Guilford Savings Bank (GSB) is about to reach a new milestone. In 2020, we will be celebrating 145 years of service to our community. We have achieved this rare longevity because strategic changes have been made by each generation of leadership to assure the success of this vital community asset — an independent mutual bank.
With the arrival of this milestone year, the Board of Trustees of GSB has unanimously adopted a Plan of Reorganization pursuant to which the Bank will reorganize from a mutual form of organization to a stock form of organization. GSB will from that point forward be wholly-owned by GSB Bancorp, Inc., a newly-established stock holding company, which will be wholly-owned by GSB Mutual Holding Company, a newly-established mutual holding company (the “Proposed Reorganization”).
The Proposed Reorganization does not involve the sale of common stock. The Bank has no intent to issue any stock now or in the future or any plans to “go public.”
Before Guilford Savings Bank can reorganize into a mutual holding company structure, the Plan of Reorganization must be approved by a majority of the Bank’s Corporators (including a majority of the Bank’s independent Corporators) and by a majority of the Bank’s depositors. GSB’s primary goal in restructuring into a mutual holding company is to preserve and enhance its mutual structure, which it believes beneﬁts all of its constituents— its customers, employees and the communities it serves.
The reorganization will not cause any changes to the full complement of services provided to GSB’s personal and business banking customers. Nor will it cause any changes to customer deposit accounts, loans, personnel, locations or operations in general. GSB’s management and Board of Trustees believe the reorganization will provide GSB with greater ﬂexibility for growth, and allow it to prosper long term. GSB will continue to provide the exceptional services our customers have come to expect.
For additional information regarding the Proposed Reorganization, please refer to the Frequently Asked Questions below and check back to this site for current updates and announcements.
If you would like to speak to us directly about the reorganization process, please call or email Timothy Geelan, President & CEO at (203) 458-5456, TGeelan@gsbyourbank.com, or Kyle Eagleson, 1st EVP, Chief Financial Officer (203) 458-5443, KEagleson@gsbyourbank.com.
Thank you for taking a moment to learn more about this reorganization. Together, we will secure the longevity of your community, your values, your bank.