# EDGAR Filing Document

**Accession Number:** 0002084261
**File Stem:** 0001104659-25-089498
**Filing Date:** 2025-9
**Character Count:** 1640999
**Document Hash:** ea5cc948b7a5477af0d47f4cb86db5c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-089498.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001104659-25-089498

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 73

**FILED AS OF DATE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** URSB Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0002084261

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290213
- **FILM NUMBER:** 251311271

**BUSINESS ADDRESS:**
- **STREET 1:** 11-15 COOKE AVENUE
- **CITY:** CARTERET
- **STATE:** NJ
- **ZIP:** 07008
- **BUSINESS PHONE:** 732-541-5445

**MAIL ADDRESS:**
- **STREET 1:** 11-15 COOKE AVENUE
- **CITY:** CARTERET
- **STATE:** NJ
- **ZIP:** 07008

**As filed with the Securities and Exchange Commission on September 12, 2025**

**Registration No. 333-________** 

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM S-1** 

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**URSB Bancorp, Inc.** 

**United Roosevelt Savings Bank 401(k) & Profit Sharing Plan** 

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **6036** | **Applied for** |
| (State or Other Jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer |
| Incorporation or Organization) | Classification Code Number) | Identification Number) |

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**11-15 Cooke Avenue** 

**Carteret, New Jersey 07008** 

**(732) 541-5445** 

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

**Kenneth R. Totten** 

**Chairman, President and Chief Executive Officer** 

**URSB Bancorp, Inc.** 

**11-15 Cooke Avenue** 

**Carteret, New Jersey 07008** 

**(732) 541-5445** 

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)

**<u>Copies to</u>:**

**Lawrence M.F. Spaccasi, Esq.**

 **Kent M. Krudys, Esq.**

**Victor L. Cangelosi, Esq.**

**Luse Gorman, PC** 

**5335 Wisconsin Avenue, N.W., Suite 780**

 **Washington, D.C. 20015**

 **(202) 274-2028**

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ⌧

If this Form is filed to register additional shares for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ◻ Accelerated filer <br> Non-accelerated filer ⌧ Smaller reporting company ⌧ <br> Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act: ◻

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**<u>Prospectus Supplement</u>**

**<u>Prospectus Supplement</u>**

**Interests in**

**UNITED ROOSEVELT SAVINGS BANK 401(k) & PROFIT SHARING PLAN**

**Offering of Participation Interests of up to 238,404 Shares of**

**URSB Bancorp, Inc. Common Stock**

In connection with the mutual-to-stock conversion of United Roosevelt, MHC, URSB Bancorp, Inc. ("URSB Bancorp"), a newly formed Maryland corporation and the proposed holding company of United Roosevelt Savings Bank, is offering shares of its common stock for sale at $10.00 per share. Following the completion of the conversion and stock offering, it is expected that the common stock of URSB Bancorp will be quoted on the OTCQB Market.

In connection with the conversion and stock offering, United Roosevelt Savings Bank is allowing participants in the United Roosevelt 401(k) & Profit Sharing Plan (the "401(k) Plan"), to invest a portion of their account balances in URSB Bancorp common stock. This prospectus supplement relates to elections by 401(k) Plan participants to direct the trustee of the 401(k) Plan to invest up to 75% of their account balances in the 401(k) Plan in URSB Bancorp common stock in connection with the conversion and stock offering. Based upon the value of the 401(k) Plan assets at June 30, 2025, the trustee of the 401(k) Plan could purchase up to 238,404 shares of URSB Bancorp common stock on behalf of participants, at the purchase price of $10.00 per share.

Before you consider investing, you should read the prospectus of URSB Bancorp, dated [date], which is enclosed with this prospectus supplement. It contains detailed information regarding the conversion, the stock offering of URSB Bancorp, and the financial condition, results of operations and business of United Roosevelt, MHC and United Roosevelt Savings Bank. This prospectus supplement provides information regarding the 401(k) Plan. You should read this prospectus supplement together with the prospectus and keep both for future reference.

**For a discussion of risks that you should consider, see "Risk Factors" beginning on page [#] of the attached prospectus, and "Notice of Your Rights Concerning Employer Securities" in this prospectus supplement.**

**The interests in the 401(k) Plan and the offering of shares of URSB Bancorp common stock have not been approved or disapproved by the Securities and Exchange Commission, the Board of Governors of the** **Federal Reserve System, the New Jersey Department of Banking and Insurance, the Federal Deposit Insurance Corporation or any state securities regulator. Any representation to the contrary is a criminal offense.**

**The securities offered by this prospectus supplement are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Depositors Insurance Fund or any other governmental agency.**

This prospectus supplement may be used only in connection with offers and sales by URSB Bancorp in the stock offering of URSB Bancorp common stock that may be acquired within the 401(k) Plan. No one may use this prospectus supplement to reoffer or resell interests in shares of URSB Bancorp common stock acquired through the 401(k) Plan.

You should rely only on the information contained in this prospectus supplement and the attached prospectus. URSB Bancorp, United Roosevelt, MHC, United Roosevelt Savings Bank and the 401(k) Plan have not authorized anyone to provide you with different information.

This prospectus supplement does not constitute an offer to sell or solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer or solicitation in that jurisdiction. Neither the delivery of this prospectus supplement and the attached prospectus nor any sale of URSB Bancorp common stock shall under any circumstances imply that there has not been a change in the affairs of URSB Bancorp, United Roosevelt, MHC, United Roosevelt Savings Bank or the 401(k) Plan since the date of this prospectus supplement, or that the information contained in this prospectus supplement or incorporated by reference is correct as of any time after the date of this prospectus supplement.

**The date of this prospectus supplement is [date].**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [RISK FACTORS](#a_01) | [1](#a_01) |
| [THE OFFERING](#a_02) | [1](#a_02) |
| [Securities Offered](#a_03) | [1](#a_03) |
| [Election to Purchase URSB Bancorp, Inc. Common Stock](#a_04) | [2](#a_04) |
| [Purchase Priorities](#a_05) | [2](#a_05) |
| [Purchases in the Offering and Oversubscriptions](#a_06) | [3](#a_06) |
| [Composition of the URSB Bancorp, Inc. Stock Fund](#a_07) | [3](#a_07) |
| [Minimum and Maximum Investment](#a_08) | [4](#a_08) |
| [Value of the Plan Assets](#a_09) | [4](#a_09) |
| [How to Order Stock in the Offering](#a_10) | [4](#a_10) |
| [Order Deadline](#a_1) | [6](#a_1) |
| [Irrevocability of Transfer Direction](#a_11) | [6](#a_11) |
| [Future Direction to Purchase and Sell Common Stock](#a_12) | [6](#a_12) |
| [Voting Rights of Common Stock](#a_13) | [6](#a_13) |
| [DESCRIPTION OF THE 401(k) PLAN](#a_14) | [7](#a_14) |
| [Introduction](#a_15) | [7](#a_15) |
| [Eligibility and Participation](#a_16) | [7](#a_16) |
| [Contributions Under the Plan](#a_17) | [8](#a_17) |
| [Limitations on Contributions](#a_18) | [8](#a_18) |
| [Benefits Under the 401(k) Plan](#a_19) | [8](#a_19) |
| [Investment of Contributions and Account Balances](#a_20) | [9](#a_20) |
| [Performance History](#a_21) | [9](#a_21) |
| [Description of the Investment Funds](#a_22) | [10](#a_22) |
| [URSB Bancorp, Inc. Stock Fund](#a_23) | [14](#a_23) |
| [Withdrawals from the 401(k) Plan](#a_24) | [14](#a_24) |
| [Administration of the 401(k) Plan](#a_25) | [14](#a_25) |
| [Amendment and Termination](#a_26) | [15](#a_26) |
| [Merger, Consolidation or Transfer](#a_27) | [15](#a_27) |
| [Federal Income Tax Consequences](#a_28) | [15](#a_28) |
| [Notice of Your Rights Concerning Employer Securities](#a_29) | [16](#a_29) |
| [Additional ERISA Considerations](#a_30) | [17](#a_30) |
| [Securities and Exchange Commission Reporting and Short-Swing Profit Liability](#a_31) | [17](#a_31) |
| [Financial Information Regarding 401(k) Plan Assets](#a_32) | [17](#a_32) |
| [LEGAL OPINION](#a_33) | [18](#a_33) |

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**RISK FACTORS**

In addition to considering the material risks disclosed under "Risk Factors" beginning on page [#] of the attached prospectus, you should also consider the following:

**If you elect to purchase URSB Bancorp common stock using your 401(k) Plan account balance and the stock offering is oversubscribed, you will bear the risk of price changes in the investment funds of the 401(k) Plan.**

If you elect to purchase URSB Bancorp common stock using your 401(k) Plan account balance, the 401(k) Plan trustee will sell the designated amount within your 401(k) Plan account among your investment fund balances. If the stock offering is oversubscribed (<u>i.e.</u>, there are more orders for URSB Bancorp common stock than shares available for sale in the stock offering) and the 401(k) Plan trustee cannot use any or all of the funds you allocate to purchase URSB Bancorp common stock, the funds that cannot be invested in URSB Bancorp common stock, and any interest earned on such funds, will be reinvested in your existing investment funds of the 401(k) Plan, according to your then existing investment election (<u>i.e.</u>, in proportion to your investment direction for future contributions). During the period from when the 401(k) Plan trustee sells a portion of your investment funds until reinvestment of some or all of those funds back into your investment funds as a result of an oversubscription, you will bear the risk of price changes in the investment funds. It is possible that during this period some or all the investment funds may have increased in value more than the amount of any interest you may have earned on the reinvested funds before reinvestment. See "The Offering – Purchases in the Offering and Oversubscriptions" in this prospectus supplement.

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| | |
|:---|:---|
| **THE OFFERING** | **THE OFFERING** |
| **Securities Offered** | United Roosevelt Savings Bank is offering participants in the 401(k) Plan the opportunity to purchase participation interests in shares of URSB Bancorp common stock through the 401(k) Plan. A "participation interest" represents indirect ownership of a share of URSB Bancorp common stock that is acquired by the 401(k) Plan and is equivalent to one share of URSB Bancorp common stock. In this prospectus supplement, "participation interests" are referred to as shares of URSB Bancorp common stock. At the stock offering purchase price of $10.00 per share and allowing participants to use up to 75% of their account balances, the 401(k) Plan may acquire up to 238,404 shares of URSB Bancorp common stock in the stock offering, based on the approximate fair market value of the 401(k) Plan's assets as of June 30, 2025.<br>Only employees of United Roosevelt Savings Bank may become participants in the 401(k) Plan and only participants may purchase shares of URSB Bancorp common stock through the 401(k) Plan. However, your investment in shares of URSB Bancorp common stock in connection with the stock offering is subject to the purchase priorities listed below.<br>Information regarding the 401(k) Plan is contained in this prospectus supplement and information with respect to the consolidated financial condition and results of operations of United Roosevelt, MHC and the business of URSB Bancorp and United Roosevelt Savings Bank is contained in the attached prospectus. The address of the corporate/main office of URSB Bancorp and United Roosevelt Savings Bank is 11-15 Cooke Avenue, Carteret, New Jersey 07008. The telephone number at this address is (732) 541-5445.<br>***Address questions about this prospectus supplement to Kenneth R. Totten, President and CEO, United Roosevelt Savings Bank, 11-15 Cooke Avenue, Carteret, New Jersey 07008; telephone number (732) 541-5445; email: ktotten@ursb.bank.***<br> ****<br> ***Direct all questions about the stock offering, the prospectus, or obtaining a stock order form to purchase stock in the stock offering outside the 401(k) Plan to the Stock Information Center at [#] (toll-free)*, *Monday through Friday, between 10:00 a.m. and 4:00 p.m., Eastern time. The Stock Information Center will be closed on bank holidays.***<br>|

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|:---|:---|:---|
| **Election to Purchase URSB Bancorp, Inc. Common Stock** | In connection with the stock offering, you may elect to designate up to 75% of your 401(k) Plan account balance to a money market fund called "Stock Purchase," which will be used to subscribe for URSB Bancorp common stock in the stock offering. Before making this election, you should carefully read the prospectus and this prospectus supplement and consider the information set forth on page [#] of this prospectus supplement under *"Notice of Your Rights Concerning Employer Securities — The Importance of Diversifying Your Retirement Savings."* The trustee of the URSB Bancorp, Inc. Stock Fund will subscribe to purchase shares of URSB Bancorp common stock at $10.00 per share in accordance with your election. However, your election is subject to the purchase priorities and purchase limitations, as described below. | In connection with the stock offering, you may elect to designate up to 75% of your 401(k) Plan account balance to a money market fund called "Stock Purchase," which will be used to subscribe for URSB Bancorp common stock in the stock offering. Before making this election, you should carefully read the prospectus and this prospectus supplement and consider the information set forth on page [#] of this prospectus supplement under *"Notice of Your Rights Concerning Employer Securities — The Importance of Diversifying Your Retirement Savings."* The trustee of the URSB Bancorp, Inc. Stock Fund will subscribe to purchase shares of URSB Bancorp common stock at $10.00 per share in accordance with your election. However, your election is subject to the purchase priorities and purchase limitations, as described below. |
| **Purchase Priorities** | All 401(k) Plan participants are eligible to elect to subscribe for URSB Bancorp common stock in the stock offering. However, the elections are subject to the purchase priorities in United Roosevelt, MHC's Plan of Conversion, which provides for a subscription offering and, if necessary, a community offering. In the stock offering, the purchase priorities are as follows and apply in case more shares of URSB Bancorp common stock are ordered than are available for sale (an "oversubscription): | All 401(k) Plan participants are eligible to elect to subscribe for URSB Bancorp common stock in the stock offering. However, the elections are subject to the purchase priorities in United Roosevelt, MHC's Plan of Conversion, which provides for a subscription offering and, if necessary, a community offering. In the stock offering, the purchase priorities are as follows and apply in case more shares of URSB Bancorp common stock are ordered than are available for sale (an "oversubscription): |
|  | Subscription Offering: | Subscription Offering: |
|  | (1) | Each person with $50 or more on deposit at United Roosevelt Savings Bank as of the close of business on June 30, 2024, has first priority. |
|  | (2) | United Roosevelt's Savings Bank's tax-qualified employee benefit plans, including the United Roosevelt Savings Bank's employee stock o) Plan, get second priority. |
|  | (3) | Depositors with accounts at United Roosevelt Savings Bank with aggregate balances of at least $50 at the close of business on September 30, 2025, get third priority. |
|  | (4) | Depositors with deposit account at United Roosevelt Savings Bank at the close of business on [voting record date], get fourth priority. |
|  | Community Offering: | Community Offering: |
|  | Shares of URSB Bancorp common stock not purchased in the subscription offering may be offered for sale to the general public in a "community offering," with a preference given to natural persons and trusts of natural persons residing in Middlesex and Monmouth Counties in New Jersey. | Shares of URSB Bancorp common stock not purchased in the subscription offering may be offered for sale to the general public in a "community offering," with a preference given to natural persons and trusts of natural persons residing in Middlesex and Monmouth Counties in New Jersey. |
|  | If you fall into subscription offering categories (1), (2) or (4) above, you have subscription rights to purchase URSB Bancorp common stock in the subscription offering in the highest category and you may use funds (up to 75% of your account balance) in the 401(k) Plan to pay for the URSB Bancorp common stock. | If you fall into subscription offering categories (1), (2) or (4) above, you have subscription rights to purchase URSB Bancorp common stock in the subscription offering in the highest category and you may use funds (up to 75% of your account balance) in the 401(k) Plan to pay for the URSB Bancorp common stock. |
|  | If you fall into purchase priority (1), (2) or (4), you will separately receive offering materials in the mail, including a stock order form. You may use the stock order form to purchase shares of URSB Bancorp common stock outside the 401(k) Plan. | If you fall into purchase priority (1), (2) or (4), you will separately receive offering materials in the mail, including a stock order form. You may use the stock order form to purchase shares of URSB Bancorp common stock outside the 401(k) Plan. |
|  | Additionally, instead of (or in addition to) placing an order outside the 401(k) Plan using the stock order form, you may place an order for the purchase of URSB Bancorp common stock through the 401(k) Plan in the manner described below under "How to Order Stock in the Offering." | Additionally, instead of (or in addition to) placing an order outside the 401(k) Plan using the stock order form, you may place an order for the purchase of URSB Bancorp common stock through the 401(k) Plan in the manner described below under "How to Order Stock in the Offering." |

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|:---|:---|
| **Purchases in the Offering and Oversubscriptions** | The trustee of the 401(k) Plan will subscribe for URSB Bancorp common stock in the stock offering in accordance with your election. Once you make your election, the amount that you elect to transfer from your existing investment option(s) for the purchase of URSB Bancorp common stock will be sold from your existing investment option(s) and the proceeds will be transferred to the Stock Purchase option (which will be invested in a money market fund during the stock offering period) pending the completion of the conversion and stock offering several weeks later. After the end of the stock offering period, we will determine whether all or any portion of your order will be filled (if the stock offering is oversubscribed you may not receive any or all of your order, depending on your purchase priority, as described above). The amount that can be used toward your order will be applied to the purchase of URSB Bancorp common stock. Following the closing of the conversion and stock offering, your purchased shares of URSB Bancorp common stock will be transferred to the 401(k) Plan and will be reflected in your 401(k) Plan account as soon as practicable thereafter.<br>If the stock offering is oversubscribed, and the trustee of the 401(k) Plan is unable to use the full amount allocated by you to purchase URSB Bancorp common stock in the stock offering, the amount that cannot be invested in shares of URSB Bancorp common stock, and any interest earned on that amount, will be transferred from the Stock Purchase option and reinvested in the existing funds of the 401(k) Plan, in accordance with your then existing investment election (in proportion to your investment direction for future contributions). The prospectus describes the allocation procedures in the event of an oversubscription. If you choose not to elect to invest part of your account balances towards the purchase of URSB Bancorp common stock in connection with the stock offering, your account balances will remain in the investment funds of the 401(k) Plan as previously directed by you.<br>|
| **Composition of the URSB Bancorp, Inc. Stock Fund** | Shares of URSB Bancorp common stock purchased by the 401(k) Plan in the stock offering will be transferred to the 401(k) Plan and held in the URSB Bancorp, Inc. Stock Fund. The URSB Bancorp, Inc. Stock Fund is neither a mutual fund nor a diversified or managed investment option. Rather, it is merely a recordkeeping mechanism established by the 401(k) Plan custodian to track the shares purchased by 401(k) Plan participants in the conversion and stock offering through the 401(k) Plan. The URSB Bancorp, Inc. Stock Fund will consist solely of shares of URSB Bancorp common stock purchased by participants in the 401(k) Plan, which will be initially valued at $10.00 per share (<u>i.e.</u>, the purchase price).<br>Following the closing of the conversion and stock offering, each day the aggregate value of URSB Bancorp, Inc. Stock Fund will be determined by dividing the total market value of the fund at the end of the day by the total number of shares held in the fund by all participants as of the previous day's end. The change in share value reflects the day's change in stock price of URSB Bancorp common stock, and the value of each participation interest should be the same as one share of URSB Bancorp common stock.<br>**Investment in URSB Bancorp common stock involves risks common to investments in shares of common stock. For a discussion of material risks you should consider, see the "Risk Factors" section of the attached prospectus and the section of the prospectus supplement called "Notice of Your Rights Concerning Employer Securities" (see below).**<br>The portion of your 401(k) Plan account invested in the URSB Bancorp, Inc. Stock Fund will be reported to you on your regular 401(k) Plan participant statements. You can also go online at any time to <u>www.principal.com</u> or call (800)547-7754 (toll-free) to review your account balances.<br>|

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|:---|:---|:---|
| **Minimum and Maximum Investment** | In connection with the stock offering, the 401(k) Plan will permit you to use up to 75% of your 401(k) Plan account balance for the purchase of URSB Bancorp common stock in the stock offering.<br>The trustee of the 401(k) Plan will subscribe for shares of URSB Bancorp common stock offered for sale in the stock offering, in accordance with each participant's direction. The trustee will pay $10.00 per share, which will be the same price paid by all other persons who purchase shares in the stock offering. To purchase URSB Bancorp common stock through the 401(k) Plan, the minimum investment is $250, which will purchase 25 shares. No individual may purchase more than $200,000 (20,000 shares) of URSB Bancorp common stock. Furthermore, no person or entity, together with associates or persons acting in concert with such person or entity, may purchase more than $500,000 (50,000 shares) of URSB Bancorp common stock in all categories of the stock offering combined. See the prospectus for further details regarding additional maximum purchase limits for investors in the stock offering. | In connection with the stock offering, the 401(k) Plan will permit you to use up to 75% of your 401(k) Plan account balance for the purchase of URSB Bancorp common stock in the stock offering.<br>The trustee of the 401(k) Plan will subscribe for shares of URSB Bancorp common stock offered for sale in the stock offering, in accordance with each participant's direction. The trustee will pay $10.00 per share, which will be the same price paid by all other persons who purchase shares in the stock offering. To purchase URSB Bancorp common stock through the 401(k) Plan, the minimum investment is $250, which will purchase 25 shares. No individual may purchase more than $200,000 (20,000 shares) of URSB Bancorp common stock. Furthermore, no person or entity, together with associates or persons acting in concert with such person or entity, may purchase more than $500,000 (50,000 shares) of URSB Bancorp common stock in all categories of the stock offering combined. See the prospectus for further details regarding additional maximum purchase limits for investors in the stock offering. |
| **Value of the Plan Assets** | As of June 30, 2025, the market value of the assets of the 401(k) Plan attributable to active and former employees of United Roosevelt Savings Bank was approximately $3,178,724. | As of June 30, 2025, the market value of the assets of the 401(k) Plan attributable to active and former employees of United Roosevelt Savings Bank was approximately $3,178,724. |
| **How to Order Stock in the Offering** | · | You can elect to transfer up to 75% of your current 401(k) Plan account balance (in whole dollar amounts) to the Stock Purchase option, which will be used by the 401(k) Plan trustee to purchase shares of URSB Bancorp common stock. This is done by following the procedures described below. Note the following conditions concerning this election: |
|  | · | Your election is subject to a minimum purchase of 25 shares of common stock, which equals $250. |
|  |  | Your election, plus any order you placed outside the 401(k) Plan, are together subject to a maximum purchase limit of no more than 20,000 shares of URSB Bancorp common stock, which equals $200,000. The prospectus describes an additional purchase limitation of 50,000 shares of URSB Bancorp common stock, which equals $500,000, for an individual, together with associates or persons acting in concert with such individual. |
|  | · | The election period for the 401(k) Plan purchases ends at 4:00 p.m., Eastern time, on [date] (the "Plan Purchase Period"). |

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|:---|:---|
| · | Your election to purchase common stock in the stock offering through the 401(k) Plan will be accepted by Principal Financial Group, the recordkeeper of the 401(k) Plan. After your election is accepted by Principal Financial Group, it will be rounded down to the closest dollar amount divisible by $10.00 and will be used by the trustee to purchase shares of URSB Bancorp common stock sold in the conversion and stock offering. This difference will remain in the Stock Purchase option until the completion of the conversion and stock offering, which is expected to be several weeks after the Plan Purchase Period ends. At that time, the URSB Bancorp common stock purchased based on your election will be transferred to the 401(k) Plan and any remaining funds will be transferred out of the Stock Purchase option for investment in other funds under the 401(k) Plan, based on your election currently on file for future contributions. |
| · | The amount you elect to transfer to the Stock Purchase option will be held separately until the completion of the conversion and stock offering. Therefore, this money is not available for distributions, loans, or withdrawals until the conversion and stock offering is completed, which is expected to be several weeks after the 401(k) Plan Purchase Period ends. |
| · | Following the completion of the conversion and stock offering, your purchased shares of URSB Bancorp common stock will be reflected in your 401(k) Plan account through the URSB Bancorp, Inc. Stock Fund. |
| Follow the steps outlined below to make your election to use your account balance in the 401(k) Plan to purchase shares of URSB Bancorp, Inc. common stock in the stock offering. You are allowed only one election to transfer funds to the Stock Purchase option. | Follow the steps outlined below to make your election to use your account balance in the 401(k) Plan to purchase shares of URSB Bancorp, Inc. common stock in the stock offering. You are allowed only one election to transfer funds to the Stock Purchase option. |
| · | Go to <u>www.principal.com</u> and log into your 401(k) Plan account. In Account Login, click on drop down and choose "Personal," then "GO." Enter your Username and Password. If you have not established your Username and Password, click on the link "Establish your Username and Password", and follow the prompts. |
| · | On your Personal Summary Page, choose the line for the 401(k) Plan as adopted by United Roosevelt Savings Bank Plan and click on "View Details" for your 401(k) Plan account. |
| · | When you reach "Your Account Overview," click on "Investments" across the top navigation of the screen, and then click on "Change Investments." |
| · | When you reach the "Change Investments" screen, click on the "box titled "Move Balances." Then click on "Make a Transfer." |
| · | Click on "Advanced Transfer Features" and choose "dollars," then enter the amount you would like to transfer "From" each investment. When you have completed transferring "From" each investment, click on "Continue." |
| · | Enter the dollars that you will be transferring into the Stock Purchase account. The Stock Purchase account is a money market investment that will hold the funds until the conversion and stock offering is concluded. All the funds that you transferred "From" other investments must be transferred to another investment. All the dollars must be transferred "To" another investment. |

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|  | When you have completed the "To" portion of the transaction, click on "Continue." You will be taken to a confirmation page. Review your transaction for accuracy. If you need to make changes, click on "Cancel" or "Start Over" or "Previous" to make changes. If the information is correct, click on "Submit Request" to authorize Principal Life Insurance Company to process the request. You will receive a communication in your Message Center confirming your transaction. |
| **Order Deadline** | After you completed your online election, you will also need to complete the Stock Information Form and return it either by emailing it to Kenneth R. Totten, President and CEO, at ktotten@ursb.bank*,* by faxing it to (732) 541-5446 or by delivering it in person, to be received by Kenneth R. Totten. President and CEO, United Roosevelt Savings Bank, 11-15 Cooke Avenue, Carteret, New Jersey 07008. The Stock Information Form must be received no later than 4:00 p.m. on [date]. |
| **Irrevocability of Transfer Direction** | **<u>Once you make an election to transfer amounts to the Stock Purchase option to be used by the 401(k) Plan trustee to purchase URSB Bancorp common stock in connection with the conversion and stock offering, you may not change your election</u>**.<br>**<u>Your election is irrevocable. You will, however, continue to have the ability to transfer amounts not directed towards the purchase of URSB Bancorp common stock among all the other investment funds on a daily basis.</u>** |
| **Future Direction to Purchase and Sell Common Stock** | You will be able to purchase URSB Bancorp common stock <u>after</u> the completion of the conversion and stock offering through the 401(k) Plan by investing your future contributions through the URSB Bancorp, Inc. Stock Fund, provided, that no more than 75% of your future contributions (both employer and employee) may be invested in the URSB Bancorp, Inc. Stock Fund. Additionally, after the completion of the conversion and stock offering, you will be able to transfer no more than 75% of your account balance to the URSB Bancorp, Inc. Stock Fund.<br>After the completion of the conversion and stock offering, to the extent that shares are available, the trustee of the 401(k) Plan will acquire shares of URSB Bancorp common stock at your election in open market transactions at the prevailing price, which may be less than or more than $10.00 per share. In addition, a brokerage commission of $0.05 per share of stock purchased will be charged.<br>You may change your investment allocation on a daily basis. **However, your ability to buy or sell URSB Bancorp common stock within the 401(k) Plan largely depends upon the existence of an active market for the stock. If URSB Bancorp common stock is illiquid (meaning there are few buyers and sellers of the stock) on the date you elect to buy or sell URSB Bancorp common stock within the 401(k) Plan, your election may not be immediately processed. As a result, the prevailing price for URSB Bancorp, Inc. common stock may be less or more than its fair market value on the date of your election.**<br>Special restrictions may apply to purchasing shares of URSB Bancorp common stock by 401(k) Plan participants who are subject to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, relating to the purchase and sale of securities by officers, directors, and principal stockholders of URSB Bancorp.<br>**If you are an officer of the URSB Bancorp who is restricted by regulation from selling shares of URSB Bancorp common stock acquired in the conversion and stock offering for one year, the URSB Bancorp common stock that you purchased in the conversion and stock offering through the 401(k) Plan will not be tradable until the one-year trading restriction has lapsed.** |
| **Voting Rights of Common Stock** | You may direct the 401(k) Plan trustee as to how to vote your shares of URSB Bancorp common stock held in the URSB Bancorp, Inc. Stock Fund, if permitted by United Roosevelt Savings Bank. If the trustee does not receive your voting instructions, the trustee will be directed by United Roosevelt Savings Bank to vote your shares in the same proportion as the voting instructions received from other participants related to their shares of URSB Bancorp common stock held by the 401(k) Plan, provided that such vote is made in accordance with the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). All voting instructions will be kept confidential. |

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**DESCRIPTION OF THE 401(k) PLAN**

**Introduction**

***General.*** United Roosevelt Savings Bank originally adopted the 401(k) Plan effective as of December 1, 1976. In connection with the mutual-to-stock conversion of United Roosevelt Bancorp, MHC, URSB Bancorp desires to allow participants to purchase common stock of URSB Bancorp in their accounts in the 401(k) Plan and United Roosevelt Savings Bank has amended the 401(k) Plan to allow investments in URSB Bancorp common stock. The 401(k) Plan is a tax-qualified plan with a cash or deferred compensation feature established in accordance with the requirements under Section 401(a) and Section 401(k) of the Internal Revenue Code of 1986, as amended (the "Code").

United Roosevelt Savings Bank intends that the 401(k) Plan, in operation, will comply with the requirements under Section 401(a) and Section 401(k) of the Code. United Roosevelt Savings Bank will adopt any amendments to the 401(k) Plan that may be necessary to ensure the continuing qualified status of the 401(k) Plan under the Code and applicable Treasury Regulations.

***ERISA.*** The 401(k) Plan is an "individual account plan" other than a "money purchase pension plan" within the meaning of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). As such, the 401(k) Plan is subject to all the provisions of Title I (Protection of Employee Benefit Rights) and Title II (Amendments to the Code Relating to Retirement Plans) of ERISA, except for the funding requirements contained in Part 3 of Title I of ERISA, which by their terms do not apply to an individual account plan (other than a money purchase plan). The 401(k) Plan is not subject to Title IV (Plan Termination Insurance) of ERISA. The funding requirements contained in Title IV of ERISA are not applicable to participants or beneficiaries under the 401(k) Plan.

***Reference to Full Text of Plan.*** This prospectus supplement summarizes certain provisions of the 401(k) Plan. These summaries are not complete and are qualified in their entirety by the full text of the 401(k) Plan. Copies of the 401(k) Plan are available to all employees by going to <u>www.Principal.com</u>.

**Eligibility and Participation**

United Roosevelt Savings Bank employees generally become eligible to enter the 401(k) Plan as participants upon their attainment of age 18 and the completion of three months of service for elective contributions and qualified matching and non-elective contributions. Eligible employees may participate in the 401(k) Plan for employer discretionary contributions upon attaining age 18 and completing one year of service.

As of December 31, 2024, there were approximately 34 active and former employees with account balances in the 401(k) Plan.

**Contributions Under the Plan**

***Elective Deferrals.*** Participants are permitted to defer up to 75% of their compensation as of the date they become a participant in the 401(k) Plan but may choose a different percentage or choose not to defer at all. The amounts of deferrals are also subject to certain restrictions imposed by the Code. For 2025, participants may defer up to $23,500 and may defer an additional $7,500 if they qualify for catch-up contributions as described in the next paragraph. The compensation of each participant taken into account under the 401(k) Plan is limited by the Code, and for 2025 the limit is $350,000 (this limit may change on an annual basis). Canceling or changing a participant's contribution percentage can be accomplished by going to <u>www.Principal.com</u>.

***Catch-up Contributions*** **.** If a participant has made the maximum amount of elective deferrals allowed by the 401(k) Plan or other legal limits and has attained at least age 50 (or will reach age 50 before the end of the tax year, which is December 31), that participant is also eligible to make an additional catch-up contribution. For 2025, the maximum catch-up contribution is $7,500. A participant may authorize United Roosevelt Savings Bank to withhold a specified dollar amount of his or her compensation for this purpose.

***Employer Contributions*** **.** United Roosevelt Savings Bank currently makes a matching contribution tied to participant deferrals under the 401(k) Plan. United Roosevelt Savings Bank reserves the right to eliminate or modify the amount of this contribution at any time and from time to time.

**Limitations on Contributions**

***Contribution Limits.*** For the tax year beginning January 1, 2025, the amount of a participant's elective deferrals may not exceed $23,500 per calendar year, or $31,000, if you the participant is eligible to make catch-up contributions. Contributions in excess of this limit are known as excess deferrals. If a participant defers amounts in excess of this limitation, his or her gross income for federal income tax purposes will include the excess in the year of the deferral. In addition, unless the excess deferral is distributed before April 15 of the following year, it will be taxed again in the year distributed. Income on the excess deferral distributed by April 15 of the immediately succeeding year will be treated, for federal income tax purposes, as earned and received by the participant in the tax year in which the contribution is made.

The total amount of contributions that a participant makes and any contribution made by United Roosevelt Savings Bank makes on a participant's behalf to the 401(k) Plan and other defined contribution tax-qualified retirement plans in one year is generally limited to the lesser of 100% of the participant's compensation or $70,000 (for 2025).

***Rollovers*** **.** Participants may make a rollover contribution of an eligible rollover distribution from any other qualified retirement plan or an individual retirement arrangement (IRA). These funds will be maintained in a separate rollover account in which the participants will have a nonforfeitable vested interest.

**Benefits Under the 401(k) Plan**

***Vesting.*** At all times, participants have a fully vested, non-forfeitable interest in the portion of their account balance attributable to elective deferrals and qualified matching and non-elective contributions. Discretionary employer contributions vest at the rate of 20% after two years of service and 20% for each year of service thereafter, so that a participant is fully vested after six years of service.

***Distribution at Termination of Employment*** **.** Participants will be entitled to receive a distribution of the vested amounts in their account when their employment terminates for any reason. A participant's benefit will be equal to the vested balance of the participant's account. The 401(k) Plan will make involuntary cash-out distributions of vested account balances in accordance with the 401(k) Plan. If a participant is not a 5% or more owner of his or her employer, their required benefit commencement date is the April 1<sup>st</sup> following the close of the year in which the later of the following occurs: they attain age 72 ½ or they terminate employment.

***Distribution After Death of Participant*** **.** If a participant dies, the value of the participant's entire account will be payable to the participant's beneficiary in accordance with the 401(k) Plan.

**Investment of Contributions and Account Balances**

All amounts credited to a participant's account under the 401(k) Plan are held in the 401(k) Plan trust (the "Trust"), which is administered by the trustee of the 401(k) Plan. Before the effective date of the stock offering, participants were provided with the opportunity to direct the investments of their accounts into one of the investment options described below.

