JSB Financial Inc. Announces the Redemption of Jefferson Security Bank Common Stock and Capital Reduction

Rhea-AI Summary

JSB Financial Inc. (OTC Pink: JFWV) announced the redemption of shares of Jefferson Security Bank’s common stock under Article 13 of the West Virginia Business Corporation Act. Shareholders were entitled to appraisal rights in connection with the reorganization, resulting in the redemption of shares and a reduction to total capital by $1.6 million.

SHEPHERDSTOWN, W.V.--(BUSINESS WIRE)-- JSB Financial Inc. (OTC Pink: JFWV) today announced Jefferson Security Bank’s redemption of shares of its common stock pursuant to the exercise of appraisal rights under Article 13 of the West Virginia Business Corporation Act (WVBCA). Shareholders of Jefferson Security Bank were entitled to appraisal rights under the WVBCA in connection with the reorganization of Jefferson Security Bank into a holding company structure whereby Jefferson Security Bank became a wholly owned subsidiary of JSB Financial Inc.

Appraisal rights were perfected in accordance with Article 13 of the WVBCA resulting in the redemption of Jefferson Security Bank common stock and a reduction to total capital in the amount of $1.6 million.

Although Jefferson Security Bank was authorized to redeem the shares subject to appraisal rights, JSB Financial Inc. does not currently have a stock repurchase program available for the repurchase of shares.

About JSB Financial Inc.

JSB Financial Inc. (OTC Pink: JFWV) is the holding company for Jefferson Security Bank, an independent community bank operating six banking offices located in Berkeley County and Jefferson County, West Virginia and Washington County, Maryland. Founded in 1869, Jefferson Security Bank serves individuals, businesses, municipalities and community organizations through a comprehensive suite of banking services delivered by an exceptional team who put customers first. Jefferson Security Bank has received industry recognition as a Top 200 Community Bank by American Banker magazine four years in a row. Operating for over 154 years, Jefferson Security Bank is the oldest, independent, locally owned and managed bank in West Virginia. Visit www.JSB.bank for more information.

This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections.

Offices:

105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)

View source version on businesswire.com: https://www.businesswire.com/news/home/20231201039690/en/

Jenna Kesecker, CPA, Executive Vice President

and Chief Financial Officer

304-876-9016

Source: JSB Financial Inc.

FAQ

What is the ticker symbol of JSB Financial Inc.?

The ticker symbol of JSB Financial Inc. is JFWV.

What is the West Virginia Business Corporation Act (WVBCA)?

The WVBCA is the legislation that governs business corporations in West Virginia, including rights such as appraisal rights for shareholders.

How much was the reduction to total capital as a result of the redemption of shares?

The reduction to total capital was $1.6 million.

Does JSB Financial Inc. have a stock repurchase program available for the repurchase of shares?

No, JSB Financial Inc. does not currently have a stock repurchase program available for the repurchase of shares.