ROCHESTER, N.Y. - Rochester Community Savings Bank has completed the formation of a unitary thrift holding company, RCSB Financial Inc.
All shareholders of the thrift automatically became shareholders of the company, with an equal number of shares. The thrift's directors also became directors of the company.
Officials said the new company would allow the thrift more opportunities to increase shareholder value through share repurchases and other actions.
The company announced Aug. 23 that it would repurchase up to one million shares. The thrift had 18.7 million shares outstanding as of May 31.
Rochester Community Savings is a $3.7 billion-asset, state-chartered thrift with 30 branches in western New York.