MAHOPAC, N.Y.— PCSB Bank, a mutual savings bank, will convert to a state-chartered stock savings bank pending state and federal approval, the company announced in a press release.
As part of the conversion, which was unanimously approved by its Board of Trusteers, PCSB Bank will become the wholly owned subsidiary of a new corporation, named PCSB Financial Corporation, which will become the bank holding company of PCSB Bank.
PCSB Financial Corporation will offer shares of common stock for sale to eligible depositors of PCSB Bank and others in a subscription offering. The amount of common stock to be offered for sale will be determined by an independent appraisal. The bank's “Plan of Conversion” establishes Sept. 30, 2015, as the eligibility record date for determining the eligible depositors of PCSB Bank entitled to first priority non-transferable subscription rights to subscribe for shares of common stock in the subscription offering. If any shares of common stock remain unsold after the completion of the subscription offering, the unsold shares may be offered for sale in a community offering, a syndicated community offering and/or a firm commitment offering.
The conversion plan also provides for the establishment of a charitable foundation that will be funded with shares of common stock of PCSB Financial Corporation and cash. The charitable foundation will be dedicated to supporting charitable causes and community development activities in the communities in which PCSB Bank operates.
The bank's plans are subject to regulatory approval by the New York State Department of Financial Services, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System, as well as the approval of depositors of PCSB Bank.
A prospectus and/or proxy statement containing detailed information about the conversion plan, the stock offering and business, and financial information about PCSB Financial Corporation and PCSB Bank will be sent to depositors of PCSB Bank when available, which is currently anticipated to be in the first quarter of 2017.
PCSB Bank (formerly Putnam Savings Bank) opened in 1871. It operates from its executive offices, headquarters and 15 branch offices located in Dutchess, Putnam, Rockland and Westchester counties.