Governor Bancorp, Inc. Announces Completion of Citizens

GOUVERNEUR, NY, Sept. 19, 2022 (GLOBE NEWSWIRE) — Cambray Mutual Holding Company, Gouverneur Bancorp, Inc. (the “Company”) and Gouverneur Savings and Loan Association (collectively, “Governor”) announced today that Effective September 16, 2022, Gouverneur completed its acquisition of Citizens Bank of Cape Vincent (“CBCV”). At the effective time of the amalgamation, CBCV was amalgamated with and into Gouverneur Savings and Loan Association and each CBCV shareholder was entitled to receive $1,056.11 in cash for each common share of CBCV held at the effective time. of the merger.

“We are excited to expand our presence in Jefferson County and the Lake Ontario and St. Lawrence River communities with the addition of branches in Cape Vincent, Chaumont and LaFargeville. Gouverneur Savings & Loan Association has grown to five offices spanning two counties to better serve our communities, and we welcome customers and employees of Citizens Bank of Cape Vincent to the Gouverneur family. We look forward to bringing together the resources of both banks for the benefit of our customers, employees and communities in the future,” said Faye C. Waterman, President and CEO of Gouverneur.

Kilpatrick Townsend & Stockton LLP acted as legal counsel to Governor in connection with the transaction. Piper Sandler & Co. acted as financial advisor to CBCV and Luse Gorman, PC acted as legal advisor to CBCV on the transaction.

About Governor Bancorp, Inc.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) is the holding company of Gouverneur Savings and Loan Association, a New York chartered savings and loan association founded in 1892 that provides deposit and loan services to businesses, to families and individuals. As of June 30, 2022, the Company had total assets of $130.2 million, total deposits of $100.7 million and total equity of $25.5 million.

Special note regarding forward-looking statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of words such as “believe”, “expect”, “anticipate”, “plan ‘, ‘intend’, ‘estimate’, ‘may’, ‘will’, ‘would’, ‘could’, ‘should’ or other similar expressions. All statements contained herein, including forward-looking statements, speak only as of the date on which they are made, and Gouverneur assumes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from the forward-looking statements. These factors include, among others, the following: the ability to successfully integrate acquired entities and realize the expected cost savings associated with completed mergers and acquisitions; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; US government monetary and fiscal policies, including US Treasury and Federal Reserve Board policies; the size, quality and composition of loan or investment portfolios; application for loan products; deposit flows; competition; demand for financial services in our market area; changes in real estate market values ​​in our market area; and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered when evaluating forward-looking statements and undue reliance should not be placed on such statements.

Contact:
Faye C. Waterman
President and CEO
Governor Bancorp, Inc.
315.287.2600

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