Deal conducted in connection with bank’s conversion to stock issuer
By Devika Patel
Knoxville, Tenn., March 11 – FSB Bancorp, Inc. priced its $10.35 million initial public offering of stock, according to a Form S-1 filed Friday with the Securities and Exchange Commission. The offering is being conducted in connection with the conversion of Fairport Savings Bank from the mutual to the stock form of organization.
The company will sell 1,035,000 common shares at $10.00 apiece on a best-efforts basis.
Shares that are not purchased in the subscription offering may be offered for sale to the general public in a community offering.
Investors must order a minimum of 25 shares.
The deal will be conducted by bookrunner Sandler O’Neill & Partners, LP.
Proceeds will be contributed to the bank and used for general corporate purposes.
Based in Fairport, N.Y., FSB is the holding company for Fairport Savings Bank. The company intends to list its common stock on the OTCBB exchange under the symbol “FSBC.”
| Issuer: | FSB Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $10.35 million
|
| Shares: | 1,035,000
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunner: | Sandler O’Neill & Partners, LP
|
| Pricing date: | March 11
|
| Stock symbol: | OTCBB: FSBC
|
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