Community Savings Bankshares Inc. and Community Savings F.A. Announce Completion of Previously Announced Reorganization and Formation of Mid-Tier Stock Holding Company.NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Oct. 1, 1997-- Board Declares Dividend James B. Pittard Jr., president and chief executive officer of Community Savings Bankshares Inc. ("Community" or the "company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ) announced that after the close of business on Sept. 30, 1997, it completed the previously announced reorganization and formation of a mid-tier stock holding company. The outstanding common stock of Community Savings F.A. (the "Association") is now the common stock of the company, and the Association is wholly owned by the company. The Association's shareholders voted in favor of upon the side of; favorable to; for the advantage of. See also: favor the reorganization at a Special Meeting of Shareholders held on Sept. 24, 1997. As a result of the reorganization, each share of common stock of the Association previously outstanding is now one share of common stock of the company. The common stock of the company was substituted for the common stock of the Association on the Nasdaq National Market; the common stock will continue to be traded under the symbol "CMSV." In addition, Pittard also announced that the board of directors of the company has declared a regular cash dividend of $.2250 per share for the quarter ended Sept. 30, 1997, payable on Nov. 3, 1997 to shareholders of record as of Oct. 15, 1997. ComFed M.H.C., the mutual holding company for the company, has announced that it has waived its right to receive the dividend. Accordingly, the dividend will be paid only on the remaining shares of common stock issued and outstanding. "Community is pleased to continue to provide our shareholders with a strong and consistent dividend," Pittard said. 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. headquartered in North Palm Beach, the deposits of which are insured by the Federal Deposit Insurance Corp. The Association has 20 full service offices located throughout northern Palm Beach, Martin, St. Lucie St. Lucie may refer to:
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 $78.7 million. CONTACT: Community Savings Bankshares Inc., North Palm Beach James B. Pittard Jr., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. or Larry J. Baker, Senior Vice President and Treasurer 561/881-2212 |
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