Double Bottomline Corp. (“DB”) and Evan M. Stone have reached a definitive agreement with Community Savings Bancorp, Inc. (OTC: CCSB), and its wholly-owned subsidiary, Community Savings, a federal savings and loan association, to acquire Community Savings Bancorp, Inc. (“CCSB”), the registered savings and loan holding company for Community Savings.
The aggregate merger consideration for the transaction is $9.5 million, subject to adjustment as provided in the definitive agreement. CCSB currently estimates that, without any adjustments, this will result in approximately $22.76 per share to the current holders of CCSB common stock. However, the estimated per share consideration may be subject to significant adjustment based on a variety of factors, the companies said.
Community Savings operates a full service location in Caldwell, Ohio. As of March 31, 2021, CCSB reported $59.58 million in total assets and total equity capital of $7.79 million. The proposed transaction will merge CCSB into a wholly-owned subsidiary of DB, with CCSB surviving the merger.
Upon consummation of the proposed transaction, DB will own 100% of the outstanding shares of CCSB and its banking subsidiary, Community Savings.
As part of the proposed transaction, Community Savings has applied to the U.S. Department of the Treasury to become a community development financial institution (“CDFI”). The transaction will expand Community Savings’ mission to serve low to moderate income census tracts and expand its products and services to the underbanked and unbanked.
“We are honored to begin the process of doing our part to address the needs of so many who are without basic banking products and services,” said Evan M. Stone, president and chief executive officer of DB. “We are excited about Community Savings’ becoming a CDFI and the future leadership team we have on board.”