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QUAINT OAK BANCORP, INC. TO CLOSE STOCK OFFERING
Southampton, Pennsylvania – (July 2, 2007) Robert T. Strong, President and Chief Executive Officer of Quaint Oak Savings Bank, headquartered in Southampton, Pennsylvania (the "Bank"), announced today that the Bank's depositors approved the Plan of Conversion at a special meeting held on June 25, 2007. In addition, the Bank has received regulatory approval of the valuation update and expects to complete the conversion of Quaint Oak Savings Bank after the close of business on July 3, 2007. As a result, Quaint Oak Bancorp, Inc. will become the new holding company for Quaint Oak Savings Bank, which will change its name to "Quaint Oak Bank." Quaint Oak Bancorp, Inc. will issue an aggregate of 1,388,625 shares of common stock in its subscription offering. Due to an oversubscription for shares of Quaint Oak Bancorp, Inc., all available shares were allocated in the first eligibility category to eligible depositors as of December 31, 2005.
Shares of Quaint Oak Bancorp, Inc. common stock are expected to be quoted on Thursday, July 5, 2007, on the OTC Bulletin Board under the symbol "QNTO". Ryan Beck & Co., Inc. served as financial advisor and marketing agent in connection with the conversion and offering. Elias, Matz, Tiernan & Herrick L.L.P. acted as special counsel to Quaint Oak Bancorp, Inc. and Quaint Oak Savings Bank.
Robert T. Strong, President and Chief Executive Officer of Quaint Oak Bank and Quaint Oak Bancorp, Inc., said "We are gratified by the overwhelming support for our conversion and the offering that we received from our depositors. We pledge our best efforts in continuing to meet the needs of our customers through our service-oriented approach to banking. We also look forward to the opportunities ahead and to serving our new shareholders."
The Bank is a Pennsylvania-chartered stock savings bank headquartered in Southampton, Pennsylvania and conducts business through its banking office located in Bucks County, Pennsylvania.
For further information contact: Robert T. Strong, President and CEO (215) 364-4059
Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company's market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
This release is neither an offer to sell nor a solicitation of an offer to buy common stock, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws or laws of any such state or jurisdiction. The offer is made only by the prospectus. The shares of common stock are not savings accounts or savings deposits, may lose value and are not insured by the federal deposit insurance corporation or any other government agency.
