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Press Release

October 26, 2018

Contact: Richard Loconte, 212-709-1691

DFS ANNOUNCES CONVERSION OF PCSB BANK TO A NEW YORK STATE CHARTERED COMMERCIAL BANK SERVING THE LOWER HUDSON VALLEY

PCSB Previously Held a New York State Charter as a Savings Bank

Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved PCSB Bank’s application to expand its business by converting from a New York State-chartered savings bank to a New York State-chartered commercial bank.  After the conversion, PCSB Commercial Bank will merge with PCSB Bank, with PCSB Bank as the surviving full-service New York State-chartered commercial bank.

“DFS is committed to encouraging New York State-chartered banking institutions to continue to invest in local communities,” said Superintendent Vullo. “DFS appreciates the bank’s dedication to regional economic growth, which provides local residents with access to financial services with strong consumer protections and regulatory oversight that the state-based regulatory framework provides.”

Joseph D. Roberto, PCSB Bank’s and Company’s Chairman, President and Chief Executive Officer, said, “As a commercial bank, the Bank will be authorized to directly accept and more profitably manage government deposits, while continuing to offer an expanding array of products and services to our individual and business customers. The charter conversion and merger will eliminate the audit, examination, compliance and reporting requirements and related expenses associated with a two-bank structure. In addition, the Bank’s governance will be streamlined, as duplicative meetings, policies and procedures are eliminated. We appreciate our regulators’ collaborative and proactive handling of these transactions.”

PCSB Bank is a New York-chartered stock savings bank which has served the banking needs of the Lower Hudson Valley, operating 15 banking offices located in Dutchess, Putnam, Rockland and Westchester Counties in New York.

PCSB was founded in 1871 as a mutual savings bank under the name Putnam County Savings Bank. In April 2015, PCSB acquired CMS Bancorp, Inc. and its wholly-owned subsidiary, CMS Bank. CMS Bancorp, Inc. and CMS Bank merged with and into PCSB. In February 2017, DFS approved PCSB's conversion from a mutual savings bank into a stock-form savings bank.

New York currently has a total of 139 state chartered commercial banks, savings banks and bank holding companies, 15 state-chartered credit unions, 84 foreign branches, 10 foreign agencies, and 27 representative offices, with assets totaling more than $1.8 trillion.

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Department of Financial Services

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