**Performance History**

The following table provides performance data with respect to the investment funds in the 401(k) Plan:

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|:---|:---|:---|:---|:---|
| | **Average Annual Total Return (%)<br> (as of June 30, 2025)** | **Average Annual Total Return (%)<br> (as of June 30, 2025)** | **Average Annual Total Return (%)<br> (as of June 30, 2025)** | **Average Annual Total Return (%)<br> (as of June 30, 2025)** |
| <br>**Investment Option Name** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| Principal Equity Income Separate Account-Z | 14.13 | 12.67 | 13.35 | 10.31 |
| Fidelity 500 Index Fund | 15.15 | 19.70 | 16.63 | 13.63 |
| Principal Blue Chip Separate Account-Z | 17.04 | 22.78 | 14.56 | 16.23 |
| American Century Mid-Cap Value R6 Fund | 10.82 | 8.58 | 12.13 | 8.52 |
| Fidelity Mid Cap Index Fund | 15.16 | 14.34 | 13.11 | 9.89 |
| Janus Henderson Enterprise N Fund | 12.91 | 13.94 | 12.32 | 12.04 |
| DFA US Targeted Value I Fund | 6.58 | 11.89 | 18.50 | 8.52 |
| Vanguard Small Cap Index Admiral Fund | 10.14 | 12.16 | 11.84 | 8.57 |
| Putnam Small Cap Growth R6 Fund | 9.28 | 17.35 | 11.87 | 11.75 |
| Fidelity Emerging Markets Index Fund | 15.49 | 9.27 | 6.45 | 4.50 |
| Fidelity International Index Fund | 18.55 | 16.23 | 11.41 | 6.71 |
| MFS International Growth R6 Fund | 18.59 | 15.19 | 10.45 | 8.94 |
| DFA Global Real Estate Securities I Fund | 11.44 | 3.84 | 5.94 | 4.99 |
| Vanguard Target Retirement Income Inv Fund | 9.66 | 7.36 | 4.49 | 4.71 |
| Vanguard Target Retirement 2020 Inv Fund | 10.23 | 8.67 | 6.16 | 6.06 |
| Vanguard Target Retirement 2025 Inv Fund | 11.74 | 10.43 | 7.48 | 6.89 |
| Vanguard Target Retirement 2030 Inv Fund | 12.61 | 11.64 | 8.58 | 7.52 |
| Vanguard Target Retirement 2035 Inv Fund | 13.41 | 12.73 | 9.67 | 8.13 |
| Vanguard Target Retirement 2040 Inv Fund | 14.12 | 13.80 | 10.74 | 8.73 |
| Vanguard Target Retirement 2045 Inv Fund | 14.78 | 14.84 | 11.80 | 9.27 |
| Vanguard Target Retirement 2050 Inv Fund | 15.57 | 15.59 | 12.24 | 9.48 |
| Vanguard Target Retirement 2055 Inv Fund | 15.58 | 15.59 | 12.24 | 9.47 |
| Vanguard Target Retirement 2060 Inv Fund | 15.57 | 15.59 | 12.24 | 9.47 |
| Vanguard Target Retirement 2065 Inv Fund | 15.55 | 15.59 | 12.24 |  |
| Vanguard Target Retirement 2070 Inv Fund | 15.54 | 15.62 |  |  |
| Legg Mason BrandywineGLOBAL Global Opportunities Bond IS Fund | 10.47 | 2.48 | 0.18 | 1.49 |
| PGIM High Yield R6 Fund | 11.10 | 9.45 | 6.13 | 5.64 |
| Fidelity US Bond Index Fund | 5.96 | 2.53 | (0.79) | 1.73 |
| PGIM Total Return Bond R6 Fund | 6.62 | 4.11 | 0.27 | 2.65 |
| Fidelity Inflation-Protection Bond Index Fund | 5.85 | 2.36 | 1.54 | 2.64 |
| Principal Guaranteed Option | NA | NA | NA | NA |

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**Description of the Investment Funds**

**Principal Global Investors Equity Income Separate Account.** The investment seeks to provide current income and long-term growth of income and capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities at the time of purchase. It usually invests in equity securities of companies with large and medium market capitalizations. The fund invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued.

**Principal Equity Income Separate Account-Z.** The investment seeks to provide current income and long-term growth of income and capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities. The managers define dividend-paying equity securities as securities that produced dividend income within the last rolling 12 months. It usually invests in equity securities of companies with large and medium market capitalizations.

**Fidelity 500 Index Fund**. The investment seeks to provide investment results that correspond to the total return performance of common stocks publicly traded in the United States. The fund normally invests at least 80% of assets in common stocks included in the S&P 500(R) Index, which broadly represents the performance of common stocks publicly traded in the United States. It lends securities to earn income.

**Principal Blue Chip Separate Account-Z.** The investment seeks long-term growth of capital. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The fund also invests in securities of foreign companies.

**American Century Mid-Cap Value R6 Fund.** The investment seeks long-term capital growth; income is a secondary consideration. Under normal market conditions, the portfolio managers will invest at least 80% of the fund's net assets in medium size companies. The portfolio managers consider medium size companies to include those whose market capitalizations at the time of purchase are within the capitalization range of the Russell 3000(R) Index, excluding the largest 100 such companies.

**Fidelity Mid Cap Index Fund.** The investment seeks to provide investment results that correspond to the total return of stocks of mid-capitalization United States companies. The fund invests normally at least 80% of its assets in securities included in the Russell Midcap(R) Index. It lends securities to earn income.

**Janus Henderson Enterprise N Fund.** The investment seeks long-term growth of capital. The fund pursues its investment objective by investing primarily in common stocks selected for their growth potential, and normally invests at least 50% of its equity assets in medium-sized companies. Medium-sized companies to be those whose market capitalization falls within the range of companies in the Russell Midcap(R) Growth Index. Market capitalization is a commonly used measure of the size and value of a company. It may also invest in foreign securities.

**DFA US Targeted Value I Fund.** The investment seeks long-term capital appreciation. The fund purchases a broad and diverse group of the readily marketable securities of U.S. small and mid cap companies that the advisor determines to be value stocks with higher profitability. It may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the fund.

**Vanguard Small Cap Index Admiral Fund.** The investment seeks to track the performance of the CRSP US Small Cap Index that measures the investment return of small-capitalization stocks. The fund advisor employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

**Putnam Small Cap Growth R6 Fund.** The investment seeks capital appreciation. The fund invests mainly in common stocks of small U.S. companies, with a focus on growth stocks. Growth stocks are stocks issued by companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. It invests at least 80% of the fund's net assets in companies of a size similar to those in the Russell 2000 Growth Index.

**Fidelity Emerging Markets Index Fund.** The investment seeks to provide investment results that correspond to the total return of emerging stock markets. The fund normally invests at least 80% of the fund's assets in securities included in the MSCI Emerging Markets Index and in depositary receipts representing securities included in the index. The adviser uses statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, country weightings, and the effect of foreign taxes to attempt to replicate the returns of the index.

**Fidelity International Index Fund.** The investment seeks to provide investment results that correspond to the total return of foreign stock markets. The fund normally invests at least 80% of assets in common stocks included in the MSCI EAFE Index, which represents the performance of foreign stock markets. The manager uses statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, and country weightings to attempt to replicate the returns of the MSCI EAFE Index.

**MFS International Growth R6 Fund.** The investment seeks capital appreciation. The fund normally invests its assets primarily in foreign equity securities, including emerging market equity securities. Equity securities include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. The advisor focuses on investing the fund's assets in the stocks of companies the advisor believes to have above average earnings growth potential compared to other companies (growth companies).

**DFA Global Real Estate Securities I Fund.** The investment seeks long-term capital appreciation. The Portfolio seeks to achieve exposure to a broad portfolio of securities of U.S. and non-U.S. companies in the real estate industry, with a focus on real estate investment trusts ("REITs") or companies that the Advisor considers to be REIT-like entities. It may pursue its investment objective by investing its assets in the DFA Real Estate Securities Portfolio, DFA International Real Estate Securities Portfolio (the "underlying funds"), and/or directly in securities of companies in the real estate industry.

**Vanguard Target Retirement Income Inv Fund.** The investment seeks to provide current income and some capital appreciation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar.

**Vanguard Target Retirement 2020 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2020 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2025 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2025 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2030 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2030 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2035 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2035 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2040 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2040 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2045 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2045 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2050 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2050 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2055 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2055 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2060 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2060 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2065 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2065 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Vanguard Target Retirement 2070 Inv Fund.** The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds (underlying funds) according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2070 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

**Legg Mason BrandywineGLOBAL Global Opportunities Bond IS Fund.** The investment seeks to maximize total return consisting of income and capital appreciation. The fund normally invests at least 80% of its net assets in fixed income securities of issuers located in developed market countries. It will invest in both investment grade and below investment grade fixed income securities, and the advisor intends to invest less than 35% of its net assets in below investment grade fixed income securities (commonly known as "high yield debt" or "junk bonds"). The fund may invest up to 25% of its net assets in convertible debt securities. It is non-diversified.

**PGIM High Yield R6 Fund.** The investment seeks to maximize current income; and capital appreciation is a secondary objective. The fund normally invests at least 80% of its investable assets in a diversified portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors Service ("Moody's") or BB or lower by S&P Global Ratings ("S&P"), and instruments either comparably rated by another nationally recognized statistical rating organization ("NRSRO"), or considered to be of comparable quality, that is, junk bonds.

**Fidelity US Bond Index Fund.** The investment seeks to provide investment results that correspond to the aggregate price and interest performance of the debt securities in the Bloomberg U.S. Aggregate Bond Index. The fund normally invests at least 80% of the fund's assets in bonds included in the Bloomberg U.S. Aggregate Bond Index. Its manager uses statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg U.S. Aggregate Bond Index using a smaller number of securities. The fund invests in Fidelity's central funds.

**PGIM Total Return Bond R6 Fund.** The investment seeks total return. The fund will seek to achieve its objective through a mix of current income and capital appreciation as determined by the fund's subadviser. It invests, under normal circumstances, at least 80% of the fund's investable assets in bonds. For purposes of this policy, bonds include all fixed income securities, other than preferred stock, with a maturity at date of issue of greater than one year. The fund may invest up to 30% of its investable assets in speculative, high risk, below investment-grade securities. It may invest up to 30% of its investable assets in foreign debt securities, including emerging market debt securities.

**Fidelity Inflation-Protection Bond Index Fund.** The investment seeks to provide investment results that correspond to the total return of the inflation-protected sector of the United States Treasury market. The fund normally invests at least 80% of assets in inflation-protected debt securities included in the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index. The advisor engages in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default) and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.

**Principal Guaranteed Option.** This is a guaranteed general account-backed group annuity contract. A rate of interest contractually guaranteed by Principal Life is created to participant account balances. The contract makes benefit payments to participants without restriction (i.e. no early termination charges or surrender charges for plan benifit events). A surrender elected by a plan fiduciary will be paid out in six installments over 5 years (subject to additional contractual limitations), or a single sum subject to an Early Termination Charge, whichever the plan fiduciary chooses.

**An investment in any of the funds listed above is not a bank deposit or savings account and is not insured or guaranteed by the Federal Deposit Insurance Corporation,** **the New Jersey Department of Banking and Insurance or any other government agency. As with any mutual fund investment, there is always a risk that you may lose money on your investment in any of the funds listed above.**

**URSB Bancorp, Inc. Stock Fund**

In connection with the conversion and stock offering, the 401(k) Plan now offers the URSB Bancorp, Inc. Stock Fund as an additional choice among the investment options described above. The URSB Bancorp, Inc. Stock Fund invests primarily in the shares of common stock of URSB Bancorp. In connection with the conversion and stock offering, you may, in the manner described earlier, elect to direct the 401(k) Plan trustee to invest up to 75% of your 401(k) Plan account in the URSB Bancorp, Inc. Stock Fund.

As of the date of this prospectus supplement, there is no established market for URSB Bancorp common stock. Accordingly, there is no record of the historical performance of the URSB Bancorp, Inc. Stock Fund. Performance of the URSB Bancorp, Inc. Stock Fund will depend on a number of factors, including the consolidated financial condition and profitability of URSB Bancorp and United Roosevelt Savings Bank and market conditions for shares of URSB Bancorp common stock generally.

Investments in the URSB Bancorp, Inc. Stock Fund involve special risks common to investments in the shares of common stock. In deciding to invest a part of your account balance in the URSB Bancorp, Inc. Stock Fund, you should carefully consider the information set forth on page [#] of this prospectus supplement under *"Notice of Your Rights Concerning Employer Securities – The Importance of Diversifying Your Retirement Savings."*

*For a discussion of material risks you should consider, see "Risk Factors" beginning on page [#] of the attached prospectus and the section of this prospectus supplement entitled "Notice of Your Rights Concerning Employer Securities" below.*

**Withdrawals from the 401(k) Plan**

Applicable federal law requires the 401(k) Plan to impose substantial restrictions on the right of a 401(k) Plan participant to withdraw amounts held for his or her benefit under the 401(k) Plan before the participant's termination of employment with United Roosevelt Savings Bank. A substantial federal tax penalty may also be imposed on withdrawals made before the participant's attainment of age 59 ½, regardless of whether the withdrawal occurs during his or her employment with United Roosevelt Savings Bank or after termination of employment.

***Withdrawal from Your Account Before Retirement.*** Once you have attained age 59 ½, you may request distribution of all, or part of the amounts credited to your account attributable to certain types of contributions, as set forth in the 401(k) Plan.

***Hardship Withdrawals*** **.** If you incur a financial hardship, you may request a withdrawal from the portion of your account attributable to certain types of contributions, as set forth in the 401(k) Plan.

***Rollover Contributions*** **.** You may withdraw the amounts you contributed to the 401(k) Plan as a rollover contribution.

**Administration of the 401(k) Plan**

***401(k) Plan Trustee*** **.** The trustee of the 401(k) Plan is Principal Trust Company. Principal Trust Company serves as trustee for all the investments funds under the 401(k) Plan, except that Kenneth R. Totten will serve as trustee of the URSB Bancorp, Inc. Stock Fund only during the stock offering period.

***Plan Administrator*** **.** Pursuant to the terms of the 401(k) Plan, the 401(k) Plan is administered by the 401(k) Plan administrator. The name and address of the 401(k) Plan administrator is United Roosevelt Savings Bank, 11-15 Cooke Avenue, Carteret, New Jersey 07008. The 401(k) Plan administrator is responsible for the administration of the 401(k) Plan, interpretation of the provisions of the 401(k) Plan, prescribing procedures for filing applications for benefits, preparation and distribution of information explaining the 401(k) Plan, maintenance of plan records, books of account and all other data necessary for the proper administration of the 401(k) Plan, preparation and filing of all returns and reports relating to the 401(k) Plan which are required to be filed with the U.S. Department of Labor and the Internal Revenue Service, and for all disclosures required to be made to participants, beneficiaries and others under Sections 104 and 105 of ERISA.

***Reports to Plan Participants*.** The 401(k) Plan administrator will furnish you a statement at least quarterly showing the balance in your account as of the end of the statement period, the amount of contributions allocated to your account for that period, and any adjustments to your account to reflect earnings or losses (if any). In addition, you can go online to www.principal.com or call (800) 547-7754 at any time to review your account balances.

**Amendment and Termination**

United Roosevelt Savings Bank intends to continue the 401(k) Plan indefinitely. Nevertheless, United Roosevelt Savings Bank may terminate the 401(k) Plan at any time. If the 401(k) Plan is terminated in whole or in part, then regardless of other provisions in the 401(k) Plan, you will have a fully vested interest in your account. United Roosevelt Savings Bank reserves the right to make any amendment or amendments to the 401(k) Plan which do not cause any part of the trust to be used for, or diverted to, any purpose other than the exclusive benefit of participants or their beneficiaries; provided, however, that United Roosevelt Savings Bank may make any amendment it determines necessary or desirable, with or without retroactive effect, to comply with ERISA.

**Merger, Consolidation or Transfer**

In the event of the merger or consolidation of the 401(k) Plan with another plan, or the transfer of the trust assets to another plan, the 401(k) Plan requires that you receive a benefit immediately after the merger, consolidation or transfer which is equal to or greater than the benefit you would have been entitled to receive immediately before the merger, consolidation, or transfer.

**Federal Income Tax Consequences**

The following is a brief summary of the material federal income tax aspects of the 401(k) Plan. You should not rely on this summary as a complete or definitive description of the material federal income tax aspects of the 401(k) Plan. Statutory provisions change, as do their interpretations, and their application may vary in individual circumstances. Finally, the consequences under applicable state and local income tax laws may not be the same as under the federal income tax laws. Consult your tax advisor with respect to any distribution from the 401(k) Plan and transactions involving the 401(k) Plan.

As a "tax-qualified retirement plan," the Code affords the 401(k) Plan special tax treatment, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sponsoring employer is allowed an immediate tax deduction for the amount contributed to the 401(k) Plan each year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) participants pay no current income tax on amounts contributed by the employer on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) earnings of the 401(k) Plan are tax-deferred, thereby permitting the tax-free accumulation of income and gains on investments.

United Roosevelt Savings Bank will administer the 401(k) Plan to comply with the requirements of the Code as of the applicable effective date of any change in the law.

***Lump-Sum Distribution*** **.** A distribution from the 401(k) Plan to a participant or the beneficiary of a participant will qualify as a lump-sum distribution if it is made within one taxable year, on account of the participant's death, disability or separation from service, or after the participant attains age 59 ½, and consists of the balance credited to the participant under the 401(k) Plan and all other profit sharing plans (and in some cases all other stock bonus plans), if any, maintained by United Roosevelt Savings Bank. The portion of any lump-sum distribution required to be included in a participant's taxable income for federal income tax purposes consists of the entire amount of the lump-sum distribution, less the amount of after-tax contributions, if any, the participant has made to the 401(k) Plan and any other profit sharing plans maintained by United Roosevelt Savings Bank, which is included in the distribution.

***URSB Bancorp, Inc. Common Stock Included in Lump-Sum Distribution*** **.** If a lump-sum distribution includes URSB Bancorp common stock, the distribution generally will be taxed in the manner described above, except that the total taxable amount may be reduced by the amount of any net unrealized appreciation with respect to URSB Bancorp common stock, that is, the excess of the value of URSB Bancorp common stock at the time of the distribution over its cost or other basis of the securities to the trust. The tax basis of URSB Bancorp common stock, for purposes of computing gain or loss on its subsequent sale, equals the value of URSB Bancorp common stock at the time of distribution, less the amount of any net unrealized appreciation. Any gain on a subsequent sale or other taxable disposition of URSB Bancorp common stock, to the extent of the amount of net unrealized appreciation at the time of distribution, will constitute long-term capital gain, regardless of the holding period of URSB Bancorp common stock. Any gain on a subsequent sale or other taxable disposition of URSB Bancorp common stock, in excess of the amount of net unrealized appreciation at the time of distribution, will be considered long-term capital gain. The recipient of a distribution may elect to include the amount of any net unrealized appreciation in the total taxable amount of the distribution, to the extent allowed by regulations to be issued by the Internal Revenue Service.

***Distributions: Rollovers and Direct Transfers to Another Qualified Plan or to an IRA*** **.** You may roll over virtually all distributions from the 401(k) Plan to another qualified plan or to an individual retirement account (IRA) in accordance with the terms of the other plan or the IRA.

**Notice of Your Rights Concerning Employer Securities**

There has been an important change in Federal law that provides specific rights concerning investments in employer securities, such as URSB Bancorp common stock. Because you may in the future have investments in URSB Bancorp, Inc. Stock Fund under the Plan, you should take the time to read the following information carefully.

***Your Rights Concerning Employer Securities*** **.** The 401(k) Plan must allow you to elect to move any portion of your account that is invested in the URSB Bancorp, Inc. Stock Fund from that investment into other investment alternatives under the 401(k) Plan. You may contact the 401(k) Plan Administrator disclosed above for specific information regarding this new right, including how to make this election. In deciding whether to exercise this right, you will want to give careful consideration to the information below that describes the importance of diversification. All the investment options under the 401(k) Plan are available to you if you decide to diversify out of the URSB Bancorp, Inc. Stock Fund.

***The Importance of Diversifying Your Retirement Savings*** **.** To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform well often cause another asset category, or another particular security, to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk.

In deciding how to invest your retirement savings, you should take into account all your assets, including any retirement savings outside of the 401(k) Plan. No single approach is right for everyone because, among other factors, individuals have different financial goals, different time horizons for meeting their goals, and different tolerance for risk. Therefore, you should carefully consider the rights described here and how these rights affect the amount of money that you invest in URSB Bancorp common stock through the 401(k) Plan.

It is also important to periodically review your investment portfolio, your investment objectives, and the investment options under the 401(k) Plan to help ensure that your retirement savings will meet your retirement goals.

**Additional ERISA Considerations**

As noted above, the 401(k) Plan is subject to certain provisions of ERISA, including special provisions relating to control over the 401(k) Plan's assets by participants and beneficiaries. The 401(k) Plan's feature that allows you to direct the investment of your account balances is intended to satisfy the requirements of Section 404(c) of ERISA relating to control over plan assets by a participant or beneficiary. The effect of this is two-fold. First, you will not be deemed a "fiduciary" because of your exercise of investment discretion. Second, no person who otherwise is a fiduciary, such as United Roosevelt Savings Bank, the 401(k) Plan Administrator, or the 401(k) Plan's trustee, is liable under the fiduciary responsibility provision of ERISA for any loss which results from your exercise of control over the assets in your Plan account.

Because you will be entitled to invest a portion of your account balance in the Plan in URSB Bancorp common stock, the regulations under Section 404(c) of ERISA require that the 401(k) Plan establish procedures that ensure the confidentiality of your decision to purchase, hold, or sell employer securities, except to the extent that disclosure of such information is necessary to comply with federal or state laws not preempted by ERISA. These regulations also require that your exercise of voting and similar rights with respect to the common stock be conducted in a way that ensures the confidentiality of your exercise of these rights.

**Securities and Exchange Commission Reporting and Short-Swing Profit Liability**

Section 16 of the Securities Exchange Act of 1934, as amended, imposes reporting requirements and liability provisions on officers, directors, and persons beneficially owning more than 10% of public companies such as URSB Bancorp. Section 16(a) of the Securities Exchange Act of 1934 requires the filing of reports of beneficial ownership. Within 10 days of becoming an officer, director or person beneficially owning more than 10% of the shares of URSB Bancorp, the individual must file a Form 3 reporting initial beneficial ownership with the Securities and Exchange Commission. Changes in beneficial ownership, such as purchases, sales, and gifts, generally must be reported periodically, either on a Form 4 within two business days after the change occurs, or in limited circumstances, annually on a Form 5 within 45 days after the close of URSB Bancorp's fiscal year. Discretionary transactions in and beneficial ownership of the common stock through the URSB Bancorp, Inc. Stock Fund of the Plan by officers and persons beneficially owning more than 10% of the common stock of URSB Bancorp generally must be reported to the Securities and Exchange Commission by such individuals.

In addition to the reporting requirements described above, Section 16(b) of the Securities Exchange Act of 1934, as amended, provides for the recovery by URSB Bancorp of profits realized by an officer, director or any person beneficially owning more than 10% of URSB Bancorp common stock resulting from non-exempt purchases and sales of URSB Bancorp common stock within any six-month period.

The Securities and Exchange Commission has adopted rules that provide exemptions from the profit recovery provisions of Section 16(b) for all transactions in employer securities within an employee benefit plan, provided certain requirements are met. These requirements generally involve restrictions upon the timing of elections to acquire or dispose of employer securities for the accounts of Section 16(b) persons.

Except for distributions URSB Bancorp, Inc. common stock due to death, disability, retirement, termination of employment or under a qualified domestic relations order, persons subject to Section 16(b) are required to hold shares of URSB Bancorp, Inc. common stock distributed from the 401(k) Plan for six months following such distribution and are prohibited from directing additional purchases within the URSB Bancorp, Inc. Stock Fund for six months after receiving such a distribution.

**Financial Information Regarding 401(k) Plan Assets**

Financial information regarding the net assets available for 401(k) Plan benefits and the change in net assets available for 401(k) Plan benefits is available upon written request to the 401(k) Plan Administrator at the address shown above.

**LEGAL OPINION**

The validity of the issuance of the URSB Bancorp common stock has been passed upon by Luse Gorman, PC, Washington, D.C., which firm acted as special counsel to URSB Bancorp in connection with URSB Bancorp's stock offering.

**PROSPECTUS**

**URSB Bancorp, Inc.** 

**(Proposed Holding Company for United Roosevelt Savings Bank)** 

**Up to 2,012,500 Shares of Common Stock** 

**(Subject to Increase to up to 2,314,375 Shares)**

URSB Bancorp, Inc. is offering shares of its common stock for sale in an initial public offering in connection with the conversion of United Roosevelt, MHC, the mutual holding company of United Roosevelt Savings Bank, from a mutual holding company to a stock holding company. There is no current public or private market for our common stock. We expect our common stock to be quoted on the OTCQB Market upon the completion of the conversion and stock offering. We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 and, as such, we have elected to comply with certain reduced disclosure requirements for this prospectus and future filings.

The shares of common stock are first being offered for sale in a subscription offering to United Roosevelt Savings Bank's depositors as of specified eligibility dates and to its tax-qualified employee benefit plans. Shares not purchased in the subscription offering may be offered for sale to the general public in a community offering, with a preference given to residents of the communities that United Roosevelt Savings Bank serves, and, if necessary, in a syndicated community offering. We must sell a minimum of 1,487,500 shares to complete the conversion and stock offering.

In addition to the shares of common stock to be sold in the stock offering, we intend to contribute an additional 20,000 shares of common stock and $200,000 in cash to a charitable foundation to be established and funded in connection with the conversion and stock offering.

The minimum purchase order is 25 shares. Generally, in all categories of the stock offering combined, no individual, or individuals acting through a single qualifying account held jointly, may purchase more than 20,000 shares ($200,000) of common stock and no person or entity, together with its associates or persons acting in concert with it, may purchase more than 50,000 shares ($500,000) of common stock.

The subscription offering will expire at 2:00 p.m., Eastern time, on December ____, 2025. We may extend this expiration date without notice to you until __________, 2026, unless we receive regulatory approval to extend to a later date, which may not be beyond __________, 2027. No single extension may exceed 90 days, and the stock offering must be completed by ________, 2027. Once submitted, orders are irrevocable unless the subscription offering and any community offering are terminated or extended, with regulatory approval, beyond ________, 2026, or the number of shares of common stock to be sold is increased to more than 2,314,375 shares or decreased to less than 1,487,500 shares. If the subscription offering and any community offering are extended past _________, 2026, we will notify all subscribers and give them the opportunity to confirm, change or cancel their orders. If you do not respond to the notice of extension, we will promptly return your funds with interest or cancel your deposit account withdrawal authorization. If the number of shares to be sold in the stock offering is increased to more than 2,314,375 shares or decreased to less than 1,487,500 shares, we will resolicit subscribers and promptly return all funds delivered to us to purchase shares of common stock in the subscription offering and in any community offering, with interest. We will hold funds received in the subscription offering and in any community offering in a segregated account at United Roosevelt Savings Bank and the funds will earn interest at 0.10% per annum until completion or termination of the stock offering.

Janney Montgomery Scott LLC is assisting us in selling the shares of common stock, on a best efforts basis, in the subscription offering and in any community offering, and will serve as sole manager for any syndicated community offering. Janney Montgomery Scott LLC is not required to purchase any shares of common stock being offered for sale in the stock offering.

**This investment involves a degree of risk, including the possible loss of principal.** 

**See "Risk Factors" beginning on page 15.**

**OFFERING SUMMARY** 

**Price: $10.00 per Share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Minimum** | **Midpoint** | **Maximum** | **Adjusted Maximum** |
| Number of shares | 1487500 | 1750000 | 2012500 | 2314375 |
| Gross offering proceeds | $14875000 | $17500000 | $20125000 | $23143750 |
| Estimated offering expenses, excluding selling agent fees and expenses <sup>(1)</sup> | $1075000 | $1075000 | $1075000 | $1075000 |
| Selling agent fees and expenses <sup>(2)</sup> | $525000 | $525000 | $525000 | $525000 |
| Estimated net proceeds | $13275000 | $15900000 | $18525000 | $21543750 |
| Estimated net proceeds per share | $8.92 | $9.09 | $9.20 | $9.31 |

---

(1) Includes records agent fees and expenses payable to Janney Montgomery Scott LLC. See "The Conversion and Stock Offering –
Records Management."

(2) See "The Conversion and Stock Offering – Plan of Distribution; Selling Agent and Underwriter Compensation" for a
discussion of Janney Montgomery Scott LLC's compensation for the stock offering and the compensation to be received by it and other
broker-dealers that may participate in any syndicated community offering.

***These securities are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.***

***Neither the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the New Jersey Department of Banking and Insurance, the Federal Deposit Insurance Corporation nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.***

***JANNEY MONTGOMERY SCOTT LLC***

**For assistance, contact the Stock Information Center at __________ (toll-free).**

The date of this prospectus is November ____, 2025.

![](image_024.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| [SUMMARY](#anan_001) | [1](#anan_001) |
| [RISK FACTORS](#anan_002) | [15](#anan_002) |
| [SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA](#anan_003) | [28](#anan_003) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#anan_004) | [30](#anan_004) |
| [HOW WE INTEND TO USE THE PROCEEDS FROM THE STOCK OFFERING](#anan_005) | [32](#anan_005) |
| [OUR POLICY REGARDING DIVIDENDS](#anan_006) | [33](#anan_006) |
| [MARKET FOR THE COMMON STOCK](#anan_007) | [34](#anan_007) |
| [HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE](#abcd_001) | [35](#abcd_001) |
| [CAPITALIZATION](#abcd_002) | [36](#abcd_002) |
| [PRO FORMA DATA](#abcd_003) | [38](#abcd_003) |
| [COMPARISON OF INDEPENDENT VALUATION AND PRO FORMA INFORMATION WITH AND WITHOUT CHARITABLE FOUNDATION](#abcd_004) | [43](#abcd_004) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#abcd_005) | [45](#abcd_005) |
| [BUSINESS OF URSB BANCORP, INC.](#abcd_006) | [61](#abcd_006) |
| [BUSINESS OF UNITED ROOSEVELT SAVINGS BANK](#abcd_007) | [62](#abcd_007) |
| [SUPERVISION AND REGULATION](#tm2525410d1_sp05a001) | [82](#tm2525410d1_sp05a001) |
| [TAXATION](#tm2525410d1_sp05a002) | [93](#tm2525410d1_sp05a002) |
| [MANAGEMENT](#tm2525410d1_sp05a003) | [94](#tm2525410d1_sp05a003) |
| [SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS](#tm2525410d1_sp06a001) | [103](#tm2525410d1_sp06a001) |
| [THE CONVERSION AND STOCK OFFERING](#tm2525410d1_sp06a002) | [103](#tm2525410d1_sp06a002) |
| [URSB CHARITABLE FOUNDATION, INC.](#tm2525410d1_sp06a003) | [125](#tm2525410d1_sp06a003) |
| [RESTRICTIONS ON ACQUISITION OF URSB BANCORP, INC.](#tm2525410d1_sp06a004) | [128](#tm2525410d1_sp06a004) |
| [DESCRIPTION OF CAPITAL STOCK OF URSB BANCORP, INC.](#tm2525410d1_sp06a005) | [133](#tm2525410d1_sp06a005) |
| [TRANSFER AGENT](#tm2525410d1_sp06a006) | [134](#tm2525410d1_sp06a006) |
| [EXPERTS](#tm2525410d1_sp06a007) | [134](#tm2525410d1_sp06a007) |
| [LEGAL AND TAX MATTERS](#tm2525410d1_sp06a008) | [134](#tm2525410d1_sp06a008) |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#tm2525410d1_sp06a009) | [135](#tm2525410d1_sp06a009) |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF UNITED ROOSEVELT, MHC AND SUBSIDIARIES](#tm2525410d1_sp06a010) | [136](#tm2525410d1_sp06a010) |

---

**SUMMARY**

*The following summary summarizes the significant aspects of United Roosevelt, MHC's mutual-to-stock conversion transaction and the related initial public offering of common stock by URSB Bancorp, Inc.. It may not contain all the information that is important to you. Before making an investment decision, you should read this entire prospectus carefully, including the section entitled "Risk Factors" and the consolidated financial statements and related notes appearing elsewhere in this prospectus.*

**URSB Bancorp, Inc.**

URSB Bancorp, Inc. (referred to as "URSB Bancorp" throughout this prospectus) is a newly formed Maryland corporation that will own all of the outstanding shares of common stock of United Roosevelt Savings Bank upon completion of the conversion and stock offering. It has not engaged in any business to date. Its executive offices are located at 11-15 Cooke Avenue, Carteret, New Jersey 07008. The telephone number at this address is (732) 541-5445.

**United Roosevelt, MHC and United Roosevelt Bancorp**

United Roosevelt, MHC is a New Jersey-chartered mutual holding company and the sole shareholder of United Roosevelt Bancorp, a New Jersey corporation (referred to as "United Roosevelt Bancorp" throughout this prospectus). United Roosevelt Bancorp is the sole shareholder of United Roosevelt Savings Bank. Their primary business is directing the affairs of United Roosevelt Savings Bank through their ownership of United Roosevelt Savings Bank. Their headquarters are located at 11-15 Cooke Avenue, Carteret, New Jersey 07008. The telephone number at this address is (732) 541-5445. As of June 30, 2025, United Roosevelt, MHC had, on a consolidated basis, total assets of $325.3 million, deposits of $254.0 million and total equity of $18.8 million.

**United Roosevelt Savings Bank**

Originally chartered in 1914, United Roosevelt Savings Bank is a New Jersey-chartered stock savings bank headquartered in Carteret, New Jersey. In October 1997, United Roosevelt Savings Bank converted from the mutual to stock form of organization by reorganizing into the current mutual holding company structure, resulting in United Roosevelt, MHC becoming its mutual holding company and United Roosevelt Bancorp becoming its mid-tier subsidiary stock holding company.

United Roosevelt Savings Bank operates from its main office and one branch office, both located in Carteret. We consider Middlesex County, where Carteret is located, and Monmouth County, adjacent to Middlesex County to the southeast, to be our primary market area for loans and retail deposits. Both counties are part of the New York Metropolitan area.

Our business consists primarily of taking retail deposits from the general public, along with brokered deposits and other wholesale deposits, and investing those deposits, together with funds generated from operations, primarily in one- to four-family residential mortgage loans, commercial real estate loans, commercial and industrial loans, and multi-family loans. At June 30, 2025, one-to four-family residential mortgage loans totaled $116.4 million (44.5% of total loan portfolio), commercial real estate loans totaled $62.8 million (24.0% of total loan portfolio), commercial and industrial loans totaled $46.8 million (17.9% of total loan portfolio) and multi-family loans totaled $19.5 million (7.4% of total loan portfolio). Substantially all of our one- to four-family residential mortgage loans are purchased from mortgage brokers. A substantial portion of our commercial and industrial loan portfolio are secured loans made to business professionals that we purchase from a third party. To a lesser but growing extent, our loan portfolio includes consumer loans, including unsecured consumer loans, the substantial majority of which we have recently begun to purchase from third parties. Consumer loans increased from $137,000, or 0.1% of total loans, at December 31, 2024 to $8.7 million, or 3.3% of total loans, at June 30, 2025. For further information about our lending activities, see "Risk Factors – Risks Related to Our Lending Activities" and "Business of United Roosevelt Savings Bank – Lending Activities."

We offer a variety of deposit accounts, including certificate of deposit accounts, money market accounts, savings accounts, and interest-bearing and noninterest-bearing checking accounts.

United Roosevelt Savings Bank is subject to regulation, supervision and examination by the New Jersey Department of Banking and Insurance under New Jersey law and by the Federal Deposit Insurance Corporation (referred to as the "FDIC" throughout this prospectus), its primary federal regulator and the insurer of its deposit accounts, under federal law.

United Roosevelt Savings Bank's main office is located at 11-15 Cooke Avenue, Carteret, New Jersey 07008. The telephone number at this address is (732) 541-5445. Its website address is *www.ursb.bank.* Information on the website is not incorporated into this prospectus and should not be considered part of this prospectus.

