Double Bottomline Corp. completes purchase of Community Savings Bancorp, Inc. and Community Savings
CALDWELL, Ohio, 23 December 2021 / PRNewswire / – Double Bottomline Corp. (“Double Bottomline”) completed the purchase of Community Savings Bancorp, Inc. (“CCSB”) (OTC Pink: CCSB) and its wholly owned subsidiary, Community Savings, a savings association.
The total final merger consideration for the transaction was $ 9.5 million, which will result in the payment of $ 23.44 per share in cash to shareholders of CCSB common shares. It is anticipated that the Exchange Agent, American Stock Transfer & Trust Company, LLC (“AST”) will commence payment of Merger Consideration to shareholders of CCSB on or about December 27, 2021. CCSB shareholders who have questions about receiving merger consideration should contact AST at (800) 937-5449.
Community Savings’ strategic goal is to expand its reach beyond the South East Ohio, to all Ohio and ultimately to the country’s markets that are well suited to its products and services and fulfill its mission of serving low to moderate income census tracts and expanding its products and services to the underbanked and unbanked. Double Bottomline intends to maintain the current Community Savings footprint and looks forward to serving the needs of its markets in a safe and healthy manner. Community Savings will adjust its branding to “Community Savings for America” as part of this evolution.
The Bank will operate three core business lines: community banking within its branch footprint, indirect auto loans in the South East Ohio, and premium non-agency mortgages that are not geographically limited and that will be created for sale to investors.
In recent years, consumers’ expectations of financial institutions have evolved, with convenience and mobile technology becoming a requirement to attract new customers. The cost of meeting this expectation includes an investment in personnel and the selection of technologies that often exceed the expertise of most community banks. While Community Savings will continue to provide mortgages, personal loans, and commercial loans in its local market, and fund these lending activities with local deposits, it will also invest in technology, including mobile banking and retail banking. online account opening capabilities that enable it to offer digital banking and mortgage products to consumers across the country.
Evan M. Pierre, President and CEO of Double Bottomline, said, “We are delighted to expand the current board of directors and incorporate the story of Community Savings into our new vision for the future. Community Savings has historically made certain loans for sale to other investors. . We believe that Community Savings can do the same in the premium, non-agency segment of the mortgage market and ultimately expand our reach through the CDFI program. “
John S. Gulas, CEO of Community Savings, said: “I look forward to being the new CEO of Community Savings and working with Alvin B. Parmiter and his existing team to advance our vision. “
Alvin B. Parmiter, President of Community Savings, said, “We think this is an exciting time for Community Savings. Community Savings will continue to provide the same banking products and services to our local community and these offerings will be complemented by additional lending technologies and products to enhance the customer experience. “
Double Bottomline and Mr. Stone are advised by Hunton Andrews Kurth LLP as legal counsel. CCSB and Community Savings are advised by Boenning & Scattergood as financial advisor and Luse Gorman, CP as legal advisor.
About Double Bottomline Corp., Evan M. Stone and John Gulas
Evan M. Stone is President, CEO and majority shareholder of Double Bottomline, the savings and loan holding company registered for CCSB and its wholly owned savings and loan association, Community Savings.
Mr. Stone has over 20 years of experience in financial services, with over 12 years of executive leadership in the mortgage banking industry. In 2004, he founded Pacific Union Financial, LLC (“Pacific Union“), a national issuer and manager of non-bank residential mortgage loans, which has become one of 25e the largest in the country. For two significant periods in Pacific Union’s history, he served as President and CEO, navigating a multitude of changing economic, market and systemic conditions, eventually selling the company to Mr. Cooper Group, Inc. ( Nasdaq: “COOP”) in a transaction that closed in February 2019. Today he is a fund manager at EMS Fund I, LLC, a Texas-based company backed by its family office, which focuses on investments in financial services and related technology companies.
Mr. Gulas has over 30 years of senior management experience in the banking industry. Mr. Gulas is currently a director on the board of directors of Quontic Bank and former president and CEO of Trinity Capital Corporation (“Trinity”) in Los Alamos, New Mexico, where he transformed Trinity’s wholly-owned banking subsidiary, Los Alamos National Bank, under several SEC and OCC orders, ultimately selling the bank for more than double its book value.
About Community Savings Bancorp, Inc. and Community Savings
CCSB has been the registered savings and loan holding company of Community Savings since 2017. Community Savings has operated continuously in Caldwell, Ohio since its founding in 1885. Community Savings operates from its full-service office in Caldwell, Ohio, which is located in Noble County in the south-east Ohio, and its main market is Noble County, Ohio. To a lesser extent, Community Savings is also the originator of loans in the neighboring town of Guernsey, Monroe and Washington Counties, Ohio, and Wood County, West Virginia.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to the business and expected future events or future performance of CCSB, Community Savings and Double Bottomline and involves known and unknown risks, uncertainties and other factors that may cause its results. actual, its activity levels, that the performances or achievements differ materially from any future results, activity levels, performances or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “targets”, “likely” , “Will”, “would”, “could”, and similar expressions or phrases identify forward-looking statements. Factors that could cause actual results to differ materially from projections, forecasts, estimates and expectations of management include, but are not limited to: fluctuations in market interest rates and the prices of loans and deposits, adverse changes in the overall national economy as well as conditions in local market areas, including due to the coronavirus pandemic, the ability to execute the business plan and recognize the expected benefits and synergies of the transaction, maintenance and development of well-established and valued customer relationships and relationships with referral sources; and the acquisition or loss of key production personnel. Although management believes that the assumptions underlying forward-looking statements are reasonable, any of the assumptions could prove to be incorrect. Therefore, the management of Double Bottomline and Community Savings cannot guarantee that the results contemplated in the forward-looking statements will be realized. The inclusion of such forward-looking information should not be construed as a representation by Double Bottomline or Community Savings or any person that contemplated future events, plans or expectations will be realized. All subsequent written and oral forward-looking statements attributable to Double Bottomline or Community Savings or any person acting on their behalf are expressly qualified in their entirety by the above cautionary statements. Forward-looking statements are made as of the date of this press release. Neither Double Bottomline nor Community Savings undertakes to update any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
SOURCE of Bancorp community savings