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
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
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.
SOURCE BCSB Bancorp, Inc.