**Business Strategy**

As a community bank, we believe that our reputation for providing personalized customer service is our strongest asset and most effective business strategy to continue to grow and be profitable. The proceeds from the stock offering will enable us to continue to implement prudent growth, and we plan to employ the following strategies to also maximize profitability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our commercial real estate loan portfolio.** At June 30,
2025, commercial real estate loans were the second largest component of our loan portfolio behind one- to four-family residential mortgage
loans. Commercial real estate loans help to increase loan portfolio yield, thereby improving profitability, and reduce the average term
to repricing of our loans, thereby improving interest rate risk management. The proceeds from the stock offering will allow us to compete
for more and larger loan relationships with borrowers, primarily in our market area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our commercial and industrial loan portfolio.** At
June 30, 2025, commercial and industrial loans were the third largest component of our loan portfolio behind one- to four family
residential mortgage loans and commercial real estate loans. Like commercial real estate loans, commercial and industrial loans help to
increase loan portfolio yield, thereby improving profitability, and reduce the average term to repricing of our loans, thereby improving
interest rate risk management. The proceeds from the stock offering will allow us to compete for more and larger loan relationships with
borrowers, primarily in our market area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our consumer loan portfolio.** The consumer loan portfolio
increased to $8.7 million or 3.3% of total loans at June 30, 2025, from $137,000 or 0.1% of total loans at December 31, 2024,
primarily due to loan purchases from third parties, including purchases of unsecured consumer loans. The proceeds from the stock offering
will allow us to continue to grow this area of lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue our historical emphasis on residential mortgage lending.** As a community bank, one- to four-family residential mortgage lending has been, and will continue to be, a significant portion of our
lending activities. The proceeds from the stock offering will allow us to continue to grow this area of lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow core deposits.** We consider all deposits, other than
certificates of deposits and brokered deposits, as core deposits. We have invested in and enhanced our online and mobile banking offerings
to help gather core deposits. We intend to search for and hire a qualified business development officer to also help our efforts to gather
core deposits. Our commercial and industrial lending activities are an avenue to increase our core deposits by offering the opportunity
to capture the full banking relationship, including a deposit relationship, with these customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Grow organically and through opportunistic branching or acquisitions.** We intend to grow our balance sheet organically on a managed basis.
The capital we are raising in the conversion and stock offering will enable us to increase our lending and investment capacity. In addition
to organic growth, we may also consider expansion opportunities in our market area or in contiguous markets that we believe would enhance
our franchise value and stockholder returns. These

opportunities may include establishing new, or de novo, branch offices, acquiring branch offices, establishing loan production offices, or acquiring other financial institutions. The capital we are raising in the stock offering would help us fund any such opportunities that may arise. We have no current plans or intentions regarding any such expansion activities.

**Our Organizational Structure and the Conversion**

In October 1997, United Roosevelt Savings Bank completed a mutual holding company reorganization by converting from a mutual savings bank to a stock savings bank. Our current corporate organizational structure is as follows:

![](tm2525410d1_s1img01.jpg)

After the completion of the conversion and stock offering, our corporate organizational structure will be as follows:

![](tm2525410d1_s1img02.jpg)

**Reasons for the Conversion**

We believe the stock holding company form of organization will provide us with access to additional resources to expand the products and services we offer our customers. We believe that the additional capital raised in the stock offering will enable us to take advantage of business opportunities that may not otherwise be available to us, while retaining our commitment to remain an independent community bank. Our primary reasons for converting and raising additional capital through the stock offering are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· better position United Roosevelt Savings Bank to remain an independent community
bank by increasing its capital to enhance its financial strength;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· support future growth in lending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· enable us to compete for, originate and retain larger loans and maintain
larger lending relationships, particularly loans and relationships in our primary market area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· continue to invest in new technologies and personnel that will enable us
to expand and enhance our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· support our banking franchise as expansion opportunities may arise through
targeted *de novo* branching, branch acquisitions, or financial institution acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· attract and retain qualified personnel by enabling us to establish stock-based
benefit plans for management and employees that will give them an opportunity to share in our long-term success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· enhance our community ties by providing our customers and community members
with the opportunity to acquire an ownership interest in United Roosevelt Savings Bank through URSB Bancorp; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish a charitable foundation, and fund it with shares of URSB Bancorp
common stock and cash, to support charitable organizations operating in our local communities now and in the future.

As of June 30, 2025, United Roosevelt Savings Bank was considered "well capitalized" for regulatory purposes and was not subject to a directive or a recommendation from any regulator to raise capital. The proceeds from the stock offering will further increase our capital position.

**Terms of the Stock Offering**

We are offering for sale between 1,487,500 shares and 2,012,500 shares of common stock to eligible depositors of United Roosevelt Savings Bank, its tax qualified employee benefit plans and, to the extent shares remain available, to members of our local community and the general public. The number of shares of common stock to be sold may be increased to up to 2,314,375 shares as a result of demand for the shares or changes in the market for financial institution stocks. Unless the number of shares of common stock to be offered is increased to more than 2,314,375 shares or decreased to less than 1,487,500 shares, or the stock offering is extended beyond ____________, 2026, subscribers will not have the opportunity to change or cancel their stock orders once submitted.

The purchase price of each share of common stock to be sold the stock offering is $10.00. Investors will not be charged a commission to purchase shares of common stock.

**Persons Who May Order Shares of Common Stock in the Stock Offering**

We are offering the shares of common stock in a subscription offering in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· First, to depositors of United Roosevelt Savings Bank with aggregate account
balances of at least $50.00 as of the close of business on June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Second, to United Roosevelt Savings Bank's qualified employee benefit
plans, including its employee stock ownership plan (referred to as the "ESOP" throughout this prospectus) to be established
in connection with the conversion and stock offering, which will receive, without payment therefor, nontransferable subscription rights
to purchase in the aggregate up to 10% of the sum of the number of shares of common stock sold in the stock offering and contributed to
the charitable foundation. We expect the ESOP to purchase 8% of the sum of the number of shares of common stock sold in the stock offering
and contributed to the charitable foundation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third, to depositors of United Roosevelt Savings Bank with aggregate account
balances of at least $50.00 as of the close of business on September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fourth, to depositors of United Roosevelt Savings Bank as of the close of
business on _________, 2025, who do not have a higher purchase priority.

Shares of common stock not purchased in the subscription offering may be offered for sale to the general public in a community offering, with a preference given to natural persons (including trusts of natural persons) residing in Middlesex and Monmouth Counties in New Jersey.

We also may offer shares of common stock not purchased in the subscription offering or the community offering for sale to the general public through a syndicated community offering, which will be managed by Janney Montgomery Scott LLC (referred to as "Janney Montgomery" throughout this prospectus). We have the right to accept or reject, in our sole discretion, orders received in the community offering or syndicated community offering, and our interpretation of the terms and conditions of the plan of conversion will be final, subject to the authority of the New Jersey Department of Banking and Insurance and the Board of Governors of the Federal Reserve System (referred to as the "Federal Reserve Board" throughout this prospectus). Any determination to accept or reject stock orders in the community offering or the syndicated community offering will be based on the facts and circumstances available to management at the time of the determination.

If we receive orders for more shares than we are offering for sale, we may not be able to fill your order fully or partially. Shares will be allocated first to categories in the subscription offering. A detailed description of the subscription offering, the community offering and the syndicated community offering, as well as a discussion regarding allocation procedures, can be found in the section of this prospectus entitled "The Conversion and Stock Offering."

**How We Determined the Offering Range**

***General.*** The amount of common stock that we are offering is based on an independent appraisal of the estimated market value of URSB Bancorp, assuming the conversion and stock offering is completed. RP Financial, LC. (referred to as "RP Financial" throughout this prospectus), our independent appraiser, has estimated that, as of August 5, 2025, this market value (including the value of the shares to be contributed to the charitable foundation) was $17.7 million. Based on applicable state and federal regulations, this market value forms the midpoint of a valuation range with a minimum of $15.1 million and a maximum of $20.3 million. Based on this valuation range and the $10.00 per share price, the number of shares of common stock being offered for sale in the stock offering ranges from 1,487,500 shares to 2,012,500 shares. The purchase price of $10.00 per share was selected primarily because it is the most commonly used price in mutual-to-stock conversions of financial institutions. RP Financial will update its appraisal before we complete the conversion and offering. If, as a result of demand for the shares or changes in market conditions, RP Financial determines that our estimated pro forma market value has increased, we may sell up to 2,314,375 shares in the stock offering without further notice to you. If our pro forma market value at the time of the completion of the conversion and offering is either below $15.1 million (including the value of the shares to be contributed to the charitable foundation) or above $23.3 million (including the value of the shares to be contributed to the charitable foundation), then, after consulting with the New Jersey Department of Banking and Insurance and the Federal Reserve Board, we may terminate the stock offering and promptly return all funds with interest; set a new offering range and give all subscribers the opportunity to place a new order; or take such other actions as may be permitted by our regulators.

RP Financial also considered that we intend to contribute an additional 20,000 shares of common stock (valued at $10.00 per share) and $200,000 in cash, for a total contribution of $400,000, to a charitable foundation that we intend to establish and fund in connection with the conversion and stock offering. The intended contribution of cash and shares of common stock to our charitable foundation reduces our estimated pro forma valuation.

***Adjustments to Independent Appraisal.*** RP Financial made certain downward adjustments to the estimated pro forma market value of URSB Bancorp relative to the peer group. Slight downward adjustments relative to the peer group were made for financial condition, profitability, growth and viability of earnings, dividends and liquidity of the shares. The downward adjustment for financial condition took into consideration URSB Bancorp's lower pro forma capital position as a percent of assets, less favorable funding composition and lower balance sheet liquidity relative to the comparable peer group measures. The downward adjustment for profitability, growth and viability of earnings took into consideration URSB Bancorp's less favorable efficiency ratio and lower pro forma core earnings as a percent of equity and assets relative to the comparable peer group measures. The downward adjustment for dividends took into consideration URSB Bancorp's less favorable capacity to pay dividends based on its lower pro forma earnings in comparison to the peer group's earnings. The downward adjustment for liquidity of the shares took into consideration URSB Bancorp's lower pro forma market capitalization and shares outstanding relative to the comparable peer group measures. No adjustments were made relative to the peer group for asset growth, primary market area, marketing of the issue, management, or effect of

government regulations and regulatory reform. For additional information, see "The Conversion and Stock Offering – Adjustments to Independent Appraisal."

***Peer Group.*** The appraisal is based in part on our financial condition and results of operations, the pro forma effect of the capital raised by the sale of shares of common stock in the stock offering, and an analysis of the following peer group of publicly traded savings and loan holding companies and bank holding companies that RP Financial considered comparable to us:

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| | | | |
|:---|:---|:---|:---|
| **Company Name (Ticker Symbol)** | **Exchange** | **Headquarters** | **Total Assets<br> (in millions) <sup>(1)</sup>** |
| Affinity Bancshares, Inc. (AFBI) | Nasdaq | Covington, GA | $934 |
| BV Financial, Inc. (BVFL) | Nasdaq | Baltimore, MD | 908 |
| Catalyst Bancorp, Inc. (CLST) | Nasdaq | Opelousas, LA | 274 |
| Central Plains Bancshares, Inc. (CPBI) | Nasdaq | Grand Island, NE | 509<sup>(2)</sup> |
| Fifth District Bancorp, Inc. (FDSB) | Nasdaq | New Orleans, LA | 531<sup>(2)</sup> |
| Home Federal Bancorp, Inc. of Louisiana (HFBL) | Nasdaq | Shreveport, LA | 609 |
| IF Bancorp, Inc. (IROQ) | Nasdaq | Watseka, IL | 879<sup>(2)</sup> |
| Magyar Bancorp, Inc. (MGYR) | Nasdaq | New Brunswick, NJ | 987 |
| SR Bancorp, Inc. (SRBK) | Nasdaq | Bound Brook, NJ | 1083 |
| Texas Community Bancshares, Inc. (TCBS) | Nasdaq | Mineola, TX | 444 |

---

(1) Total assets are as of June 30, 2025, unless otherwise noted.

(2) As of March 31, 2025.

***Selected Pricing Ratios.*** The following table presents a summary of our selected pricing ratios (on a pro forma basis) as of and for the twelve months ended June 30, 2025 and for the peer group as of and for the twelve months ended June 30, 2025 (or the last twelve months for which data are available), with stock prices as of August 5, 2025, as disclosed in the appraisal report. Compared to the average pricing of the peer group, our pro forma pricing ratios at the midpoint of the offering range indicated a premium of 46.9% on a price-to-earnings basis, a discount of 32.1% on a price-to-book value basis and a discount of 35.3% on a price-to-tangible book value basis.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price-to-earnings multiple <sup>(1)</sup>** | **Price-to-book value<br> ratio** | **Price-to-tangible book <br> value ratio** |
| **URSB Bancorp (pro forma, assuming completion of the conversion and stock offering)** |  |  |  |
| Adjusted Maximum | 33.09 x | 62.34% | 62.34% |
| Maximum | 29.65 x | 58.45% | 58.45% |
| Midpoint | 26.49 x | 54.53% | 54.53% |
| Minimum | 23.16 x | 49.98% | 49.98% |
| **Valuation of peer group companies, all of which are fully converted (historical)** |  |  |  |
| Averages | 18.03 x | 80.29% | 84.22% |
| Medians | 15.96 x | 78.12% | 82.25% |

---

(1) Price-to-earnings multiples calculated by RP Financial for the independent appraisal are based on an estimate of "core"
or recurring earnings. These ratios are different than those presented in "Pro Forma Data."

**The independent appraisal does not indicate trading market value. You should not assume or expect that our valuation as indicated in the appraisal means that, after the conversion and stock offering, the shares of our common stock will trade at or above the $10.00 per share purchase price. Furthermore, the pricing ratios presented in the appraisal were used by RP Financial to estimate our pro forma appraised value for regulatory purposes and not to compare the relative value of shares of our common stock with the value of the capital stock of the peer group. The value of the capital stock of a particular company may be affected by a number of factors such as financial performance, asset size and market location.**

For a more complete discussion of the amount of common stock we are offering for sale and the independent appraisal, see "The Conversion and Stock Offering – Determination of Share Price and Number of Shares to be Issued."

**Limits on How Much Common Stock You May Purchase**

The minimum number of shares of common stock that may be purchased is 25. Generally, no individual, or individuals exercising subscription rights through a single qualifying account held jointly, may purchase more than 20,000 shares ($200,000) of common stock. Additionally, if any of the following persons purchase shares of common stock, their purchases, in all categories of the stock offering, will be combined with your purchases and may not exceed 50,000 shares ($500,000):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any person related to you by blood or marriage who either shares the same
home as you or is a director or officer of United Roosevelt, MHC, United Roosevelt Bancorp or United Roosevelt Savings Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· most companies, trusts or other entities in which you are a senior officer,
partner, trustee or have a substantial beneficial interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other persons who may be your associates or persons acting in concert with
you.

See the detailed descriptions of "acting in concert" and "associate" in "The Conversion and Stock Offering – Limitations on Common Stock Purchases."

Subject to regulatory approval, we may increase or decrease the purchase limitations at any time. See "The Conversion and Stock Offering – Limitations on Common Stock Purchases."

**How You May Purchase Shares of Common Stock in the Subscription Offering and the Community Offering**

In the subscription offering and any community offering, you may pay for your shares only by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· personal check, bank check or money order, from the purchaser of shares,
made payable directly to URSB Bancorp, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· authorizing us to withdraw available funds (without any early withdrawal
penalty) from your United Roosevelt Savings Bank deposit account(s), other than checking accounts or individual retirement accounts (IRAs);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash.

Cash will be accepted only at United Roosevelt Savings Bank's main office located at 11-15 Cooke Avenue, Carteret, New Jersey, and will be converted to a bank check. **Do not remit cash by mail.**

By law, United Roosevelt Savings Bank is prohibited from lending funds to anyone to purchase shares of common stock in the stock offering. Additionally, you may not use any type of third party check to pay for shares of common stock. Wire transfers will not be accepted. You may not submit a United Roosevelt Savings Bank line of credit check for payment. You may not designate a withdrawal from United Roosevelt Savings Bank's line of credit accounts with check-writing privileges. If you request a direct withdrawal, we reserve the right to interpret that as your authorization to treat those funds as if we had received a check for the designated amount and we will immediately withdraw the amount from your checking account(s). You may not authorize direct withdrawal from a retirement account at United Roosevelt Savings Bank. See "—Using Retirement Account Funds to Purchase Shares of Common Stock in the Subscription and Community Offerings."

You may subscribe for shares of common stock in the subscription offering and any community offering by delivering a signed and completed original stock order form, together with full payment payable to URSB Bancorp, Inc. or authorization to withdraw funds from one or more of your United Roosevelt Savings Bank eligible deposit accounts, provided that the stock order form is *received* before 2:00 p.m., Eastern time, on December ____, 2025, which is the expiration of the subscription offering period. You may submit your stock order form and payment by mail using the postage paid stock order reply envelope provided or by paying for overnight delivery to the address

listed on the stock order form. You may also hand-deliver stock order forms to our main office located at 11-15 Cooke Avenue, Carteret, New Jersey. Hand-delivered stock order forms will be accepted only at this location. We will not accept stock order forms at the other office of United Roosevelt Savings Bank. **Do not mail stock order forms to any of United Roosevelt Savings Bank's offices.**

See "The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription and Community Offerings – Payment for Shares" for a complete description of how to purchase shares in the subscription offering and any community offering.

**Using Retirement Account Funds to Purchase Shares of Common Stock in the Subscription and Community Offerings**

You may be able to subscribe for shares of common stock using funds in your IRA or other retirement account at United Roosevelt Savings Bank. If you wish to use some or all of the funds in your United Roosevelt Savings Bank IRA or other retirement account, the applicable funds must be transferred to a self-directed account maintained by an independent custodian or trustee, such as a brokerage firm, and the purchase must be made through that account. If you do not have such an account, you will need to establish one *before* placing your stock order. An annual administrative fee may be payable to the independent custodian or trustee. Because individual circumstances differ and the processing of IRA or other retirement account orders takes additional time, we recommend that you contact our Stock Information Center promptly, *preferably at least two weeks before the December ____, 2025 offering deadline*, for assistance with purchases using funds in your IRA or other retirement account you may have at United Roosevelt Savings Bank *or elsewhere*. Whether you may use such funds to purchase shares in the stock offering may depend on timing constraints and, possibly, limitations imposed by the institution where the funds are held.

See "The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription and Community Offerings – Payment for Shares" and "—Using Individual Retirement Account Funds" for a complete description of how to use IRA funds to purchase shares of common stock in the stock offering.

**Purchases by Executive Officers and Directors and Ownership by Benefit Plans**

We expect our directors and executive officers, together with their associates, to subscribe for 70,000 shares ($700,000) of common stock in the stock offering, or 4.7% of the shares to be sold at the minimum of the offering range (excluding shares to be issued to the charitable foundation). Our directors and executive officers will pay the same $10.00 per share price for the common stock as all other subscribers in the stock offering. Purchases of the common stock by our directors and executive officers are for investment purposes for these individuals and not with a view towards resale, and pursuant to applicable conversion regulations, our directors and executive officers generally will not be permitted to sell any shares of the common stock that they purchase in the stock offering for a period of at least one year from the closing of the conversion and stock offering. See "Subscriptions by Directors and Executive Officers."

Additionally, we expect the ESOP to purchase 8% of the sum of the number of shares of common stock sold the stock offering and contributed to the charitable foundation. We also expect, following completion of the conversion and stock offering and subject to stockholder approval, to adopt and implement one or more stock-based benefit plans. If and when the shares authorized by these plans are granted to our officers and directors, their stock ownership will increase. See " – Benefits to Management and Potential Dilution to Stockholders Following the Conversion and Stock Offering."

**How We Intend to Use the Proceeds From the Stock Offering**

Assuming the sale of 1,750,000 shares of common stock in the stock offering at the midpoint of the offering range, resulting in net proceeds of $15.9 million, URSB Bancorp intends to distribute the net proceeds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· invest $8.0 million (50.0% of net proceeds) in United Roosevelt Savings Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· loan $1.4 million (8.9% of net proceeds) to the ESOP to fund its purchase
of shares of common stock in the stock offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· contribute $200,000 (1.3% of net proceeds) to the charitable foundation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· retain the remaining $6.3 million (39.8% of net proceeds) for itself.

URSB Bancorp may use its portion of the net proceeds for investments, to pay cash dividends, to repurchase shares of common stock and for other general corporate purposes, subject to regulatory approval as applicable. The funds United Roosevelt Savings Bank receives from URSB Bancorp will increase its capital position to support increased lending.

Both the net proceeds retained by URSB Bancorp and the net proceeds contributed by URSB Bancorp to United Roosevelt Savings Bank also may be used for future business expansion through *de novo* branching, branch acquisitions, or acquisitions of financial institutions. There are no current arrangements or agreements with respect to any such expansion activities. Initially, a substantial portion of the net proceeds will be invested in short-term investments consistent with our investment policy.

We do not anticipate that the number of shares we sell in the stock offering will significantly change the respective uses of proceeds by United Roosevelt Savings Bank and URSB Bancorp. See "How We Intend to Use the Proceeds From the Stock Offering" for more information on the proposed use of the proceeds from the stock offering, including a table showing the distribution of net proceeds at different points in the offering range.

**Contribution of Cash and Shares of Common Stock to Charitable Foundation**

To further our commitment to our local community, we intend to establish and fund a charitable foundation in connection with the conversion and stock offering. The charitable foundation will be dedicated exclusively to supporting charitable causes and community development activities in the communities in which we operate now and may operate in the future. We intend to fund the charitable foundation with 20,000 shares of our common stock (valued at $10.00 per share) and $200,000 in cash, for a total contribution of $400,000. We expect to record an after-tax expense of approximately $288,000 (based on an effective combined federal/state tax rate of 28.0%) during the quarter in which the conversion and stock offering is completed as a result of the contribution of shares of common stock and cash to the charitable foundation, which will reduce our earnings.

The charitable foundation will be required to distribute annually in grants or donations a minimum of 5% of the average fair market value of its net investment assets. Assuming there is no change in the value of the initial contribution of $400,000, the charitable foundation is expected to make contributions totaling approximately $20,000 in its first year of operation.

The contribution of shares of common stock to the charitable foundation will dilute the voting interests of purchasers of shares of our common stock in the stock offering. For further information, see "Risk Factors – Risks Related to Our Contribution to the Charitable Foundation – The contribution to the charitable foundation will dilute your ownership interest and adversely affect net income in the year in which we consummate the conversion."

If we did not intend to establish and fund the charitable foundation, we would be offering more shares of common stock for sale in the stock offering. For further information, see "Comparison of Independent Valuation and Pro Forma Information With and Without Charitable Foundation."

For additional information regarding the charitable foundation, see "URSB Charitable Foundation, Inc."

**You May Not Sell or Transfer Your Subscription Rights**

Applicable regulations prohibit you from transferring your subscription rights. If you order shares of common stock in the subscription offering, you will be required to certify that you are purchasing the common stock for yourself and that you have no agreement or understanding to sell or transfer your subscription rights or the shares

that you are purchasing. We intend to take legal action, including reporting persons to federal or state agencies, against anyone who we believe has sold or transferred his or her subscription rights. We will not accept your order if we have reason to believe you have sold or transferred your subscription rights. On the stock order form, you cannot add the names of others for joint stock registration who do not have subscription rights or who qualify only in a lower subscription offering priority than you do. Doing so may jeopardize your subscription rights. You may only add those who were eligible to purchase shares of common stock in the subscription offering at your date of eligibility. In addition, the stock order form requires that you list all deposit accounts, giving all names on each account and the account number at the applicable eligibility date. Failure to provide this information, or providing incomplete or incorrect information, may result in a loss of part or all of your share allocation.

**Deadline for Orders of Shares of Common Stock in the Subscription and Community Offerings**

The deadline for submitting orders to purchase shares of common stock in the subscription offering and, if held, in the community offering is 2:00 p.m., Eastern time, on December ____, 2025, unless we extend this deadline. If you wish to purchase shares of common stock, a properly completed and signed original stock order form, together with full payment, must be received (not postmarked) by this time.

Although we will make reasonable attempts to provide this prospectus and offering materials to holders of subscription rights, the subscription offering and all subscription rights will expire at 2:00 p.m., Eastern time, on December ____, 2025, whether or not we have been able to locate each person entitled to subscription rights.

See "The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription and Community Offerings – Expiration Date" for a complete description of the deadline for purchasing shares in the stock offering.

**Steps We May Take if We Do Not Receive Orders for the Minimum Number of Shares**

If we do not receive orders for at least 1,487,500 shares of common stock in the stock offering (not counting the shares to be contributed to our charitable foundation), we may take additional steps to complete the stock offering, specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increase the purchase limitations; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· seek regulatory approval, to the extent required, to extend the stock offering
beyond _________, 2026, so long as we resolicit persons that have previously subscribed in the stock offering.

If we extend the stock offering beyond __________, 2026, we will resolicit subscribers. You will have the opportunity to confirm, change or cancel your order within a specified period of time. If you do not respond during that period of time, your stock order will be cancelled, and your deposit account withdrawal authorizations will be cancelled or your funds submitted will be returned promptly with interest at 0.10% per annum from the date the stock order was processed. If one or more purchase limitations are increased, subscribers in the subscription offering who ordered the maximum amount will be given the opportunity to increase their subscriptions up to the newly applicable limit.

**Possible Change in the Offering Range**

RP Financial will update its appraisal before we complete the conversion and stock offering. If, as a result of demand for the shares, changes in market conditions or changes to our financial condition, operating results or other aspects of our business, RP Financial determines that our pro forma market value has increased, we may sell up to 2,314,375 shares in the stock offering without further notice to you. If our pro forma market value (including the value of the shares to be contributed to the charitable foundation) at that time is either below $15.1 million or above $23.3 million, then, after consulting with the Federal Reserve Board and the New Jersey Department of Banking and Insurance, we may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· terminate the stock offering, cancel deposit account withdrawal authorizations
and promptly return all funds received in the stock offering with interest at 0.10% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· set a new offering range; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· take such other actions as may be permitted, to the extent such permission
is required, by the New Jersey Department of Banking and Insurance, the Federal Reserve Board, the Securities and Exchange Commission
(referred to as the "SEC" throughout this prospectus) and the Financial Industry Regulatory Authority.

If we set a new offering range, we will promptly return funds, with interest at 0.10% per annum for funds received in the stock offering, cancel deposit account withdrawal authorizations and commence a resolicitation. In connection with the resolicitation, we will notify subscribers of their right to place a new stock order for a specified period of time.

**Possible Termination of the Stock Offering**

We may terminate the stock offering at any time with the approval, to the extent such approval is required, of the New Jersey Department of Banking and Insurance and the Federal Reserve Board.

We must sell a minimum of 1,487,500 shares to complete the stock offering (not including the shares we intend to contribute to the charitable foundation). If we terminate the stock offering because we fail to sell the minimum number of shares or for any other reason, we will promptly return your funds with interest at 0.10% per annum, and we will cancel deposit account withdrawal authorizations.

**Conditions to Completion of the Conversion and Stock Offering**

We cannot complete the conversion and stock offering unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the plan of conversion is approved by at least a majority of the votes eligible
to be cast by depositors of United Roosevelt Savings Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we have received and accepted valid orders to purchase at least 1,487,500
shares of common stock offered for sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we receive all required final approvals of the New Jersey Department of Banking
and Insurance and the Federal Reserve Board to complete the conversion and stock offering.

**Benefits to Management and Potential Dilution to Stockholders Following the Conversion and Stock Offering**

We expect the ESOP to purchase 8% of the sum of the number of shares of common stock sold in the stock offering and contributed to the charitable foundation, or 162,600 shares of common stock assuming we sell 2,012,500 shares at the maximum of the offering range.

We also intend to implement one or more stock-based benefit plans after the completion of the conversion and stock offering. Stockholder approval of these plans will be required, and the stock-based benefit plans cannot be implemented until at least six months after the completion of the conversion and stock offering pursuant to applicable regulations. We have not yet determined whether we will present these plans for stockholder approval within 12 months following the completion of the conversion and stock offering or more than 12 months after the completion of the conversion and stock offering. If presented more than 12 months after the completion of the conversion and stock offering, these plans would require the approval of our stockholders by a majority of votes cast; otherwise, they would require the approval of our stockholders by a majority of votes eligible to be cast. Further, several restrictions would apply to these plans if adopted within one year of the conversion and stock offering (and with regard to vesting, within three years), including limits on awards to non-employee directors and officers and on vesting. See "Management – Benefits to be Considered Following Completion of the Conversion

and Stock Offering." For example, if adopted within 12 months following the completion of the conversion and stock offering, the stock-based benefit plans will reserve a number of shares of common stock equal to not more than 4% of the shares issued in the conversion and stock offering (including shares contributed to the charitable foundation) for restricted stock awards to key employees and directors, at no cost to the recipients, and will also reserve a number of stock options equal to not more than 10% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation for key employees and directors.

If 4% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation are awarded under a stock-based benefit plan and come from authorized but unissued shares of common stock, stockholders would experience dilution of up to 3.85% in their ownership interest in URSB Bancorp. If 10% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation are issued upon the exercise of options granted under a stock-based benefit plan and come from authorized but unissued shares of common stock, stockholders would experience dilution of 9.09% in their ownership interest in URSB Bancorp.

In connection with the conversion and stock offering, we intend to enter into employment agreements and change in control agreements with certain of our executive officers. See "Management – Executive Compensation" for a further discussion of these agreements, including their terms and potential costs, as well as a description of other benefits arrangements.

The following table summarizes the number of shares of common stock and aggregate dollar value of grants (valuing each share granted at the offering price of $10.00) that will be available under the ESOP and one or more stock-based benefit plans if such plans are adopted within one year following the completion of the conversion and stock offering. The table shows the dilution to stockholders if all these shares are issued from authorized but unissued shares, instead of shares purchased in the open market. The table also sets forth the number of shares of common stock to be acquired by the ESOP for allocation to all employees. A portion of the stock awards and stock option grants shown in the table below may be made to non-management employees.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares to be Granted or Purchased <sup>(1)</sup>** | **Number of Shares to be Granted or Purchased <sup>(1)</sup>** | **Number of Shares to be Granted or Purchased <sup>(1)</sup>** | | **Value of Grants <sup>(3)</sup>** | **Value of Grants <sup>(3)</sup>** |
|  | **At<br> Minimum <br> of Offering <br> Range** | **At Adjusted <br> Maximum of <br> Offering <br> Range** | **Percentage of <br> Common <br> Stock Sold in <br> Stock <br> Offering and <br> Contributed <br> to Charitable <br> Foundation <sup>(2)</sup>** |<br>**Dilution<br> Resulting <br> From <br> Issuance of <br> Shares for <br> Stock <br> Benefit <br> Plans** | **At<br> Minimum <br> of Offering <br> Range** | **At <br> Adjusted <br> Maximum <br> of Offering <br> Range** |
|  |  |  |  |  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| ESOP | 120600 | 186750 | 8.00% | —% | $1206 | $1868 |
| Stock awards | 60300 | 93375 | 4.00 | 3.85 | 603 | 934 |
| Stock options | 150750 | 233438 | 10.00 | 9.09 | 712 | 1102 |
| &nbsp;&nbsp;&nbsp;Total | 331650 | 513563 | 22.00% | 12.28 | $2521 | $3904 |

---

(1) The stock-based benefit plans may award a greater number of options and shares, respectively, if the plans are adopted more than 12
months after the completion of the conversion.

(2) For plans adopted within 12 months of the completion of the conversion, applicable regulations permit stock awards to encompass up
to 4.0% and the ESOP and stock awards to encompass in the aggregate up to 12.0% of the sum of the shares sold in the stock offering and
contributed to the charitable foundation, provided United Roosevelt Savings Bank has tangible capital of 10.0% or more following the conversion
and stock offering.

(3) The actual value of restricted stock awards will be determined based on their fair value as of the date grants are made. For purposes
of this table, fair value is assumed to be the same as the offering price of $10.00 per share. The fair value of stock options has been
estimated at $4.72 per option using the Black-Scholes option pricing model with the following assumptions: a grant-date share price and
option exercise price of $10.00; dividend yield of 0%; an expected option life of 10 years; a risk-free interest rate of 4.24%; and an
expected volatility rate of 26.44% based on an index of publicly traded thrift institutions. The actual expense of stock options granted
under a stock-based benefit plan will be determined by the grant-date fair value of the options, which will depend on a number of factors,
including the valuation assumptions used in the option pricing model ultimately adopted, which may or may not be the Black-Scholes model.

**Market for Common Stock**

There is no current public or private market for our common stock. We anticipate that the shares of common stock sold in the stock offering and contributed to the charitable foundation will be quoted on the OTCQB Market following the completion of the conversion and stock offering. Janney Montgomery has advised us that it intends to make a market in the common stock following the completion of the conversion and stock offering, but it is not obligated to do so. See "Market for the Common Stock."

**Our Policy Regarding Dividends**

Following the conversion and stock offering, our board of directors will be authorized to declare and pay dividends on our shares of common stock. The determination by the board of directors of whether to declare a dividend and the amount of any such dividend is subject to our capital requirements, our financial condition and results of operations, tax considerations, statutory and regulatory limitations, and general economic conditions. No decision has been made with respect to the amount, if any, and timing of any dividend payments. We cannot assure you that we will pay dividends in the future, or that, if paid, such dividends will not be reduced or eliminated in the future. For information regarding our proposed dividend policy, see "Our Policy Regarding Dividends."

**Material Income Tax Consequences**

The conversion qualifies as a tax-free reorganization. Neither United Roosevelt, MHC, United Roosevelt Bancorp, URSB Bancorp, United Roosevelt Savings Bank nor persons eligible to subscribe in the subscription offering will recognize any gain or loss as a result of the conversion. See "The Conversion and Stock Offering – Material Income Tax Consequences" for a complete discussion of the income tax consequences of the conversion and stock offering.

**Delivery of Shares of Common Stock**

All shares of common stock sold in the subscription offering and any community offering will be issued in book entry form and held electronically on the books of our transfer agent. Stock certificates will not be issued. Our transfer agent will mail a statement reflecting ownership of shares of common stock sold in the stock offering to the persons entitled thereto at the address noted by them on their stock order form as soon as practicable following consummation of the conversion and stock offering . Shares of common stock sold in any syndicated community offering may be delivered electronically through the services of The Depository Trust Company. We expect trading in the common stock to begin on the business day of or on the business day immediately following the completion of the conversion and stock offering. **It is possible that until a statement reflecting ownership of shares of common stock is available and delivered to purchasers, purchasers might not be able to sell the shares of common stock that they ordered, even though the common stock will have begun trading.** Your ability to sell the shares of common stock before receiving your statement will depend on arrangements you may make with a brokerage firm.

**Emerging Growth Company Status**

URSB Bancorp qualifies as an "emerging growth company" under the federal securities laws. For as long as we are an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies. See "Risk Factors – Risks Related to Laws and Regulations – We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors" and "Supervision and Regulation – Emerging Growth Company Status."

We will cease to be an emerging growth company upon the earliest of: (i) the end of the fiscal year following the fifth anniversary of the completion of the conversion and stock offering; (ii) the first fiscal year after our annual gross revenues are $1.235 billion (adjusted for inflation) or more; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or (iv) the end of any

fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million at the end of the second quarter of that fiscal year. Assuming the conversion and stock offering is completed in 2025, we would expect to lose emerging growth company status effective December 31, 2030.

A company that qualifies as an emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. This election must be made when the company is first required to file a registration statement with the SEC and it is irrevocable during the period the company qualifies as an emerging growth company. We have elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, our financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards.

**How You Can Obtain Additional Information – Stock Information Center**

By law, our banking personnel may not assist with investment-related questions about the stock offering. If you have any questions regarding the conversion and stock offering, call our Stock Information Center at _________ (toll-free). The Stock Information Center is open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern time, and will be closed on bank holidays.

**Important Risks in Owning URSB Bancorp Common Stock**

An investment in our common stock involves substantial risks and uncertainties. Investors should carefully consider all of the information in this prospectus, including the detailed discussion of these and other risks under "Risk Factors" beginning on page 15, before investing in our common stock.

