Yorktown's PCSB Bank to Become Public Company

YORKTOWN, NY — PCSB Bank, which has branches in Yorktown, Jefferson Valley and Somers, announced Thursday it will become a public company.

It will be converted from a New York-chartered mutual savings bank to a New York-chartered stock savings bank.

According to information from the bank, the board of directors unanimously approved the plan.

PCSB was established in 1871 and has 15 branches in Westchester, Putnam, Dutchess and Rockland counties.

As part of the conversion, PCSB Bank will become a wholly-owned subsidiary of a new corporation named PCSB Financial Corporation, which will become the bank holding company of PCSB Bank.

The corporation will offer shares of common stock for sale to eligible depositors of PCSB Bank and other persons in a subscription offering.

The amount of common stock that will be offered for sale will be determined by an independent appraisal.

Any shares of common stock left unsold after the completion of the subscription offering may be offered for sale in a community offering, a syndicated community offering and/or a firm commitment offering.

From the press release:

The Plan of Conversion also provides for the establishment of a charitable foundation that will be funded with shares of common stock of PCSB Financial Corporation and cash. The charitable foundation will be dedicated to supporting charitable causes and community development activities in the communities in which PCSB Bank operates.

The transactions contemplated by the Plan of Conversion are subject to regulatory approval by the New York State Department of Financial Services, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System, as well as the approval of depositors of PCSB Bank.

A prospectus and/or proxy statement, as applicable, containing detailed information about the Plan of Conversion, the stock offering, and business and financial information about PCSB Financial Corporation and PCSB Bank will be sent to depositors of PCSB Bank when available, which is currently anticipated to be in the first quarter of 2017.

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