PCSB Expands with IPO and New Pawling Branch
by Tom Walogorsky | Staff Writer
On April 21, 2017, Putnam County Savings Bank, headquartered in Yorktown Heights, NY, undertook an initial public offering (IPO) and will now be a publicly traded company on the NASDAQ Stock Exchange. The company boasts locations across Dutchess, Putnam, Rockland, and Westchester Counties, including their newest addition on Route 22 in Pawling. The financial institution has serviced the banking needs of the lower Hudson Valley since 1871.
Putnam County Savings Bank opened for trading following the sale of 17,826,408 shares of common stock. These include 1,453,209 shares sold as part of the PCSB Bank Employee Stock Ownership Plan with a price of $10.00 per share. The initial sale raised nearly $180 million in capital for the company. In the weeks since the initial offering, PCSB stock has reached a high of $16.80. The company will now be trading on the NASDAQ exchange under the ticker symbol PCSB.
In connection with the IPO, the company contributed 338,702 shares of their common stock to the Putnam County Savings Bank Community Foundation, a charitable entity dedicated to providing support to various nonprofit organizations in the bank’s local community. The bank aims to contribute $5 million to this endeavor over the next ten years. The fou - ndation will support a vast array of organizations, including the American Heart Association, hospitals, and local fire and police departments. It will also make contributions to the Pawling Library. “It’s an opportunity for us to give back to the community, and it is important for us to give back to the community we serve. We are nowhere without the community supporting us,” said PCSB Chairman/ President Joseph Roberto. “We make a large effort to do that throughout the organization.”
The opening of the newest Pawling branch of the Putnam County Savings Bank represents the latest in a period of growth for the company. After acquiring CMS Bancorp in 2015, PCSB now has 15 branch locations stretching from Pawling to Fishkill to Mt. Vernon. The Pawling branch offers numerous banking services for both consumer and business customers. These include free checking, savings accounts, retirement plans, mortgages, lines of credit, and home equity, and personal loans.
The Pawling location also offers expanded business hours to better serve its customers banking needs. The branch has lobby hours Monday, Tuesday, Wednesday and Friday from 9:00 a.m. – 4:00 p.m.; Thursday 9:00 a.m. – 6:00 p.m., and Saturday 9:00 a.m. – 1:00 p.m. Drive up hours are Monday, Tuesday, Wednesday, and Friday from 8:30 a.m. – 5:00 p.m.; Thursday 8:30 a.m. – 6:30 p.m.; and Saturday 9:00 a.m. – 1:00 p.m. A 24-hour ATM is also available