Specific areas of risk related to our business include those related to: our lending activities; market interest rates; economic conditions; our funding; laws and regulations; competitive matters; operational matters; and accounting matters.

Specific risks related to the stock offering include those related to the future trading price of our common stock; the use of the net offering proceeds; the trading market for our common stock; our return on equity after the completion of the stock offering; intended new stock-based benefit plans; anti-takeover factors; a forum selection provision for certain litigation; the irrevocability of your investment decision; and potential adverse tax consequences related to subscription rights

Specific risks related to the contribution to the charitable foundation include dilution and adverse effect on net income and the deductibility of the contribution.

Before making an investment decision, you should read this entire prospectus carefully, including the consolidated financial statements and related notes appearing elsewhere in this prospectus and the section entitled "Risk Factors" that immediately follows and discusses the above risks in further detail.

**RISK FACTORS**

*You should carefully consider the following risk factors, in addition to all other information in this prospectus, in evaluating an investment in the shares of common stock of URSB Bancorp.*

**<u>Risks Related to Our Lending Activities</u>**

**Our commercial and industrial loans involve credit risks that could adversely affect our financial condition and results of operations.**

At June 30, 2025, commercial and industrial loans totaled $46.8 million, or 17.9% of total loans. Unlike residential real estate loans, which generally are made on the basis of the borrower's ability to make repayment from his or her employment or other income and are secured by real property whose value tends to be more easily ascertainable, commercial and industrial loans are of higher risk and typically are made based on the borrower's ability to make repayment from the cash flows of the borrower's business, and any collateral securing these loans may be difficult to appraise, may fluctuate in value, and may depreciate over time. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself. Commercial and industrial loans also typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. In addition, our commercial and industrial loans may be secured by collateral other than real estate, such as inventory and accounts receivable, the value of which may be more difficult to appraise, control or collect and may be more susceptible to fluctuation in value at the time of default. As our commercial and industrial loan portfolio increases, the corresponding risks and potential for losses from these loans may also increase.

**Our commercial real estate loans and multi-family mortgage loans involve credit risks that could adversely affect our financial condition and results of operations.**

At June 30, 2025, commercial real estate loans totaled $62.8 million, or 24.0% of total loans, and multi-family mortgage loans totaled $19.5 million, or 7.4% of total loans. Given their larger balances and the complexity of the underlying collateral, commercial real estate loans and multi-family mortgage loans generally have more risk than the one- to four-family residential real estate loans we originate. They also typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. In addition, if we foreclose on commercial real estate loans or multi-family mortgage loans, our holding period for the collateral may be longer than for a single-family residential property if there are fewer potential purchasers of the collateral. Furthermore, if loans that are collateralized by commercial real estate or by multi-family property become troubled and the value of the real estate has been significantly impaired, then we may not be able to recover the full contractual amount of principal and interest that we anticipated at the time we originated the loan. Because the repayment of commercial real estate loans and multi-family mortgage loans depends on the successful management and operation of the borrower's properties or related businesses, their repayment can be affected by adverse conditions in the local real estate market or economy. A downturn in the real estate market or the local economy could adversely impact the value of properties securing the loan or the revenues from the borrower's business, thereby increasing the risk of non-performing loans. As our commercial real estate loan and multi-family mortgage loan portfolios increase, the corresponding risks and potential for losses from these loans may also increase.

**Our construction loans involve credit risks that could adversely affect our financial condition and results of operations.**

At June 30, 2025, construction loans totaled $3.9 million, or 1.5% of total loans. Construction lending involves additional risks when compared with permanent mortgage lending because funds are advanced upon the security of the project, which is of uncertain value before its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to accurately evaluate the total funds required to complete a project and the related loan-to-value ratio. If the appraised value of a completed project proves to be overstated, the loan may be inadequately secured and we may incur a loss. As our construction loan portfolio increases, the corresponding risks and potential for losses from these loans may also increase.

**A substantial portion of our consumer loan portfolio is unsecured.**

At June 30, 2025, our consumer loan portfolio totaled $8.7 million, of which $6.4 million were unsecured consumer loans purchased from third parties. Should an unsecured loan default, we would incur the entire loss of the default balance because there is no collateral to liquidate to recoup all or part of the default balance, which would adversely affect our financial condition and results of operations. We intend to continue to purchase unsecured consumer loans.

**A substantial portion of our consumer loan portfolio is unseasoned.**

Our consumer loan portfolio has increased from $137,000, or 0.1% of total loans, at December 31, 2024 to $8.7 million, or 3.3% of total loans, at June 30, 2025. This growth is primarily due to the purchase of consumer loans, both secured and unsecured, from third parties beginning in the first half of 2025. These purchased loans have a heightened degree of credit risk because they are unseasoned in that we do not have a significant payment history with the borrowers with which to judge future performance and collectability and these loans have not been subjected to a full business cycle that includes unfavorable economic conditions over a sustained time period. Consequently, it is difficult to predict the future performance of these loans. These loans may have delinquency and/or charge-off levels above our expected levels, which would adversely affect our financial condition and results of operations. We intend to continue to purchase consumer loans, both secured and unsecured.

**Our historical emphasis on one- to four-family residential mortgage loans exposes us to lending risks*.***

At June 30, 2025, one- to four-family residential mortgage loans totaled $116.4 million, or 44.5% of total loans. One- to four-family residential mortgage lending is generally sensitive to regional and local economic conditions that significantly impact the borrowers' ability to meet their loan payment obligations, making loss levels difficult to predict. Declines in real estate values could cause some of our residential mortgages to be inadequately collateralized, which would expose us to a greater risk of loss if we seek to recover on defaulted loans by selling the real estate collateral.

**The geographic concentration of our loan portfolio and lending activities makes us vulnerable to a downturn in the local economy.**

A majority of our loans are made to borrowers and secured by collateral within our primary market area. As a result, we face greater risk of loan defaults and losses if there is economic downturn in our primary market area, as adverse economic conditions may have a negative effect on the ability of our borrowers to make timely repayments on their loans. Although our primary market area consists of diverse businesses and there is no single employer group concentration that impacts a significant number of our customers, a significant rise in unemployment and/or personal or business bankruptcies and a significant decline in real estate values are the primary factors that would have a material adverse effect on our primary market area, including its commercial real estate market. Furthermore, a return of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our loans, investments, and collateral securing our loans, and our ongoing operations, costs and profitability. Any of these negative events may result in higher-than-expected loan delinquencies, increase our levels of nonperforming and classified assets, and reduce demand for our products and services, which may cause us to incur losses and may adversely affect our capital, liquidity and financial condition.

**If our allowance for credit losses is not sufficient to cover actual credit losses, our earnings could decrease.**

We maintain an allowance for credit losses, which is established through a provision for credit losses that represents management's best estimate of the current expected losses within the loan portfolio. We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans. In determining the amount of the allowance for credit losses, we review our loans and our loss and delinquency experience, and we evaluate economic conditions. If our assumptions or the results of our analyses are incorrect, our allowance for credit losses may not be sufficient to cover losses inherent in our loan portfolio,

resulting in additions to our allowance. Material additions to our allowance for credit losses would materially decrease our profitability.

We adopted the Current Expected Credit Loss, or "CECL," standard on January 1, 2023. CECL requires financial institutions to determine periodic estimates of lifetime expected credit losses on loans, and recognize the expected credit losses as allowances for credit losses. This change required us to increase our allowance for credit losses, and to increase the types of data we need to collect and review to determine the appropriate level of the allowance for credit losses. We recorded a provision of $187,000 to the allowance for credit losses on loans as a result of the adoption of CECL.

In addition, our bank regulators and independent auditors periodically review our allowance for credit losses and, as a result of such reviews, we may be required to increase our provision for credit losses or recognize further loan charge-offs. However, regulatory agencies and independent auditors are not directly involved in the process of establishing the allowance for credit losses, as the process is our responsibility and any adjustment of the allowance is the responsibility of our management. Any increase in our allowance for credit losses or loan charge-offs as a result of such review or otherwise may have a material adverse effect on our financial condition and results of operations.

**Environmental liability associated with our lending activities could result in losses.**

In the course of business, we may acquire, through foreclosure, properties securing loans originated or purchased that are in default. Particularly in commercial real estate lending, there is a risk that material environmental violations could be discovered on these properties. In this event, we might be required to remedy these violations at the affected properties at our sole cost and expense. The cost of remedial action could substantially exceed the value of affected properties. We may not have adequate remedies against the prior owner or other responsible parties and could find it difficult or impossible to sell the affected properties. These events could have an adverse effect on our financial condition and results of operations.

**<u>Risks Related to Market Interest Rates</u>**

**Prevailing high market interest rates have reduced our profits and asset values.**

Net income is the amount by which net interest income and non-interest income exceed non-interest expense and the provision for loan losses. Net interest income makes up a majority of our income and is based on the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the interest income we earn on interest-earning assets, such as loans and
securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the interest expense we pay on interest-bearing liabilities, such as deposits
and borrowings.

Like many savings institutions, our interest-bearing liabilities generally have shorter contractual maturities than our interest-earning assets. Furthermore, the rates we earn on our other interest-earning assets and the rates we pay on our interest-bearing liabilities are generally fixed for a contractual period of time. This imbalance can create significant earnings volatility because market interest rates change over time. Generally, in a period of declining interest rates, the interest income we earn on our interest-earning assets may decrease more rapidly than the interest we pay on our interest-bearing liabilities, as borrowers prepay mortgage loans and as mortgage-backed securities and callable investment securities are called, requiring us to reinvest those cash flows at lower, prevailing interest rates. Conversely, in a period of rising interest rates, the interest income we earn on our interest-earning assets may not increase as rapidly as the interest we pay on deposits and other interest-bearing liabilities.

The high interest rate environment, coupled with the inverted interest rate yield curve until recently, has had an adverse effect on our net interest spread. An inverted interest rate yield curve is where short-term interest rates (which are typically the interest rates at which we and other financial institutions borrow funds and incur interest expense) are higher than long-term interest rates (which are typically the rates at which we and other financial institutions lend funds and earn interest income). Our net interest spread decreased from 2.71% for the year

ended December 31, 2023 to 2.40% for the year ended December 31, 2024, then rose slightly to 2.42% for the six months ended June 30, 2025.

Changes in market interest rates may also negatively affect the value of our assets, including the value of our available for sale investment securities, and ultimately affect our earnings. The value of available for sale investment securities generally decreases when market interest rates rise and generally increase when market interest rates decline. During the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, we incurred after-tax net unrealized gains on available for sale investment securities $242,000, $53,000 and $283,000.

For further discussion of how changes in interest rates could impact us, see "Management's Discussion and Analysis of Financial Condition and Results of Operations – Management of Market Risk."

**<u>Risks Related to Economic Conditions</u>**

**Inflation can have an adverse impact on our business and on our customers.**

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation rose sharply at the end of 2021 and remained elevated through the first half of calendar 2024, before beginning to moderate in the latter half of 2024 and into calendar 2025. However, inflation levels continue to exceed the Federal Reserve Board's long-term target of 2.0%. As discussed above under "– Risks Related to Market Interest Rates – Prevailing high market interest rates have reduced our profits and asset values," as inflation increases and market interest rates rise, the value of our investment securities, particularly those with longer maturities, would decrease, although this effect can be less pronounced for floating rate instruments. In addition, inflation generally increases the cost of goods and services we use in our business operations, such as electricity and other utilities, which increases our noninterest expenses. Furthermore, our customers, particularly small- to medium-sized businesses that are unable to leverage economics of scale to mitigate rising costs compared to larger businesses, are also affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us.

**A worsening of economic conditions in our market area could reduce demand for our products and services and/or result in increases in our level of non-performing loans, which could adversely affect our operations, financial condition and earnings.**

Local and regional economic conditions have a significant impact on the ability of our borrowers to repay loans and the value of the collateral securing loans. A deterioration in economic conditions, especially local conditions, could have the following consequences, any of which could have a material adverse effect on our business, financial condition, liquidity and results of operations, and could more negatively affect us compared to a financial institution that operates with more geographic diversity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· demand for our products and services may decline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· loan delinquencies, problem assets and foreclosures may increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· collateral for loans, especially real estate, may decline in value, reducing
customers' future borrowing power, and reducing the value of assets and collateral associated with existing loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the net worth and liquidity of loan guarantors may decline, impairing their
ability to honor commitments to us.

Moreover, a significant decline in general economic conditions caused by inflation, recession, tariff wars, acts of terrorism, civil unrest, an outbreak of hostilities or other international or domestic calamities, an epidemic or pandemic, unemployment or other factors beyond our control could further impact these local economic conditions and could further negatively affect the financial results of our banking operations. In addition, deflationary

pressures, while possibly lowering our operating costs, could have a significant negative effect on our borrowers, especially our business borrowers, and the values of underlying collateral securing loans, which could negatively affect our financial performance.

**The soundness of other financial institutions could adversely affect us.**

Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty relationships, such as counterparties with whom we engage in interest rate swap transactions, and other relationships. We have exposure to several different counterparties, and we routinely execute transactions with counterparties in the financial industry, including brokers, dealers, and other financial institutions. Defaults by, or even rumors or questions about, one or more financial services institutions, or the financial services industry generally, could lead to market-wide liquidity problems and losses or defaults by us or by other institutions and organizations. Many of these transactions expose us to credit risk in the event of default of our counterparty. In addition, our credit risk may be exacerbated when the collateral held by us cannot be liquidated or is liquidated at prices insufficient to recover the full amount of the financial instrument exposure due to us. There is no assurance that any such losses would not materially and adversely affect our financial condition and results of operations.

**<u>Risks Related to Our Funding</u>**

**Our inability to generate core deposits may cause us to rely more heavily on wholesale funding strategies for funding and liquidity needs, which could have an adverse effect on our profitability.**

We must maintain sufficient funds to respond to the needs of depositors and borrowers. Deposits have traditionally been our primary source of funds for use in lending and investment activities. We also receive funds from loan repayments, investment maturities and income on other interest-earning assets. While we emphasize generating transaction accounts, we cannot guarantee if and when this will occur. Further, the considerable competition for deposits in our market area also has made, and may continue to make, it difficult for us to obtain reasonably priced deposits. Moreover, deposit balances can decrease if customers perceive alternative investments as providing a better risk/return tradeoff. If we are not able to increase our lower-cost transactional deposits at a level necessary to fund our asset growth or deposit outflows, we may be forced seek other sources of funds, including other certificates of deposit, Federal Home Loan Bank advances, brokered deposits and lines of credit to meet the borrowing and deposit withdrawal requirements of our customers, which may be more expensive and have an adverse effect on our net interest margin and profitability. At June 30, 2025, brokered certificates of deposit represented 22.0% of our total deposits, with an average rate of 3.76% for the six months ended June 30, 2025. In addition, if our capital levels fell such that we were no longer considered "well capitalized," under federal law we would be subject to restrictions on accepting brokered deposits and on paying above-market rates for deposits. Additionally, if, based on a decrease in our tangible equity, the Federal Home Loan Bank of New York were to determine that we have inadequate capital levels, in its discretion, it may limit our ability to utilize Federal Home Loan Bank advances.

**Our funding sources may prove insufficient to replace deposits at maturity and support our future growth.**

We must maintain sufficient funds to respond to the needs of depositors and borrowers. As a part of our liquidity management, we use a number of funding sources in addition to core deposit growth and repayments and maturities of loans and investments. As we continue to grow, we are likely to depend more on these other sources, which may include Federal Home Loan Bank borrowings and brokered deposits, among others. Adverse operating results or changes in industry conditions could lead to difficulty or an inability to access these additional funding sources. Our financial flexibility will be severely constrained if we are unable to maintain our access to funding or if adequate financing is not available to accommodate future growth at acceptable interest rates. If we are required to rely more heavily on more expensive funding sources to support future growth, our revenues may not increase proportionately to cover our costs. In this case, our operating margins and profitability would be adversely affected. Moreover, if United Roosevelt Savings Bank ceases to be categorized as "well capitalized" under banking regulations, it would be prohibited from accepting or renewing brokered deposits without FDIC consent.

**<u>Risks Related to Laws and Regulations</u>**

**Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and/or increase our costs of operations.**

United Roosevelt Savings Bank is subject to extensive regulation, supervision and examination by New Jersey Department of Banking and Insurance and by the FDIC. Upon completion of the conversion and stock offering, URSB Bancorp will be subject to extensive regulation, supervision and examination by the Federal Reserve Board. Such regulation and supervision govern the activities in which an institution and its holding company may engage and are intended primarily for the protection of the federal deposit insurance fund and the depositors of United Roosevelt Savings Bank, rather than for our stockholders. Regulatory authorities have extensive discretion in their supervisory and enforcement activities, including the imposition of restrictions on our operations, the classification of our assets and determination of the adequacy of the level of our allowance for credit losses. These regulations, along with existing tax, accounting, securities, insurance and monetary laws, rules, standards, policies, and interpretations, control the methods by which financial institutions conduct business, implement strategic initiatives and tax compliance, and govern financial reporting and disclosures. Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material impact on our operations.

**Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.**

The USA PATRIOT and Bank Secrecy Acts require financial institutions to develop programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are suspected, financial institutions are obligated to file suspicious activity reports with FinCEN. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Failure to comply with these regulations could result in fines or sanctions, including restrictions on pursuing acquisitions or establishing new branches. The policies and procedures we have adopted that are designed to assist in compliance with these laws and regulations may not be effective in preventing violations of these laws and regulations. Furthermore, these rules and regulations continue to evolve and expand.

**Monetary policies and regulations of the Federal Reserve Board could adversely affect our business, financial condition and results of operations.**

In addition to being affected by general economic conditions, our earnings and growth are affected by the policies of the Federal Reserve Board. An important function of the Federal Reserve Board is to regulate the money supply and credit conditions. Among the instruments used by the Federal Reserve Board to implement these objectives are open market purchases and sales of U.S. government securities, adjustments of the discount rate and changes in banks' reserve requirements against bank deposits. These instruments are used in varying combinations to influence overall economic growth and the distribution of credit, bank loans, investments and deposits. Their use also affects interest rates charged on loans or paid on deposits. The monetary policies and regulations of the Federal Reserve Board have had a significant effect on the operating results of financial institutions in the past and are expected to continue to do so in the future. The effects of such policies upon our business, financial condition and results of operations cannot be predicted.

**We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.**

URSB Bancorp qualifies as an "emerging growth company" under the federal securities laws. For as long as it continues to qualify as an emerging growth company, it may choose to take advantage of exemptions from various public company reporting requirements that are not available to public companies that do not qualify as emerging growth companies, including, but not limited to, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation. As an emerging growth company, URSB Bancorp also will not be subject to Section 404(b) of the Sarbanes-Oxley Act of 2002, which requires that independent auditors of public

companies audit a company's internal control over financial reporting. In addition, as an emerging growth company, we have elected to take advantage of the extended transition periods for adopting new or revised financial accounting standards until the date they are required to be adopted by private companies (however, if any new or revised financial accounting standards would not apply to private companies, we would not be able to delay their adoption). Accordingly, our financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. Investors may find our common stock less attractive since we have chosen to rely on these exemptions. If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile.

**We are also a smaller reporting company, and even if we no longer qualify as an emerging growth company, any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to smaller reporting companies could make our common stock less attractive to investors.**

In addition to qualifying as an emerging growth company, URSB Bancorp qualifies as a "smaller reporting company" under the federal securities laws. For as long as it continues to qualify as a smaller reporting company, it may choose to take advantage of exemptions from various reporting requirements applicable to public companies that are not available to companies that are not smaller reporting companies, including, but not limited to, reduced financial disclosure obligations and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile.

**<u>Risks Related to Competitive Matters</u>**

**Strong competition within our market area may limit our growth and profitability.**

Competition in the banking and financial services industry is intense. We compete with commercial banks, savings institutions, mortgage brokerage firms, credit unions, finance companies, mutual funds, insurance companies, brokerage and investment banking firms, financial technology or "fintech companies," and unregulated or less regulated non-banking entities. Many of these competitors are substantially larger than we are and have substantially greater resources and higher lending limits than we have and offer certain services that we do not or cannot provide. In addition, some of our competitors offer loans with lower interest rates and/or more attractive terms than loans we offer. Competition also makes it increasingly difficult and costly to attract and retain qualified employees. We expect competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. Our profitability depends upon our continued ability to successfully compete for business and qualified employees in our market areas. The greater resources and deposit and loan products offered by some of our competitors may limit our ability to increase our interest-earning assets.

**<u>Risks Related to Operational Matters</u>**

**We depend on our management team to implement our business strategy and execute successful operations and we could be harmed by the loss of their services.**

We depend on the services of the members of our senior management team who direct our strategy and operations. Our executive officers and lending personnel possess substantial expertise, extensive knowledge of our markets and key business relationships. Our loss of these persons, or our inability to hire additional qualified personnel, could impact our ability to implement our business strategy and could have a material adverse effect on our results of operations and our ability to compete in our markets. See "Management."

**We face significant operational risks because of our reliance on technology. Our information technology systems may be subject to failure, interruption or security breaches.**

Information technology systems are critical to our business. Our business requires us to collect, process, transmit and store significant amounts of confidential information regarding our customers, employees and our own business, operations, plans and business strategies. We use various technology systems to manage our customer relationships, general ledger, investments, deposits, and loans. Our computer systems, data management and internal processes, as well as those of third parties, are integral to our performance. Our operational risks include the risk of malfeasance by employees or persons outside our company, errors relating to transaction processing and technology, systems failures or interruptions, breaches of our internal control systems and compliance requirements, and business continuation and disaster recovery. There have been increasing efforts by third parties to breach data security at financial institutions. Such attacks include computer viruses, malicious or destructive code, phishing attacks, denial of service or information or other security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information, damages to systems, or other material disruptions to network access or business operations. We have established policies and procedures to prevent or limit the impact of system failures, interruptions and security breaches, including privacy breaches and cyber-attacks. Although we take protective measures and believe that we have not experienced any of the data breaches described above, the security of our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information security. Because the techniques used to cause security breaches change frequently, we may be unable to proactively address these techniques or to implement adequate preventative measures.

If there is a breakdown in our internal control systems, improper operation of systems or improper employee actions, or a breach of our security systems, including if confidential or proprietary information were to be mishandled, misused or lost, we could suffer financial loss, loss of customers and damage to our reputation, and face regulatory action or civil litigation. Any of these events could have a material adverse effect on our financial condition and results of operations. Insurance coverage may not be available for such losses, or where available, such losses may exceed insurance limits.

**We outsource critical operations to third-party service providers. Systems failures, interruptions and cybersecurity breaches could have a material adverse effect on us*.***

We outsource a majority of our data processing requirements to third-party providers. Accordingly, our operations are exposed to the risk that these vendors will not perform according to our contractual agreements with them, or we also could be adversely affected if such an agreement is not renewed by the third-party vendor or is renewed on terms less favorable to us. If our third-party providers encounter difficulties, or if we have difficulty communicating with those service providers, our ability to adequately process and account for transactions could be affected, and our business operations could be adversely affected, which could have a material adverse effect on our financial condition and results of operations. Threats to information security also exist in the processing of customer information through various other vendors and their personnel, and our third-party service providers may be vulnerable to unauthorized access, computer viruses, phishing schemes and other security breaches. We may have to expend additional resources to protect against the threat of such security breaches and computer viruses, or to alleviate problems caused by such security breaches or viruses. To the extent that the activities of our third-party service providers or the activities of our customers involve the storage and transmission of confidential information, security breaches and viruses could expose us to claims, regulatory scrutiny, litigation costs and other possible liabilities. To our knowledge, the services and programs provided to us by third parties have not experienced any material security breaches resulting in the unauthorized disclosure of financial information relating to United Roosevelt Savings Bank or its customers. However, the existence of cyber-attacks or security breaches at third parties with access to our data, such as vendors, may not be disclosed to us in a timely manner.

**We are subject to litigation risk, and any pending or potential litigation may have an adverse effect on our business, financial condition and results of operations.**

Although we are not a party to any material pending or potential legal proceedings, pending or potential legal proceedings, including class action lawsuits, can pose significant financial and other risks to our organization. Prosecuting or defending against a lawsuit or other legal proceeding is often costly. Legal issues, such as lawsuits,

unenforceable contracts, and adverse judgments, can potentially disrupt our operations, potentially materially reduce our earnings, capital and liquidity, and otherwise materially and adversely affect our business, financial condition, results of operations, and reputation. See "Business of United Roosevelt Savings Bank – Legal Proceedings."

**We operate as a community bank and our ability to maintain our reputation, which is critical to the success of our business, may materially adversely affect our performance.**

We are a community bank, and our reputation is one of the most valuable components of our business. A key component of our business strategy is to rely on our reputation for customer service and knowledge of local markets to expand our presence by capturing new business opportunities from existing and prospective customers in our market area and contiguous areas. Threats to our reputation can come from many sources, including adverse sentiment about financial institutions generally, unethical practices, employee misconduct, failure to deliver minimum standards of service or quality, compliance deficiencies, cybersecurity incidents and questionable or fraudulent activities of our customers. Negative publicity regarding our business, employees, or customers, with or without merit, may result in the loss of customers and employees, costly litigation and increased governmental regulation, any or all of which could adversely affect our business and operating results.

**The cost of additional finance and accounting systems, procedures and controls in order to satisfy our new public company reporting requirements will increase our expenses.**

As a result of the completion of the conversion and stock offering, we will become a public reporting company. The obligations of being a public company, including the substantial public reporting obligations, will require significant expenditures and place additional demands on our management team. We will make changes to our internal controls and procedures for financial reporting and accounting systems to meet our reporting obligations as a public company. Any failure to achieve and maintain an effective internal control environment could have a material adverse effect on our business and stock price. In addition, we may need to hire additional compliance, accounting and financial staff with appropriate public company experience and technical knowledge, and we may not be able to do so in a timely fashion. As a result, we may need to rely on outside consultants to provide these services for us until qualified personnel are hired. These obligations will increase our operating expenses and could divert our management's attention from our operations.

**<u>Risks Related to Accounting Matters</u>**

**Changes in management's estimates and assumptions may have a material impact on our consolidated financial statements and our financial condition or operating results.**

In preparing this prospectus, including United Roosevelt, MHC's accompanying consolidated financial statements, as well as the periodic reports URSB Bancorp will be required to file with the SEC, our management is and will be required under applicable rules and regulations to make estimates and assumptions as of a specified date. These estimates and assumptions are based on management's best estimates and experience as of that date and are subject to substantial risk and uncertainty. Materially different results may occur as circumstances change and additional information becomes known. The area requiring significant estimates and assumptions by management include our evaluation of the adequacy of our allowance for credit losses.

**Changes in accounting standards could affect reported earnings.**

The regulatory bodies responsible for establishing accounting standards, including the Financial Accounting Standards Board, the SEC and other regulatory bodies, periodically change the financial accounting and reporting guidance that governs the preparation of our consolidated financial statements. These changes can be hard to predict and can materially impact how we record and report our financial condition and results of operations. In some cases, we could be required to apply new or revised guidance retroactively.

**<u>Risks Related to the Stock Offering</u>**

**The future price of our common stock may be less than the purchase price in the stock offering.**

If you purchase shares of common stock in the stock offering, you may not be able to sell them at or above the $10.00 purchase price. The aggregate purchase price of the shares of common stock sold in the stock offering is based upon an independent third-party appraisal of the pro forma market value of URSB Bancorp. The appraisal is not intended, and should not be construed, as a recommendation of any kind as to the advisability of purchasing shares of our common stock, and such appraisal is based on certain estimates, assumptions and projections, all of which are subject to change from time to time. Our aggregate pro forma market value as reflected in the final independent appraisal may exceed the market price of our shares of common stock after the completion of the conversion and stock offering, which may result in our stock trading below the initial offering price of $10.00 per share. After the shares of our common stock begin trading, the trading price of the common stock will be determined by the marketplace, and will be influenced by many factors outside of our control, including prevailing interest rates, investor perceptions, securities analyst research reports and general industry, geopolitical and economic conditions. Publicly traded stocks, including stocks of financial institutions, often experience substantial market price volatility. Price fluctuations in our common stock may be unrelated to our operating performance.

**There will be a limited trading market in our common stock, which could hinder your ability to sell our common stock and may lower the market price of the stock.**

We have never issued stock and, therefore, there is no current public or private trading market for our shares of common stock. Upon completion of the conversion and stock offering, we expect our common stock will be quoted on the OTCQB Market. We expect that our "public float," which is the total number of our outstanding shares of common stock less the number of shares held by our employee stock ownership plan, by the charitable foundation and by our directors and executive officers, and which is used as a measure of shares available for trading, will be limited. The limited trading market could also result in a wider spread between the "bid" and "ask" prices for the common stock, which could make it more difficult to sell a large number of shares at one time and could mean a sale of a large number of shares at one time could depress the market price.

**We have broad discretion in using the net proceeds of the stock offering. Our failure to effectively deploy the net proceeds of the stock offering may have an adverse effect on our financial performance and the value of our common stock.**

We intend to invest between $5.2 million and $7.4 million of the net proceeds of the stock offering (or $8.7 million at the adjusted maximum of the offering range) in United Roosevelt Savings Bank. We also intend to use a portion of the net proceeds to make a cash contribution to the charitable foundation and fund a loan for the purchase of shares of common stock in the stock offering by the ESOP. United Roosevelt Savings Bank intends to use the net proceeds it receives to fund new loans, enhance existing products and services, invest in securities, or for other general corporate purposes. However, except for the loan to the ESOP and the cash contribution to the charitable foundation, we have not allocated specific amounts of the net proceeds for any of these purposes, and we will have broad discretion in determining the amount of the net proceeds we apply to different uses and when we apply or reinvest such proceeds. We have not established a timetable for investing the net proceeds, and, accordingly, we may not invest the net proceeds at a time that is most beneficial to URSB Bancorp, its stockholders, or United Roosevelt Savings Bank. For additional information see "How We Intend to Use the Proceed From the Stock Offering."

**The capital we raise in the stock offering may negatively impact our return on equity until we can fully implement our business plan. This could negatively affect the trading price of our shares of common stock.**

Net income divided by average equity, known as "return on equity," is a ratio many investors use to compare the performance of a financial institution to its peers. Our return on equity may be relatively low until we are able to implement our business plan and leverage the additional capital we receive from the stock offering. Although we anticipate increasing net interest income using proceeds of the stock offering, our return on equity will be reduced by the capital raised in the stock offering, higher expenses from the costs of being a public company, and

added expenses associated with the ESOP and the stock-based benefit plan we intend to adopt. Until we can implement our business plan and increase our net interest income through investment of the proceeds of the stock offering, our return on equity may remain relatively low compared to our peer group, which may reduce the value of our shares.

**Our stock-based benefit plans will increase our expenses, which will reduce our net income.**

The ESOP intends to purchase 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation. The estimated cost of acquiring these shares is between $1.2 million at the minimum of the offering range and $1.9 million at the adjusted maximum of the offering range, assuming it is able to purchase all such shares in the stock offering. We will record an annual ESOP expense in an amount equal to the fair value of shares of common stock committed to be released to participating employees. If our common stock appreciates in value over time, this compensation expense will increase.

In addition, we intend to implement a stock-based benefit plan after the conversion and stock offering, subject to shareholder approval, which would increase our annual compensation and benefit expenses related to stock options and stock awards granted to participants under the stock-based benefit plan. The amount of these stock-related compensation and benefit expenses would depend on the number of options and stock awards granted, the fair value of the options and of our stock on the date of grant, the vesting period, and other factors that we cannot predict at this time. If we implement a stock-based benefit plan within one year following the completion of the conversion and stock offering, the total shares of common stock reserved for issuance pursuant to awards of restricted stock and grants of options under the plan would be limited to 4% and 10%, respectively, of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation. If we adopt a stock-based benefit plan more than 12 months after the completion of the conversion and stock offering, the plan could allow for greater amounts of restricted stock awards and stock options and, therefore, we could award restricted shares of common stock or grant options in excess of these amounts, which would further increase costs.

The estimated expense in the first year following the conversion and stock offering for shares purchased in the stock offering (or in the after-market if the stock offering is oversubscribed by the eligible account holders) by the ESOP and for a stock-based benefit plan implemented within one year after the conversion and stock offering, subject to receipt of shareholder approval of the stock-based benefit plan, is approximately $501,000 ($361,000 after tax based on an effective combined federal/state tax rate of 28.0%) at the adjusted maximum of the offering range as set forth in the pro forma financial information under "Pro Forma Data," assuming the $10.00 per share offering price as fair market value. Actual expense may be higher if the price of our common stock at the time the shares are allocated or awarded is greater than $10.00 per share. For further discussion of our proposed stock-based plans, see "Management – Benefits to be Considered Following Completion of the Conversion and Stock Offering."

**The implementation of a stock-based benefit plan is likely to dilute your ownership interest.**

We intend to adopt one or more new stock-based benefit plans following the conversion and stock offering. These plans may be funded either through open market purchases of our common stock or from the issuance of authorized but unissued shares of common stock. Our ability to repurchase shares of our common stock to fund these plans will be subject to many factors, including applicable regulatory restrictions on stock repurchases, the availability of stock in the market, the trading price of our stock, our capital levels, alternative uses for our capital and our financial performance. While our intention is to fund the new stock-based benefit plans through open market purchases, stockholders would experience a 9.09% dilution in ownership interest if newly issued shares of our common stock are used to fund stock options in an amount equal to 10% of the sum of the shares sold in the stock offering and contributed to the charitable foundation, and all such stock options are exercised, and a 3.85% dilution in ownership interest if newly issued shares of our common stock are used to fund grants of restricted common stock in an amount equal to 4% of the sum of shares sold in the stock offering and contributed to the charitable foundation. Such dilution would also reduce earnings per share. If we adopt the plans more than 12 months following the conversion, new stock-based benefit plans would not be subject to these size limitations and stockholders could experience even greater dilution.

Although the implementation of new stock-based benefit plans would be subject to stockholder approval, historically, the overwhelming majority of stock-based benefit plans adopted by savings institutions and their holding companies following mutual-to-stock conversions have been approved by stockholders.

**We have not determined when we will adopt one or more stock-based benefit plans following the conversion and stock offering. Stock-based benefit plans adopted more than one year following the completion of the conversion and stock offering may exceed regulatory restrictions on the size of stock-based benefit plans adopted within one year, which would increase both our expenses and dilution to stockholders.**

If we adopt stock-based benefit plans more than one year following the completion of the conversion and stock offering, then grants of shares of common stock or stock options under our proposed stock-based benefit plans may exceed 4% and 10%, respectively, of the sum of shares of common stock sold in the stock offering and contributed to the charitable foundation. Stock-based benefit plans that provide for awards in excess of these amounts would increase our costs beyond the amounts estimated in "– Our stock-based benefit plans will increase our expenses, which will reduce our net income." Stock-based benefit plans that provide for awards in excess of these amounts could also result in dilution to stockholders in excess of that described in "– The implementation of a stock-based benefit plan is likely to dilute your ownership interest." Although the implementation of stock-based benefit plans would be subject to stockholder approval, the timing of implementation will be at the discretion of our board of directors.

**Various factors may make takeover attempts more difficult to achieve.**

Certain provisions of URSB Bancorp's articles of incorporation and bylaws and of federal and state banking laws, including regulatory approval requirements, could make it more difficult for a third party to acquire control of URSB Bancorp without the approval of its board of directors. Federal regulations applicable to the conversion and stock offering provide that for a period of three years following completion of the conversion and stock offering, no person may offer to acquire or acquire beneficial ownership of more than 10% of our outstanding common stock without prior approval of the Federal Reserve Board. Under federal law, subject to certain exemptions, a person, entity or group must notify the Federal Reserve Board and receive its non-objection before acquiring control of a bank holding company. There also are provisions in URSB Bancorp's articles of incorporation and bylaws that we may use to delay or block a takeover attempt, including a provision that prohibits any person from voting more than 10% of our outstanding shares of common stock. Furthermore, shares of restricted stock and stock options that we may grant to employees and directors, stock ownership by our management and directors and other factors may make it more difficult for companies or persons to acquire control of URSB Bancorp without the consent of our board of directors, and may increase the cost of an acquisition. Taken as a whole, these statutory or regulatory provisions and provisions in our articles of incorporation and bylaws could make us less attractive to a potential acquirer and therefore could adversely affect the market price of our common stock. For additional information, see "Restrictions on Acquisition of URSB Bancorp, Inc." and "Management – Benefits to be Considered Following Completion of the Stock Offering."

