Putnam County Savings Bank Announces Completion of Merger With CMS Bancorp Inc.
29 4월 2015 - 7:07AM
Putnam County Savings Bank ("PCSB" or the "Company") announced
today that it has successfully completed its acquisition of CMS
Bancorp, Inc. (Nasdaq:CMSB) ("CMS"), the holding company for CMS
Bank.
As part of the agreement, CMS including its wholly-owned
subsidiary CMS Bank, merged with and into Putnam County Savings
Bank. The former locations of CMS Bank will be operated as
financial centers of PCSB.
Joseph D. Roberto, Chairman, President and CEO of Putnam County
Savings Bank, commented, "PCSB is pleased to announce the
completion of its merger with CMS and welcomes CMS's customers and
employees to the PCSB family. The increased branch network will
allow us to expand our "True Local. True Banking" way of
personalized service, the cornerstone of our business philosophy,
to a much broader customer base."
Roberto continued, "With the acquisition, PCSB now has 15
banking centers throughout the Lower Hudson Valley and assets of
approximately $1.3 billion."
Luse Gorman, PC acted as legal counsel and FinPro Capital
Advisors, Inc. acted as financial advisor and rendered a fairness
opinion to PCSB. Paul Hastings LLP acted as legal counsel and
Sandler O'Neill + Partners, L.P. acted as financial advisor and
rendered a fairness opinion to CMS.
About PCSB
Putnam County Savings Bank, a New York chartered mutual savings
bank, operates from its administrative headquarters
in Brewster, New York, and operates 15 retail branch offices
located in Putnam, Westchester, Rockland and
Dutchess Counties, New York. At March 31,
2015, Putnam County Savings Bank had total assets,
deposits and stockholders' equity of $997.5 million, $854.9
million and $113.0 million, respectively.
CONTACT: For further information contact:
Joseph D. Roberto
Chairman, President and CEO
Putnam County Savings Bank
(845) 279-7101
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