GOUVERNEUR, NY, Sept. 06, 2022 (GLOBE NEWSWIRE) — Cambray Mutual Holding Company, Governor Bancorp, Inc. (the “Company”) and the Governor Savings and Loan Association (collectively, “Governor”) announced today that Gouverneur and Citizens Bank of Cape Vincent (“CBCV”) has received requisite regulatory approvals necessary to complete Gouverneur’s acquisition of CBCV and CBCV’s merger with and into the Gouverneur Savings and Loan Association. The transaction is expected to close on September 16, 2022 and is subject to customary closing conditions.
Independent of the pending acquisition of CBCV, the Company also announced today that in anticipation of preparing its financial statements for the year ended September 30, 2022, it has adopted its financial statements for the year ended September 30, 2021, net income by approximately $200,000 US Dollar undervalued for the year ended September 30, 2021 due to unrealized deferred tax benefits. The Company expects to correct the error relating to the preparation and publication of the Company’s audited financial statements for the year ended September 30, 2022.
About Governor Bancorp, Inc.
Governor Bancorp, Inc. GOVB is the holding company of the Governor Savings and Loan Association, a New York savings and loan corporation founded in 1892 to provide deposit and loan services to businesses, families and individuals. As of June 30, 2022, the Company had total assets of $130.2 million, total contributions of $100.7 million and total shareholders’ equity of $25.5 million.
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