CFSB Bancorp, Inc., the proposed holding company for Colonial Federal Savings Bank, announced today, that subject to the satisfaction of customary closing conditions, it intends to close the mutual-to-stock conversion of the Bank and the related stock offering of the Company on January 12, 2022, at which time the Company will become the holding company of the Bank. The shares of common stock sold in the offering are expected to begin trading on the Nasdaq Capital Market on January 13, 2022 under the ticker symbol “CFSB.”
The Company expects to sell 2,804,306 shares of common stock at $10.00 per share, for gross offering proceeds of $28.0 million. The offering was not oversubscribed. Accordingly, all valid orders were filled. If any subscriber would like to confirm his/her allocation prior to the closing of the offering, a subscriber may contact the stock information center at (844) 301-2265 from 10:00 a.m. until 4:00 p.m., Eastern Time, beginning on Tuesday, January 11, 2022.
Direct Registration Statements reflecting the shares purchased in the subscription offering, and interest checks, are expected to be mailed on or about January 13, 2022.
Piper Sandler & Co. is the Company’s selling agent in the offering. Luse Gorman, PC is serving as legal counsel to the Company and the Bank. Silver, Freedman, Taff & Tiernan LLP is serving as legal counsel to Piper Sandler & Co.
The shares of common stock of the new holding company are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.