Savings bank

Colonial Federal Savings Bank Announces Depositors’ Approval of Reorganization Plan and Completion of Subscription Offer

QUINCY, Mass., December 29, 2021 / PRNewswire / – Colonial Federal Savings Bank (the “Bank”) announced today that the depositors of the Bank have approved the reorganization plan whereby the Bank will reorganize into a mutual holding company structure. The Bank’s depositors have also approved the formation and funding of the Colonial Federal Savings Bank Charitable Foundation, Inc., a foundation that will be dedicated to charitable purposes in the communities in which the Bank operates. In addition, CFSB Bancorp, Inc. (the “Company”), the proposed holding company for the Bank, announced that a sufficient number of orders had been received in connection with the subscription offer that no community offer or consortium offer is made. The Company is currently processing orders received; therefore, no further information regarding the offer is available at this time. The closing of the offer and the reorganization remains subject to obtaining the usual final regulatory approvals and the satisfaction of the usual closing conditions.

Any questions regarding the reorganization or the offering can be directed to the Stock Information Center by telephone at (844) 301-2265.

The common shares 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.

Forward-looking statements

Certain statements contained in this document constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the provisions of the sphere of security of the Private Securities Litigation Reform. Act of 1995. Such statements may be identified by words such as “may”, “will”, “would intend”, “intend”, “believe”, “expect”, “Plan”, “estimate”, “anticipate”, “continue”, or similar terms or variations of these terms, or the negative of these terms.

These forward-looking statements are based on the current beliefs and expectations of the management of the Company and the Bank and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and the Bank. In addition, these forward-looking statements are subject to assumptions regarding future business strategies and decisions which are subject to change. Actual results may differ materially from those stated in forward-looking statements due to many factors. Factors that could cause such differences include, but are not limited to: failure to obtain final approval or non-objection, as the case may be, from the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve for the completion of the proposed reorganization and related share offering, delays in obtaining such final approvals or adverse conditions imposed in connection with such final approvals ; those related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; the fiscal and monetary policies of the US government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; declines in deposit levels requiring increased borrowing to finance loans and investments; the effects of the COVID-19 pandemic; operational risks, including, but not limited to cybersecurity, fraud and natural disasters; the risk that the Company will not succeed in implementing its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in documents filed by the Company with the Securities and Exchange Commission, which are available on the SEC’s website, www.sec.gov.

The Company and the Bank caution potential investors not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. The Company disclaims any obligation to publish any revision made to any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unforeseen events.

About CFSB Bancorp, Inc. and the Colonial Federal Savings Bank

CFSB Bancorp, Inc. will be the holding company for Colonial Federal Savings Bank upon completion of the Bank’s reorganization into a mutual holding company structure and related stock offering. Colonial Federal Savings Bank was founded in 1889 and currently operates three full-service banking offices and one limited-service banking office in Norfolk, County, Massachusetts.

SOURCE Colonial Federal Savings Bank


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