| GSB Financial Corporation | |||
| Ticker: | GOSB | One South Chirch Street | |
| Exchange: | NASDAQ-National Market | Goshen, NY 10924 | |
| Industry: | Financial (SIC Code 6035) | (914) 294-6151 | |
| Type of Shares: | Common Shares | Filing Date: | 3/19/97 | |
| U.S. Shares: | 2,248,000 | Offer Date: | 7/9/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 2,248,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | ||
| Offering Amount: | $22,480,000 | Selling: | ||
| Expenses: | - | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Capital Resources, Inc. | Lead Manager | (202) 466-5685 |
| Issuer's Law Firm: | Serchuk & Zelemyer |
| Bank's Law Firm: | Malizia, Spidi, Sloane & Fisch |
| Auditor: | Nugent & Haeussler |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 9/30/96 | 12/31/96 | 12/31/95 | 12/31/96 | ||
| Revenue: | $6.72 | $1.84 | $1.71 | Assets: | $96.97 |
| Net Income: | $0.56 | $0.29 | $0.10 | Curr Assets: | |
| EPS: | Liabilities: | $84.86 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $1.30 | Equity: | $12.11 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a Delaware corporation recently organized by the Bank to own all of the capital stock of the Bank to be issued in the Conversion. Immediately after the Conversion, the only significant assets of the company will be 1) the capital stock of the Bank, 2) the loan that the company intends to make to the ESOP and 3) part of the net proceeds from the sale of the company's stock. The net proceeds from the sale of the Common Stock in the Offerings are estimated to be from $13,679,000 to $18,685,000, subject to a possible increase to $21,564,000 in the event of an increase of up to 15% in the Common Stock to be issued in the Conversion. The company will buy all the stock to be issued by the Bank in the Conversion for a price equal to 50% of the net proceeds. The remaining net proceeds will be retained by the company and used for general corporate purposes. The portion of net proceeds received by the Bank from the company will be added to the Bank's general funds which the Bank currently intends to utilize for general corporate purposes. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |