Massachusetts-based CFSB Bancorp completes common stock offering, reorganization

Quincy, Mass.-based CFSB Bancorp Inc. completed the sale of its common stock in a subscription offering in connection with the mutual holding company reorganization of Colonial Federal Savings Bank.

As a result of the completion of the reorganization and offering, Colonial Federal is the wholly owned subsidiary of the company, which in turn is the 55% majority-owned subsidiary of 15 Beach MHC.

The company sold 2,804,306 shares of common stock at $10.00 per share, for gross offering proceeds of $28.0 million. The offering was not oversubscribed and all valid orders were filled. Additionally, the company issued 3,586,903 common shares to 15 Beach and contributed 130,433 common shares and $250,000 in cash to Colonial Federal Savings Bank Charitable Foundation Inc. as part of the reorganization.

Shares of the company's common stock are expected to begin trading on the Nasdaq Capital Market on Jan. 13 under the ticker symbol CFSB.

Piper Sandler & Co. was the company's selling agent in the offering. Luse Gorman PC was legal counsel to the company and the bank, while Silver Freedman Taff & Tiernan LLP was legal counsel to Piper Sandler.