PCSB FINANCIAL CORPORATION TO COMMENCE STOCK OFFERING

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 PCSB Bank and its newly incorporated proposed holding company, PCSB Financial Corporation (“PCSB Financial”), announced this week that they have received all required regulatory approvals for PCSB Financial to commence its stock offering in connection with PCSB Bank’s proposed conversion from the mutual to stock form of organization.
 
PCSB Financial also announced that the registration statement relating to the sale of its shares of common stock has been declared effective by the U.S. Securities and Exchange Commission.  PCSB Financial is offering for sale up to 20,125,000 shares of common stock at a purchase price of $10.00 per share.  The stock offering may be increased to up to 23,143,750 shares to reflect regulatory considerations, changes in market and financial conditions, and/or demand for the common stock.  The shares will be offered in a subscription offering, first, to depositors of PCSB Bank with a qualifying deposit ($100 or more) as of the close of business on September 30, 2015, second, to certain of PCSB Bank’s tax-qualified employee benefit plans, and, lastly, to eligible depositors of PCSB Bank with a qualifying deposit as of the close of business on December 31, 2016.  Information regarding the conversion and stock offering will be mailed to eligible subscribers on or about February 17, 2017.  The scheduled expiration date of the subscription offering is Tuesday, March 14, 2017.
 
PCSB Financial must sell at least 14,875,000 shares of its common stock in the stock offering. A special meeting of depositors is scheduled for March 31, 2017.
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