Georgetown Bancorp, Inc. Announces Closing of Reorganization and Stock Offering

Wed Jul 11, 2012 5:15pm EDT

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Georgetown Bancorp, Inc. Announces Closing of Reorganization and Stock Offering

Georgetown Bancorp, Inc. (OTCBB: GTWN), announced today that it has completed the conversion and reorganization pursuant to which Georgetown Bancorp, MHC has converted to a stock holding company form of organization. Georgetown Bancorp, Inc., a Maryland corporation (“New Georgetown”) and the new stock holding company for Georgetown Savings Bank, has sold 1,100,000 shares of common stock at $10.00 per share, for gross offering proceeds of $11.0 million, in its stock offering. New Georgetown’s new CUSIP number is 372591 107.

Concurrent with the completion of the offering, shares of Georgetown Bancorp, Inc.’s (“Georgetown-Federal”) common stock owned by the public have been exchanged for shares of New Georgetown’s common stock so that Georgetown-Federal’s existing shareholders now own approximately the same percentage of New Georgetown’s common stock as they owned of Georgetown-Federal’s common stock immediately prior to the conversion. Shareholders of Georgetown-Federal will receive 0.72014 shares of New Georgetown’s common stock for each share of Georgetown-Federal common stock they owned immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid based on the offering price of $10.00 per share. As a result of the offering and the exchange of shares, New Georgetown has approximately 1,940,298 shares outstanding.

The shares of common stock sold in the offering and issued in the exchange are expected to begin trading on the Nasdaq Capital Market on July 12, 2012 under the trading symbol “GTWND” for a period of 20 trading days and will thereafter trade as “GTWN.”

Stock certificates for shares purchased in the offering are expected to be mailed to investors on or about July 11, 2012. Current shareholders of Georgetown-Federal that hold their shares in street name or in book-entry form will have shares of New Georgetown deposited directly to their accounts. Shareholders of Georgetown-Federal holding shares in certificated form will be mailed a letter of transmittal on or about July 13, 2012 and receive their shares of New Georgetown common stock and cash in lieu of fractional shares after returning their stock certificates and a properly completed letter of transmittal to New Georgetown’s transfer agent.

New Georgetown is the holding company for Georgetown Savings Bank. Georgetown Savings Bank, with branch offices in Georgetown, North Andover and Rowley, Massachusetts, is committed to making a positive difference in the communities we serve. We strive to deliver exceptional personal service at all times and to help each of our customers achieve their unique financial goals through a competitive array of commercial and consumer banking services. To learn more about Georgetown Savings Bank, visit

This press release contains certain forward-looking statements about the conversion and reorganization. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties.

Georgetown Bancorp, Inc.
Joseph W. Kennedy, 978-352-8600
Senior Vice President/CFO