**Our articles of incorporation provide that, subject to limited exception, state and federal courts in the State of Maryland are the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, and other employees.**

URSB Bancorp's articles of incorporation provide that, unless URSB Bancorp consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of URSB Bancorp, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of URSB Bancorp to URSB Bancorp or its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Maryland General Corporation Law, or (iv) any action asserting a claim governed by the internal affairs doctrine, will be conducted in a state or federal court located within the State of Maryland, in all cases subject to the court having personal jurisdiction over the indispensable parties named as defendants. This exclusive forum provision does not apply to claims arising under the federal securities laws. This exclusive forum provision may limit a stockholder's ability to bring a claim in a judicial forum it finds favorable for disputes with URSB Bancorp and its directors, officers, and other employees or may cause a stockholder to incur additional expense by having to bring a claim in a judicial forum that is distant from where the stockholder resides, or both. In

addition, if a court were to find this exclusive forum provision to be inapplicable or unenforceable in a particular action, we may incur additional costs associated with resolving the action in another jurisdiction, which could have a material adverse effect on our financial condition and results of operations.

**You may not revoke your order to purchase URSB Bancorp common stock in the subscription offering or any community offering after you send us your order.**

Funds submitted or automatic withdrawals authorized in connection with an order to purchase shares of common stock in the subscription offering and any community offering will be held by us until the completion or termination of the conversion and stock offering, including any extension of the expiration date and consummation of any syndicated community offering. Because completion of the conversion and stock offering is subject to regulatory approvals and an update of the independent appraisal prepared by RP Financial, among other factors, there may be one or more delays in completing the conversion and stock offering. Orders submitted in the subscription offering and any community offering are irrevocable, and purchasers will have no access to their funds unless the stock offering is terminated or extended beyond __________, 2026, or the number of shares to be sold in the stock offering decreased to less than 1,487,500 shares or increased to more than 2,314,375 shares.

**The distribution of subscription rights could have adverse income tax consequences.**

If the subscription rights granted in connection with the stock offering are deemed to have an ascertainable value, receipt of such rights may be taxable in an amount equal to such value. Whether subscription rights are considered to have ascertainable value is an inherently factual determination. We have received an opinion of counsel, Luse Gorman, PC, that it is more likely than not that such rights have no value; however, such opinion is not binding on the Internal Revenue Service.

**<u>Risks Related to Our Contribution to the Charitable Foundation</u>**

**The contribution to the charitable foundation will dilute your ownership interest and adversely affect net income in the year in which we consummate the conversion and stock offering.**

We intend to establish and fund a new charitable foundation in connection with the conversion and stock offering. We intend to contribute to it $200,000 in cash and 20,000 shares of our common stock (valued at $10 per share), for a total contribution of $400,000. At the midpoint of the offering range, the share contribution to the charitable foundation would dilute an investor's ownership interest in URSB Bancorp by 1.1%. The contribution will have an adverse effect on our net income for the quarter and year in which we make the contribution. The after-tax expense of the contribution is expected to reduce net income for the quarter and year in which the contribution is made by approximately $288,000, based on an effective combined federal/state tax rate of 28.0%.

**Our contribution to the charitable foundation may not be tax deductible, which could reduce our profits.**

We may not have sufficient profits to be able to fully use the tax deduction from our contribution to the charitable foundation. Under the Internal Revenue Code, an entity is permitted to deduct up to 10% of its taxable income (generally income before federal income taxes and charitable contributions expense) in any one year for charitable contributions. Any contribution in excess of the 10% limit may be deducted for federal income tax purposes over each of the five years following the year in which the charitable contribution is made. Accordingly, a charitable contribution could, if necessary, be deducted over a six-year period and expires thereafter.

**SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA**

The following tables set forth selected consolidated historical financial and other data for United Roosevelt, MHC at the dates and for the periods indicated. The data at June 30, 2025 and for the six months ended June 30, 2025 and 2024 is not audited but, in the opinion of management, includes all adjustments necessary for a fair presentation. All adjustments are normal and recurring. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of the results of operations that may be expected for the entire year. The data at June 30, 2025 and for the six months ended June 30, 2025 and 2024 is derived in part from, and should be read together with, the unaudited consolidated financial statements and related notes beginning at page F-1 of this prospectus. The data at and for the years ended December 31, 2024 and 2023 is derived in part from, and should be read together with, the audited consolidated financial statements and related notes, also beginning at page F-1 of this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | | **At December 31,** | **At December 31,** |
|  | **At June 30,**<br>**2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Selected Consolidated Financial Condition Data:** |  |  |  |
| Total assets | $325301 | $315863 | $281718 |
| Cash and cash equivalents | 8875 | 10727 | 9882 |
| Investment in certificates of deposit | 3798 | 4296 | 1245 |
| Securities available-for-sale | 21162 | 17906 | 10497 |
| Securities held-to-maturity | 15054 | 20082 | 25405 |
| Loans receivable, net | 261070 | 248025 | 221544 |
| Bank owned life insurance | 5806 | 5730 | 4608 |
| Deposits | 254013 | 246079 | 232156 |
| Senior notes | 6775 | 6125 | 5100 |
| Federal Home Loan Bank advances | 43122 | 38010 | 24325 |
| Federal Reserve Bank advances |  | 5000 |  |
| Total equity | 18788 | 18343 | 17789 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Selected Consolidated Operating Data:** |  |  |  |  |
| Total interest and dividend income | $8246 | $6962 | $14781 | $11241 |
| Total interest expense | 4268 | 3297 | 7369 | 4109 |
| Net interest income | 3978 | 3665 | 7412 | 7132 |
| Provision for credit losses | 158 | 44 | 118 | 107 |
| Net interest income after provision for credit losses | 3820 | 3621 | 7294 | 7025 |
| Total non-interest income (loss) | 46 | 22 | 172 | 225 |
| Total non-interest expense | 3566 | 3304 | 6765 | 6310 |
| Income before income tax expense | 300 | 339 | 701 | 940 |
| Income tax expense | 97 | 72 | 125 | 220 |
| Net income | $203 | $267 | $576 | $720 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **At or For the Six Months Ended <br> June 30,** | **At or For the Six Months Ended <br> June 30,** | **At or For the Years Ended <br> December 31,** | **At or For the Years Ended <br> December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
| **Performance Ratios <sup>(1)</sup>:** |  |  |  |  |
| Return on average assets | 0.13% | 0.18% | 0.19% | 0.27% |
| Return on average equity | 2.31% | 2.96% | 3.15% | 4.16% |
| Interest rate spread <sup>(2)</sup> | 2.42% | 2.47% | 2.40% | 2.71% |
| Net interest margin <sup>(3)</sup> | 2.56% | 2.60% | 2.54% | 2.80% |
| Noninterest expense as a percentage of average assets | 2.21% | 2.27% | 2.24% | 2.38% |
| Efficiency ratio <sup>(4)</sup> | 88.62% | 89.61% | 89.20% | 85.77% |
| Average interest-earning assets as a percentage of average interest-bearing liabilities | 105.02% | 105.55% | 105.41% | 105.37% |
| **Capital Ratios (United Roosevelt Savings Bank only):** |  |  |  |  |
| Average equity as a percentage of average assets | 5.46% | 6.20% | 6.07% | 6.57% |
| Total capital as a percentage of risk-weighted assets | 12.70% | 12.77% | 12.58% | 13.32% |
| Tier 1 capital as a percentage of risk-weighted assets | 11.90% | 12.03% | 11.87% | 12.55% |
| Common equity Tier 1 capital as a percentage of risk-weighted assets | 11.90% | 12.03% | 11.87% | 12.55% |
| Tier 1 capital as a percentage of average assets | 7.90% | 8.31% | 8.10% | 8.72% |
| **Asset Quality Ratios:** |  |  |  |  |
| Allowance for credit losses as a percentage of total loans | 0.63% | 0.56% | 0.55% | 0.66% |
| Allowance for credit losses as a percentage of non-performing loans | 1408.55% | 598.18% | 157.03% | —% |
| Allowance for credit losses as a percentage of non-accrual loans | 1408.55% | 598.18% | 156.85% | —% |
| Non-accrual loans as a percentage of total loans | 0.04% | 0.09% | 0.35% | —% |
| Net recoveries (charge-offs) as a percentage of average outstanding loans | 0.04% | —% | (0.04)% | —% |
| Non-performing loans as a percentage of total loans | 0.04% | 0.09% | 0.35% | —% |
| Non-performing loans as a percentage of total assets | 0.04% | 0.07% | 0.28% | —% |
| Total non-performing assets as a percentage of total assets | 0.04% | 0.07% | 0.28% | —% |
| **Other Data:** |  |  |  |  |
| Number of offices | 2 | 2 | 2 | 2 |
| Number of full-time employees | 28 | 27 | 27 | 22 |
| Number of part-time employees | 2 | 1 | 1 | 4 |

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(1) Interim period data is annualized, where appropriate.

(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing
liabilities.

(3) Represents net interest income as a percentage of average interest-earning assets.

(4) Represents noninterest expenses divided by the sum of net interest income and noninterest income.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "believe," "contemplate," "continue," "intend," "target" and words of similar meaning. These forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· statements of our goals, intentions and expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· statements regarding our business plans, prospects, growth and operating
strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· statements regarding the quality of our loan portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not undertake any obligation to update any forward-looking statements after the date of this prospectus.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· general economic conditions, either nationally or in our market areas, that
are worse than expected including as a result of employment levels and labor shortages and the effects of inflation, a potential recession
or slowed economic growth caused by tariffs and retaliatory responses, supply chain disruptions or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· inflation and changes in the interest rate environment that reduce our margins
and yields, our mortgage banking revenues, the fair value of financial instruments, including our mortgage servicing rights asset, or
our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in the level and direction of loan delinquencies and write-offs and
changes in estimates of the adequacy of the allowance for loan and lease losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in liquidity, including the size and composition of our deposit portfolio,
including the percentage of uninsured deposits in the portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our ability to access cost-effective funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations in real estate values and both residential and commercial real
estate market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· demand for loans and deposits in our market area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our ability to implement and change our business strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· competition among depository and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adverse changes in the securities or secondary mortgage markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in laws or government regulations or policies affecting financial
institutions, including changes in regulatory fees, capital requirements and insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in the quality or composition of our loan or investment portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· technological changes that may be more difficult or expensive than expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the inability of third-party providers to perform as expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a failure or breach of our operational or security systems or infrastructure,
including cyberattacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our ability to manage market risk, credit risk and operational risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our ability to enter new markets successfully and capitalize on growth opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in consumer spending, borrowing and savings habits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in accounting policies and practices, as may be adopted by the bank
regulatory agencies, the Financial Accounting Standards Board, the SEC or the Public Company Accounting Oversight Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our ability to attract and retain key employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in the financial condition, results of operations or future prospects
of issuers of securities that we own.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. See "Risk Factors" beginning on page 15.

**HOW WE INTEND TO USE THE PROCEEDS FROM THE STOCK OFFERING**

Although we cannot determine the actual net proceeds from the sale of the shares of common stock in the stock offering until the conversion and stock offering is completed, we estimate the net proceeds to be between $13.3 million and $18.5 million, or $21.5 million if the offering range is increased to the adjusted maximum.

We intend to distribute the net proceeds from the stock offering as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Based Upon the Sale at $10.00 Per Share of:** | **Based Upon the Sale at $10.00 Per Share of:** | **Based Upon the Sale at $10.00 Per Share of:** | **Based Upon the Sale at $10.00 Per Share of:** | **Based Upon the Sale at $10.00 Per Share of:** | **Based Upon the Sale at $10.00 Per Share of:** | **Based Upon the Sale at $10.00 Per Share of:** | **Based Upon the Sale at $10.00 Per Share of:** |
|  | **1,487,500 Shares** | **1,487,500 Shares** | **1,750,000 Shares** | **1,750,000 Shares** | **2,012,500 Shares** | **2,012,500 Shares** | **2,314,375 Shares <sup>(1)</sup>** | **2,314,375 Shares <sup>(1)</sup>** |
|  | **Amount** | **Percent <br> of Net <br> Proceeds** | **Amount** | **Percent<br> of Net <br> Proceeds** | **Amount** | **Percent<br> of Net <br> Proceeds** | **Amount** | **Percent <br> of Net <br> Proceeds** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Gross offering proceeds | $14875 |  | $17500 |  | $20125 |  | $23144 |  |
| Less: offering expenses and fees | (1600) |  | (1600) |  | (1600) |  | (1600) |  |
| &nbsp;&nbsp;&nbsp;Net offering proceeds | $13275 | 100.0% | $15900 | 100.0% | $18525 | 100.0% | $21544 | 100.0% |
| Use of net proceeds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;To United Roosevelt Savings Bank | $6638 | 50.0% | $7950 | 50.0% | $9263 | 50.0% | $10772 | 50.0% |
| &nbsp;&nbsp;&nbsp;Loan to ESOP | 1206 | 9.1 | 1416 | 8.9 | 1626 | 8.8 | 1868 | 8.7 |
| &nbsp;&nbsp;&nbsp;Cash contribution to charitable foundation | 200 | 1.5 | 200 | 1.3 | 200 | 1.1 | 200 | 0.9 |
| Retained by URSB Bancorp. | $5231 | 39.4% | $6334 | 39.8% | $7436 | 40.1% | $8704 | 40.4% |

---

(1) As adjusted to give effect to an increase in the number of shares, which could occur due to a 15% increase in the offering range,
to reflect demand for the shares or changes in market conditions following the commencement of the stock offering.

Payments for shares of common stock made through withdrawals from existing deposit accounts will not result in the receipt of new funds for investment but will reduce United Roosevelt Savings Bank's deposits. The net proceeds may vary because the total expenses relating to the stock offering may be more or less than our estimates. For example, our expenses would increase if a syndicated community offering were used to sell shares of common stock not purchased in the subscription offering and community offering.

URSB Bancorp intends to fund a loan to the ESOP to purchase shares of common stock in the stock offering and contribute cash and shares of common stock to our charitable foundation. It may also use the proceeds it retains from the stock offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to invest in investment securities consistent with our investment policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to repay all or part of the senior notes issued by United Roosevelt Bancorp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to pay cash dividends to stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to repurchase shares of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for other general corporate purposes.

Except for the loan to the ESOP and the cash contribution to the charitable foundation, URSB Bancorp has not quantified its plans for use of the offering proceeds for each of the foregoing purposes. Initially, we intend to invest a substantial portion of the net proceeds in shorter term investment securities before deploying the proceeds into new loans.

Under currently applicable regulations, we may not repurchase shares of our common stock during the first year following the conversion, except to fund stock awards granted under equity benefit plans, other than stock options, or except when extraordinary circumstances exist and with prior regulatory approval.

United Roosevelt Savings Bank will receive from URSB Bancorp a capital contribution equal to at least 50% of the net proceeds of the stock offering. United Roosevelt Savings Bank may use the net proceeds it receives from the stock offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to fund new loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to invest in investment securities consistent with our investment policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to expand its banking franchise by establishing targeted *de novo* branches,
acquiring branches from other financial institutions, or acquiring other financial institutions, although no such expansion transactions
are contemplated or planned currently; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for other general corporate purposes.

United Roosevelt Savings Bank has not quantified its plans for use of the offering proceeds for any of the foregoing purposes. The use of the proceeds outlined above may change based on many factors, including, but not limited to, changes in interest rates, equity markets, laws and regulations affecting the financial services industry, our relative position in the financial services industry, the attractiveness of opportunities to expand our operations through establishing or acquiring new branches, our ability to receive regulatory approval for any such expansion activities, and overall market conditions.

**OUR POLICY REGARDING DIVIDENDS**

Following the conversion and stock offering, our board of directors will be authorized to declare and pay dividends on our shares of common stock, subject to statutory and regulatory requirements. However, no decision has been made with respect to the payment of dividends. In determining whether to pay a cash dividend and the amount, the board of directors is expected to consider a number of factors, including capital requirements, our consolidated financial condition and results of operations, other uses of funds for the long-term value of stockholders, tax considerations, statutory and regulatory limitations and general economic conditions. No assurances can be given that any dividends will be paid or that, if paid, will not be reduced or eliminated in the future. Special cash dividends, stock dividends or returns of capital, to the extent permitted by applicable regulations and policies, may be paid in addition to, or in lieu of, regular cash dividends.

URSB Bancorp expects to file a consolidated federal income tax return with United Roosevelt Savings Bank. Accordingly, we anticipate that any cash distributions we make to our stockholders would be treated as cash dividends and not as a non-taxable return of capital for federal and state income tax purposes. Additionally, according to applicable regulations, during the three-year period following the conversion and stock offering, we will not take any action to declare an extraordinary dividend to stockholders that would be treated by recipients as a tax-free return of capital for federal income tax purposes.

URSB Bancorp's articles of incorporation authorized the issuance of preferred stock. No shares of preferred stock will be issued in the conversion and stock offering. If we issue preferred stock in the future, the holders of preferred stock may have a priority over the holders of our shares of common stock with respect to the payment of dividends. For a further discussion concerning the payment of dividends on our shares of common stock, see "Description of Capital Stock of URSB Bancorp, Inc. – Common Stock."

Any dividends we may declare and pay will depend, in part, upon receipt of dividends from United Roosevelt Savings Bank, because dividends from United Roosevelt Savings Bank will be our primary source of income. Applicable regulations impose limitations on dividends and other capital distributions by savings institutions like United Roosevelt Savings Bank. See "Supervision and Regulation – New Jersey Banking Laws and Supervision Applicable to United Roosevelt Savings Bank – Dividends" and "Supervision and Regulation – Federal Regulations Applicable to United Roosevelt Savings Bank – Capital Distributions."

Any payment of dividends by United Roosevelt Savings Bank to URSB Bancorp that would be deemed to be drawn out of United Roosevelt Savings Bank's bad debt reserves, if any, would require United Roosevelt Savings Bank to pay taxes at the then-current tax rate on the amount of earnings deemed to be removed from the reserves for such distribution. United Roosevelt Savings Bank does not intend to make any distribution to us that would create such a federal tax liability. See "Taxation."

**MARKET FOR THE COMMON STOCK**

URSB Bancorp is a newly formed company which has never issued capital stock. There is no current public or private market for our common stock. We expect that our common stock will be quoted on the OTCQB Market upon the completion of the conversion and stock offering. Janney Montgomery intends to make a market in our common stock, but is not obligated to do so.

The development and maintenance of an active trading market depends on the existence of willing buyers and sellers, the presence of which is not within our control, or that of any market maker. The number of active buyers and sellers of the shares of common stock at any particular time may be limited. Furthermore, we cannot assure you that, if you purchase shares of common stock, you will be able to sell them at or above $10.00 per share purchase price. Purchasers of common stock in this stock offering should have long-term investment intent and should recognize that there will be a limited trading market in the common stock. This may make it difficult to sell the common stock after the stock offering and may have an adverse impact on the price at which the common stock can be sold. See "Risk Factors – Risks Related to the Stock Offering – There will be a limited trading market for our common stock, which could hinder your ability to sell our common stock and may lower the market price of the stock."

**HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE**

At June 30, 2025, United Roosevelt Savings Bank exceeded all applicable regulatory capital requirements and was considered "well capitalized." The following table sets forth the historical equity capital and regulatory capital of United Roosevelt Savings Bank at June 30, 2025, and its pro forma equity capital and regulatory capital after giving effect to the sale of shares of URSB Bancorp common stock at $10.00 per share in the stock offering. The table assumes URSB Bancorp makes a capital contribution to United Roosevelt Savings Bank equal to 50% of the net proceeds of the stock offering. See "How We Intend to Use the Proceeds from the Stock Offering."

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United Roosevelt<br> Savings Bank at** | **United Roosevelt<br> Savings Bank at** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** |
|  | **June 30, 2025** | **June 30, 2025** | **1,487,500 Shares** | **1,487,500 Shares** | **1,750,000 Shares** | **1,750,000 Shares** | **2,012,500 Shares** | **2,012,500 Shares** | **2,314,375 Shares <sup>(2)</sup>** | **2,314,375 Shares <sup>(2)</sup>** |
|  | **Amount** | **Percent of <br> Assets** | **Amount** | **Percent of <br> Assets** | **Amount** | **Percent of<br> Assets** | **Amount** | **Percent of <br> Assets** | **Amount** | **Percent of <br> Assets** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Total equity capital | $24711 | 7.60% | $29540 | 8.90% | $30537 | 9.17% | $31535 | 9.43% | $32681 | 9.73% |
| Tier 1 leverage capital <sup>(3) (4)</sup> | $26087 | 7.90% | $30916 | 9.18% | $31.913 | 9.44% | $32911 | 9.69% | $34057 | 9.99% |
| Tier 1 leverage capital requirement | 16510 | 5.00 | 16842 | 5.00 | 16908 | 5.00 | 16973 | 5.00 | 17049 | 5.00 |
| Excess | $9577 | 2.90% | $14074 | 4.18% | $15005 | 4.44% | $15938 | 4.69% | $17008 | 4.99% |
| Tier 1 risk-based capital <sup>(3) (4)</sup> | $26087 | 11.90% | $30916 | 14.02% | $31913 | 14.45% | $32911 | 14.89% | $34057 | 15.38% |
| Tier 1 risk-based capital requirement | 17537 | 8.00 | 17643 | 8.00 | 17664 | 8.00 | 17685 | 8.00 | 17709 | 8.00 |
| Excess | $8550 | 3.90% | $13273 | 6.02% | $14249 | 6.45% | $15226 | 6.89% | $16348 | 7.38% |
| Common equity Tier 1 risk-based capital <sup>(3) (4)</sup> | $26087 | 11.90% | $30916 | 14.02% | $31913 | 14.45% | $32911 | 14.89% | $34057 | 15.38% |
| Common equity Tier 1 risk-based capital requirement | 14249 | 6.50 | 14335 | 6.50 | 14352 | 6.50 | 14369 | 6.50 | 14389 | 6.50 |
| Excess | $11838 | 5.40% | $16581 | 7.52% | $17561 | 7.95% | $18542 | 8.39% | $19668 | 8.88% |
| Total risk-based capital <sup>(3) (4)</sup> | $27842 | 12.70% | $32671 | 14.81% | $33668 | 15.25% | $34666 | 15.68% | $35812 | 16.18% |
| Total risk-based capital requirement | 21921 | 10.00 | 22054 | 10.00 | 22080 | 10.00 | 22106 | 10.00 | 22137 | 10.00 |
| Excess | $5921 | 2.70% | $10617 | 4.81% | $11588 | 5.25% | $12560 | 5.68% | $13675 | 6.18% |
| Reconciliation of capital infused into United Roosevelt Savings: | Reconciliation of capital infused into United Roosevelt Savings: | Reconciliation of capital infused into United Roosevelt Savings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds to United Roosevelt Savings Bank | &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds to United Roosevelt Savings Bank | &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds to United Roosevelt Savings Bank | $6638 |  | $7950 |  | $9263 |  | $10772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by ESOP | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by ESOP | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by ESOP | (1206) |  | (1416) |  | (1626) |  | (1868) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based incentive plan | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based incentive plan | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based incentive plan | (603) |  | (708) |  | (813) |  | (934) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma increase | &nbsp;&nbsp;&nbsp;&nbsp;Pro forma increase | &nbsp;&nbsp;&nbsp;&nbsp;Pro forma increase | $4829 |  | $5826 |  | $6824 |  | $7970 |  |

---

(1) Pro forma capital levels assume that the ESOP purchases 8% of the sum of the shares of common stock sold in the stock offering and
contributed to the charitable foundation with funds to be lent by URSB Bancorp and that the stock-based equity plan provides for shares
subject to restricted stock awards equal to 4% of the sum of the number of shares of common stock sold in the stock offering and contributed
to the charitable foundation. Pro forma capital calculated under U.S. generally accepted accounting principles ("U.S. GAAP")
and regulatory capital have been reduced by the amount required to fund these plans. See "Management" for a discussion of
the ESOP. The grant of options under the stock-based incentive plan does not require a capital funding adjustment. No effect has been
given to the issuance of additional shares of URSB Bancorp common stock pursuant to the exercise of options under a stock-based benefit
plan.

(2) As adjusted to give effect to an increase in the number of shares which could occur due to a 15% increase in the offering range to
reflect demand for the shares or changes in market conditions following the commencement of the stock offering.

(3) Tier 1 leverage capital levels are shown as a percentage of total average assets. Risk-based capital levels are shown as a percentage
of risk-weighted assets.

(4) Pro forma dollar amounts and percentages assume net proceeds are invested in assets with a 20% risk weighting.

**CAPITALIZATION**

The following table presents the historical consolidated capitalization of United Roosevelt, MHC at June 30, 2025 and the pro forma consolidated capitalization of URSB Bancorp after giving effect to the conversion and stock offering, based upon the assumptions set forth in the "Pro Forma Data" section.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **URSB Bancorp Pro Forma at June 30, 2025 Based Upon the Sale in the Stock<br> Offering at $10.00 per Share of:** | **URSB Bancorp Pro Forma at June 30, 2025 Based Upon the Sale in the Stock<br> Offering at $10.00 per Share of:** | **URSB Bancorp Pro Forma at June 30, 2025 Based Upon the Sale in the Stock<br> Offering at $10.00 per Share of:** | **URSB Bancorp Pro Forma at June 30, 2025 Based Upon the Sale in the Stock<br> Offering at $10.00 per Share of:** |
|  | **United <br> Roosevelt, <br> MHC at**<br>**June 30, 2025** | **1,487,500 Shares** | **1,750,000 Shares** | **2,012,500 Shares** | **2,314,375 Shares <sup>(1)</sup>** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Deposits <sup>(2)</sup> | $254013 | $254013 | $254013 | $254013 | $254013 |
| Federal Home Loan Bank advances | 43122 | 43122 | 43122 | 43122 | 43122 |
| Senior notes | 6775 | 6775 | 6775 | 6775 | 6775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits and borrowed funds | $303910 | $303910 | $303910 | $303910 | $303910 |
| **Stockholders' equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 5,000,000 shares authorized (post-conversion) <sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 15,000,000 shares authorized (post-conversion); shares to be issued as reflected <sup>(3)(4)</sup> |  | 15 | 18 | 20 | 23 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital <sup>(3)</sup> |  | 13460 | 16082 | 18705 | 21721 |
| &nbsp;&nbsp;&nbsp;Retained earnings <sup>(4)</sup> | 20164 | 20164 | 20164 | 20164 | 20164 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1376) | (1376) | (1376) | (1376) | (1376) |
| &nbsp;&nbsp;&nbsp;Less: After-tax expense of stock contribution to charitable foundation <sup>(5)</sup> |  | (144) | (144) | (144) | (144) |
| &nbsp;&nbsp;&nbsp;Less: After-tax expense of cash contribution to charitable foundation <sup>(5)</sup> |  | (144) | (144) | (144) | (144) |
| &nbsp;&nbsp;&nbsp;Less: Common stock acquired by ESOP <sup>(6)</sup> |  | (1206) | (1416) | (1626) | (1868) |
| &nbsp;&nbsp;&nbsp;Less: Common stock to be acquired by stock-based benefit plans <sup>(7)</sup> |  | (603) | (708) | (813) | (934) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 18788 | 30166 | 32476 | 34786 | 37442 |
| &nbsp;&nbsp;&nbsp;Less: Intangible assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total tangible stockholders' equity | $18788 | $30166 | $32476 | $34786 | $37442 |
| &nbsp;&nbsp;&nbsp;**Pro Forma Shares Outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold in stock offering |  | 1487500 | 1750000 | 2012500 | 2314375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares contributed to charitable foundation |  | 20000 | 20000 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shares outstanding |  | 1507500 | 1770000 | 2032500 | 2334375 |
| Total stockholders' equity as a percentage of total assets | 5.78% | 8.96% | 9.58% | 10.19% | 10.89% |
| Tangible stockholders' equity as a percentage of tangible assets | 5.78% | 8.96% | 9.58% | 10.19% | 10.89% |

---

(1) As adjusted to give effect to an increase in the number of shares, which could occur due to a 15% increase in the offering range to
reflect increased demand for the shares or changes in market conditions following the commencement of the stock offering.

(2) Does not reflect withdrawals from deposit accounts at United Roosevelt Savings Bank to purchase shares of common stock in the conversion
and offering. These withdrawals would reduce pro forma deposits and assets by the amount of the withdrawals.

(3) No effect has been given to the issuance of additional shares of common stock pursuant to the exercise of options under one or more
stock-based benefit plans. If the plans are implemented within the first year after the closing of the conversion and stock offering,
an amount up to 10% of the sum of shares of common stock sold in the stock offering and contributed to the charitable foundation will
be reserved for issuance upon the exercise of options under the plans.

(4) The retained earnings of United Roosevelt Savings Bank will be substantially restricted after the conversion and stock offering. See
 "The Conversion and Stock Offering—Liquidation Rights" and "Supervision and Regulation – Federal Regulations
Applicable to United Roosevelt Savings Bank – Capital Distributions."

(5) Represents the expense of the contribution to the charitable foundation based on an effective combined federal/state tax rate of 28.0%.
The realization of the deferred tax benefit is limited annually to a maximum deduction for charitable donations equal to 10% of annual
taxable income, subject to our ability to carry forward any unused portion of the deduction for five years following the year in which
the contribution is made.

(6) Assumes that 8% of the sum of shares sold in the stock offering and contributed to the charitable foundation will be acquired by the
ESOP financed by a loan from URSB Bancorp. The loan will be repaid principally from United Roosevelt Savings Bank's contributions
to the ESOP. Since URSB Bancorp will make loan, this debt will be eliminated through consolidation and no liability will be reflected
in its consolidated financial statements. Accordingly, the common stock acquired by the ESOP is shown in this table as a reduction of
total stockholders' equity.

(7) Assumes a number of shares of common stock equal to 4% of the sum of shares of common stock to be sold in the stock offering and contributed
to the charitable foundation will be acquired for grant by one or more stock-based benefit plans. URSB Bancorp will provide the

funds to acquire the shares for such plans. The dollar amount of common stock to be purchased is based on the $10.00 per share purchase price in the stock offering and represents unearned compensation. This amount does not reflect possible increases or decreases in the value of common stock relative to the purchase price in the stock offering. URSB Bancorp will accrue compensation expense to reflect the vesting of shares pursuant to such stock-based benefit plans and will credit capital in an amount equal to the charge to operations. Implementation of such plans will require stockholder approval.

**PRO FORMA DATA**

The following table summarizes historical data of United Roosevelt, MHC and pro forma data of URSB Bancorp at and for the six months ended June 30, 2025 and at and for the year ended December 31, 2024. This information, which is based on assumptions set forth below and in the table below, should not be used as a basis for projections of market value of the shares of common stock following the conversion and stock offering.

The net proceeds presented in the following table are based upon the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· all shares of common stock are sold in the subscription offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the ESOP purchases 8% of the sum of the number of shares of common stock
sold in the stock offering and contributed to the charitable foundation with funds loaned by URSB Bancorp. The loan will be repaid in
substantially equal payments of principal and interest over a 20-year period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Janney Montgomery is paid a success fee of $375,000 across all points of
the offering range plus reimbursable expenses (including fees and expenses of its legal counsel) of $150,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· URSB Bancorp contributes $200,000 in cash to the charitable foundation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· estimated stock offering expenses, other than the success fees and reimbursable
expenses payable to Janney Montgomery, are approximately $1.1 million.

We calculated pro forma consolidated net income for the six months ended June 30, 2025 and for the year ended December 31, 2024 as if the estimated net proceeds we received had been invested at the beginning of each period at an assumed interest rate of 3.79% (2.73% after-tax based on an effective combined federal/state tax rate of 28.0%). This represents the yield on the 5-Year U.S. Treasury Note as of June 30, 2025, which, in light of current market interest rates, we consider to reflect more accurately the pro forma reinvestment rate than the arithmetic average of the weighted average yield earned on our interest earning assets and the weighted average rate paid on our deposits, which is the reinvestment rate federal regulations provide that we assume in presenting pro forma data. We further believe that this reinvestment rate is factually supportable because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the yield on the 5-Year U.S. Treasury Note can be determined and/or estimated
from third-party sources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we believe that U.S. Treasury securities are not subject to credit losses
due to a U.S. Government guarantee of payment of principal and interest.

We calculated historical and pro forma per share amounts by dividing historical and pro forma amounts of consolidated net income and stockholders' equity by the indicated number of shares of common stock. We adjusted these figures to give effect to the shares of common stock purchased by the ESOP. We computed per share amounts for each period as if the shares of common stock were outstanding at the beginning of each period, but we did not adjust per share historical or pro forma stockholders' equity to reflect the earnings on the estimated net proceeds.

The pro forma tables give effect to the implementation of stock-based benefit plans. Subject to the receipt of stockholder approval, we have assumed that the stock-based benefit plans will acquire for restricted stock awards a number of shares of common stock equal to 4% of the sum of the shares of common sold in the stock offering and contributed to the charitable foundation at the $10.00 per share offering price in the stock offering. We assume that shares of common stock are granted under the plans in awards that vest over a five-year period.

We have also assumed that options will be granted under the stock-based benefit plans to acquire shares of common stock equal to 10% of the sum of the number of shares sold in the stock offering and contributed to the charitable foundation. In preparing the tables below, we assumed that stockholder approval was obtained, that the exercise price of the stock options and the market price of the stock at the date of grant were $10.00 per share and that the stock options had a term of 10 years and vested over five years. We applied the Black-Scholes option

pricing model to estimate a grant-date fair value of $4.72 for each option. In addition to the terms of the options described above, the Black-Scholes option pricing model assumed an estimated volatility rate of 26.44% for the shares of common stock, a dividend yield of 0%, an expected option life of 10 years and a risk-free interest rate of 4.24% (3.05% after-tax based on an effective combined federal/state tax rate of 28.0%).

We may grant options and award shares of common stock under one or more stock-based benefit plans in excess of 10% and 4%, respectively, of the sum of the number of shares sold in the stock offering and contributed to the charitable foundation if the stock-based benefit plans are adopted more than one year following the conversion and stock offering. In addition, we may grant options and award shares that vest sooner than over a five-year period if the stock-based benefit plans are adopted more than one year following the conversion and stock offering.

As discussed under "How We Intend to Use the Proceeds from the Stock Offering," we intend to contribute at least 50% of the net proceeds to United Roosevelt Savings Bank, lend funds to the ESOP, contribute cash to the charitable foundation, and retain the remainder for future use.

The pro forma table does not give effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· withdrawals from deposit accounts at United Roosevelt Savings Bank to purchase
shares of common stock in the stock offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our results of operations after the conversion and stock offering, including
the impact of additional expenses we expect to incur as a result of operating as a public company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in the market price of the shares of common stock after the conversion
and stock offering.

