Jefferson Security Bank announced the formation of JSB Financial, a bank holding company, and the consummation of the reorganization of Jefferson Security Bank into a holding company structure pursuant to the Agreement and Plan of Share Exchange and Reorganization, dated as of March 15, 2023, as approved by the shareholders on April 26, 2023. Following shareholder and regulatory approval, effective July 31, 2023, Jefferson Security Bank became a wholly owned subsidiary of JSB Financial Inc., and each outstanding share of Jefferson Security Bank’s common stock was automatically exchanged for one (1) share of JSB Financial Inc.’s common stock. Shareholders of Jefferson Security Bank are now shareholders of JSB Financial Inc.
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Shares of JSB Financial Inc. will trade under the ticker symbol “JFWV” on OTC Pink, the same ticker symbol used previously by Jefferson Security Bank. Jefferson Security Bank common stock held in a brokerage account or solely in electronic “book entry” form through the Bank’s transfer agent, Computershare, will automatically be converted to shares of JSB Financial Inc. common stock. Shareholders who hold some or all of their shares in certificate form will receive, by regular mail, a letter of transmittal that can be used to submit certificates to be exchanged for stock certificates or book entry shares of JSB Financial Inc. common stock.
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Cindy Kitner, President and CEO commented, “We are excited to announce the formation of JSB Financial Inc. The new holding company will serve as a source of strength for Jefferson Security Bank. The holding company structure will also provide several strategic benefits to Jefferson Security Bank, including the ability to borrow money and raise capital to continue the growth of the Bank without diluting shareholders, repurchasing stock from existing shareholders and providing structural flexibility to remain competitive.”
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