BCSB Bancorp, Inc. Announces Completion of Second Step Conversion

    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.
 
 
 

SOURCE BCSB Bancorp, Inc.

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.