CSB Financial in Bethel, Ohio, plans to raise up to $14.6 million as part of a plan to convert from a mutual to a stock-owned company.
CSB, which would become the holding company for the $110.2 million-asset Community Savings Bank, plans to sell 935,000 to 1.3 million shares of common stock at $10 each. If there is enough demand, the company could sell 1.5 million shares.
Community Savings will receive from CSB a capital contribution equal to at least half of the net proceeds, or $3 million to $5.2 million. From the remaining funds, CSB intends to loan funds to the bank’s ESOP to fund the purchase of common stock in the offering and contribute $100,000 to the charitable foundation.
CSB Financial may use retained funds to buy back stock, pay dividends, investments and other general corporate purposes.