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Double Bottomline Corp. has successfully acquired Community Savings Bancorp (CCSB) for $9.5 million, offering shareholders $23.44 per share. The cash payment will begin on December 27, 2021, via American Stock Transfer & Trust Company. Community Savings aims to expand its services throughout Ohio and beyond, focusing on serving low to moderate income areas. The bank will operate in three segments: community banking, indirect auto lending, and prime quality non-agency mortgages. The branding will transition to 'Community Savings for America' to align with its growth strategy.
Double Bottomline Corp. has agreed to acquire Community Savings Bancorp, Inc. (CCSB) for $9.5 million, potentially yielding around $22.76 per share for CCSB shareholders, subject to adjustments. The merger will retain CCSB as a subsidiary and aims to enhance services for the underbanked community by applying for Community Development Financial Institution (CDFI) status. The transaction is expected to close in Q4 2021, pending regulatory and shareholder approvals. Both companies believe this partnership will strengthen customer service and expand product offerings, with no job losses anticipated.
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