Community Savings Bancorp in Caldwell, Ohio, has agreed to be sold to an entity owned by former Pacific Union Financial CEO Evan Stone.
Double Bottomline, which is owned by Stone, will pay $9.5 million for the $60 million-asset parent of Community Savings. The deal is expected to close in the fourth quarter.
Community Savings has applied to the Treasury Department to become a community development financial institution. The transaction is expected to expand the bank’s mission to serve low- and moderate-income communities while expanding its products and services to the underbanked and unbanked.
Stone said in a Wednesday press release that he intends to maintain the bank’s existing footprint.
“We are honored to begin the process of doing our part to address the needs of so many who are without basic banking products and services,” Stone said in the release. “Having Community Savings become a CDFI is one step in that process.”
Stone founded nonbank mortgage lender Pacific Union in 2004, selling the company in February 2019 to Mr. Cooper Group. He is currently a fund manager at EMS Fund I, a Texas company backed by his family office.
John Gulas, former president and CEO of Trinity Capital in Los Alamos, N.M. and a director of Quontic Bank, is expected to join the bank. Trinity was sold to Enterprise Financial Services in Clayton, Mo., in 2019.
Alvin Parmiter will remain Community Savings’ CEO.
Hunton Andrews Kurth advised Double Bottomline. Boenning & Scattergood and Luse Gorman advised Community Savings.