The following pro forma information may not represent the financial effects of the conversion and stock offering at the date on which the transaction actually occurs, and you should not use the information presented to indicate future results of operations. Pro forma stockholders' equity represents the difference between the stated amount of our assets and liabilities, computed according to U.S. GAAP. We did not increase or decrease stockholders' equity to reflect the difference between the carrying value of loans and other assets and their market value. Pro forma stockholders' equity is not intended to represent the fair market value of the shares of common stock and may be different than the amounts that would be available for distribution to stockholders if we liquidated. Pro forma stockholders' equity does not give effect to the impact of intangible assets, the liquidation account we will establish in the conversion or tax bad debt reserves in the unlikely event we are liquidated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **At or For the Six Months Ended June 30, 2025, Based on the Sale at $10.00 Per Share of:** | **At or For the Six Months Ended June 30, 2025, Based on the Sale at $10.00 Per Share of:** | **At or For the Six Months Ended June 30, 2025, Based on the Sale at $10.00 Per Share of:** | **At or For the Six Months Ended June 30, 2025, Based on the Sale at $10.00 Per Share of:** |
|  | **1,487,500 Shares** | **1,750,000 Shares** | **2,012,500 Shares** | **2,314,375 Shares <sup>(1)</sup>** |
|  | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** |
| Gross offering proceeds | $14875 | $17500 | $20125 | $23144 |
| Plus: Market value of shares issued to charitable foundation | 200 | 200 | 200 | 200 |
| Pro forma market capitalization | $15075 | $17700 | $20325 | $23344 |
| Gross offering proceeds | $14875 | $17500 | $20125 | $23144 |
| Less: Estimated expenses | (1600 | (1600 | (1600 | (1600 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 13275 | 15900 | 18525 | 21544 |
| Less: Common stock purchased by ESOP <sup>(2)</sup> | (1206) | (1416) | (1626) | (1868) |
| Less: Cash contribution to charitable foundation | (200) | (200) | (200) | (200) |
| Less: Common stock awarded under stock-based benefit plans <sup>(3)</sup> | (603 | (708 | (813 | (934 |
| &nbsp;&nbsp;&nbsp;Estimated net cash proceeds | $11266 | $13576 | $15886 | $18542 |
| **<u>For the Six Months Ended June 30, 2025:</u>** |  |  |  |  |
| Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $203 | $203 | $203 | $203 |
| &nbsp;&nbsp;&nbsp;Pro forma income on net proceeds | 154 | 185 | 217 | 253 |
| &nbsp;&nbsp;&nbsp;Pro forma ESOP adjustment <sup>(2)</sup> | (22) | (25) | (29) | (34) |
| &nbsp;&nbsp;&nbsp;Pro forma stock award adjustment <sup>(3)</sup> | (43) | (51) | (59) | (67) |
| &nbsp;&nbsp;&nbsp;Pro forma stock option adjustment <sup>(4)</sup> | (66 | (78 | (89 | (102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma net income | $226 | $234 | $243 | $253 |
| Per share net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $0.15 | $0.12 | $0.11 | $0.09 |
| &nbsp;&nbsp;&nbsp;Pro forma income on net proceeds | 0.11 | 0.11 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;Pro forma ESOP adjustment <sup>(2)</sup> | (0.02) | (0.02) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;Pro forma stock award adjustment <sup>(3)</sup> | (0.03) | (0.03) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Pro forma stock option adjustment <sup>(4)</sup> | (0.05 | (0.05 | (0.05 | (0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma net income per share | $0.16 | $0.13 | $0.13 | $0.11 |
| Offering price as a multiple of pro forma net income per share | 31.25 | 38.46 | 38.46 | 45.45 |
| Number of shares outstanding for pro forma net income per share calculations | 1389915 | 1631940 | 1873965 | 2152294 |
| **<u>At June 30, 2025:</u>** |  |  |  |  |
| Stockholders' equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $18788 | $18788 | $18788 | $18788 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 13275 | 15900 | 18525 | 21544 |
| &nbsp;&nbsp;&nbsp;Market value of shares issued to charitable foundation | 200 | 200 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;Expense of contribution to charitable foundation | (400) | (400) | (400) | (400) |
| &nbsp;&nbsp;&nbsp;Tax benefit of contribution to charitable foundation | 112 | 112 | 112 | 112 |
| &nbsp;&nbsp;&nbsp;Common stock acquired by ESOP <sup>(2)</sup> | (1206) | (1416) | (1626) | (1868) |
| &nbsp;&nbsp;&nbsp;Common stock awarded under stock-based benefit plans <sup>(3)</sup> | (603 | (708 | (813 | (934 |
| &nbsp;&nbsp;&nbsp;Pro forma stockholders' equity <sup>(5)</sup> | 30166 | 32476 | 34786 | 37442 |
| &nbsp;&nbsp;&nbsp;Intangible assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro forma tangible stockholders' equity | $30166 | $32476 | $34786 | $37442 |
| Stockholders' equity per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $12.46 | $10.61 | $9.24 | $8.05 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 8.81 | 8.98 | 9.11 | 9.23 |
| &nbsp;&nbsp;&nbsp;Market value of shares issued to charitable foundation | 0.13 | 0.11 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;Expense of contribution to charitable foundation | (0.26) | (0.22) | (0.20) | (0.17) |
| &nbsp;&nbsp;&nbsp;Tax benefit of contribution to charitable foundation | 0.07 | 0.06 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;Common stock acquired by ESOP <sup>(2)</sup> | (0.80) | (0.80) | (0.80) | (0.80) |
| &nbsp;&nbsp;&nbsp;Common stock awarded under stock-based benefit plans <sup>(3)</sup> | (0.40 | (0.40 | (0.40 | (0.40 |
| &nbsp;&nbsp;&nbsp;Pro forma stockholders' equity per share <sup>(5)</sup> | $20.01 | $18.34 | $17.11 | $16.04 |
| &nbsp;&nbsp;&nbsp;Intangible assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro forma tangible stockholders' equity per share | $20.01 | $18.34 | $17.11 | $16.04 |
| Offering price as percentage of pro forma stockholders' equity per share | 49.98 | 54.53 | 58.45 | 62.34 |
| Offering price as percentage of pro forma tangible stockholders' equity per share | 49.98 | 54.53 | 58.45 | 62.34 |
| Number of shares outstanding for pro forma book value per share calculations | 1507500 | 1770000 | 2032500 | 2334375 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At or For the Year Ended December 31, 2024, Based on the Sale at $10.00 Per Share of:** | **At or For the Year Ended December 31, 2024, Based on the Sale at $10.00 Per Share of:** | **At or For the Year Ended December 31, 2024, Based on the Sale at $10.00 Per Share of:** | **At or For the Year Ended December 31, 2024, Based on the Sale at $10.00 Per Share of:** |
|  | **1,487,500 Shares** | **1,750,000 Shares** | **2,012,500 Shares** | **2,314,375 Shares <sup>(1)</sup>** |
|  | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** |
| Gross offering proceeds | $14875 | $17500 | $20125 | $23144 |
| Plus: Market value of shares issued to charitable foundation | 200 | 200 | 200 | 200 |
| Pro forma market capitalization | $15075 | $17700 | $20325 | $23344 |
| Gross offering proceeds | $14875 | $17500 | $20125 | $23144 |
| Less: Estimated expenses | (1600 | (1600 | (1600 | (1600 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 13275 | 15900 | 18525 | 21544 |
| Less: Common stock purchased by ESOP <sup>(2)</sup> | (1206) | (1416) | (1626) | (1868) |
| Less: Cash contribution to charitable foundation | (200) | (200) | (200) | (200) |
| Less: Common stock awarded under stock-based benefit plans <sup>(3)</sup> | (603 | (708 | (813 | (934 |
| &nbsp;&nbsp;&nbsp;Estimated net cash proceeds | $11266 | $13576 | $15886 | $18543 |
| **<u>For the Year Ended December 31, 2024:</u>** |  |  |  |  |
| Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $576 | $576 | $576 | $576 |
| &nbsp;&nbsp;&nbsp;Pro forma income on net proceeds | 307 | 370 | 433 | 506 |
| &nbsp;&nbsp;&nbsp;Pro forma ESOP adjustment <sup>(2)</sup> | (43) | (51) | (59) | (67) |
| &nbsp;&nbsp;&nbsp;Pro forma stock award adjustment <sup>(3)</sup> | (87) | (102) | (117) | (134) |
| &nbsp;&nbsp;&nbsp;Pro forma stock option adjustment <sup>(4)</sup> | (132 | (155 | (178 | (205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma net income | $621 | $638 | $655 | $676 |
| Per share net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $0.41 | $0.35 | $0.31 | $0.27 |
| &nbsp;&nbsp;&nbsp;Pro forma income on net proceeds | 0.22 | 0.23 | 0.23 | 0.23 |
| &nbsp;&nbsp;&nbsp;Pro forma ESOP adjustment <sup>(2)</sup> | (0.03) | (0.03) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Pro forma stock award adjustment <sup>(3)</sup> | (0.06) | (0.06) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;Pro forma stock option adjustment <sup>(4)</sup> | (0.09 | (0.09 | (0.09 | (0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma net income per share | $0.45 | $0.40 | $0.36 | $0.31 |
| Offering price as a multiple of pro forma net income per share | 22.22 | 25.00 | 27.78 | 32.26 |
| Number of shares outstanding for pro forma net income per share calculations | 1392930 | 1635480 | 1878030 | 2156963 |
| **<u>At December 31, 2024:</u>** |  |  |  |  |
| Stockholders' equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $18343 | $18343 | $18343 | $18343 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 13275 | 15900 | 18525 | 21544 |
| &nbsp;&nbsp;&nbsp;Market value of shares issued to charitable foundation | 200 | 200 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;Expense of contribution to charitable foundation | (400) | (400) | (400) | (400) |
| &nbsp;&nbsp;&nbsp;Tax benefit of contribution to charitable foundation | 112 | 112 | 112 | 112 |
| &nbsp;&nbsp;&nbsp;Common stock acquired by ESOP <sup>(2)</sup> | (1206) | (1416) | (1626) | (1868) |
| &nbsp;&nbsp;&nbsp;Common stock awarded under stock-based benefit plans <sup>(3)</sup> | (603 | (708 | (813 | (934 |
| &nbsp;&nbsp;&nbsp;Pro forma stockholders' equity <sup>(5)</sup> | 29721 | 32031 | 34341 | 36997 |
| &nbsp;&nbsp;&nbsp;Intangible assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro forma tangible stockholders' equity | $29721 | $32031 | $34341 | $36997 |
| Stockholders' equity per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $12.17 | $10.36 | $9.02 | $7.86 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 8.81 | 8.98 | 9.11 | 9.23 |
| &nbsp;&nbsp;&nbsp;Market value of shares issued to charitable foundation | 0.13 | 0.11 | 0.10 | 0.09 |
| &nbsp;&nbsp;&nbsp;Expense of contribution to charitable foundation | (0.27) | (0.22) | (0.20) | (0.17) |
| &nbsp;&nbsp;&nbsp;Tax benefit of contribution to charitable foundation | 0.07 | 0.06 | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;Common stock acquired by ESOP <sup>(2)</sup> | (0.80) | (0.80) | (0.80) | (0.80) |
| &nbsp;&nbsp;&nbsp;Common stock awarded under stock-based benefit plans <sup>(3)</sup> | (0.40 | (0.40 | (0.40 | (0.40 |
| &nbsp;&nbsp;&nbsp;Pro forma stockholders' equity per share <sup>(5)</sup> | $19.71 | $18.09 | $16.89 | $15.85 |
| &nbsp;&nbsp;&nbsp;Intangible assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pro forma tangible stockholders' equity per share | $19.71 | $18.09 | $16.89 | $15.85 |
| Offering price as percentage of pro forma stockholders' equity per share | 50.74 | 55.28 | 59.21 | 63.09 |
| Offering price as percentage of pro forma tangible stockholders' equity per share | 50.74 | 55.28 | 59.21 | 63.09 |
| Number of shares outstanding for pro forma book value per share calculations | 1507500 | 1770000 | 2032500 | 2334375 |

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(1) As adjusted to give effect to an increase in the number of shares which could occur due to a 15% increase in the offering range to
reflect demand for the shares or changes in market conditions following the commencement of the stock offering.

(2) Assumes that the ESOP will purchase 8% of the sum of the number of shares of common stock sold in the stock offering and contributed
to the charitable foundation. For purposes of the table, the funds used to acquire these shares are assumed to have been borrowed by the
ESOP from URSB Bancorp. United Roosevelt Savings Bank intends to make annual contributions to the ESOP in an amount at least equal to
the required principal and interest payments on the debt. United Roosevelt Savings Bank's total annual payments on the debt are
based upon 20 equal annual installments of principal and interest. ASC 718-40 requires that an employer record compensation expense in
an amount equal to the fair value of the shares committed to be released to employees. The pro forma adjustments assume that the shares
are allocated in equal annual installments based on the number of loan repayment installments assumed to be paid by United Roosevelt Savings
Bank, the fair value of the common stock remains equal to the subscription price and the related expense reflects an effective combined
federal/state tax rate of 28.0%. The unallocated shares are reflected as a reduction of stockholders' equity. No reinvestment is
assumed on proceeds contributed to fund the ESOP. The pro forma net income further assumes that 3,015, 3,540, 4,065 and 4,669 shares were
committed to be released during the six months ended June 30, 2025 at the minimum, midpoint, maximum and adjusted maximum of the
offering range, respectively, and 6,030, 7,080, 8,130 and 9,338 shares were committed to be released during the year ended December 31,
2024 at the minimum, midpoint, maximum and adjusted maximum of the offering range, respectively, according to ASC 718-40. Only the shares
committed to be released during the period were considered outstanding for purposes of income per share calculations.

(3) If approved by URSB Bancorp's stockholders, one or more stock-based benefit plans may grant an aggregate number of shares of
common stock equal to 4% of the sum of the number of shares sold in the stock offering and contributed to the charitable foundation (or
possibly a greater number of shares if the plan is implemented more than one year after completion of the conversion and stock offering),
as restricted stock awards to our officers, employees and directors. Stockholder approval of the stock-based benefit plans, and purchases
by the plan, may not occur earlier than six months after the completion of the conversion and stock offering. The shares may be issued
directly by URSB Bancorp or acquired through open market purchases. URSB Bancorp will provide the funds to be used by the stock-based
benefit plans to purchase the shares. The table assume that (i) the stock-based benefit plans acquire the shares through open market
purchases at $10.00 per share, (ii) 20% of the amount contributed to the stock-based benefit plans is amortized as an expense during
the year and (iii) the stock-based benefit plans expense reflects an effective combined federal/state tax rate of 28.0%. Assuming
stockholder approval of the stock-based benefit plans and that shares of common stock (equal to 4% of the sum of the number of shares
sold in the stock offering and contributed to the charitable foundation) are awarded through the issuance of authorized but unissued shares
of common stock, stockholders would have their ownership and voting interests diluted by approximately 3.85%.

(4) If approved by URSB Bancorp's stockholders, one or more stock-based benefit plans may grant options to acquire an aggregate
number of shares of common stock equal to 10% of the sum of the number of shares sold in the stock offering and contributed to the charitable
foundation (or possibly a greater number of shares if the plan is implemented more than one year after completion of the conversion and
stock offering). Stockholder approval of the stock-based benefit plans may not occur earlier than six months after the completion of the
conversion and stock offering. In calculating the pro forma effect of the stock options to be granted under stock-based benefit plans,
it is assumed that the exercise price of the stock options and the trading price of the common stock at the date of grant were $10.00
per share, the estimated grant-date fair value determined using the Black-Scholes option pricing model was $4.72 for each option, the
aggregate grant-date fair value of the stock options was amortized to expense on a straight-line basis over a five-year vesting period,
and that 25% of the amortization expense (or the assumed portion relating to options granted to directors) resulted in a tax benefit using
an assumed effective combined federal/state tax rate of 28.0%. The actual expense of the stock options to be granted under the stock-based
benefit plans will be determined by the grant-date fair value of the options, which will depend on a number of factors, including the
valuation assumptions used in the option pricing model ultimately adopted. Under the above assumptions, the grant of options under the
stock-based benefit plans will result in no additional shares under the treasury stock method for purposes of calculating earnings per
share. There can be no assurance that the actual exercise price of the stock options will be equal to the $10.00 price per share. If a
portion of the shares to satisfy the exercise of options under the stock-based benefit plans is obtained from the issuance of authorized
but unissued shares, our net income per share and stockholders' equity per share would decrease. Assuming stockholder approval of
the stock-based benefit plans and that shares of common stock used to fund stock options (equal to 10% of the sum of the number of shares
sold in the stock offering and contributed to the charitable foundation) are awarded through the issuance of authorized but unissued shares
of common stock, stockholders would have their ownership and voting interests diluted by approximately 9.09%.

(5) The retained earnings of United Roosevelt Savings Bank will be substantially restricted after the conversion and stock offering. See
 "Our Policy Regarding Dividends," "The Conversion and Stock Offering – Liquidation Rights" and "Supervision
and Regulation."

**COMPARISON OF INDEPENDENT VALUATION AND PRO FORMA INFORMATION WITH AND WITHOUT CHARITABLE FOUNDATION**

As shown in the table below, if the charitable foundation is not established and funded in connection with the conversion and stock offering, more shares of URSB Bancorp common stock would be sold in the stock offering. At the minimum, midpoint, maximum, and adjusted maximum of the valuation range, the amount of common stock sold in the stock offering is $14.9 million, $17.5 million, $20.1 million and $23.1 million, respectively, with the charitable foundation, compared to $15.3 million, $18.0 million, $20.7 million and $23.8 million, respectively, without the charitable foundation. However, due to the size of the contribution to the charitable foundation, RP Financial determined that the additional capital that would be received if the conversion and stock offering is completed without the establishment of the charitable foundation was immaterial to the pro forma valuation. Accordingly, the pro forma valuation is unchanged with or without the charitable foundation.

For comparative purposes only, set forth below are certain pricing ratios, financial data and ratios at and for the six months ended June 30, 2025, at the minimum, midpoint, maximum, and adjusted maximum of the offering range, assuming the conversion and stock offering was completed at the beginning of the period, with and without the charitable foundation.

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Minimum of Offering Range** | **Minimum of Offering Range** | **Minimum of Offering Range** |  | **Midpoint of Offering Range** | **Midpoint of Offering Range** | **Midpoint of Offering Range** |  | **Maximum of Offering Range** | **Maximum of Offering Range** | **Maximum of Offering Range** |  | **Adjusted Maximum of Offering Range** | **Adjusted Maximum of Offering Range** | **Adjusted Maximum of Offering Range** |  |
|  | **With Charitable Foundation** |  | **Without Charitable Foundation** |  | **With Charitable Foundation** |  | **Without Charitable Foundation** |  | **With Charitable Foundation** |  | **Without Charitable Foundation** |  | **With Charitable Foundation** |  | **Without Charitable Foundation** |  |
|  | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** | **(Dollars in thousands, except per share amounts)** |  |
| Estimated offering amount | $14875 |  | $15300 |  | $17500 |  | $18000 |  | $20125 |  | $20700 |  | $23144 |  | $23805 |  |
| Pro forma market capitalization | 15075 |  | 15300 |  | 17700 |  | 18000 |  | 20325 |  | 20700 |  | 23344 |  | 23805 |  |
| Pro forma total assets | 336679 |  | 337165 |  | 338989 |  | 339541 |  | 341299 |  | 341917 |  | 343956 |  | 344649 |  |
| Pro forma total liabilities | 306513 |  | 306513 |  | 306513 |  | 306513 |  | 306513 |  | 306513 |  | 306513 |  | 306513 |  |
| Pro forma stockholders' equity | 30166 |  | 30652 |  | 32476 |  | 33028 |  | 34786 |  | 35404 |  | 37442 |  | 38137 |  |
| Pro forma net income <sup>(1)</sup> | 226 |  | 229 |  | 234 |  | 238 |  | 243 |  | 246 |  | 253 |  | 257 |  |
| Pro forma stockholders' equity per share | $20.01 |  | $20.04 |  | $18.34 |  | $18.36 |  | $17.11 |  | $17.11 |  | $16.04 |  | $16.01 |  |
| Pro forma net income per share | $0.16 |  | $0.15 |  | $0.13 |  | $0.14 |  | $0.13 |  | $0.13 |  | $0.11 |  | $0.11 |  |
| **Pro forma pricing ratios:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Offering price as a percentage of pro forma stockholders' equity per share | 49.98 | % | 49.90 | % | 54.53 | % | 54.47 | % | 58.45 | % | 58.45 | % | 62.34 | % | 62.46 | % |
| Offering price as a percentage of pro forma tangible stockholders' equity per share | 49.98 | % | 49.90 | % | 54.53 | % | 54.47 | % | 58.45 | % | 58.45 | % | 62.34 | % | 62.46 | % |
| Offering price to pro forma net income per share | 31.25 | x | 33.33 | x | 38.46 | x | 35.71 | x | 38.46 | x | 38.46 | x | 45.45 | x | 45.45 | x |
| **Pro forma financial ratios:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Return on assets | 0.13 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.15 | % | 0.15 | % |
| Return on equity | 1.50 | % | 1.49 | % | 1.44 | % | 1.44 | % | 1.40 | % | 1.39 | % | 1.35 | % | 1.35 | % |
| Equity to assets | 8.96 | % | 9.09 | % | 9.58 | % | 9.73 | % | 10.19 | % | 10.35 | % | 10.89 | % | 11.07 | % |

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(1) The following table shows the estimated after-tax expense associated with the contribution to the charitable foundation, as well as
pro forma net income, pro forma net income per share, pro forma net income as a percent of total assets, and pro forma income as a percentage
of stockholders' equity, assuming the contribution to the charitable foundation was expensed during the six months ended June 30,
2025 (dollars in thousands, except per share amounts).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Minimum of<br> Offering Range** | **Midpoint of<br> Offering Range** | **Maximum of<br> Offering Range** | **Adjusted Maximum of<br> Offering Range** |
| After-tax expense of stock and cash contribution to charitable foundation | $288 | $288 | $288 | $288 |
| Pro forma net income (loss) | $(62) | $(54) | $(45) | $(35) |
| Pro forma net income (loss) per share | $(0.04) | $(0.03) | $(0.02) | $(0.02) |
| Pro forma net income (loss) as a percent of total assets | (0.04)% | (0.03)% | (0.03)% | (0.02)% |
| Pro forma net income (loss) as a percentage of stockholders' equity | (0.41)% | (0.33)% | (0.26)% | (0.19)% |

---

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

This discussion and analysis reflects our consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our consolidated financial condition and results of operations. The information in this section has been derived from the consolidated financial statements, which appear beginning on page F-1 of this prospectus. You should read the information in this section in conjunction with the other business and financial information disclosed in this prospectus.

**Overview**

Upon completion of the conversion and stock offering, URSB Bancorp will conduct its business primarily through United Roosevelt Savings Bank. United Roosevelt Savings Bank's consists primarily of taking retail deposits from the general public, along with brokered deposits and other wholesale deposits, and investing those deposits, together with funds generated from operations, primarily in one-to four-family residential mortgage loans, commercial real estate loans, commercial and industrial loans, and multi-family loans. At June 30, 2025, one-to four-family residential mortgage loans totaled $116.4 million (44.5% of total loan portfolio), commercial real estate loans totaled $62.8 million (24.0% of total loan portfolio), commercial and industrial loans totaled $46.8 million (17.9% of total loan portfolio) and multi-family loans totaled $19.5 million (7.4% of total loan portfolio). To a lesser but growing extent, we also originate consumer loans and home equity loans and lines of credit. We also invest in securities, primarily mortgage-backed securities and collateralized mortgage obligations and U.S. Government agency securities.

We offer a variety of deposit accounts, including certificate of deposit accounts, money market accounts, savings accounts, and interest-bearing and noninterest-bearing checking accounts.

Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provision for credit losses, noninterest income and noninterest expense. Noninterest income currently consists primarily of customer service fees, swap contract income, and income on bank-owned life insurance. Noninterest expense consists primarily of expenses related to salary and employee benefits and director fees, occupancy and equipment, data processing, marketing and charitable contribution expense, professional fees, federal deposit insurance assessments and other general and administrative expenses.

Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.

**Anticipated Increase in Non-Interest Expense**

Following the completion of the conversion and stock offering, our noninterest expense is expected to increase as a result of the increased costs associated with operating as a public company and the increased compensation expenses associated with the purchase of shares of common stock by the ESOP and the possible implementation of a stock-based benefit plan, if approved by our stockholders, no earlier than six months after the completion of the conversion and stock offering. See "Summary – Benefits to Management and Potential Dilution to Stockholders Following the Conversion and Stock Offering;" "Risk Factors – Risks Related to the Stock Offering – Our stock-based benefit plans will increase our expenses and reduce our net income;" and "Management – Benefits to be Considered Following Completion of the Conversion and Stock Offering." Our noninterest expense is expected to increase as a result of the implementation of supplemental executive retirement agreements we intend to adopt for our executive officers. See "Management – Executive Compensation – Supplemental Executive Retirement Plan."

**Critical Accounting Policies and Use of Critical Accounting Estimates**

The discussion and analysis of the financial condition and results of operations are based on our consolidated financial statements, which are prepared to conform with U.S. GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions affecting the reported

amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policy discussed below to be our critical accounting policy. The estimates and assumptions that we use are based on historical experience and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations.

The Jumpstart Our Business Startups Act of 2012 contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an "emerging growth company" we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our consolidated financial statements may not be comparable to companies that comply with such new or revised accounting standards.

We consider the following accounting policies to be our critical accounting policies:

***Allowance for Credit Losses.*** The allowance for credit losses ("ACL") is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Management evaluates the appropriateness of the ACL on loans quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. A reversion methodology is applied beyond the reasonable and supportable forecasts. Qualitative adjustments are then considered for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors, that may include, but are not limited to, results of internal loan reviews, examinations by bank regulatory agencies, or other such events such as a natural disaster. The ACL on loans represents our estimated risk of loss within its loan portfolio as of the reporting date. To appropriately measure expected credit losses, management disaggregates the loan portfolio into pools of similar risk characteristics.

Management may also adjust its assumptions to account for differences between expected and actual losses from period-to-period. The variability of management's assumptions could alter the ACL on loans materially and impact future results of operations and financial condition. The loss estimation models and methods used to determine the ACL are continually refined and enhanced.

***Securities Valuation and Allowance for Credit Loss.*** Debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Debt securities not classified as held to maturity are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. For available for sale debt securities in an unrealized loss position, we first assesses whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income.

Changes in the ACL are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectability of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Management measures expected credit losses on held to maturity debt securities on an individual basis by major security types that share similar risk characteristics, which may include, but is not limited to, credit ratings, financial asset type, collateral type, size, effective interest rate, term, geographical location, industry, and vintage. Management classifies the held to maturity portfolio into the following major security types: subordinated debt and corporate bonds. We invest in subordinated debt issued only by financial institutions.

The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Given the rarity of subordinated debt and corporate bond defaults and losses, we utilize external third-party financial analysis models as the sole source of default and loss rates. Management may exercise discretion to make adjustments based on various qualitative factors. Changes in the ACL are recorded as credit loss expense (or reversal). A held to maturity debt security is written-off in the period in which a determination is made that all or a portion of the financial asset is uncollectible. Any previously recorded allowance, if any, is reversed and then the amortized cost basis is written down to the amount deemed to be collectible, if any.

**Comparison of Financial Condition at June 30, 2025 and December 31, 2024**

***Total Assets.*** Total assets increased $9.4 million, or 3.0%, to $325.3 million at June 30, 2025 from $315.9 million at December 31, 2024. This increase was primarily the result of increases in net loans and securities available for sale, offset, in part, by decreases in cash and cash equivalents and securities held-to-maturity.

***Cash and Cash Equivalents.*** Cash and cash equivalents decreased $1.8 million, or 17.3%, to $8.9 million at June 30, 2025 from $10.7 million at December 31, 2024. This decrease is due to the deployment of cash primarily into loans and securities available-for-sale.

***Investment in Certificates of Deposit.*** Investment in certificates of deposit decreased by $500,000, or 11.6%, to $3.8 million at June 30, 2025 from $4.3 million at December 31, 2024. This decrease was due to reinvesting the funds from maturing certificates of deposit into loans and securities available-for-sale.

***Securities Available for Sale.*** Securities available-for-sale increased by $3.3 million, or 18.2%, to $21.2 million at June 30, 2025 from $17.9 million at December 31, 2024. This increase was due to efforts to continue to maintain a diversified balance sheet, replace maturing investments within the securities held-to-maturity portfolio with investments in the securities available-for-sale portfolio, and enhance our liquidity position by purchasing securities available-for-sale and that may be pledged as collateral for potential future borrowing needs.

***Securities Held-to-Maturity.*** Securities held-to-maturity decreased by $5.0 million, or 25.0%, to $15.1 million at June 30, 2025 from $20.1 million at December 31, 2024. This decrease was primarily due to maturities and the funds being used to fund loans and the purchase of securities available-for-sale.

***Loans Receivable, Net.*** Loans receivable, net, increased by $13.1 million, or 5.3%, to $261.1 million at June 30, 2025 from $248.0 million at December 31, 2024. One- to four-family residential mortgage loans increased by $8.1 million, or 7.5%, to $116.4 million at June 30, 2025 from $108.2 million at December 31, 2024. Home equity and second mortgage loans increased by $272,000, or 8.2%, to $3.6 million at June 30, 2025 from $3.3 million at December 31, 2024. Multi-family mortgage loans decreased by $758,000, or 3.7%, to $19.5 million at June 30, 2025 from $20.2 million at December 31, 2024. Commercial real estate loans increased by $2.3 million, or 3.8%, to $62.8 million at June 30, 2025 from $60.5 million at December 31, 2024. Construction loans decreased by $2.2 million, or 35.8%, to $3.9 million at June 30, 2025 from $6.1 million at December 31, 2024. Commercial and industrial loans purchased from Bankers Healthcare Group, LLC ("Bankers Healthcare Group") decreased by $3.2 million, or 8.1%, to $35.9 million at June 30, 2025 from $39.1 million at December 31, 2024. Other commercial and industrial loans decreased by $26,000, or 0.2%, to $10.9 million at June 30, 2025 from $10.9 million at December 31, 2024. Consumer loans increased by $8.6 million, to $8.7 million at June 30, 2025 from $137,000 at December 31, 2024.

The changes in the loan portfolio described above reflects our strategy to continue to diversify our asset mixture by seeking opportunities to earn acceptable yields with new products and also reduce concentrations in our existing loan portfolios. In 2025 we began purchasing automobile loans from Woodside Credit and consumer loans from Bankers Healthcare Group and LendingClub<sup>®</sup>, which were the primary factors that led to the growth in the consumer loan portfolio. For additional information, see "Business of United Roosevelt Savings Bank – Lending Activities", "Business of United Roosevelt Savings Bank – Loan Underwriting Risks" and "Business of United Roosevelt Savings Bank – Asset Quality".

***Bank Owned Life Insurance.*** Bank owned life insurance increased by $76,000, or 1.3%, to $5.8 million at June 30, 2025 from $5.7 million at December 31, 2024. The increase was due to an increase in the cash surrender value of the existing policies. We invest in bank-owned life insurance to help offset the costs of our employee benefit plan obligations. Bank-owned life insurance also generally provides non-interest income that is non-taxable.

***Deposits.*** Deposits increased by $7.9 million, or 3.2%, to $254.0 million at June 30, 2025 from $246.1 million at December 31, 2024. Interest-bearing checking accounts decreased by $12.0 million, or 18.3%, to $53.6 million at June 30, 2025 from $65.6 million at December 31, 2024. Non-interest-bearing checking accounts increased by $154,000, or 2.7%, to $5.9 million at June 30, 2025 from $5.7 million at December 31, 2024. Money market accounts decreased by $5.9 million, or 34.2%, to $11.5 million at June 30, 2025 from $17.4 million at December 31, 2024. Savings and club accounts decreased by $5.7 million, or 21.8%, to $20.3 million at June 30, 2025 from $26.0 million at December 31, 2024. Certificates of deposit increased by $31.3 million, or 23.9% to $162.7 million at June 30, 2025 from $131.4 million at December 31, 2024.

The growth in certificates of deposit has been a result of seeking time deposits opened online from outside our primary market area as well as increased marketing and promotions. Declines in balances of interest-bearing checking accounts, non-interest-bearing checking accounts, money market accounts, and savings and club accounts were also primarily due to the increased marketing and promotion of certificates of deposit and migration of funds from no-yield and lower-yielding deposit accounts to higher-yielding certificates of deposit. For additional information, see "Business of United Roosevelt Savings Bank – Source of Funds".

***Senior Notes.*** Senior notes increased by $650,000, or 10.6%, to $6.8 million at June 30, 2025 from $6.1 million at December 31, 2024, due to additional senior notes issued in 2025. The proceeds of the senior notes were used enhance the capital position of United Roosevelt Savings Bank.

***Federal Home Loan Bank Advances.*** Federal Home Loan Bank advances increased by $5.1 million, or 13.4%, to $43.1 million at June 30, 2025 from $38.0 million at December 31, 2024. This increase was primarily due to the maturity of all Federal Reserve Bank advances and replacement with Federal Home Loan Bank advances. When advances mature, we consider the impact of utilizing either the Federal Home Loan Bank advances or Federal Reserve Bank advances based on factors such as applicable interest rates, durations of terms available, and collateral to be pledged, to determine the most optimal form of funding.

***Federal Reserve Bank Advances.*** There were no Federal Reserve Bank advances outstanding at June 30, 2025, compared to $5.0 million at December 31, 2024. This decrease was primarily due to the maturity of all Federal Reserve Bank advances and replacement with Federal Home Loan Bank advances. When advances mature, we consider the impact of utilizing either the Federal Home Loan Bank advances or Federal Reserve Bank advances based on factors such as applicable interest rates, durations of terms available, and collateral to be pledged, to determine the most optimal form of funding.

***Total Equity.*** Total equity increased by $445,000, or 2.4%, to $18.8 million at June 30, 2025 from $18.3 million at December 31, 2024. This was primarily due to net income of $203,000 for the six months ended June 30, 2025, and an increase in other comprehensive income of $242,000.

**Comparison of Financial Condition at December 31, 2024 and December 31, 2023**

***Total Assets.*** Total assets increased $34.2 million, or 12.1%, to $315.9 million at December 31, 2024 from $281.7 million at December 31, 2023. This increase was primarily the result of increases in net loans, securities available-for-sale, and investment in certificates of deposit, offset, in part, by a decrease in securities held-to-maturity.

***Cash and Cash Equivalents.*** Cash and cash equivalents increased $845,000, or 8.6%, to $10.7 million at December 31, 2024 from $9.9 million at December 31, 2023. This increase is primarily due to additional cash maintained to support potential liquidity needs given the increase in asset size between December 31, 2024 and December 31, 2023.

***Investment in Certificates of Deposit.*** Investment in certificates of deposit increased by $3.1 million, or 245.1%, to $4.3 million at December 31, 2024 from $1.2 million at December 31, 2023. This increase was due to our taking advantage of attractive rates and terms being offered for FDIC-insured certificates of deposit through other financial institutions.

***Securities Available-for-Sale.*** Securities available-for-sale increased by $7.4 million, or 70.6%, to $17.9 million at December 31, 2024 from $10.5 million at December 31, 2023. This increase was due to efforts to continue to maintain a diversified balance sheet, replace maturing investments in the securities held-to-maturity portfolio with investments in the securities available-for-sale portfolio, and enhance our liquidity position by purchasing securities available-for-sale that may be pledged as collateral for potential future borrowing needs.

***Securities Held-to-Maturity.*** Securities held-to-maturity decreased by $5.3 million, or 21.0%, to $20.1 million at December 31, 2024 from $25.4 million at December 31, 2023. This decrease was primarily due to maturities and the funds being used to fund loans and the purchase of securities available-for-sale.

