CHEVIOT, Ohio, Dec. 21,
2011 /PRNewswire/ -- Cheviot Financial Corp. (Nasdaq:
CHEV) ("Cheviot Federal"), a federal corporation and the stock
holding company for Cheviot Savings Bank, announced today that
Cheviot Financial Corp., the recently formed Maryland corporation and proposed new holding
company for Cheviot Savings Bank, has concluded its subscription
offering and has extended its community offering until 2:00 pm on December 30,
2011.
In addition, Cheviot Financial Corp. has increased the maximum
purchase limitation from 75,000 shares ($600,000) to 5% of shares offered for individual
purchasers and from 137,500 shares ($1.1
million) to 5% of shares offered for purchasers acting
together with others, in all categories of the offering
combined. In the event the maximum purchase limit is
increased above 5% for certain purchasers, which increase would
require approval from the Board of Governors of the Federal Reserve
System, orders for common stock exceeding 5% of the shares sold in
the offering shall not exceed in the aggregate 10% of the total
shares sold in the offering.
Consistent with the prospectus dated November 10, 2011, the only persons who will be
resolicited are those who subscribed for the maximum purchase limit
in the subscription offering and indicated on the stock order form
a desire to purchase additional shares if the maximum purchase
limits were increased. Any increased orders with full payment
will be due by 12:00 noon, Eastern Time, on January 3, 2012.
The completion of the conversion and offering is subject to,
among other things, selling a minimum of 4,675,000 shares in the
offering at $8.00 per share and the
receipt of all necessary final regulatory approvals.
Cheviot Financial Corp. expects to commence a syndicated
community offering in early January to sell shares of common stock
not subscribed for in the subscription offering or the community
offering. Stifel, Nicolaus & Company, Incorporated is
acting as sole book-running manager for the syndicated community
offering. The syndicated community offering will be conducted
on a best efforts basis and none of the members of the syndicate
group are required to purchase any shares in the offering.
Potential investors who are interested in receiving a prospectus
may call our Stock Information Center, toll-free, at 1-(877)
643-8198.
This press release contains certain forward-looking statements
about the conversion and reorganization. Forward-looking
statements include statements regarding anticipated future events
and can be identified by the fact that they do not relate strictly
to historical or current facts. They often include words such
as "believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their
nature, are subject to risks and uncertainties. Certain
factors that could cause actual results to differ materially from
expected results include delays in consummation of the transactions
contemplated by the Plan of Conversion and Reorganization,
difficulties in selling the conversion stock, increased competitive
pressures, changes in the interest rate environment, general
economic conditions or conditions within the securities markets,
and legislative and regulatory changes that could adversely affect
the business in which Cheviot Financial Corp. and its subsidiaries
are engaged.
A registration statement relating to these securities has
been filed with the United States Securities and Exchange
Commission. This press release is neither an offer to sell
nor a solicitation of an offer to buy common stock. The offer
will be made only by means of the written prospectus forming part
of the registration statement (and, in the case of the subscription
offering, an accompanying stock order form).
Cheviot-Federal has filed a proxy statement/prospectus
concerning the conversion with the SEC. Stockholders of
Cheviot-Federal are urged to read the proxy statement/prospectus
because it contains important information. Investors are able to
obtain all documents filed with the SEC by Cheviot-Federal free of
charge at the SEC's website, www.sec.gov. In addition, documents
filed with the SEC by Cheviot-Federal are available free of charge
from the Corporate Secretary of Cheviot-Federal at Cheviot
Financial Corp. - a Federal corporation, 3723 Glenmore Avenue,
Cheviot, Ohio 45211, Attention:
Corporate Secretary.
The directors, executive officers, and certain other members
of management and employees of Cheviot-Federal are participants in
the solicitation of proxies in favor of the conversion from the
stockholders of Cheviot-Federal. Information about the directors
and executive officers of Cheviot-Federal is included in the proxy
statement/prospectus filed with the SEC.
The shares of common stock are not savings accounts or
savings deposits, may lose value and are not insured by the Federal
Deposit Insurance Corporation or any other government
agency.
SOURCE Cheviot Financial Corp.