BCSB Bancorp, Inc. Announces Completion of Second Step Conversion
April 10 2008 - 5:00PM
PR Newswire (US)
BALTIMORE, April 10 /PRNewswire-FirstCall/ -- BCSB Bancorp, Inc.
(NASDAQ:BCSBD), holding company for Baltimore County Savings Bank,
F.S.B., announced that the second step conversion of Baltimore
County Savings Bank, F.S.B. from the mutual holding company form of
organization to the stock form of organization was completed as of
the close of business today. President and CEO Joseph Bouffard
stated that this was a major milestone for the Company. Coupled
with the recent lifting of a Supervisory Agreement by the Company's
primary federal regulator (The Office of Thrift Supervision), BCSB
has accomplished two of its major strategic initiatives -- becoming
better capitalized and easing regulatory concerns. Bouffard
indicated that the raising of capital, in a particularly difficult
economic market for financial institutions, was encouraging because
it showed investor confidence in the Company. As a result of the
conversion and offering, BCSB Bancorp, Inc. became the holding
company for Baltimore County Savings Bank, F.S.B., and Baltimore
County Savings Bank, M.H.C. and BCSB Bankcorp, Inc. ceased to
exist. Beginning on April 11, 2008, the shares of BCSB Bancorp will
trade under the symbol "BCSBD" for a period of 20 trading days.
Thereafter, BCSB Bancorp's trading symbol will revert to "BCSB." A
total of 1,976,538 shares of common stock, the minimum of the
offering range, were sold in the subscription, community and
syndicated community offerings at the price of $10.00 per share,
including 122,197 shares purchased by the Baltimore County Savings
Bank, F.S.B. Employee Stock Ownership Plan. As part of the
conversion, existing shares of BCSB Bankcorp were converted into
the right to receive 0.5264 shares of BCSB Bancorp common stock.
Cash will be issued in lieu of fractional shares based on the
offering price of $10.00. Stock certificates will be mailed to
investors in the subscription and community and syndicated
community offerings on or about April 11, 2008. Registered
shareholders of the former BCSB Bankcorp, Inc. as of April 10, 2008
will be mailed materials relating to the share exchange on or about
April 11, 2008. Sandler O'Neill + Partners, L.P. acted as financial
advisor and marketing agent with respect to the offering. Sandler
O'Neill + Partners, L.P. acted as sole book-running manager and
Sterne, Agee & Leach, Inc. acted as co-manager of the
syndicated community offering. Muldoon Murphy & Aguggia LLP of
Washington, D.C. acted as legal counsel to BCSB Bankcorp. Founded
in 1955, Baltimore County Savings Bank operates under its holding
company, BCSB Bancorp, Inc. Baltimore County Savings Bank provides
regional community banking solutions through 18 locations across
the Baltimore metropolitan area. For more information, visit
http://www.baltcosavings.com/. This press release contains certain
forward-looking statements about the conversion and offering.
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 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 BCSB Bancorp and Baltimore County Savings Bank, F.S.B. are
engaged. The shares of common stock of BCSB Bancorp, Inc. 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. DATASOURCE: BCSB Bancorp, Inc. CONTACT: Joseph
J. Bouffard, President and CEO of BCSB Bancorp, Inc.,
+1-410-248-9130 Web site: http://www.baltcosavings.com/
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