CINCINNATI, Sept. 2, 2014 /PRNewswire/ -- The Board of Directors of Mt. Washington Savings Bank, an Ohio chartered mutual savings and loan association, today announced the adoption of a Plan of Conversion whereby Mt. Washington Savings Bank will convert from the mutual to the stock form. A new state-chartered corporation will be formed as the holding company for Mt. Washington Savings Bank and will offer for sale shares of common stock to depositors of Mt. Washington Savings Bank and others in a subscription and community offering.
Gregory Niesen, President and Chief Executive Officer, said that "After the conversion, our commitment to our customers will not change and they will continue to be served by the same staff and management with the same commitment to service excellence. All deposit and loan accounts will be unaffected and our operations will continue without interruption. The additional capital we raise from the transaction will better position us to take advantage of growth opportunities in the future and make us an even stronger institution."
The Plan establishes June 30, 2013 as the eligibility record date for determining the eligible depositors of Mt. Washington Savings Bank entitled to receive nontransferable subscription rights to purchase common stock. It is anticipated that the conversion will be completed around year end 2014.
This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offer will be made only by a prospectus to be filed with the Securities and Exchange Commission. The shares of common stock will not be deposit accounts, and will not be insured by the Federal Deposit Insurance Corporation or any other government agency.
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