ASHLAND, Ky., June 1, 2015 /PRNewswire/ -- Poage
Bankshares, Inc. ("Poage") (NasdaqCM "PBSK"), the holding company
for Town Square Bank ("Town"), announced today it has completed its
acquisition of Commonwealth Bank, F.S.B., Mt. Sterling, Kentucky, in a conversion merger
transaction, effective May 31,
2015.
As a result of the conversion merger, Commonwealth converted
from a federally-chartered mutual savings association to a
federally-chartered stock savings association and immediately
merged with and into Town, with Town as the resulting institution,
and Poage sold 166,221 shares of common stock at a price of
$12.73 per share to depositor and
borrower members of Commonwealth in a subscription offering and to
stockholders of Poage and members of the general public in a
community offering. Gross offering proceeds totaled
approximately $2.1 million. As
a result of the stock offering, Poage had approximately 3,952,944
shares of common stock outstanding as of the close of business on
May 31, 2015. Commonwealth's
sole office, located in Mt. Sterling,
Kentucky, has become a branch office of Town.
Information regarding the allocation of common stock in the
subscription and community offerings may be obtained by contacting
the Stock Information Center at 1-(877) 860-2086. The Stock
Information Center is open Monday through Friday, between 10:00 a.m. and 4:00 p.m., Eastern
Time. Stock certificates for the shares purchased in
the subscription and community offerings are expected to be mailed
to purchasers on or about June 1,
2015.
Keefe, Bruyette & Woods, Inc. assisted Poage, on a best
efforts basis, in selling its common stock in the subscription and
community offerings and served as financial advisor to Poage in
connection with the merger. Luse
Gorman, PC served as legal counsel to Poage. Norton
Rose Fulbright US LLP served as legal counsel to Commonwealth.
Poage Bankshares Inc. is the savings and loan holding company
for Town Square Bank, a federally-chartered, FDIC-insured stock
savings association. Originally chartered in 1889, Town
operates from nine offices in Boyd, Greenup, Jessamine, Montgomery and Lawrence Counties in Kentucky. Town also
operates a loan production office in Cincinnati, Ohio.
The shares of common stock of Poage are not savings or
deposit accounts and are not insured by the Federal Deposit
Insurance Corporation or any other government agency.
Contact:
Ralph E. "Gene" Coffman, Jr.
President and Chief Executive Officer
Poage Bankshares, Inc.
(606) 324-7196
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/poage-bankshares-inc-completes-acquisition-of-commonwealth-bank-fsb-and-related-common-stock-offering-300091508.html
SOURCE Poage Bankshares, Inc.