Jefferson Security Bank Announces Completion of Holding Company Reorganization

Jefferson Security Bank (OTCPK: JFWV) announced the formation of JSB Financial Inc., a bank holding company, and the consummation of the reorganization of Jefferson Security Bank into a holding company structure pursuant to the Agreement and Plan of Share Exchange and Reorganization, dated as of March 15, 2023, as approved by the shareholders on April 26, 2023. Following shareholder and regulatory approval, effective July 31, 2023, Jefferson Security Bank became a wholly owned subsidiary of JSB Financial Inc., and each outstanding share of Jefferson Security Bank’s common stock was automatically exchanged for one (1) share of JSB Financial Inc.’s common stock. Shareholders of Jefferson Security Bank are now shareholders of JSB Financial Inc.

Shares of JSB Financial Inc. will trade under the ticker symbol “JFWV” on OTC Pink, the same ticker symbol used previously by Jefferson Security Bank. Jefferson Security Bank common stock held in a brokerage account or solely in electronic “book entry” form through the Bank’s transfer agent, Computershare, will automatically be converted to shares of JSB Financial Inc. common stock. Shareholders who hold some or all of their shares in certificate form will receive, by regular mail, a letter of transmittal that can be used to submit certificates to be exchanged for stock certificates or book entry shares of JSB Financial Inc. common stock.

Cindy Kitner, President and CEO commented, “We are excited to announce the formation of JSB Financial Inc. The new holding company will serve as a source of strength for Jefferson Security Bank. The holding company structure will also provide several strategic benefits to Jefferson Security Bank, including the ability to borrow money and raise capital to continue the growth of the Bank without diluting shareholders, repurchasing stock from existing shareholders and providing structural flexibility to remain competitive.”

About Jefferson Security Bank

Jefferson Security Bank is an independent community bank evolving with the needs of the customers and the communities it serves. Serving individuals, businesses and community organizations, Jefferson Security Bank strives to support entrepreneurial efforts within its target markets. Delivering long-term value to its shareholders is at the core of the organization’s culture. Jefferson Security Bank is a West Virginia state-chartered bank that was formed and opened for business on May 19, 1869, making it the oldest bank in West Virginia. The bank provides general banking services in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. Visit www.JSB.bank for more information.

This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections.

Offices:

105 East Washington Street, Shepherdstown, WV (304-876-9000)

7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)

873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)

277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)

1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)

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