| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| Adirondack Financial Services Bancorp, Inc. |
| 52 North Main Street, Gloversville, NY 12078 * (518) 725-6335 |
| The company is a bank holding company for Gloversville Federal, a federally chartered mutual savings and loan association located in Gloversville, New York. |
| Manager | Tier | Phone |
| Capital Resources, Inc. | Lead Manager | (202) 466-5685 |
| Employees: | 0 | Financial: | SIC 6035 | |
| Type of Shares: | Common Shares | Filing Date: | 1/2/98 | |
| U.S. Shares Filed: | 575,000 | Filing Price: | $10.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $5,750,000 | |
| Primary Shares: | 575,000 | Expenses: | $418,000 | |
| Secondary Shares: | 0 | Post-IPO Shares: |
| Issuer's Law Firm: | Silver, Freedman & Taff |
| Bank's Law Firm: | Serchuk & Zelemyer |
| Auditor: | KPMG Peat Marwick |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 9/30/97 | 9/30/97 | ||||
| Revenue: | $5.06 | Assets: | $61.02 | ||
| Net Income: | -$0.58 | Curr Assets: | |||
| EPS: | Liabilities: | $57.74 | |||
| Prior EPS: | Curr Liab: | $56.12 | |||
| Cash Flow/Oper: | -$0.27 | Equity: | $3.28 | ||
| Cash Flow/Fin: | $1.40 | Cash: | $1.92 | ||
| Cash Flow/Inv: | -$0.41 | ||||
| Competition |
| Gloversville Federal experiences significant competition in its local market area in both originating real estate and other loans and attracting deposits. This competition arises from other savings institutions as well as commercial banks, mortgage banks, credit unions and national and local securities firms. The Association's competitors include many significantly larger banks, including several large regional banks with offices in Gloversville Federal's primary market area. Due to their size, these large banks can achieve certain economies of scale and as a result offer a broader range of products and services than are currently available at the Association. The Association attempts to mitigate the effect of such factors by emphasizing customer service. Such competition may limit Gloversville Federal's growth in the future. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase all of the outstanding common stock of the bank. |