PUTNAM — PSB Holdings, Inc. (the “Company”), the holding company for Putnam Bank  announced  that its Board of Directors, together with the Boards of Directors of Putnam Bancorp, MHC (the “MHC”) and the bank, have adopted a Plan of Conversion pursuant to which the company and the MHC will reorganize into the fully converted stock holding company structure and will conduct a second-step stock offering of new shares of common stock.

As part of the conversion, the Bank will become a wholly owned subsidiary of a new holding company, which will be named PB Bancorp, Inc. Shares of common stock of the Company held by persons other than the MHC will be converted into shares of common stock of the new holding company pursuant to an exchange ratio designed to preserve the approximate percentage ownership interests of such persons. The shares of the Company held by the MHC will be canceled and shares of PB Bancorp, Inc., representing the MHC’s ownership interest, will be sold through the second-step stock offering. In the stock offering, depositors of the Bank with qualifying deposits as of July 1, 2014 will have first priority to purchase the new shares of common stock.

The conversion and offering will have no impact on depositors, borrowers or other customers of the Bank. The transactions contemplated by the Plan of Conversion are subject to approval by the Company’s stockholders (including approval by a majority of the shares held by persons other than the MHC), depositors of the Bank, the corporators of the MHC, the Board of Governors of the Federal Reserve System and the Connecticut Department of Banking.

A prospectus or proxy statement/prospectus, as applicable, and other materials containing detailed information relating to the Plan of Conversion, details of the offering, and business and financial information about the Company will be sent to stockholders of the Company and depositors of the Bank following regulatory approval.

This release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock of the new holding company are not savings accounts or savings deposits, may lose value and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Certain statements contained herein are “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. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to: the failure to obtain the approval of the Board of Governors of the Federal Reserve for the proposed conversion and related stock offering or of the Connecticut Department of Banking for the new

company to acquire the Bank, or delays in obtaining such approvals, or adverse conditions imposed in connection with such approvals; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission.

 

 

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Money Raised

The recent Sunflowers for Kids event in Pomfret netted $1,300 for autism services. Courtesy photo.

 

'Sunflowers 

for Kids'

nets $1,300

for autism

services

Sunflowers, Wildflowers sold to Benefit United Services Center for Autism at Sept. 6 POMFRET CENTER —  Families flocked to Lapsley Orchard recently for United Services’ 11th annual Sunflowers for Kids, raising $1,300 for local children’s autism programming.

One-hundred percent of the proceeds from sales of sunflowers and wildflowers during the event were donated to United Services Center for Autism. Children of all ages also enjoyed face painting and balloon animals, as well as horse-drawn wagon rides and the orchard’s bountiful pick-your-own offerings.

“United Services is grateful to John and Patty Wolchesky of Lapsley Orchard for their generous support of our programs,” said Diane L. Manning, president and CEO of United Services. “Their partnership helps local families access much-needed services in our community, which many times are not covered or not fully covered by their insurance.”

Lapsley Orchard has hosted the annual end-of-summer event for United Services children’s programming for 11 years. This is the fourth year funds have been donated to the agency’s Center for Autism, which United Services opened in July of 2012 in response to the significant unmet need for autism services in eastern Connecticut. 

The Center’s offerings include comprehensive assessments and gold-standard clinical therapy for people of all ages with Autism Spectrum Disorders, complemented by supportive programs.  These “wrap-around” support programs include critical social skills training and social thinking groups, tutoring help, vocational training and recreational opportunities for children and adults with autism, as well as classroom consultations and training and support groups for parents, grandparents and siblings. 

 

 

Then

This is 6 Prospect St. in Putnam just before the building was razed. Linda Lemmon photos.

 

& Now

This is how the lot looks this week. The large beech tree in the background was in the front yard of building.

 

Late Summer

This is a closeup of a sunflower, taken in Putnam. More photos on page 6. Linda Lemmon photo.