completed aconversion and reorganization, asexpected.
As part ofthe process, FSB CommunityBankshares MHC converted into the stock holding company form oforganization. Fairport, N.Y.-based FairportSavings Bank (MHC)'s new stock holding company, FSB Bancorp Inc.,sold 1,034,649 common shares at $10 per share for gross offering proceeds of$10.3 million in the related stock offering.
At the sametime, FSB Community BanksharesInc. (MHC)'s common shares owned by public stockholders have beenexchanged for FSB Bancorp common shares so that the former public stockholdersof FSB Community roughly own the same percentage of FSB Bancorp's common stockas they had of FSB Community before the conversion.Stockholders of FSB Community will receive 1.0884 FSB Bancorp common shares foreach FSB Community common share they own. Cash in lieu of fractional shareswill be paid based on the offering price of $10 per share.
As a resultof the offering and share exchange, FSB Bancorp has 1,941,719 sharesoutstanding, subject to adjustment for fractional shares.
FSB Bancorp'scommon shares will begin trading on the Nasdaq Capital Market on July 14 underthe trading symbol FSBC.
Sandler O'Neill& Partners LP served as FSB Bancorp's offering agent in the subscriptionand community offerings. Luse Gorman PC served as legal counsel to FSBCommunity and FSB Bancorp.