Enfield Savings Bank Completes Conversion to Stock Institution

Strategic Insights -

Enfield Savings Bank, a North Carolina-chartered mutual savings bank, has completed its conversion to a stock savings bank. This significant change was approved by the bank's depositor and borrower members at a Special Meeting on June 23, 1995. As part of the conversion, the bank's holding company, ESB Bancorp, Inc., issued 402,500 shares of common stock, which sold for $10.00 per share, generating net proceeds for general corporate purposes. The bank plans to use these funds for residential real estate loans and other investments, with temporary investments in U.S. government and government agency securities and interest-bearing deposits.

Key Takeaways:

  • Enfield Savings Bank completed its conversion from a mutual to a stock savings bank on September 19, 1995.
  • The conversion involved the issuance of 402,500 shares of common stock, priced at $10.00 per share, generating net proceeds for general corporate purposes.
  • The bank plans to use the net proceeds for residential real estate loans, investments, and temporary placements in U.S. government and government agency securities and interest-bearing deposits.
  • Enfield Savings' depositor and borrower members approved the Plan of Holding Company Conversion on June 23, 1995.
  • The bank's Officers and Board of Directors expressed gratitude for customer and community support in the stock offering and look forward to serving customers as a stock institution.
  • Trident Securities, Inc., managed the Subscription and Community Offerings for the Savings Bank.
  • Stock trading for Enfield Savings Bank will begin on September 21, 1995, through the National Daily Quotation System "Pink Sheets" published by the National Quotation Bureau, Inc.

Statistics:

  • 402,500 shares of common stock were issued as part of the conversion.
  • The stock sold for $10.00 per share, generating N/A net proceeds.
  • The net proceeds will be used for general corporate purposes, including residential real estate loans and other investments.
  • The bank has temporary investments in U.S. government and government agency securities and interest-bearing deposits.
  • The conversion was approved by Enfield Savings' depositor and borrower members on June 23, 1995.
  • Stock trading will begin on September 21, 1995.

Sources:

  • BUSINESS WIRE, September 19, 1995
  • Enfield Savings Bank, SSB
  • Enfield Savings Bank, SSB, Officers and Board of Directors
  • Trident Securities, Inc.