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SLAVIE FEDERAL SAVINGS BANK COMPLETES REORGANIZATION AND STOCK SALE; CREATION OF STOCK OF HOLDING COMPANY
The following is the press release issued to announce this reorganization:
Bel Air, Maryland, December 30, 2004: Slavie Federal Savings Bank
announced today that it had completed its reorganization into the mutual holding
company structure.
As part of the reorganization, Slavie Federal Savings Bank's parent
entity, SFSB, Inc., issued, at a price of $10.00 per share, 1,222,401 shares pursuant to a
subscription offering to Slavie Federal Savings Bank's depositors and 116,630 shares to
Slavie Federal Savings Bank's Employee Stock Ownership Plan, representing 45% of
SFSB, Inc.'s outstanding common stock. The remaining 55% of SFSB, Inc.'s
outstanding common stock is owned by Slavie Bancorp, MHC, the mutual holding
company parent of SFSB, Inc. formed as part of the reorganization. Trading in SFSB,
Inc. common stock is expected to commence on December 31, 2004 through the OTC
Bulletin Board under the symbol "SFBI."
The offering was oversubscribed in the priority 1 category. Accordingly, only
those depositors having deposits on December 31, 2002 and Slavie Federal Savings
Bank's Employee Stock Ownership Plan will receive stock. Subscribers having a lower
priority will not receive any stock and will have their funds returned to them promptly
with interest and without deduction. Allocations of stock to category 1 subscribers were
made in accordance with the Plan of Conversion.
Subscribers may obtain information about their specific stock allocations by
contacting the Slavie Federal Savings Bank Conversion Center at (866) 323-1976. The
Conversion Center will be open weekdays from 10:00 a.m. to 4:00 p.m. Also, details of
the offering are contained in a prospectus dated November 12, 2004. A copy of the
prospectus may also be obtained from the Conversion Center at 1614 Churchville Road,
Bel Air, Maryland 21015.
Sandler O'Neill & Partners, L.P. acted as financial advisor to SFSB, Inc.
This press release contains certain forward-looking statements about the
reorganization and stock offering, including the anticipated trading date of SFSB, Inc.'s
common stock. Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. They often include words like "believe,"
"expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as
"will," "would," "should," "could" or "may." Such statements are subject to risks and
uncertainties that could cause actual results to differ materially from future results
expressed or implied by such forward-looking statements.
For questions or information about the above, please contact:
Charles E. Wagner, Jr.
Senior Vice President
SFSB, Inc.
(443) 265-5570
c.wagner@slavie.com
Press Release in PDF format: SFSB, Inc., Announces Earnings for the 4th Quarter of Fiscal 2004, Its First Quarter as a Public Company
Please click on the following links for other information regarding SFSB, Inc.:
Investor Relations
Shareholder Communication Policy
Code of Ethics for Senior Financial Officers
Code of Conduct for Directors, Officers and Employees
Charter of the Audit Committee of the Board of
Directors of SFSB, Inc.
Charter of the Nominating Committee of the Board of
Directors of SFSB, Inc.
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