12/23/2021: Double Bottomline Corp. Completes the Purchase of Community Savings Bancorp, Inc. and Community Savings
CALDWELL, Ohio, Dec. 23, 2021 /PRNewswire/ — Double Bottomline Corp. (“Double Bottomline”) has completed the purchase of Community Savings Bancorp, Inc. (“CCSB”) (OTC Pink: CCSB), 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.
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.”
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.
About Double Bottomline Corp., Evan M. Stone and John Gulas
Evan M. Stone is the President, Chief Executive Officer and majority shareholder of Double Bottomline, the registered savings and loan holding company for CCSB and its wholly-owned savings and loan association, Community Savings.
Mr. Stone has over 20 years of experience in financial services, with more than 12 years of executive leadership in the mortgage banking industry. In 2004, he founded Pacific Union Financial, LLC (“Pacific Union“), a national non-bank residential mortgage originator and servicer, which grew to become one of the 25th largest in the country. For two significant periods in Pacific Union’s history, he served as President and Chief Executive Officer, navigating a multitude of changing economic, market and systemic conditions, ultimately selling the company to Mr. Cooper Group, Inc. (Nasdaq: “COOP”) in a transaction that closed in February 2019. Today, he serves as fund manager at EMS Fund I, LLC, a Texas-based company backed by his family office, which focuses on investments in financial services and related technology businesses.
Mr. Gulas has over 30 years of experience as a senior banking executive. Mr. Gulas is a current director on the board of directors of Quontic Bank, and a former President and Chief Executive Officer of Trinity Capital Corporation (“Trinity”) in Los Alamos, New Mexico, where he turned Trinity’s wholly-owned banking subsidiary, Los Alamos National Bank, around from under multiple SEC and OCC orders, ultimately selling the bank for more than twice its book value.
About Community Savings Bancorp, Inc. and Community Savings
CCSB has served as the registered savings and loan holding company of Community Savings since 2017. Community Savings has operated continuously in Caldwell, Ohio since its founding in 1885. Community Savings conducts its business from its full-service office in Caldwell, Ohio, which is located in Noble County in southeastern Ohio, and its primary market area is Noble County, Ohio. To a lesser extent, Community Savings also originates loans in neighboring Guernsey, Monroe and Washington Counties, Ohio, and Wood County, West Virginia.
Important Cautionary Notes Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of CCSB, Community Savings and Double Bottomline and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “likely,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in the local market areas, including as a result of the coronavirus pandemic, the ability to execute on the business plan and recognize the expected benefits and synergies of the transaction, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Although management believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, management of Double Bottomline and Community Savings can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by Double Bottomline or Community Savings or any person that the future events, plans or expectations contemplated will be achieved. All subsequent written and oral forward-looking statements attributable to Double Bottomline or Community Savings or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. Neither Double Bottomline nor Community Savings undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
SOURCE Community Savings Bancorp