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AUBURN SAVINGS BANK ANNOUNCES CLOSING
OF MINORITY STOCK OFFERING
August 15, 2008, AUBURN, ME
Auburn Savings Bank announced
today that Auburn Bancorp, Inc., the holding company for Auburn Savings
Bank, closed its minority stock offering. Shares of Auburn Bancorp, Inc.
common stock are expected to begin trading on the OTC Bulletin Board on
Monday, August 18, 2008 under the symbol “ABBB”.
A total of 226,478 shares of
Auburn Bancorp, Inc. common stock were sold in the offering. In
addition, Auburn Bancorp, MHC holds 276,806 shares of common stock, or
55% of the outstanding shares of common stock.
Subscribers in the offering received all shares for which they
subscribed.
Keefe, Bruyette & Woods,
Inc. acted as financial advisor to Auburn Bancorp, Inc. in connection
with the offering. Nutter McClennen & Fish LLP, Boston, MA, acted as
legal counsel to Auburn Bancorp, Inc.
Auburn Savings Bank operates
through two full-service retail offices in Auburn and Lewiston, Maine.
As of March 31, 2008 the bank had $65.4 million in assets.
This press release contains
certain forward-looking statements about the proposed stock issuance by
Auburn Bancorp. Forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts. They
often include words like “believe,” “expect,” “anticipate,”
“estimate” and “intend” or future or conditional verbs such as
“will,” “would,” “should,” “could” or “may.” These
forward-looking statements include statements regarding the proposed
timing of the offering and the number of shares of common stock that
Auburn Bancorp expects to sell in the offering. Certain factors that could cause actual results to differ
materially from expected results include delays in the offering, changes
in the interest rate environment, changes in general economic
conditions, legislative and regulatory changes that adversely affect the
business of Auburn Savings Bank, and changes in the securities markets.
Except as required by law, Auburn Bancorp does not undertake any
obligation to update any forward-looking statements to reflect changes
in belief, expectations or events.
This
press release is neither an offer to sell nor a solicitation of an offer
to buy any securities. The offer is made only by the prospectus. The
shares of common stock offered by Auburn Bancorp 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.
For more information, contact:
Allen T. Sterling, President
Auburn Savings Bank, FSB
256 Court St.
Auburn, ME 04210-5402
207-782-0400
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