***Loans Receivable, Net.*** Loans receivable, net, increased by $26.5 million, or 12.0%, to $248.0 million at December 31, 2024 from $221.5 million at December 31, 2023. One- to four-family residential mortgage loans increased by $19.9 million, or 22.6%, to $108.2 million at December 31, 2024 from $88.3 million at December 31, 2023. Home equity and second mortgage loans increased by $865,000, or 35.1%, to $3.3 million at December 31, 2024 from $2.5 million at December 31, 2023. Multi-family mortgage loans increased by $1.7 million, or 9.1%, to $20.2 million at December 31, 2024 from $18.5 million at December 31, 2023. Commercial real estate loans decreased by $31,000, or 0.1%, to $60.5 million at December 31, 2024 from $60.5 million at December 31, 2023. Construction loans increased by $1.8 million, or 43.3%, to $6.1 million at December 31, 2024 from $4.2 million at December 31, 2023. Commercial and industrial loans purchased from Bankers Healthcare Group increased by $315,000, or 0.8%, to $39.1 million at December 31, 2024 from $38.8 million at December 31, 2023. Other commercial and industrial increased by $1.5 million, or 16.1%, to $10.9 million at December 31, 2024 from $9.4 million at December 31, 2023. Consumer increased by $69,000, or 101.5%, to $137,000 at December 31, 2024 from $68,000 at December 31, 2023.

The changes in the loan portfolio described above reflects our strategy to continue to diversify our asset mixture by seeking opportunities to earn acceptable yields as well as maintain what we believe to be a conservative lending portfolio. Historically, we have focused on one- to four-family residential mortgage lending. We have pursued diversification through moderately-sized portfolios of commercial real estate loans and commercial and industrial loans, including commercial and industrial loans purchased from Bankers Healthcare Group.

***Bank Owned Life Insurance.*** Bank owned life Insurance increased by $1.1 million, or 24.3%, to $5.7 million at December 31, 2024 from $4.6 million at December 31, 2023. The increase was due to an increase in the cash surrender value of the existing policies and additional policies added for new employees. We invest in bank-owned life insurance to help offset the costs of our employee benefit plan obligations. Bank-owned life insurance also generally provides non-interest income that is non-taxable.

***Deposits.*** Deposits increased by $13.9 million, or 6.0%, to $246.1 million at December 31, 2024 from $232.2 million at December 31, 2023. Interest-bearing checking accounts decreased by $5.8 million, or 8.1%, to $65.6 million at December 31, 2024 from $71.4 million at December 31, 2023. Non-interest-bearing checking accounts increased by $2.8 million, or 97.6%, to $5.7 million at December 31, 2024 from $2.9 million at December 31, 2023. Money market accounts decreased by $2.5 million, or 12.7%, to $17.4 million at December 31, 2024 from $19.9 million at December 31, 2023. Savings and club accounts decreased by $188,000, or 0.7%, to $26.0 million at December 31, 2024 from $26.2 million at December 31, 2023. Certificates of deposit increased by $19.6 million, or 17.5%,to $131.4 million at December 31, 2024 from $111.8 million at December 31, 2023.

The growth in certificates of deposit has been a result of us seeking time deposits through increased marketing and promotions for these products. Declines in balances of interest-bearing checking accounts, non-interest-bearing checking accounts, money market accounts, and savings and club accounts, were also primarily due to the increased marketing and promotion of certificates of deposit and migration of funds from no-yield and lower-yielding deposit accounts to higher-yielding certificates of deposit.

***Senior Notes.*** Senior notes increased by $1.0 million, or 20.1%, to $6.1 million at December 31, 2024 from $5.1 million at December 31, 2023, due to additional senior notes issued in 2024. The proceeds of the senior notes were used enhance the capital position of United Roosevelt Savings Bank.

***Federal Home Loan Bank Advances.*** Federal Home Loan Bank advances increased by $13.7 million, or 56.3%, to $38.0 million at December 31, 2024 from $24.3 million at December 31, 2023. These funds were added to support funding of loans and investments available for sale and were done along with other funding sources such as from the Federal Reserve Bank. When we are reviewing funding opportunities, we consider the impact of utilizing either the Federal Home Loan Bank Advances or Federal Reserve Bank advances based on factors such as applicable interest rates, durations of terms available, and collateral to be pledged, to determine the most optimal form of funding.

***Federal Reserve Bank Advances.*** Federal Reserve Bank advances increased by $5.0 million, to $5.0 million at December 31, 2024. There were no Federal Reserve Bank advances at December 31, 2023. These funds were used to support loan growth and purchases of investments available-for-sale. When advances mature, we consider the impact of utilizing either the Federal Home Loan Bank advances or Federal Reserve Bank advances based on factors such as applicable interest rates, durations of terms available, and collateral to be pledged, to determine the most optimal form of funding.

***Total Equity.*** Total equity increased by $554,000, or 3.1%, to $18.3 million at December 31, 2024 from $17.8 million at December 31, 2023. This was primarily due to net income of $576,000 for the year ended December 31, 2024, offset by an increase in other comprehensive loss of $22,000.

***Average Balances and Yields.*** The following tables set forth average balances, average yields and costs, and certain other information for the periods indicated. Yields on tax-exempt securities have not been computed on a tax-equivalent basis, as the effects are immaterial. Average balances are calculated using daily average balances. Non-accrual loans are included in average balances only. Average yields include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense. Deferred loan fees are immaterial. Loan balances exclude loans held for sale.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **At June 30,**<br>**2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Weighted<br> Average<br> Yield/Rate** | **Average<br> Outstanding<br> Balance** | **Interest** | **Average<br> Yield/Rate** | **Average<br> Outstanding<br> Balance** | **Interest** | **Average<br> Yield/Rate** |
|  | | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents | 4.29% | $15184 | $331 | 4.36% | $17366 | $444 | 5.11% |
| Investment in certificates of deposit | 5.22 | 3971 | 103 | 5.19 | 1704 | 46 | 5.40 |
| Securities available-for-sale | 4.00 | 18174 | 323 | 3.55 | 11292 | 120 | 2.13 |
| Securities held-to-maturity | 3.15 | 17470 | 261 | 2.99 | 24782 | 392 | 3.16 |
| Loans receivable, net | 5.68 | 254332 | 7140 | 5.61 | 225847 | 5911 | 5.23 |
| Other interest-earning assets | 7.39 | 2162 | 88 | 8.14 | 1112 | 49 | 8.81 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 5.37 | 311293 | 8246 | 5.30 | 282103 | 6962 | 4.94 |
| Noninterest-earning assets |  | 10295 |  |  | 8497 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets |  | $321588 |  |  | $290600 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |
| Interest-bearing checking accounts | 1.21% | $61460 | 430 | 1.40% | $74778 | 524 | 1.40% |
| Money market accounts | 1.85 | 17200 | 173 | 2.01 | 23246 | 251 | 2.16 |
| Savings and club accounts | 0.10 | 22540 | 50 | 0.44 | 24821 | 12 | 0.10 |
| Brokered certificates of deposit | 3.72 | 58125 | 1092 | 3.76 | 42719 | 787 | 3.68 |
| Non-brokered certificates of deposit | 3.19 | 88344 | 1557 | 3.52 | 78011 | 1165 | 2.99 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2.57 | 247669 | 3302 | 2.67 | 243575 | 2739 | 2.25 |
| Senior notes | 6.23 | 6649 | 207 | 6.23 | 5553 | 172 | 6.19 |
| Federal Home Loan Bank advances | 3.53 | 40800 | 729 | 3.57 | 18134 | 386 | 4.26 |
| Federal Reserve Bank advances |  | 1295 | 30 | 4.63 |  |  |  |
| Other interest-bearing liabilities | 3.90 | 48744 | 966 | 3.96 | 23687 | 558 | 4.71 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2.94 | 296413 | 4268 | 2.88 | 267262 | 3297 | 2.47 |
| Noninterest-bearing demand deposits |  | 6693 |  |  | 4436 |  |  |
| Other noninterest-bearing liabilities |  | 923 |  |  | 880 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities |  | 304029 |  |  | 272578 |  |  |
| Total equity |  | 17559 |  |  | 18022 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity |  | 321588 |  |  | 290600 |  |  |
| Net interest income |  |  | $3978 |  |  | $3665 |  |
| Net interest rate spread <sup>(1)</sup> | 2.43% |  |  | 2.42% |  |  | 2.47% |
| Net interest-earning assets <sup>(2)</sup> |  | $14880 |  |  | $14841 |  |  |
| Net interest margin <sup>(3)</sup> | 2.61% |  |  | 2.56% |  |  | 2.60% |
| Average interest-earning assets to interest-bearing liabilities | 105.01% |  |  | 105.02% |  |  | 105.55% |

---

(1) Net interest rate spread represents the difference between the weighted
 average yield on interest-earning assets and the weighted average rate of interest-bearing
 liabilities.

(2) Net interest-earning assets represent total interest-earning assets less
 total interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average
 total interest-earning assets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Average<br> Outstanding<br> Balance** | **Interest** | **Average<br> Yield/Rate** | **Average<br> Outstanding Balance** | **Interest** | **Average Yield/Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Cash and cash equivalents | $14823 | $751 | 5.07% | $15348 | $711 | 4.63% |
| Investment in certificates of deposit | 3048 | 163 | 5.35 | 1869 | 93 | 4.98 |
| Securities available-for-sale | 13543 | 381 | 2.81 | 14030 | 259 | 1.85 |
| Securities held-to-maturity | 24100 | 779 | 3.23 | 26125 | 810 | 3.10 |
| Loans receivable, net | 234867 | 12578 | 5.36 | 197007 | 9298 | 4.72 |
| Other interest-earning assets | 1449 | 129 | 8.90 | 782 | 70 | 8.95 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 291830 | 14781 | 5.06 | 255161 | 11241 | 4.41 |
| Noninterest-earning assets | 9497 |  |  | 8242 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $301327 |  |  | $263403 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest-bearing checking <br>accounts | $72275 | 1054 | 1.46% | $75772 | 726 | 0.96% |
| Money market accounts | 22301 | 497 | 2.23 | 20659 | 307 | 1.49 |
| Savings and club accounts | 23816 | 44 | 0.18 | 31814 | 179 | 0.56 |
| Brokered certificates of deposit | 47895 | 1817 | 3.79 | 28473 | 919 | 3.23 |
| Non-brokered certificates of deposit | 79454 | 2564 | 3.23 | 69660 | 1306 | 1.87 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 245741 | 5976 | 2.43 | 226378 | 3437 | 1.52 |
| Senior notes | 5635 | 348 | 6.18 | 4485 | 271 | 6.04 |
| Federal Home Loan Bank advances | 25442 | 1044 | 4.10 | 11293 | 401 | 3.55 |
| Federal Reserve Bank advances | 38 | 1 | 2.63 |  |  |  |
| Other interest-bearing liabilities | 31115 | 1383 | 4.48 | 15778 | 672 | 4.26 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 276856 | 7369 | 2.66 | 242156 | 4109 | 1.70 |
| Noninterest-bearing demand deposits | 5348 |  |  | 2240 |  |  |
| Other noninterest-bearing liabilities | 823 |  |  | 1695 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 283027 |  |  | 246091 |  |  |
| Total equity | 18300 |  |  | 17312 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | 301327 |  |  | 263403 |  |  |
| Net interest income |  | $7412 |  |  | $7132 |  |
| Net interest rate spread <sup>(1)</sup> |  |  | 2.40% |  |  | 2.71% |
| Net interest-earning assets <sup>(2)</sup> | $14974 |  |  | $13005 |  |  |
| Net interest margin <sup>(3)</sup> |  |  | 2.54% |  |  | 2.80% |
| Average interest-earning assets to interest-bearing liabilities |  |  | 105.41% |  |  | 105.37% |

---

(1) Net interest rate spread represents the difference between the weighted
 average yield on interest-earning assets and the weighted average rate of interest-bearing
 liabilities.

(2) Net interest-earning assets represent total interest-earning assets less
 total interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average
 total interest-earning assets.

***Rate/Volume Analysis.*** The following tables present the effects of changing rates and volumes on net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. Changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There are no out-of-period items or adjustments required to be excluded from the tables below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025 vs. 2024** | **Six Months Ended June 30, 2025 vs. 2024** | **Six Months Ended June 30, 2025 vs. 2024** |
|  | **Increase (Decrease) Due to:** | **Increase (Decrease) Due to:** | |
|  | **Volume** | **Rate** | **Total Increase**<br>**(Decrease)** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Interest-earning assets:** |  |  |  |
| Cash and cash equivalents | $(56) | $(57) | $(113) |
| Investment in certificates of deposit | 61 | (4) | 57 |
| Securities available-for-sale | 73 | 130 | 203 |
| Securities held-to-maturity | (116) | (15) | (131) |
| Loans receivable, net | 746 | 483 | 1229 |
| Other interest-earning assets | 46 | (7) | 39 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 754 | 530 | 1284 |
| **Interest-bearing liabilities:** |  |  |  |
| Interest-bearing checking accounts | (93) | (1) | (94) |
| Money market accounts | (65) | (13) | (78) |
| Savings and club accounts | (1) | 39 | 38 |
| Brokered certificates of deposit | 284 | 21 | 305 |
| Non-brokered certificates of deposit | 154 | 238 | 392 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 279 | 284 | 563 |
| Senior notes | 34 | 1 | 35 |
| Federal Home Loan Bank advances | 482 | (139) | 343 |
| Federal Reserve Bank advances |  | 30 | 30 |
| Other interest-bearing liabilities | 516 | (108) | 408 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 795 | 176 | 971 |
| Change in net interest income | $(41) | $354 | $313 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024 vs. 2023** | **Year Ended December 31, 2024 vs. 2023** | **Year Ended December 31, 2024 vs. 2023** |
|  | **Increase (Decrease) Due to:** | **Increase (Decrease) Due to:** | |
|  | **Volume** | **Rate** | **Total Increase**<br>**(Decrease)** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Interest-earning assets:** |  |  |  |
| Cash and cash equivalents | $(24) | $64 | $40 |
| Investment in certificates of deposit | 59 | 11 | 70 |
| Securities available-for-sale | (9) | 131 | 122 |
| Securities held-to-maturity | (63) | 32 | (31) |
| Loans receivable, net | 1787 | 1493 | 3280 |
| Other interest-earning assets | 60 | (1) | 59 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 1810 | 1730 | 3540 |
| **Interest-bearing liabilities:** |  |  |  |
| Interest-bearing checking accounts | (34) | 362 | 328 |
| Money market accounts | 24 | 166 | 190 |
| Savings and club accounts | (45) | (90) | (135) |
| Brokered certificates of deposit | 627 | 271 | 898 |
| Non-brokered certificates of deposit | 184 | 1074 | 1258 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 756 | 1783 | 2539 |
| Senior notes | 69 | 8 | 77 |
| Federal Home Loan Bank advances | 502 | 141 | 643 |
| Federal Reserve Bank advances |  | 1 | 1 |
| Other interest-bearing liabilities | 571 | 150 | 721 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 1327 | 1933 | 3260 |
| Change in net interest income | $483 | $(203) | $280 |

---

**Comparison of Operating Results for the Six Months Ended June 30, 2025 and 2024**

***Net Income.*** Net Income was $203,000 for the six months ended June 30, 2025 compared to $267,000 for the six months ended June 30, 2024. The decrease was primarily due to increases in non-interest expense and the provision for credit losses, partially offset by increases in net interest income and non-interest income.

***Interest and Dividend Income.*** Interest and dividend income increased $1.2 million, or 18.4%, to $8.2 million for the six months ended June 30, 2025, from $7.0 million for the six months ended June 30, 2024, primarily due to an increase in interest and fees on loans. The increase in interest and fees on loans resulted primarily from a $28.5 million increase in the average balance of loans to $254.3 million from $225.8 million and an increase in the average yield on loans to 5.61% for the six months ended June 30, 2025, from 5.23% for the six months ended June 30, 2024, reflecting a higher market interest rate environment period-over-period.

***Interest Expense.*** Interest expense increased $971,000, or 29.5%, to $4.3 million for the six months ended June 30, 2025, from $3.3 million for the six months ended June 30, 2024. The increase is primarily due to increased interest expense on deposits and interest expense on Federal Home Loan Bank advances. Interest expense on deposit accounts increased $562,000, or 20.5%, to $3.3 million for the six months ended June 30, 2025, from $2.7 million for the six months ended June 30, 2024 due to an increase in the average balance of interest bearing deposits of $4.1 million, or 1.7%, to $247.7 million for the six months ended June 30, 2025, from $243.6 million for the six months ended June 30, 2024 and an increase in the average rate on deposits to 2.67% for the six months ended June 30, 2025, from 2.25% for the six months ended June 30, 2024 reflecting a higher market interest rate environment period-over-period. Interest expense on Federal Home Loan Bank advances increased $343,000, or 88.9%, to $729,000 for the six months ended June 30, 2025, from $386,000 for the six months ended June 30, 2024 due to an increase in the average balance of $22.7 million, or 125.0%, to $40.8 million for the six months ended June 30, 2025, from $18.1 million for the six months ended June 30, 2024. The average rate on Federal Home Loan Bank advances decreased to 3.57% for the six months ended June 30, 2025, from 4.26% for the six months ended June 30, 2024.

***Net Interest Income.*** Net interest income increased $313,000, or 8.5%, to $4.0 million for the six months ended June 30, 2025, from $3.7 million for the six months ended June 30, 2024, primarily due to an increase in the average balance of interest-earning assets of $29.2 million. Net interest rate spread decreased to 2.42% for the six months ended June 30, 2025, from 2.47% for the six months ended June 30, 2024, while net interest margin decreased to 2.56% for the six months ended June 30, 2025, from 2.60% for the six months ended June 30, 2024. The decrease in net interest spread was attributable to an increase in the average rate paid on interest-bearing liabilities to 2.88% for the six months ended June 30, 2025, from 2.47% for the six months ended June 30, 2024. This was partially offset by an increase in both the average balance and the average yield on interest earning assets.

***Provision for Credit Losses.*** Based on management's analysis of the adequacy of allowance for credit losses, a provision of $158,000 was recorded for the six months ended June 30, 2025, compared to a provision of $44,000 for the six months ended June 30, 2024. The $114,000, or 259.1%, increase was primarily due to the addition of new portfolios of consumer loans which historically have had higher delinquency rates, as well as increased uncertainty as to future economic conditions.

***Non-Interest Income.*** Non-interest income increased $24,000, or 109.1%, to $46,000 for the six months ended June 30, 2025, from $22,000 for the six months ended June 30, 2024. The increase was due to an increase in fees and service charges and an increase in the cash surrender value of bank owned life insurance, offset by losses on securities sales. Fees and service charges increased $14,000, or 16.3%, to $100,000 for the six months ended June 30, 2025, from $86,000 for the six months ended June 30, 2024. The increase in the cash surrender value of bank owned life insurance was $21,000, or 38.2%, to $76,000 for the six months ended June 30, 2025, from $55,000 for the six months ended June 30, 2024. Loss on sale of securities increased $11,000, or 9.2%, to $130,000 for the six months ended June 30, 2025, from $119,000 for the six months ended June 30, 2024. Securities were sold to redeploy the funds into loans and investments available-for-sale at higher current market interest rates.

***Non-Interest Expense.*** Non-interest expense increased $262,000, or 7.9%, to $3.6 million for the six months ended June 30, 2025, from $3.3 million for the six months ended June 30, 2024. The increase was due to increases in salaries and employee benefits, equipment, advertising, and federal deposit insurance premiums, offset primarily by decreases in directors compensation, professional fees, and other expenses. Salaries and employee benefits increased $221,000, or 13.3%, to $1.9 million for the six months ended June 30, 2025, from $1.7 million for the six months ended June 30, 2024 primarily related to the addition of staff to support retail and online banking operations. Equipment expense increased $96,000, or 22.2%, to $528,000 for the six months ended June 30, 2025, from $432,000 for the six months ended June 30, 2024 primarily related to additional equipment to support retail and online banking capabilities as well as information technology and information security. Advertising increased $22,000, or 19.3%, to $136,000 for the six months ended June 30, 2025, from $114,000 for the six months ended June 30, 2024 primarily related to increased advertising campaigns. Federal deposit insurance premiums increased $63,000, or 57.8%, to $172,000 for the six months ended June 30, 2025, from $109,000 for the six months ended June 30, 2024 primarily related to the growth in deposits.

Directors compensation decreased $14,000, or 11.0%, to $113,000 for the six months ended June 30, 2025, from $127,000 for the six months ended June 30, 2024 as the number of directors decreased from six to five. Professional fees decreased $53,000, or 18.4%, to $235,000 for the six months ended June 30, 2025, from $288,000

for the six months ended June 30, 2024 as ongoing consulting engagements were completed. Other expenses decreased $71,000, or 18.6%, to $310,000 for the six months ended June 30, 2025, from $381,000 for the six months ended June 30, 2024.

***Income Tax Expense.*** Income tax expense increased $25,000, or 34.7%, to $97,000 for the six months ended June 30, 2025, from $72,000 for the six months ended June 30, 2024, primarily due to the surrender of a BOLI policy and the related tax adjustment. The effective tax rate for the six months ended June 30, 2025 was 32.3% and for the six months ended June 30, 2024 was 21.2%.

**Comparison of Operating Results for the Years Ended December 31, 2024 and December 31, 2023**

***Net Income.*** Net income was $576,000 for the year ended December 31, 2024 compared to $720,000 for the year ended December 31, 2023. The decrease was primarily due to an increase in non-interest expense, partially offset by an increase in net interest income.

***Interest and Dividend Income.*** Interest and dividend income increased $3.5 million, or 31.5%, to $14.8 million for the year ended December 31, 2024, from $11.2 million for the year ended December 31, 2023, primarily due to an increase in interest and fees on loans and interest on available-for-sale securities. The increase in interest and fees on loans resulted primarily from a $37.9 million increase in the average balance of loans to $234.9 million from $197.0 million and an increase in the average yield on loans to 5.36% for the year ended December 31, 2024, from 4.72% for the year ended December 31, 2023 reflecting a higher market interest rate environment year-over-year. Interest on securities available-for-sale increased as a result of an increase in the average yield on securities available-for-sale to 2.81% for the year ended December 31, 2024, from 1.85% for the year ended December 31, 2023 which was partially offset by a decrease of $487,000 in the average balance of securities available-for-sale to $13.5 million from $14.0 million.

***Interest Expense.*** Interest expense increased $3.3 million, or 79.3%, to $7.4 million for the year ended December 31, 2024, from $4.1 million for the year ended December 31, 2023. The increase is primarily due to increased interest expense on deposits and on Federal Home Loan Bank advances. Interest expense on deposits increased $2.5 million, or 73.9%, to $6.0 million for the year ended December 31, 2024, from $3.4 million for the year ended December 31, 2023, due to an increase in the average balance of interest-bearing deposits of $19.4 million, or 8.6%, to $245.7 million for the year ended December 31, 2024, from $226.4 million for the year ended December 31, 2023 and an increase in the average rate paid on deposits to 2.43% for the year ended December 31, 2024, from 1.52% for the year ended December 31, 2023 reflecting a higher market interest rate environment year-over-year. Interest expense on Federal Home Loan Bank advances increased $643,000, or 160.3%, to $1.1 million for the year ended December 31, 2024, from $401,000 for the year ended December 31, 2023 due to an increase in the average balance of Federal Home Loan Bank Advances of $14.1 million, or 125.3%, to $25.4 million for the year ended December 31, 2024, from $11.3 million for the year ended December 31, 2023. The average rate paid on Federal Home Loan Bank advances increased to 4.10% for the year ended December 31, 2024, from 3.55% for the year ended December 31, 2023, reflecting higher market interest rates year-over-year.

***Net Interest Income.*** Net interest income increased $280,000, or 3.9%, to $7.4 million for the year ended December 31, 2024, from $7.1 million for the year ended December 31, 2023 primarily due to an increase in the average balance of interest-earning assets of $36.7 million. Net interest rate spread decreased to 2.40% for the year ended December 31, 2024, from 2.71% for the year ended December 31, 2023, while net interest margin decreased to 2.54% for the year ended December 31, 2024, from 2.80% for the year ended December 31, 2023. The decrease in net interest spread was attributable to an increase in the average rate paid on interest-bearing liabilities to 2.66% for the year ended December 31, 2024, from 1.70% for the year ended December 31, 2023. This was partially offset by an increase in both the average balances and average yield on interest-earning assets.

***Provision for Credit Losses.*** Based on management's analysis of the adequacy of allowance for credit losses, a provision of $118,000 was recorded for the year ended December 31, 2024, compared to a provision of $107,000 for the year ended December 31, 2023. The $11,000, or 10.3%, increase was primarily due to an increase in the size of the loan portfolio. For additional information, see "Business of United Roosevelt Savings Bank – Allowance for Credit Losses".

***Non-Interest Income.*** Non-interest income decreased $53,000, or 23.6%, to $172,000 for the year ended December 31, 2024, from $225,000 for the year ended December 31, 2023. The decrease was due to losses on sales of securities, offset by increases in fees and service charges and in the cash surrender value of bank owned life insurance. Loss on sales of securities was $119,000 for the year ended December 31, 2024, with no losses for the year ended December 31, 2023. Securities were sold to redeploy funds into loans and securities available-for-sale at higher prevailing market interest rates. Fees and service charges increased $44,000, or 35.2%, to $169,000 for the year ended December 31, 2024, from $125,000 for the year ended December 31, 2023. The increase in the cash surrender value of bank owned life insurance was $22,000, or 22.0%, to $122,000 for the year ended December 31, 2024, from $100,000 for the year ended December 31, 2023.

***Non-Interest Expense.*** Non-interest expense increased $455,000, or 7.2%, to $6.8 million for the year ended December 31, 2024, from $6.3 million for the year ended December 31, 2023. The increase was due to increased expenses for salaries and employee benefits, occupancy, equipment, directors compensation, and federal deposit insurance premiums, offset primarily by decreases in professional fees, advertising, and other expenses. Salaries and employee benefits increased $284,000, or 8.5%, to $3.6 million for the year ended December 31, 2024, from $3.4 million for the year ended December 31, 2023 primarily as a result of new employee hires for the new branch location. Occupancy increased $68,000, or 21.5%, to $384,000 for the year ended December 31, 2024, from $316,000 for the year ended December 31, 2023, primarily as a result of a full year of expenses related to the new branch location. Equipment expense increased $173,000, or 23.3%, to $915,000 for the year ended December 31, 2024, from $742,000 for the year ended December 31, 2023, primarily as a result of increased expenses related to information technology. Directors compensation increased $35,000, or 15.8%, to $256,000 for the year ended December 31, 2024, from $221,000 for the year ended December 31, 2023. Federal deposit insurance premiums increased $102,000, or 54.8%, to $288,000 for the year ended December 31, 2024, from $186,000 for the year ended December 31, 2023, primarily related to deposit growth.

Professional fees decreased $53,000, or 9.2%, to $523,000 for the year ended December 31, 2024, from $576,000 for the year ended December 31, 2023, primarily related to a reduction in legal expenses. Advertising decreased $63,000, or 21.8%, to $226,000 for the year ended December 31, 2024, from $289,000 for the year ended December 31, 2023 as a result of reduced advertising on products and services. Other expenses decreased $91,000, or 14.6%, to $534,000 for the year ended December 31, 2024, from $625,000 for the year ended December 31, 2023.

***Income Tax Expense.*** Income tax expense decreased $95,000, or 43.2%, to $125,000 for the year ended December 31, 2024, from $220,000 for the year ended December 31, 2023, primarily as a result of a decrease in income before income tax expense. The effective tax rate for the year ended December 31, 2024 was 18.0% and for the year ended December 31 2023 was 23.5%.

**Management of Market Risk**

***General*.** Our most significant form of market risk is interest rate risk because, as a financial institution, the majority of our assets and liabilities are sensitive to changes in market interest rates. Therefore, a principal part of our operations is to manage interest rate risk and limit the exposure of our financial condition and results of operations to changes in market interest rates. Our Asset Liability Committee is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk according to the policy and guidelines approved by our board of directors. The Asset Liability Committee meets at least quarterly, is comprised of directors, executive officers and certain senior management, and reports to the full board of directors on at least a quarterly basis. We currently utilize a third-party modeling program, prepared on a quarterly basis, to evaluate our sensitivity to changing interest rates, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the board of directors.

We seek to manage our interest rate risk in order to minimize the exposure of our earnings and capital to changes in interest rates. We have implemented the following strategies to manage our interest rate risk:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintaining
 capital levels that exceed the thresholds for well-capitalized status under applicable regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintaining
 a prudent level of liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· growing
 low-cost core deposit accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· using
 our investment securities portfolio as part of our balance sheet asset and liability and
 interest rate risk management strategy to reduce the impact of market interest rate movements
 on net interest income and economic value of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· using
 wholesale funding, such as Federal Home Loan Bank advances, brokered deposits and other wholesale
 deposits, in a prudent manner so as to lengthen the maturities of our interest-bearing liabilities;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· continuing
 to diversify our loan portfolio by seeking to grow commercial-related loans and consumer
 loans, which typically have shorter maturities.

Shortening the average term of our interest-earning assets by increasing our investments in shorter-term assets, as well as originating loans with variable interest rates, helps to match the maturities and interest rates of our assets and liabilities better, thereby reducing the exposure of our net interest income to changes in market interest rates.

***Change in Net Interest Income.*** We analyze our sensitivity to changes in interest rates through a net interest income model. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings.

The following table sets forth, as of June 30, 2025, the estimated changes in net interest income that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

---

| | | |
|:---|:---|:---|
| **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** |
| **Change in Interest Rates<br> (basis points) <sup>(1)</sup>**  | **Net Interest Income Year 1<br> Forecast** | **Year 1 Change from Level** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| 400 | $7228 | (21.46)% |
| 300 | 7744 | (15.84)% |
| 200 | 8255 | (10.29)% |
| 100 | 8744 | (4.99)% |
| Level | 9203 |  |
| (100) | 9598 | 4.30% |
| (200) | 9718 | 5.60% |
| (300) | 9155 | (0.51)% |

---

<sup>(1)</sup> Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.

The table above indicates that at June 30, 2025, we would have experienced a 10.29% decrease in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 5.60% increase in net interest income in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

The following table sets forth, as of December 31, 2024, the estimated changes in net interest income that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors, except for 400 basis point increase scenario for which the policy limit is 25.00%.

---

| | | |
|:---|:---|:---|
| **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
| **Change in Interest Rates<br> (basis points) <sup>(1)</sup>**  | **Net Interest Income Year 1<br> Forecast** | **Year 1 Change from Level** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;400 | $5921 | (25.18)% |
| &nbsp;&nbsp;300 | 6439 | (18.64)% |
| &nbsp;&nbsp;200 | 6952 | (12.15)% |
| &nbsp;&nbsp;100 | 7451 | (5.85)% |
| &nbsp;&nbsp;Level | 7913 |  |
| &nbsp;&nbsp;(100) | 8435 | 6.59% |
| &nbsp;&nbsp;(200) | 8853 | 11.88% |
| &nbsp;&nbsp;(300) | 8362 | 5.67% |

---

<sup>(1)</sup> Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.

The table above indicates that at December 31, 2024, we would have experienced a 12.15% decrease in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and an 11.8% increase in net interest income in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

The following table sets forth, as of December 31, 2023, the estimated changes in net interest income that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

---

| | | |
|:---|:---|:---|
| **At December 31, 2023** | **At December 31, 2023** | **At December 31, 2023** |
| **Change in Interest Rates (basis points) <sup>(1)</sup>**  | **Net Interest Income Year 1 Forecast** | **Year 1 Change from Level** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;400 | $6055 | (22.50)% |
| &nbsp;&nbsp;300 | 6506 | (16.72)% |
| &nbsp;&nbsp;200 | 6958 | (10.95)% |
| &nbsp;&nbsp;100 | 7405 | (5.23)% |
| &nbsp;&nbsp;Level | 7813 |  |
| &nbsp;&nbsp;(100) | 8242 | 5.49% |
| &nbsp;&nbsp;(200) | 8584 | 9.86% |
| &nbsp;&nbsp;(300) | 7908 | 1.21% |

---

<sup>(1)</sup> Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.

The table above indicate that at December 31, 2023, we would have experienced a 10.95% decrease in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 9.86% increase in net interest income in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

***Economic Value of Equity*.** We also compute amounts by which the net present value of our assets and liabilities (economic value of equity or "EVE") would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the United States Treasury yield curve increases instantaneously by the specified basis point increments or decreases instantaneously by the specified basis point increments, with changes in interest rates representing immediate and permanent, parallel shifts in the yield curve.

The following table sets forth, as of June 30, 2025, the estimated changes in EVE that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** |
| | | | | **EVE as a Percentage of Present <br> Value of Assets <sup>(3)</sup>** | **EVE as a Percentage of Present <br> Value of Assets <sup>(3)</sup>** |
| | | **Estimated Increase (Decrease) in<br> EVE** | **Estimated Increase (Decrease) in<br> EVE** | | |
| <br>**Change in Interest**<br>**Rates (basis points) <sup>(1)</sup>** |<br>**Estimated**<br>**EVE <sup>(2)</sup>** | **Amount** | **Percent** |<br>**EVE Ratio <sup>(4)</sup>** | **Increase<br> (Decrease)**<br>**(basis points)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;400 | $18498 | $(13753) | (42.64)% | 6.28% | (373) |
| &nbsp;&nbsp;300 | 22090 | (10161) | (31.51)% | 7.33% | (268) |
| &nbsp;&nbsp;200 | 25525 | (6726) | (20.86)% | 8.28% | (173) |
| &nbsp;&nbsp;100 | 28991 | (3260) | (10.11)% | 9.20% | (81) |
| &nbsp;&nbsp;Level | 32251 |  | —% | 10.01% |  |
| &nbsp;&nbsp;(100) | 34992 | 2741 | 8.50% | 10.62% | 61 |
| &nbsp;&nbsp;(200) | 36037 | 3786 | 11.74% | 10.73% | 72 |
| &nbsp;&nbsp;(300) | 32727 | 476 | 1.48% | 9.58% | (43) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes an immediate uniform change in interest rates at all maturities.
 One hundred basis points equals 1.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) EVE is the discounted present value of expected cash flows from assets,
 liabilities and off-balance sheet contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Present value of assets represents the discounted present value of
 incoming cash flows on interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) EVE Ratio represents EVE divided by the present value of assets.

The table above indicates that at June 30, 2025, we would have experienced a 20.86% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 11.74% increase in EVE in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

The following table sets forth, as of December 31, 2024, the estimated changes in EVE that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
| | | | | **EVE as a Percentage of Present <br> Value of Assets <sup>(3)</sup>** | **EVE as a Percentage of Present <br> Value of Assets <sup>(3)</sup>** |
| | | **Estimated Increase (Decrease) in<br> EVE** | **Estimated Increase (Decrease) in<br> EVE** | | |
| <br>**Change in Interest**<br>**Rates (basis points) <sup>(1)</sup>** |<br>**Estimated**<br>**EVE <sup>(2)</sup>** | **Amount** | **Percent** |<br>**EVE Ratio <sup>(4)</sup>** | **Increase<br> (Decrease)**<br>**(basis points)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;400 | $20416 | $(12121) | (37.25)% | 7.21% | (329) |
| &nbsp;&nbsp;300 | 23658 | (8879) | (27.29))% | 8.16% | (234) |
| &nbsp;&nbsp;200 | 26588 | (5949) | (18.28)% | 8.96% | (154) |
| &nbsp;&nbsp;100 | 29686 | (2851) | (8.76)% | 9.79% | (71) |
| &nbsp;&nbsp;Level | 32537 |  | —% | 10.50% |  |
| &nbsp;&nbsp;(100) | 35008 | 2471 | 7.59% | 11.06% | 56 |
| &nbsp;&nbsp;(200) | 36815 | 4278 | 13.15% | 11.39% | 89 |
| &nbsp;&nbsp;(300) | 34386 | 1849 | 5.68% | 10.46% | (4) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes an immediate uniform change in interest rates at all maturities.
 One hundred basis points equals 1.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) EVE is the discounted present value of expected cash flows from assets,
 liabilities and off-balance sheet contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Present value of assets represents the discounted present value of
 incoming cash flows on interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) EVE Ratio represents EVE divided by the present value of assets.

