PUTNAM — PB Bancorp, Inc. announced  that it has completed the “second step” conversion of Putnam Bancorp, MHC (the “MHC”) and the Company’s related stock offering, effective as of the close of business Jan. 7.  As a result of the closing of the conversion and offering, PB Bancorp is now the holding company for Putnam Bank (the “Bank”).  The MHC and the Bank’s former mid-tier holding company, PSB Holdings, Inc., have ceased to exist. The results of the stock offering were previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on January 5, 2016.

In making this announcement, the Company’s President and Chief Executive Officer, Thomas A. Borner, said, “We are extremely pleased with the support of our depositors in connection with our stock offering, and we look forward to operating as a fully-public company.  The additional capital we have raised in the offering will enable us to grow and continue to support our local community as we have done for over 150 years.”     

Putnam Bank, chartered in 1862, is a $504 million Connecticut state chartered bank. Putnam Bank has branch offices in Putnam, Pomfret Center, Danielson, Plainfield, Griswold, Gales Ferry, and Norwich. It also operates a full-service loan center in Putnam. 

The Company’s common stock is expected to trade on the Nasdaq Capital Market under the trading symbol “PBBI” beginning on January 8, 2016.

Keefe, Bruyette & Woods, Inc. (“KBW”) acted as marketing agent for the Company in connection with the offering.  Luse Gorman, PC acted as legal counsel to the Company in connection with the offering.  Kilpatrick Townsend & Stockton LLP acted as legal counsel to KBW in connection with the offering.