Mid Southern Bancorp (QX) (USOTC:MSVB)
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Mid-Southern Savings Bank, FSB (“Mid-Southern”
or “Savings Bank”)
(OTCBB:MSVB.OB) announced today that it will commence a tender offer to
purchase all shares of its common stock held by persons owning 99 shares
or fewer on the close of business as of February 28, 2008. The Savings
Bank will pay $18.00 for each share properly tendered.
“The purpose of the tender offer is to reduce
the number of Mid-Southern stockholders of record and reduce or
eliminate future servicing fees and SEC reporting costs,”
stated Michael W. Smith, President and Chief Executive Officer of the
Savings Bank. “We estimate that odd-lot
stockholders who own less than 100 shares represent over 28% of our
total stockholders of record but approximately only 0.2% of our total
shares outstanding.”
“After the completion of the tender offer,
Mid-Southern plans to deregister its common stock with the Office of
Thrift Supervision (“OTS”).
As a result of these actions, we expect to save considerable costs
related to OTS reporting requirements, costs associated with
implementing and complying with the Sarbanes Oxley Act, stock listing
fees and stock registrar costs. We also expect to reduce the significant
amount of management time devoted to these activities,”
stated Mr. Smith.
Mid-Southern expects that its common stock will continue to trade on the
OTC Bulletin Board following the deregistration of its shares. The
Savings Bank will also remain subject to reporting, compliance and
oversight of its banking operations by the OTS and the FDIC.
Mid-Southern expects to continue to provide its stockholders with
quarterly financial information following its deregistration from the
OTS.
The tender offer is not conditioned on the receipt of any minimum number
of shares tendered. The Savings Bank has reserved the right to withdraw
the tender offer if it determines that it is inadvisable to proceed with
the Offer for any reason.
Stockholders and investors are urged to read Mid-Southern’s
Schedule 13E-3 being filed today with the OTS in connection with this
tender offer, which includes the Offer to Purchase for Cash. These
materials contain important information including the various terms and
conditions to the offer.
Investors may obtain copies of the Savings Bank’s
Schedule 13E-3 for free from the OTS at the OTS public reference
facilities located at 1700 G Street, N.W. Washington, D.C. 20552 or from
the Savings Bank. Questions or requests for documents may be directed to
Michael W. Smith at (812) 883-2639, or in writing at Mid-Southern
Savings Bank, FSB, 300 North Water Street, Salem, Indiana 47167.
This press release is for informational purposes only and is not an
offer to buy or a solicitation of an offer to sell any shares of
Mid-Southern’s common stock. The offer is
being made solely by the Offer to Purchase for Cash and the accompanying
Letter of Transmittal, each dated May 2, 2008, which are being mailed to
stockholders. The tender offer will expire at 5:00 p.m., Eastern Time,
on Friday, June 13, 2008, unless otherwise extended or earlier
terminated. Eligible stockholders who would like to accept the offer
must tender all shares that they own. Partial tenders will not be
accepted.
About Mid-Southern Savings Bank, FSB
Mid-Southern is a federally chartered stock savings bank headquartered
in Salem, Indiana, with branches in nearby communities of Orleans and
Mitchell. Mid-Southern has served the financial needs of Washington
County, Indiana and the contiguous counties since 1886.