Gouverneur Bancorp, Inc. Announces Commencement of Second-Step Conversion Stock Offering

GOUVERNEUR, N.Y., Aug. 24, 2023 (GLOBE NEWSWIRE) -- Gouverneur Bancorp, Inc. (“Gouverneur Bancorp”) (OTC Pink Marketplace: GOVB), the holding company for Gouverneur Savings and Loan Association (the “Bank”), announced today that Gouverneur Bancorp, Inc., a newly formed Maryland holding corporation and the proposed successor holding company of the Bank, is commencing its offering of common stock in connection with the proposed conversion of Cambray Mutual Holding Company (the “MHC”) from the mutual holding company to the stock holding company form of organization. Gouverneur Bancorp, Inc. and the MHC have received all requisite regulatory approvals and authorizations to commence the stock offering.

Gouverneur Bancorp, Inc. is offering for sale, on a best efforts basis, up to 977,500 shares of its common stock at a purchase price of $10.00 per share. The shares will be offered for sale in a subscription offering to eligible depositors and borrowers of the Bank and to the Bank’s employee stock ownership plan. Any shares of common stock not subscribed for in the subscription offering may be offered for sale to the general public in a community offering, with a first preference given to natural persons residing in Jefferson, Lewis and St. Lawrence Counties in New York and a second preference given to public stockholders of Gouverneur Bancorp as of the close of business on July 31, 2023.

All questions concerning the conversion and stock offering or requests for stock offering materials should be directed to the Stock Information Center at [phone] (toll-free). The Stock Information Center will be open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern time. The Stock Information Center will be closed on bank holidays.

Gouverneur Bancorp, Inc. must sell at least 722,500 shares of its common stock in the stock offering in order to complete the conversion and stock offering. Completion of the conversion and stock offering is also subject to the receipt of final regulatory approvals, the approvals of the stockholders of Gouverneur Bancorp and the members of the MHC, and the satisfaction of other customary closing conditions.

Kilpatrick Townsend & Stockton LLP is serving as legal counsel to Gouverneur Bancorp, Inc., Gouverneur Bancorp, the MHC and the Bank. Keefe, Bruyette & Woods, Inc., a Stifel Company, is acting as marketing agent for the stock offering and Luse Gorman, P.C. is serving as legal counsel to Keefe, Bruyette & Woods, Inc.