Cullman Bancorp, Inc. Announces Results of Special Meetings of Stockholders and Members
Cullman Bancorp, Inc. (OTC Pink: CULL) announced the approval of its Plan of Conversion and Reorganization by stockholders and depositors on July 2, 2021. This plan transitions the Company from a mutual holding company to a fully public stock holding company. A related contribution of cash and shares to a new charitable foundation was also approved. The closing of the stock offering remains contingent on final regulatory approvals. It's important to note that the shares are not insured by the FDIC and may lose value.
- Stockholders approved conversion plan and related cash share contributions.
- Transition to a fully public stock holding company may enhance capital-raising opportunities.
- Final approval from the Federal Reserve is still pending, which introduces uncertainty.
- Shares will not have FDIC insurance, increasing risk for potential investors.
Cullman Bancorp, Inc. (the “Company”) (OTC Pink: CULL), the holding company for Cullman Savings Bank (the “Bank”), announced today that, at special meetings held on July 2, 2021, the stockholders of the Company and the members of Cullman Savings Bank, MHC (depositors of the Bank) approved the Plan of Conversion and Reorganization (the “Plan”) in connection with the Company’s previously announced plan to convert from the mutual holding company to the fully public stock holding company form of organization, and also approved the related contribution of shares of common stock and cash to a new charitable foundation.
The closing of the stock offering of Cullman Bancorp, Inc. and conversion remains subject to receipt of final regulatory approvals and customary closing conditions.
Any questions regarding the conversion or the offering may be directed to the Stock Information Center by telephone at (888) 317-2811. The Stock Information Center is open Monday through Friday between 8:30 a.m. and 4:30 p.m., Central Time., and will be closed July 5, 2021 in recognition of the Independence Day holiday.
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 by the Federal Deposit Insurance Corporation or any other government agency.
Forward-Looking Statements
Certain statements contained herein constitute “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 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “may,” “will,” “would,” “intend,” “believe,” “expect,” “plan,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the failure to obtain the final approval of the Board of Governors of the Federal Reserve for the proposed conversion and related stock offering, delays in obtaining such approval, or adverse conditions imposed in connection with such approval; 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; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; the effects of any pandemic, including COVID-19; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; 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, which are available at the SEC’s website, www.sec.gov.
The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
About Cullman Bancorp, Inc.
The Company is a federal corporation based in Cullman, Alabama. The Company’s banking subsidiary, Cullman Savings Bank, opened in 1887 and currently operates three full-service offices in Cullman, Alabama and one full-service office in Hanceville, Alabama.
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FAQ
What is the Plan of Conversion and Reorganization for CULL?
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