SAVE OUR COMMUNITY BANK
The Community Savings Bank board of directors wants to convert the bank to a publicly-traded corporation, owned by far away investors and shareholders. We believe that CSB should remain owned by its members, as it has been since 1889. The only way to ensure this happens is for members to VOTE BEFORE JULY 1st that they want to remain a community bank, owned by the people of the community it serves!
How to Vote
All CSB members should have received a packet of paperwork with details on this proposed transaction, and information on how to vote.
As a member of Community Savings Bank, if you want to prevent this change, you should vote against the proposal before July 1st.
You will need a 12-digit number that was included in the proxy vote paperwork mailed to you. With this number, you can vote via phone, website, mail, or in-person at the bank.
Why is it important?
Ownership
Today, Community Savings Bank is a mutual bank, which means it is owned by the people who deposit money or do business there. By converting to a publicly traded corporation, stockholders (who can be anybody from private equity groups to pension funds) will own the bank, and can exert control in many ways that aren't in the interest of the people the bank serves; those of us in Bethel and Greenfield.
Local Control
Today, local ownership means that the bank is more closely controlled by those it exists to serve. The Board of Directors wants the bank to become controlled by a new, mysterious company based in Maryland, with few limits (or details) on what this new holding company can do.
Community Support
Today, CSB is a large supporter of community groups and projects around Bethel/Greenfield. Being a mutual bank, their net proceeds are invested directly back into their communities. Once converted to a for-profit entity, and owned by far away investors, this net income will be sent away as a dividend instead. We believe the income of the bank should continue to stay in the same community as the people who pay interest to the bank on mortgages and loans.
No Compensation
This sale of the bank and public offering of stock will generate around $10 Million in income, NONE OF WHICH will be given to the members who currently own the bank. You are being asked to give away something that YOU OWN without any compensation for doing so.
Get in Touch
Want to help save Community Savings Bank? Or have questions? Send a message!