Printer Friendly

ELMWOOD FEDERAL SAVINGS BANK ESTABLISHES HOLDING COMPANY

 ELMWOOD FEDERAL SAVINGS BANK ESTABLISHES HOLDING COMPANY
 MEDIA, Pa., June 30 /PRNewswire/ -- Elmwood Federal Savings Bank


(NASDAQ: EFSB) today announced the consummation of its reorganization into the savings and loan holding company structure.
 The savings bank's common stock is now wholly owned by Elmwood Bancorp, Inc., and each share of common stock of Elmwood Federal Savings Bank now represents one share of common stock of the new holding company.
 As a consequence of the reorganization, Elmwood Bancorp, Inc. is now a unitary savings and loan holding company.
 The reorganization was approved by the stockholders of the savings bank at Elmwood Federal's annual meeting of stockholders held on May 13. Frank C. Freeman, president and chief executive officer of Elmwood Bancorp, Inc., and acting president and chief executive officer of the savings bank, stated: "The reorganization into a holding company form will provide the savings bank with greater flexibility in accomplishing our future financial goals."
 Elmwood Federal Savings Bank is a federally chartered, federally insured savings bank headquartered in Media, with nine offices located in Chester, Delaware and Philadelphia counties in metropolitan and suburban Philadelphia. Effective July 1, the common stock of Elmwood Bancorp, Inc. $0.01 par value per share, will replace the savings bank's common stock, $1 par value per share, on the National Association of Securities Dealers Automated Quotation ("NASDAQ") National Market System until the symbol "EFSB."
 /delval/
 -0- 6/30/92
 /CONTACT: Frank C. Freeman, acting president and chief executive officer of Elmwood Federal Savings, 215-565-8200/ CO: Elmwood Federal Savings Bank; Elmwood Bancorp, Inc. ST: Pennsylvania IN: FIN SU:


JS-CC -- PH038 -- 5345 06/30/92 16:54 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1992
Words:271
Previous Article:DEXTER SELLS THE MOGUL CORPORATION
Next Article:- ENTERTAINET - TO BUSINESS AND ENTERTAINMENT EDITORS:
Topics:


Related Articles
FIRST FEDERAL SAVINGS BANK OF CHARLOTTE COUNTY COMPLETES FORMATION OF HOLDING COMPANY
FIRST FEDERAL SAVINGS BANK OF NEW SMYRNA ANNOUNCES AGREEMENT WITH FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF CITRUS COUNTY
PROGRESS FINANCIAL ANNOUNCES APPOINTMENT OF CHAIRMAN OF THE BOARD OF DIRECTORS AND THE FORMATION OF NEW SUBSIDIARY
STOCKHOLDERS OF FIRST FEDERAL SAVINGS BANK OF COLORADO AND MEMBERS OF FIRST SAVINGS CAPITAL, M.H.C. APPROVE STOCK CONVERSION OF MUTUAL HOLDING COMPANY
Wayne Savings Completes Two-Tier Reorganization
Sterling Completes Merger With First Federal.
PVF Capital Corp. and Park View Federal Savings Bank Announce the Appointment of a New Director and the Promotion of Three Executive Officers.
Astoria Financial Corporation Announces Decision by the U.S. Court of Appeals for the Federal Circuit in The Long Island Savings Bank Supervisory...
Astoria Financial Corporation Names Brian M. Leeney to Board of Directors.
Guaranty Savings Bank opens new branch.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters