Community Savings in Caldwell, Ohio, has begun the process to convert from a mutual thrift to a stockholder-owned company.

The $54.3 million-asset institution's proposed parent company, Community Savings Bancorp, seeks to raise net proceeds of as much as $4.9 million in a common stock offering, according to a recent Securities and Exchange Commission filing.

The company is offering 529,000 shares of common stock for $10 per share and may opt to sell up to 608,350 shares depending on demand and market conditions.

Depositors and certain borrowers of Community Savings, which was founded in 1885, will be eligible to purchase shares in a subscription offering. Any subscription-based shares not purchased may be sold in a community offering to the general public. Otherwise, shares not sold in either offering may be sold to the general public in a syndicated community offering managed by Keefe, Bruyette & Woods.

The offering will allow Community Savings to increase capital to support growth efforts, attract and retain good employees with stock-based benefit plans, give it greater flexibility to expand, and offer customers and employees a chance to purchase stock, the filing said.

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