares issued and outstanding as of the date hereof. Bankshares, a Delaware corporation, is the parent holding company for Community Savings, F. A. (the "Association"), a federally chartered stock 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. . 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 throughout Palm Beach, Martin, St. Lucie and Indian River counties from 20 full-service offices and a loan production office. |
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