Thank you to all of CBL’s members who voted in favor of CBL’s Mutual Holding Company Reorganization Plan! The Board of Directors is proud to announce the transaction was approved by all regulatory agencies and the vast majority of members who voted by proxies. The Reorganization Plan became effective on March 15, 2016.
The Reorganization Plan converted Citizens Building and Loan, SSB to a stock savings bank. One hundred percent (100%) of the stock of Citizens Building and Loan, SSB is now owned by Citizens Building and Loan, MHC, a South Carolina state chartered mutual holding company. The depositors and borrowers of Citizens Building and Loan, SSB are now the members of Citizens Building and Loan, MHC.
The Reorganization Plan will allow Citizens Building and Loan, SSB to preserve its status as a mutual institution and take advantage of the numerous opportunities and advantages of a mutual holding company. A MHC provides opportunities to borrower funds and issue debt securities raise capital and provide additional business products and/or services.
As a reminder, the Reorganization Plan has no impact in the Mutual Bank’s management, Board of Directors, or office locations. Deposits will also remain insured up to the limits established by the FDIC.
CBL’s Board of Directors and entire staff are excited about this transition and truly appreciate the overwhelming support from the members to make this transaction a success!
If you have any questions, concerns or comments, feel free to contact us at your convenience.
J. Thomas Johnson