Double Bottomline Corp. has completed the purchase of Community Savings Bancorp, Inc., and its wholly-owned subsidiary, Community Savings, a federal savings association.
The final aggregate merger consideration for the transaction was $9.5 million, which will result in the payment of $23.44 per share in cash to the shareholders of CCSB common stock. It is expected that the exchange agent, American Stock Transfer & Trust Company, LLC (“AST”) will commence the payment of the merger consideration to the stockholders of CCSB on or about December 27, 2021. Shareholders of CCSB who have questions about receipt of the merger consideration should contact AST at (800) 937-5449.
Community Savings’ strategic goal is to extend its reach beyond southeast Ohio, to all Ohio and ultimately to markets around the country which are a good fit for its products and services and achieve its mission to serve low to moderate income census tracts and expand its products and services to the underbanked and unbanked. Double Bottomline intends to maintain Community Savings’ current footprint and looks forward to serving the needs of its markets in a safe and sound manner. Community Savings will adjust its branding to “Community Savings for America” as part of this evolution.
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The Bank will operate three basic business segments: community banking within its branch footprint, indirect auto lending in southeast Ohio, and prime quality non-agency mortgages that are not geographically limited and will be originated to be sold to investors.
Over the past few years, consumer expectations of financial institutions have been evolving, with convenience and mobile technology becoming a requirement to attract new customers. The cost of satisfying this expectation includes an investment in staff and selection of technology which is often beyond the expertise of most community banks. While Community Savings will continue to make mortgages, personal loans, and commercial loans in its local market, and fund those lending activities with local deposits, it will also invest in technology, including mobile banking and online account opening capabilities that enables it to offer digital banking and mortgage products to consumers nationwide.
Evan M. Stone, President and Chief Executive Officer of Double Bottomline, said, “We are excited about expanding the existing board of directors and incorporating the history of Community Savings with our new vision for the future. Community Savings has historically originated certain loans for sale to other investors. We believe Community Savings can do the same in the prime-quality, non-agency segment of the mortgage market and ultimately expand our outreach through the CDFI program.”
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John S. Gulas, Chief Executive Officer of Community Savings, said, “I look forward to serving as the new Chief Executive Officer of Community Savings and working with Alvin B. Parmiter and his existing team in moving our vision forward.”
Alvin B. Parmiter, President of Community Savings, said, “We believe this is an exciting moment for Community Savings. Community Savings will continue to offer the same banking products and services to our local community and these offerings will be supplemented with additional technologies and loan products to enhance the customer experience.”
Double Bottomline and Mr. Stone are being advised by Hunton Andrews Kurth LLP as legal counsel. CCSB and Community Savings are being advised by Boenning & Scattergood as financial advisor and Luse Gorman, PC as legal counsel.
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