From Earlier: Cheviot Financial Corp. Announces Results of its Stock Offering and Expected Transaction Closing Date

Cheviot Financial Corp., the existing stock holding company for Cheviot Savings Bank CHEV, announced yesterday that Cheviot Financial Corp., a Maryland company, which is the proposed successor stock holding company for Cheviot Savings Bank in connection with the mutual-to-stock conversion of Cheviot Mutual Holding Company, expects to sell 4,675,000 shares of common stock at $8.00 per share, for gross offering proceeds of $37.4 million, in its stock offering. Orders for a total of 2,489,488 shares of common stock have been accepted in the syndicated community offering, for which Stifel, Nicolaus & Company, Incorporated acted as sole book-running manager. New Cheviot received orders for 2,185,512 shares of common stock in the subscription and community offerings, for which Stifel, Nicolaus & Company, Incorporated acted as selling agent. All orders properly executed in the subscription and community offerings will be filled in whole, including the order by New Cheviot's employee stock ownership plan. Concurrent with the completion of the offering, shares of Cheviot Federal's common stock owned by the public will be exchanged for shares of New Cheviot's common stock so that Cheviot Federal's existing stockholders will own approximately the same percentage of New Cheviot's common stock as they owned of Cheviot Federal's common stock immediately prior to the conversion. As a result, stockholders of Cheviot Federal will receive 0.8570 shares of New Cheviot's common stock for each share of Cheviot Federal common stock they own immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid at a rate of $8.00 per share. As a result of the offering and the exchange of shares, New Cheviot will have approximately 7,596,896 shares outstanding after giving effect to the transaction.