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First Central Savings Bank Announces Completion of Holding Company Reorganization
GLEN COVE, N.Y., May 06, 2026 (GLOBE NEWSWIRE) -- First Central Savings Bank (the “Bank”) and First Central Bancorp, Inc. (the “Holding Company”) today announced that they have completed the Bank’s reorganization into a bank holding company structure, effective on May 2, 2026.
As a result of the completion of the reorganization, the Bank is now the wholly owned subsidiary of the Holding Company. Each issued and outstanding share of common stock of the Bank will be exchanged for one share of common stock of the Holding Company. Stockholders of the Bank own the same percentage of common stock of the Holding Company as they owned in the common stock of the Bank immediately before the reorganization.
Stockholders will receive a letter of transmittal that can be used to submit their Bank common stock certificates to be exchanged for shares of Holding Company common stock. It is currently anticipated that the mailing of these materials will commence on May 15, 2026. Stockholders will exchange their Bank common stock certificates for electronic “book entry” account statements through the Bank’s transfer agent, also called “Direct Registration Statements,” evidencing shares of the common stock of the Holding Company.
Joseph Pistilli, Founder and Executive Chairman of the Board of First Central Savings Bank stated that “The Bank Holding company framework provides management the flexibility to access capital through more efficient and diverse funding sources as part of our efforts to deliver exceptional services to our clients and strong sustainable returns to our shareholders. We are excited to renew our longstanding commitment to the local community, and the people and businesses that we serve, as we look forward to a future filled with the prospect of continued growth and opportunity.”
President and Chief Operating Officer, Paul Hagan said “The approval of the Bank Holding Company positions us to better serve our customer and communities while creating long-term value for our shareholders. The Bank Holding Company structure, allows the Company to more effectively deploy capital to support our strategic plan and growth initiatives, diversify operations, and continue to deliver shareholder value in an increasingly dynamic banking environment.”
About First Central Savings Bank
First Central Savings Bank is a New York chartered savings bank headquartered in Glen Cove, New York with nine full-service branches in Queens, Nassau, and Suffolk Counties, New York. Established in 1999, the Bank is a locally owned and operated community bank that offers personal and business banking products and services responsive to local needs. For more information, see www.firstcentralsavings.com.
Forward-Looking Statements
This press release may contain forward-looking statements. Forward-looking statements are not statements of historical fact and generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “intend,” “could,” “should,” “would,” “believe,” “potential,” “prospect,” “expect,” “estimate,” “continue,” “anticipate,” and “intend,” or similar expressions. Undue reliance should not be placed on any forward-looking statement. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from expectations.
The shares of common stock of First Central Bancorp, Inc. are not savings accounts or deposits and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
CONTACT: Raymond J. Ciccone Executive Vice President and Chief Financial Officer First Central Savings Bank 70 Glen Street Glen Cove, New York 11542 (516) 399-6071 rciccone@myfcsb.com
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