No. GSB Bancorp, Inc., the proposed mid-tier stock holding company for the Bank, and The Guilford
Savings Bank are not offering or issuing stock to the public or engaging in any other private or public
offering of securities of any kind. Following the Proposed Reorganization, GSB Mutual Holding Company,
the proposed mutual holding company, would own 100% of the outstanding capital stock of GSB
Bancorp, Inc., and GSB Bancorp, Inc. would own 100% of the outstanding capital stock of The Guilford
Savings Bank. While the Bank would legally become a stock form organization, its mutuality would be
preserved because 100% of its common stock would be controlled by GSB Mutual Holding Company.
(The stock would not be publicly traded.)