On April 20, 2017, PCSB Bank completed its mutual-to-stock conversion and concurrent initial public offering by PCSB Financial Corporation (“PCSB Financial”), Yorktown Heights, New York, the holding company of PCSB Bank, whereby PCSB Financial sold 17.8 million shares of its common stock at $10.00 per share. As part of the $178.3 million initial public offering, PCSB Bank’s employee stock ownership plan purchased 1.45 million shares, and PCSB Financial contributed 338,702 additional shares of its common stock to the PCSB Community Foundation. The final pricing of PCSB Bank’s conversion stock was at 70.08% of pro forma tangible book value. PCSB Financial’s common stock began trading on the NASDAQ Capital Market under the symbol “PCSB” on April 21, 2017.

PCSB Bank’s mutual-to-stock conversion and stock offering represents one of the largest conversion transactions in recent years. PCSB Bank may use the proceeds from the offering to fund new loans, invest in securities, finance potential acquisitions or for other general corporate purposes.

Luse Gorman served as legal counsel to PCSB Bank in the conversion and offering. The Luse Gorman team was led by Kip A. Weissman (Corporate/M&A), Victor L. Cangelosi (Corporate/M&A) and Beverly J. White (Executive Compensation), and included Zachary Davis (Corporate/M&A).

PCSB Bank has $1.2 billion in total assets and operates from its executive offices and 15 branch offices located in Dutchess, Putnam, Rockland and Westchester Counties, New York.