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New York-based PCSB Bank plans conversion

Yorktown Heights, N.Y.-based PCSB Bank's board of trustees approved a plan to convert the bank to a New York-chartered stock savings bank — a public company — from a New York-chartered mutual savings bank.

The conversion is subject to approval from the New York State Department of Financial Services, the FDIC and the Federal Reserve Board, as well as from PCSB Bank's depositors.

In line with the proposed conversion, PCSB Bank will become a unit of PCSB Financial Corp., a newly formed bank holding company.

The bank plans to sell common shares to eligible depositors as of Sept. 30, 2015, in a subscription offering. Unsold shares may be offered in a community offering, a syndicated community offering and/or a firm commitment offering, according to a Dec. 8 press release.