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From the Office of the CEO Fairfield County Bank 2010 Update We are moving forward with our initial public stock offering and are working through the regulatory approval process. We will provide updates on our progress throughout the process. As we move into summer, I want to take this opportunity to update you about upcoming events and our progress in general. Certainly, it is no surprise to anyone that the financial services' industry has been challenged this year on the economic and political fronts. I know the condition of our economy concerns everyone as it should. I would like to report that Fairfield County Bank remains strong and stable throughout these turbulent times. We read often in the press and hear in news reports that “banks” are not lending. Fairfield County Bank has never stopped lending, in fact, we are proud to report that throughout this period our residential lending has remained strong. In addition our business lending continues to support the growth and development of local business. In the April 2010 report of the U.S. Small Business Administration, we are one of the top two banks in 7A and 504 Loans in Connecticut. We continue to support the communities we serve and are once again proud sponsors of the July 4th Fireworks in Ridgefield and Weston. We are actively supporting a number of civic and charitable organizations throughout our market area through donations and contribution and will continue to do so for the rest of the year. In addition, many of our employees are contributing members of nonprofit organizations and have recently supported United Way’s Day of Caring events as is our mutual tradition. In January, we opened our branch office at 20 Compo Road South, Westport, CT. Our success with this new office is notable. The office which offers traditional bank services also incorporates our Insurance and Investment services. Our Westport area Commercial Lending Team is located in the new office. We are excited about upgrades to our electronic banking that are coming soon. Including; new on-line banking, e-statements and enhanced mobile banking. We already have the best branch network throughout the county and look forward to an improved electronic channel to extend the convenience of our bank and exceed our customers’ expectations. Gary Smith, CEO FAIRFIELD COUNTY BANK CORP., PROPOSED HOLDING COMPANY FOR FAIRFIELD COUNTY BANK, ANNOUNCES PROPOSED PUBLIC OFFERING March 17, 2010, Ridgefield, Connecticut — Fairfield County Bank today announced that Fairfield County Bank Corp., the proposed federally chartered stock holding company for Fairfield County Bank, filed a registration statement with the U.S. Securities and Exchange Commission on March 15, 2010 relating to the proposed public offering of up to 5,945,500 shares of its common stock. Sandler O’Neill & Partners, L.P. has been engaged as the marketing agent for the offering and will assist Fairfield County Bank Corp. on a best efforts basis. Fairfield County Bank is a Connecticut chartered savings bank that operates from 23 full-service locations in Fairfield County, Connecticut and has served the needs of its local community since 1871. Fairfield County Bank reorganized into the mutual holding company structure and became the wholly owned subsidiary of Fairfield County Bank, MHC effective January 1, 2007. At December 31, 2009, Fairfield County Bank had assets of $1.6 billion, deposits of $1.3 billion and total equity of $138.2 million. Pursuant to a Plan of Stock Issuance, Fairfield County Bank Corp. will offer 47.0% of its shares of common stock for sale to Fairfield County Bank’s eligible account holders and tax-qualified employee benefit plans, as well as to members of the general public, in a subscription and community offering. Following the offering, Fairfield County Bank, MHC, the mutual holding company parent of Fairfield County Bank, will hold 53.0% of the outstanding shares of Fairfield County Bank Corp. The highest priority of subscription rights will be granted to depositors with qualifying deposits at Fairfield County Bank as of December 31, 2008. The Plan of Stock Issuance is subject to regulatory approval and the proposed minority stock offering is expected to commence in the second quarter of 2010. The business of Fairfield County Bank will continue normally and without interruption during the stock offering process. The offering will have no impact whatsoever on existing savings accounts and loans and all accounts will remain insured up to applicable limits by the Federal Deposit Insurance Corporation. The registration statement relating to the sale of the shares has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Statements contained in this news release which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risk and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in the registration statement. Contact: Gary C. Smith, Chief Executive Officer, (203) 431-7581 2009 REVIEW |
