The Valley Shore YMCA in Westbrook, CT is proud to receive a grant from the Guilford Savings Bank in the amount of $5,000 to support their 2016 Annual Campaign. Guilford Savings Bank (GSB) has be...
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FREQUENTLY ASKED QUESTIONS
ABOUT THE PROPOSED REORGANIZATION
The Proposed Reorganization will allow us to retain all of the fundamental characteristics of a mutual
banking institution while expanding our organizational flexibility to engage in strategic transactions and
opportunities to raise capital—without selling common stock. The mutual holding company structure
would preserve our mutuality and our depositors’ interests in the Bank.
Among other things, the Proposed Reorganization would allow The Guilford Savings Bank to do things in
the mutual holding company structure that it cannot now do as a mutual bank, such as:
Acquire or affiliate with other mutual or stock banks in a manner that permits The Guilford Savings Bank and the acquired or affiliated bank to share resources at the holding company level without losing their separate identities, resulting in more efficient, effective, and less expensive, operation of the banks;
Acquire, through the mutual holding company, a stock bank holding company in a manner that would allow each subsidiary bank to retain its separate identity, as described above;
Acquire an existing mutual bank not already in the mutual holding company form and operate it as a separate bank under the mutual holding company; or
Gain access to the capital markets, should the need arise. For example, after the Proposed Reorganization, the mid-tier holding company could raise capital by issuing debt instruments, which capital could be contributed to The Guilford Savings Bank as equity capital under certain circumstances.
There would be no impact on The Guilford Savings Bank’s banking operations:
The Bank would retain the name “The Guilford Savings Bank” and would continue to do busines as “The Guilford Savings Bank.”
The Bank would continue to operate out of the same offices that it currently occupies.
The officers, employees and trustees of The Guilford Savings Bank would continue as the Bank’s officers, employees and trustees after the Proposed Reorganization.
Deposit accounts would continue to be insured by the Federal Deposit Insurance Corporatio (“FDIC”) to the maximum extent permitted by law.
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