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Community Savings Bankshares' Shareholders Approve Acquisition Agreement.



Business Editors

NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 17, 2001

Community Savings Bankshares, Inc. ("Bankshares" or the "Company") (Nasdaq:CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ), the holding company for Community Savings, F.A. (the "Association") announced today that its shareholders at the special meeting held earlier today overwhelmingly approved the adoption of the acquisition agreement pursuant to which BankAtlantic Bancorp, Inc. will acquire Community Savings for $19.00 per share in cash. More than 70% of the issued and outstanding shares voted in favor of adoption of the agreement. Upon completion of the merger, BankAtlantic will be the largest financial institution headquartered in Florida, with approximately $5.7 billion in assets, $3.0 billion in deposits and a total of 82 branches located throughout Florida.

"We are extremely gratified grat·i·fy  
tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies
1. To please or satisfy: His achievement gratified his father. See Synonyms at please.

2.
 that our shareholders understand the value of our proposed merger with BankAtlantic," stated James B. Pittard, Jr., President and

Chief Executive Officer of Community Savings. Mr. Pittard added, "BankAtlantic is one of the premier financial institutions in Florida and offers a broad array of products that meet the needs of our customers." Mr. Pittard also indicated that, subject to the receipt of final regulatory approvals, Community Savings and BankAtlantic currently expect the transaction to close late in the first quarter of 2002.

Community Savings Bankshares, Inc., a Delaware-chartered stock holding company, is the parent holding company for Community Savings, F.A. Chartered in 1955, the Association is a federal 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.
, 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 St. Lucie may refer to:
  • St. Lucie, Florida
  • St. Lucie County, Florida
  • St. Lucie nuclear power plant
See also
  • Saint Lucy
  • Saint Lucia (disambiguation)
 and Indian River Indian River, lagoon, c.100 mi (160 km) long, E Fla., parallel to the east coast from N of Titusville to Stuart. Along the lagoon a variety of citrus and vegetable products are grown and transported by small boats to towns on its waterway and those further inland.  counties from 21 full-service offices. Please visit http://www.communitysavings.com for more information about the Company and the Association's loan and deposit products and services - including Online Banking.
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Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Dec 17, 2001
Words:299
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