The table above indicates that at December 31, 2024, we would have experienced an 18.28% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 13.15% increase in EVE in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

The following table sets forth, as of December 31, 2023, the estimated changes in EVE that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **At December 31, 2023** | **At December 31, 2023** | **At December 31, 2023** | **At December 31, 2023** | **At December 31, 2023** | **At December 31, 2023** |
| | | | | **EVE as a Percentage of Present <br> Value of Assets <sup>(3)</sup>** | **EVE as a Percentage of Present <br> Value of Assets <sup>(3)</sup>** |
| | | **Estimated Increase (Decrease) in<br> EVE** | **Estimated Increase (Decrease) in<br> EVE** | | |
| <br>**Change in Interest**<br>**Rates (basis points) <sup>(1)</sup>** |<br>**Estimated**<br>**EVE <sup>(2)</sup>** | **Amount** | **Percent** |<br>**EVE Ratio <sup>(4)</sup>** | **Increase<br> (Decrease)**<br>**(basis points)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;400 | $17824 | $(10746) | (37.61)% | 7.20% | (330) |
| &nbsp;&nbsp;300 | 20617 | (7953) | (27.84))% | 8.13% | (237) |
| &nbsp;&nbsp;200 | 23166 | (5404) | (18.91)% | 8.92% | (158) |
| &nbsp;&nbsp;100 | 25993 | (2577) | (9.02)% | 9.78% | (72) |
| &nbsp;&nbsp;Level | 28570 |  | —% | 10.50% |  |
| &nbsp;&nbsp;(100) | 30803 | 2233 | 7.82% | 11.07% | 57 |
| &nbsp;&nbsp;(200) | 32545 | 3975 | 13.91% | 11.45% | 95 |
| &nbsp;&nbsp;(300) | 30014 | 1444 | 5.05% | 10.36% | (14) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes an immediate uniform change in interest rates at all maturities.
 One hundred basis points equals 1.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) EVE is the discounted present value of expected cash flows from assets,
 liabilities and off-balance sheet contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Present value of assets represents the discounted present value of
 incoming cash flows on interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) EVE Ratio represents EVE divided by the present value of assets.

The table above indicates that at December 31, 2023, we would have experienced an 18.91% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 13.91% increase in EVE in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. The net interest income and net economic value tables presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the tables provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates, and actual results may differ.

Interest rate risk calculations also may not reflect the fair values of financial instruments. For example, decreases in market interest rates can increase the fair values of our loans, mortgage servicing rights, deposits and borrowings.

**Liquidity and Capital Resources**

Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from maturities of securities. In addition, we have available credit facilities with the Federal Home Loan Bank of New York and the Federal Reserve Bank of New York. At June 30, 2025, we had the ability to borrow $74.2 million from the Federal Home Loan Bank of New York, of which $43.1 million was outstanding. At June 30, 2025, we also had available borrowing capacity of $27.6 million with the Federal Reserve Bank of New York, with no borrowings outstanding. For additional information, see note 9 of notes to consolidated financial statements.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. Our most liquid assets are cash and short-term investments. The levels of these assets depend on our operating, financing, lending, and investing activities during any given period.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. For additional information, see the consolidated statements of cash for

the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023 included as part of the consolidated financial statements appearing elsewhere in this prospectus.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position daily. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained. The net proceeds from the stock offering will significantly increase our liquidity.

At June 30, 2025, United Roosevelt Savings Bank exceeded all of its regulatory capital requirements and was categorized as well-capitalized at that date. Management is not aware of any conditions or events since the most recent notification of well-capitalized status that would change this categorization. For additional information, including tabular financial information regarding United Roosevelt Savings Bank's regulatory capital levels relative to the requirements for well-capitalized status, see note 10 of the notes to consolidated financial statements. The net proceeds from the stock offering will increase capital resources.

**Off-Balance Sheet Arrangements and Aggregate Contractual Obligations**

***Commitments.*** As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit and unused lines of credit. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. We anticipate that we will have sufficient funds available to meet our current lending commitments. For additional information, see note 13 to notes to consolidated financial statements.

***Contractual Obligations.*** In the ordinary course of business, we enter into certain contractual obligations, including operating leases for premises and equipment, among others. For additional information, see note 7 to notes to consolidated financial statements.

**Recent Accounting Pronouncements**

For a discussion of the impact of recent accounting pronouncements on our consolidated financial condition and results of operations, see note 2 of the notes to consolidated financial statements.

**Impact of Inflation and Changing Prices**

The consolidated financial statements and related data presented in this prospectus have been prepared according to U.S. GAAP, which requires the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates, generally, have a more significant impact on a financial institution's performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

**BUSINESS OF URSB BANCORP, INC.**

URSB Bancorp, a Maryland corporation, was incorporated on August 19, 2025, to become the bank holding company of United Roosevelt Savings Bank upon completion of the conversion and stock offering. It has not and will not engage in any business before the completion of the conversion and stock offering. Upon completion of the conversion and stock offering, it will own all of the issued and outstanding capital stock of United Roosevelt Savings Bank. URSB Bancorp will contribute at least 50% of the net proceeds from the stock offering to United Roosevelt Savings Bank. URSB Bancorp will retain the remaining net proceeds from which it will use a portion to lend funds to the ESOP to purchase shares of common stock in the stock offering and to make a cash contribution to the charitable foundation. At a later date, we may use the net proceeds from the stock offering to pay dividends to stockholders and repurchase shares of common stock, subject to our capital needs and regulatory limitations. We will invest our initial capital in the manner as discussed in "How We Intend to Use the Proceeds from the Stock Offering."

After the conversion and the stock offering, URSB Bancorp, as the bank holding company of United Roosevelt Savings Bank, will be authorized to pursue other business activities permitted by applicable laws and regulations, which may include the acquisition of other banks and financial services companies. See "Supervision and Regulation – Bank Holding Company Regulation" for a discussion of the activities that are permitted for bank holding companies.

Following the conversion and stock offering, URSB Bancorp's cash flow will depend primarily on earnings from the investment of the net proceeds from the stock offering it retains and on any cash dividends it receives from United Roosevelt Savings Bank, which is subject to regulatory limitations on the amount of dividends that it may pay. See "Supervision and Regulation – Federal Regulations Applicable to United Roosevelt Savings Bank – Capital Requirements."

Initially, URSB Bancorp will neither own nor lease any property, but will instead pay a fee to United Roosevelt Savings Bank for the use of its premises, equipment and furniture. At the present time, URSB Bancorp intends to employ as its officers only certain persons who are officers of United Roosevelt Savings Bank. It will, however, use the support staff of United Roosevelt Savings Bank from time to time and will pay a fee to United Roosevelt Savings Bank for the time they devote to URSB Bancorp. However, these persons will not be separately compensated by URSB Bancorp. URSB Bancorp may hire additional employees, as needed, to the extent it expands its business in the future.

**BUSINESS OF UNITED ROOSEVELT SAVINGS BANK**

**General**

United Roosevelt Savings Bank is a New Jersey-chartered stock savings bank. In October 1997, United Roosevelt Savings Bank converted from the mutual to stock form of organization by reorganizing into the current mutual holding company structure, resulting in United Roosevelt, MHC becoming its mutual holding company and United Roosevelt Bancorp becoming its mid-tier subsidiary stock holding company.

United Roosevelt Savings Bank operates from its main office and one branch office, both located in Carteret. We consider Middlesex County, where Carteret is located, and Monmouth County, adjacent to Middlesex County to the southeast, to be our primary market area for loans and retail deposits. Both counties are considered part of the New York Metropolitan area.

Our business consists primarily of taking retail deposits from the general public, along with brokered deposits and other wholesale deposits, and investing those deposits, together with funds generated from operations, primarily in one-to four-family residential mortgage loans, commercial real estate loans, commercial and industrial loans, and multi-family loans. At June 30, 2025, one-to four-family residential mortgage loans totaled $116.4 million (44.5% of total loan portfolio), commercial real estate loans totaled $62.8 million (24.0% of total loan portfolio), commercial and industrial loans totaled $46.8 million (17.9% of total loan portfolio) and multi-family loans totaled $19.5 million (7.4% of total loan portfolio). To a lesser but growing extent, our loan portfolio includes consumer loans, including unsecured consumer loans, the substantial majority of which we have recently begun to purchase from third parties. Consumer loans increased from $137,000, or 0.1% of total loans, at December 31, 2024 to $8.7 million, or 3.3% of total loans, at June 30, 2025. For further information about our lending activities, see "Risk Factors – Risks Related to Our Lending Activities" and "Business of United Roosevelt Savings Bank – Lending Activities."

We also invest in securities, primarily mortgage-backed securities and collateralized mortgage obligations and U.S. Government agency securities.

We offer a variety of deposit accounts, including certificate of deposit accounts, money market accounts, savings accounts, and interest-bearing and noninterest-bearing checking accounts.

**Business Strategy**

As a community bank, we believe that our reputation for providing personalized customer service is our strongest asset and most effective business strategy to continue to grow and be profitable. The proceeds from the stock offering will enable us to continue to implement prudent growth, and we plan to employ the following strategies to also maximize profitability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our commercial real estate loan portfolio.** At June 30, 2025, commercial
 real estate loans were the second largest component of our loan portfolio behind one- to
 four-family residential mortgage loans. Commercial real estate loans help to increase loan
 portfolio yield, thereby improving profitability, and reduce the average term to repricing
 of our loans, thereby improving interest rate risk management. The proceeds from the stock
 offering will allow us to compete for more and larger loan relationships with borrowers,
 primarily in our market area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our commercial and industrial loan portfolio.** At June 30, 2025, commercial
 and industrial loans were the third largest component of our loan portfolio behind one- to
 four family residential mortgage loans and commercial real estate loans. Like commercial
 real estate loans, commercial and industrial loans help to increase loan portfolio yield,
 thereby improving profitability, and reduce the average term to repricing of our loans, thereby
 improving interest rate risk management. The proceeds from the stock offering will allow
 us to compete for more and larger loan relationships with borrowers, primarily in our market
 area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our consumer loan portfolio.** The consumer loan portfolio increased to $8.7 million
 or 3.3% of total loans at June 30, 2025, from $137,000 or 0.1% of total loans at December 31,
 2024, primarily due to loan purchases from third parties, including purchases of unsecured
 consumer loans. The proceeds from the stock offering will allow us to continue to grow this
 area of lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue our historical emphasis on residential mortgage lending.** As a community bank, one- to
 four-family residential mortgage lending has been, and will continue to be, a significant
 portion of our lending activities. The proceeds from the stock offering will allow us to
 continue to grow this area of lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow core deposits.** We consider all deposits, other than certificates of deposits
 and brokered deposits, as core deposits. We have invested in and enhanced our online and
 mobile banking offerings to help gather core deposits. We intend to search for and hire a
 qualified business development officer to also help our efforts to gather core deposits.
 Our commercial and industrial lending activities are an avenue to increase our core deposits
 by offering the opportunity to capture the full banking relationship, including a deposit
 relationship, with these customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Grow organically and through opportunistic branching or acquisitions.** We intend to grow our
 balance sheet organically on a managed basis. The capital we are raising in the conversion
 and stock offering will enable us to increase our lending and investment capacity. In addition
 to organic growth, we may also consider expansion opportunities in our market area or in
 contiguous markets that we believe would enhance our franchise value and stockholder returns.
 These opportunities may include establishing new, or de novo, branch offices, acquiring branch
 offices, establishing loan production offices, or acquiring other financial institutions.
 The capital we are raising in the stock offering would help us fund any such opportunities
 that may arise. We have no current plans or intentions regarding any such expansion activities.

Reflecting our community focus, in connection with the conversion and offering, we intend to establish a charitable foundation and fund it with $200,000 in cash and 20,000 shares of our common stock (valued at $10.00 per share), for a total contribution of $400,000. The charitable foundation will make contributions to support various charitable organizations within the communities we serve now and in the future. For further information, see "URSB Charitable Foundation, Inc."

**Market Area**

We consider Middlesex County and Monmouth County to be our primary market area for loans and retail deposits. These counties are part of the New York Metropolitan area. According to published statistics, the 2025 population was approximately 867,000 for Middlesex County and approximately 642,000 for Monmouth County. Major employment sectors in Middlesex County include healthcare (<u>e.g.</u>, Robert Wood Johnson University Hospital and St. Peter's Healthcare System), pharmaceuticals (<u>e.g.</u>, Novo Nordisk, Bristol-Myers Squibb, and Johnson & Johnson), and retail (e.g., Amazon and Home Depot). Major employment sectors in Monmouth County include healthcare (<u>e.g.</u>, Hackensack Meridian Health and RWJ Barnabas – Monmouth Medical Center) and higher education (<u>e.g.</u>, Monmouth University).

According to published statistics, 2025 median household income for Middlesex County and Monmouth County was approximately $104,400 and $122,400, respectively, compared to approximately $99,360 statewide and $78,800 nationwide. 2025 per capita income for Middlesex County and Monmouth County were approximately $52,200 and $66,500, respectively, compared to approximately $54,300 statewide and $44,600 nationwide. The June 2025 unemployment rates for Middlesex County and Monmouth County were 5.4% and 4.6%, respectively, compared to 4.1% both statewide and nationwide.

**Competition**

We face significant competition within our market both in making loans and attracting deposits. Our market area has a high concentration of financial institutions, including large money center and regional banks, community banks, credit unions and other non-bank financial service providers. Our two banking offices are located in Middlesex County. At June 30, 2024 (the most recent date for which FDIC data is available), we were ranked 24<sup>th</sup> among the 44 FDIC-insured financial institutions with offices in Middlesex County, with a deposit market share of 0.31%. Our competition for loans comes primarily from the competitors referenced above and from other financial service providers, such as mortgage companies and mortgage brokers. Competition for loans also comes from the increasing number of non-depository financial service companies participating in the mortgage market, such as insurance companies, securities firms, fintech companies, specialty finance firms and technology companies. Our ability to compete in our primary market area does not depend on any existing relationship.

We expect competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend toward consolidation of the financial services industry. Technological advances, for example, have lowered barriers to entry, which have allowed banks to expand their geographic reach by providing services over the internet and made it possible for non-depository institutions, including fintech companies, to offer products and services that traditionally have been provided by banks. Competition for deposits and loans could limit our growth in the future.

**Lending Activities**

Our loan portfolio consists primarily of commercial real estate loans, commercial and industrial loans, and one-to four-family residential mortgage loans and, to a growing extent, consumer loans. To a substantially lesser extent, the loan portfolio also includes home equity loans and lines of credit and construction loans.

***Loan Portfolio Composition.*** The following table sets forth the composition of our loan portfolio by loan type at the dates indicated. At June 30, 2025, December 31, 2024 and December 31, 2023, there were no loans held-for-sale.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **At June 30, 2025** | **At June 30, 2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real estate loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $116352 | 44.47% | $108226 | 43.55% | $88303 | 39.72% |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage | 3602 | 1.38 | 3330 | 1.34 | 2465 | 1.11 |
| &nbsp;&nbsp;&nbsp;Multi-family | 19457 | 7.44 | 20215 | 8.13 | 18528 | 8.33 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 62831 | 24.01 | 60542 | 24.36 | 60573 | 27.24 |
| &nbsp;&nbsp;&nbsp;Construction | 3927 | 1.50 | 6119 | 2.46 | 4270 | 1.92 |
| Commercial and industrial: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans | 35912 | 13.72 | 39073 | 15.72 | 38758 | 17.43 |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 10864 | 4.15 | 10890 | 4.38 | 9378 | 4.22 |
| Consumer | 8721 | 3.33 | 137 | 0.06 | 68 | 0.03 |
|  | 261666 | 100.00% | 248532 | 100.00% | 222343 | 100.00% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | (1648) |  | (1363) |  | (1478) |  |
| &nbsp;&nbsp;&nbsp;Premiums on loans purchased | 98 |  | 23 |  | 23 |  |
| &nbsp;&nbsp;&nbsp;Deferred loan fees, net | 954 |  | 833 |  | 656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | $261070 |  | $248025 |  | $221544 |  |

---

***Contractual Maturities.*** The following tables set forth the contractual maturities of our total loan portfolio at June 30, 2025. Demand loans, which are loans having no stated repayment schedule or maturity, and overdraft loans are both reported as being due in one year or less. Because the table presents contractual maturities and do not reflect repricing or the effect of prepayments, actual maturities may differ.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **One- to <br> Four-Family<br> Residential** | **Home Equity <br> and Second<br> Mortgage** | **Multi-Family** | **Commercial <br> Real Estate** | **Construction** | **Bankers <br> Healthcare<br> Group** | **Other <br> Commercial <br> and <br> Industrial** | **Consumer** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Amounts due in: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One year or less | $42 | $— | $64 | $1159 | $3927 | $237 | $3434 | $88 | $8951 |
| &nbsp;&nbsp;&nbsp;&nbsp;After one year through two years | 181 | 15 | 300 | 48 |  | 640 | 2171 |  | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;After two years through three years | 300 | 5 |  | 94 |  | 1472 | 632 | 355 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;After three years through five years | 914 | 19 | 1129 | 1984 |  | 7609 | 2037 | 1062 | 14754 |
| &nbsp;&nbsp;&nbsp;&nbsp;After five years through 10 years | 4570 | 700 | 726 | 5310 |  | 14096 | 1038 | 5480 | 31920 |
| &nbsp;&nbsp;&nbsp;&nbsp;After 10 years through 15 years | 6043 | 2863 | 1390 | 5917 |  | 11858 | 1234 | 1736 | 31041 |
| &nbsp;&nbsp;&nbsp;&nbsp;After 15 years | 104302 |  | 15848 | 48319 |  |  | 318 |  | 168787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $116352 | $3602 | $19457 | $62831 | $3927 | $35912 | $10864 | $8721 | $261666 |

---

The following table sets forth the fixed-rate and adjustable-rate loans at June 30, 2025, that are contractually due after June 30, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | **Due After June 30, 2026** | **Due After June 30, 2026** | **Due After June 30, 2026** |
|  | **Fixed** | **Adjustable** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Real estate loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $55069 | $61241 | $116310 |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage | 1314 | 2288 | 3602 |
| &nbsp;&nbsp;&nbsp;Multi-family | 300 | 19093 | 19393 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 5757 | 55915 | 61672 |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |
| Commercial and industrial: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans | 35675 |  | 35675 |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 3302 | 4128 | 7430 |
| Consumer | 8633 |  | 8633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $110050 | $142665 | $252715 |

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***One- to Four-Family Residential Mortgage Loans*.** At June 30, 2025, one- to four-family residential mortgage loans totaled $116.4 million or 44.5% of total loans. The vast majority have been purchased from local mortgage brokers. We generally do not originate one- to four-family residential mortgage loans for sale. The vast majority of one- to four-family residential mortgage loans are secured by properties located in our primary market area.

The one- to four-family residential mortgage loan portfolio includes both fixed-rate loans and adjustable rate loans. The interest rate on fixed-rate loans is set based on our asset/liability objectives and competitive factors. Fixed-rate loans have maturities from 10 to 30 years. At June 30, 2025, fixed-rate one- to four-family residential real estate loans totaled $55.1 million.

Adjustable-rate one- to four-family residential real estate loans have terms of up to 30 years. The interest rate is generally fixed during the first five years and then adjusts annually based on the One Year U.S. Treasury rate, plus a spread. At June 30, 2025, adjustable-rate one- to four-family residential real estate loans totaled $61.2 million.

We evaluate both the borrower's ability to make principal, interest and escrow payments and the value of the property that will secure the loan. Our one- to four-family residential real estate loans do not currently include prepayment penalties, are non-assumable and do not produce negative amortization. Our one- to four-family residential mortgage loans customarily include "due-on-sale" clauses giving us the right to declare the loan immediately due and payable if, among other things, the borrower sells the property subject to the mortgage. All borrowers are required to obtain title insurance. We also require homeowner's insurance and fire and casualty insurance and, where circumstances warrant, flood insurance on properties securing real estate loans. The maximum loan-to-value ratio for one- to four-family loans is 80% (95% with private mortgage insurance).

We generally do not offer "interest-only" mortgage loans on one- to four-family residential real estate loans nor do we offer loans that provide for negative amortization of principal, such as "Option ARM" loans, where the borrower can pay less than the interest owed on their loan, resulting in an increased principal balance during the life of the loan. Additionally, we do not offer "subprime loans" (loans that are made with low down-payments to borrowers with weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios).

***Home Equity Loans and Second Mortgage Loans*.** At June 30, 2025, home equity and second mortgage loans totaled $3.6 million or 1.4% of total loans. Subject to market conditions, we intend to increase this type of lending because it offers higher yields and their variable interest rates helps to mitigate interest rate risk.

Home equity loans are generally revolving lines of credit and are generally underwritten using the same underwriting criteria for one- to four-family residential mortgage loans. Home equity lines of credit may be underwritten with a loan-to-value ratio of up to 80% when combined with the principal balance of the existing first mortgage loan. Home equity lines of credit have a 15-year term. During the first five years the account

revolves with a monthly interest payment based on a variable interest rate. During the last 10 years the account is closed to new draws and the principal balance is fully amortized, with interest based on the prime rate plus a spread.

Second mortgage loans are fully-amortizing loans and are generally underwritten using the same underwriting criteria for one- to four-family residential mortgage loans. Second mortgage loans generally have a loan-to-value ratio of up to 80% when combined with the principal balance of the existing first mortgage loan. Second mortgage loans have terms of five, 10 or 15 years. The interest rate is set at origination based on market conditions and our asset/liability management objectives.

***Multi-family Mortgage Loans.*** At June 30, 2025, multi-family mortgage loans totaled $19.5 million or 7.4% of total loans, many of which are purchased participation interests in loans originated by other financial institutions in our market area acting as the lead lender. Multi-family mortgage loans are secured primarily by five or more-unit residential apartment buildings located in our primary market area. Multi-family mortgage loans are generally fully-amortizing loans with 25-year terms and with interest rates that reset every five years based on the Federal Home Loan Bank 5-year advance rate, plus a spread. At June 30, 2025, our largest multi-family mortgage loan had an outstanding balance of $2.0 million and it was performing according to its original terms.

We consider a number of factors in originating multi-family mortgage loans, including the creditworthiness of the borrower, the value and condition of the mortgaged property securing the loan, and the rent roll of the mortgaged property. When evaluating the borrower, we also consider the borrower's experience in owning or managing similar property and the borrower's payment history with us and other financial institutions. In evaluating the property securing the loan, among other factors we consider the net operating income of the mortgaged property before debt service and depreciation, the debt service coverage ratio (the ratio of net operating income to debt service) to ensure that, subject to certain exceptions, it is at least 1.20x and that the ratio of the loan amount to the appraised value of the mortgaged property, subject to certain exception, is limited to 75% of the appraised value or purchase price, whichever is lower. The collateral property is appraised by outside independent and qualified appraisers that are duly approved according to policy. Personal guarantees are typically obtained from borrowers. Each borrower's financial information is monitored on an ongoing basis by requiring periodic financial statement updates.

***Commercial Real Estate Loans*.** At June 30, 2025, commercial real estate loans totaled $62.8 million or 24.0% of total loans. Commercial real estate loans are secured primarily by shopping centers, single tenant retail properties, and light industrial properties located in our primary market area. The terms and interest rates for commercial real estate loans are generally the same as those for multi-family mortgage loans. At June 30, 2025, our largest commercial real estate loan had an outstanding balance of $2.6 million and is secured by various commercial properties and residential rental properties in our primary market area. At June 30, 2025, this loan was performing according to its original terms.

We consider a number of factors in originating commercial real estate loans, including the creditworthiness of the borrower, the value and condition of the mortgaged property securing the loan, and the rent roll of the mortgaged property. When evaluating the borrower, we also consider the borrower's experience in owning or managing similar property and the borrower's payment history with us and other financial institutions. In evaluating the property securing the loan, among other factors we consider the net operating income of the mortgaged property before debt service and depreciation, the debt service coverage ratio (the ratio of net operating income to debt service) to ensure that, subject to certain exceptions, it is at least 1.20x, and the ratio of the loan amount to the appraised value of the mortgaged property, subject to certain exception, is limited to 75% of the appraised value or purchase price, whichever is lower. The collateral property is appraised by outside independent and qualified appraisers that are duly approved according to policy. Personal guarantees are often obtained from borrowers. Each borrower's financial information is monitored on an ongoing basis by requiring periodic financial statement updates.

At June 30, 2025, commercial real estate loans secured by owner-occupied, non-farm, non-residential properties totaled $15.9 million, commercial real estate loans secured by non-owner-occupied, non-farm, non-residential properties totaled $20.5 million, and commercial real estate loans secured by non-owner occupied one- to four-family residential properties totaled $26.4 million.

To monitor concentration risk in commercial real estate loans, we have established a guideline metric based on the ratio of those loans to the sum of United Roosevelt Savings Bank's Tier 1 capital and allowance for credit losses. The guideline percentage is 100% for commercial real estate loans secured by owner-occupied, non-farm, non-residential properties, 150% for commercial real estate loans secured by non-owner-occupied, non-farm, non-residential properties, and 150% for commercial real estate loans secured by non-owner-occupied, one- to four-family residential properties. At June 30, 2025, the percentages were 57%, 74% and 95%, respectively.

***Construction Loans*.** At June 30, 2025, construction loans totaled $3.9 million or 1.5% of total loans. Our construction loans are generally for the construction of commercial properties and mixed-use properties in our market area, such as professional office buildings and apartment buildings with street-level retail space. We generally do not originate residential construction loans.

Construction loans have terms of up to 12 months. Funds are advanced on a "per completion" basis and the borrower makes interest-only payments. The interest rate is generally based on the prime lending rate, plus a spread. Upon completion of construction, the construction loan may be converted to a permanent mortgage loan.

Construction loans are generally limited to 70% loan-to-completed-appraised-value ratio upon completion of the project. Before making a commitment to fund a construction loan, we require an appraisal of the property by an independent licensed appraiser. We also generally require inspections of the property before disbursements of funds during the term of the construction loan.

At June 30, 2025, the largest construction loan had an outstanding balance of $3.1 million and is for the construction of a an apartment building located in our primary market area. At June 30, 2025, this loan was performing according to its original terms.

***Commercial and Industrial Loans.*** At June 30, 2025, commercial and industrial loans totaled $46.8 million or 17.9% of total loans. A significant portion of the commercial and industrial loan portfolio consists of commercial and industrial loans purchased from Bankers Healthcare Group and BancAlliance. We also purchase consumer loans from Bankers Healthcare Group as discussed below under "—Lending Activities – Consumer Loans."

At June 30, 2025, Bankers Healthcare Group purchased loans totaled $35.9 million. We began purchasing commercial and industrial loans from Bankers Healthcare Group in early 2016. Bankers Healthcare Group originates loans nationwide to licensed or unlicensed or otherwise skilled business professionals for business development, practice improvement, debt consolidation, working capital, equipment purchases, and, occasionally, business purchases. Bankers Healthcare Group typically originates loans at fixed interest rates and without a prepayment penalty provision. Bankers Healthcare Group underwrites and funds the loans, which are typically secured by a Uniform Commercial Code blanket lien on the borrowers' business assets. When we purchase a loan from Bankers Healthcare Group, we purchase 100% of the loan and Bankers Healthcare Group establishes a reserve deposit account with us equal to 3% of the loan balance. The borrower services the loan by authorizing us to withdraw funds electronically from the borrower's deposit account established at the borrower's financial institution. If a loan becomes delinquent, Bankers Healthcare Group handles all collection activity and bears all associated costs. During the delinquency period, we withdraw funds from the reserve deposit account to service the loan. When a delinquent payment is collected, the collected funds are used to replenish the reserve deposit account. If a loan becomes120 days delinquent, Bankers Healthcare Group typically repurchases the delinquent loan or replaces it with a performing loan of equal or greater balance (although this is not a contractual obligation of Bankers Healthcare Group). We estimate that the typical loan purchased from Bankers Healthcare Group has an outstanding balance of approximately $63,000 and a maximum term of 12 years at the time of purchase. At June 30, 2025, our largest Bankers Healthcare Group purchased loan totaled $616,000 and it was performing according to its original terms.

To monitor concentration risk in Bankers Healthcare Group commercial and industrial loans, we have established a guideline metric based on the ratio of those loans to the sum of United Roosevelt Savings Bank's Tier 1 capital and allowance for credit losses. The guideline percentage is 150%. At June 30, 2025, Bankers Healthcare Group loans were at 148.9%.

At June 30, 2025, BancAlliance purchased loans totaled $3.3 million. In November 2023 we began purchasing participation interests in syndicated leveraged lending loans from BancAlliance. Our board of directors has imposed a $5.0 million limit on total loans purchased from BancAlliance. These loans are unsecured and are made to large middle market businesses (generally with earnings before interest, taxes, depreciation and amortization (EDITDA) of approximately $10-75 million) in varying industries. These loans generally have two- to seven-year terms and fixed interest rates. At June 30, 2025, our largest BancAlliance purchased loan totaled $500,000 and it was performing according to its original terms.

The vast majority of other commercial and industrial loans are lines of credit and term loans that we originate, which are generally secured by some or all of the business assets of the borrower, including machinery and equipment, inventory and other business assets. Lines of credit are generally variable rate demand loans with maturities of up to two year. Terms loans are generally fully amortizing for a maximum term of two years and have variable interest rates.

When making commercial and industrial loans, we consider the financial statements of the borrower, lending history with the borrower, the debt service capabilities and global cash flows of the borrower and other guarantors, the projected cash flows of the business and the value of the business assets.

***Consumer Loans.*** At June 30, 2025, consumer loans totaled $8.7 million or 3.3% of total loans, compared to $137,000 or 0.1% of total loans at December 31, 2024. This increase is primarily the result of consumer loans we have purchases from third parties including Bankers Healthcare Group, LendingClub<sup>®</sup> and Woodside Credit. We intend to continue to grow the consumer loan portfolio through loan purchases as opposed to consumer loans we originate directly.

As an extension of our existing relationship with Bankers Healthcare Group with respect to purchasing commercial and industrial loans, we began purchasing consumer loans from them in the second quarter of 2025. At June 30, 2025, Bankers Healthcare Group-purchased consumer loans totaled $5.5 million. These loans are generally unsecured and are made to borrowers with high incomes (typically W-2 incomes exceeding $200,000) and high credit scores (typically credit scores of 780 and above). Loan terms range from three months to 12 years, but are predominately in the range of 10 to 12 years, and generally have variable interest rates. As discussed under "—Lending Activities – Commercial and Industrial Loans," Bankers Healthcare Group establishes reserve deposit accounts for these loans. Should a Bankers Healthcare Group consumer loan be in default for four months, Bankers Healthcare Group typically repurchases the delinquent loan or replaces it with a performing loan of equal or greater balance (although this is not a contractual obligation of Bankers Healthcare Group). We estimate that the typical consumer loan purchased from Bankers Healthcare Group has an outstanding balance of approximately $116,000. At June 30, 2025, our largest Bankers Healthcare Group-purchased consumer loan totaled $303,000 and it was performing according to its original terms.

Beginning in the first quarter of 2025, we began purchasing consumer loans from LendingClub<sup>®</sup>. At June 30, 2025, LendingClub<sup>®</sup> purchased consumer loans totaled $836,000. These loans are generally short-term (typically up to 24 months), fixed-rate unsecured loans made to borrowers for debt consolidation and other consumer purposes. We estimate the typical loan balance to range between $20,000 and $30,000.

Beginning in the second quarter of 2025, we began purchasing consumer loans from Woodside Credit. At June 30, 2025, Woodside Credit purchased consumer loans totaled $2.2 million. These loans are generally made to borrowers with high incomes (typically W-2 incomes exceeding $500,000) and high credit scores (typically credit scores of 740 and above) to finance the purchase of exotic, classic and collector automobiles, such as Ferraris and Aston Martins, among others, and collector automobiles often sold at Barrett-Jackson automobile auctions. Loan terms range up to 15 years, are typically secured by the automobile, and generally have variable interest rates.

The consumer loans we purchase from Bankers Healthcare Group and LendingClub<sup>®</sup> have heightened credit risk because they are unsecured and unseasoned. The consumer loans we purchase from Woodside Credit have heightened credit risk because they are unseasoned. See "Risk Factors – A growing portion of our consumer loan portfolio is unsecured" and "— A growing portion of our consumer loan portfolio is unseasoned."

**Loan Underwriting Risks**

***Adjustable-Rate Residential Real Estate Loans.*** Although adjustable-rate mortgage loans may reduce to an extent our vulnerability to changes in market interest rates because they periodically reprice, as interest rates increase, the required payments due from the borrower also increase (subject to any rate caps), increasing the potential for default by the borrower. At the same time, the marketability of the underlying collateral may be adversely affected by higher interest rates. Upward adjustments of the contractual interest rate are also limited by the maximum periodic and lifetime rate adjustments permitted by our loan documents.

***Commercial Real Estate and Multifamily Loans.*** Loans secured by commercial real estate or multifamily properties generally have larger balances and involve a greater degree of risk than owner-occupied, one- to four-family residential real estate loans. The primary concern in commercial real estate lending is the borrower's creditworthiness and the feasibility and cash flow potential of the project. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. To monitor cash flows on income properties, we require borrowers and loan guarantors to provide quarterly, semi-annual or annual financial statements, depending on the size of the loan, on commercial real estate loans. In reaching a decision on whether to make a commercial real estate loan, we consider and review a global cash flow analysis of the borrower and consider the net operating income of the property, the borrower's expertise, credit history and profitability and the value of the underlying property. We have generally required that the properties securing these real estate loans have an aggregate debt service ratio, including the guarantor's cash flows and the borrower's other projects, of at least 1.25x for commercial real estate and 1.20x for multifamily loans. An environmental phase one report is obtained when the possibility exists that hazardous materials may have existed on the site, or the site may have been impacted by adjoining properties that handled hazardous materials.

If we foreclose on a commercial real estate or multifamily loan, the marketing and liquidation period to convert the real estate asset to cash can be lengthy with substantial holding costs. In addition, vacancies, deferred maintenance, repairs and market stigma can result in prospective buyers expecting sale price concessions to offset their real or perceived economic losses for the time it takes them to return the property to profitability. Depending on the individual circumstances, initial charge-offs and subsequent losses on commercial real estate loans can be unpredictable and substantial.

***Construction Loans.*** Our construction loans are based upon estimates of costs and values associated with the completed project. Underwriting is focused on the borrowers' financial strength, credit history and demonstrated ability to produce a quality product and effectively market and manage their operations.

Construction lending involves additional risks when compared with permanent lending because funds are advanced upon the security of the project, which is of uncertain value before its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to evaluate accurately the total funds required to complete a project and the related loan-to-value ratio. In addition, generally during the term of a construction loan, interest may be funded by the borrower or disbursed from an interest reserve set aside from the construction loan budget. These loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property or obtain permanent take-out financing, rather than the ability of the borrower or guarantor to repay principal and interest. If the appraised value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss.

***Commercial and Industrial Loans.*** Unlike residential real estate loans, which generally are made on the basis of the borrower's ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial and industrial loans are of higher risk and typically are made on the basis of the borrower's ability to make repayment from the cash flows of the borrower's business, and the collateral securing these loans may fluctuate in value. Our commercial and industrial loans are originated primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Collateral for commercial and industrial loans typically consists of accounts receivable, inventory or equipment. Collateral may also consist of limited use and difficult-to-value

property, such as solar panels. Credit support provided by the borrower for most of these loans is based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any. Further, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself.

***Consumer Loans.*** Consumer loans may entail greater risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as automobiles and recreational vehicles. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan. Consumer loan collections depend on the borrower's continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be collected.

**Originations, Sales and Purchases of Loans**

Our loan originations are generally generated by our loan personnel operating at our banking offices. We also obtain referrals from existing and former customers and from accountants, real estate brokers, builders and attorneys. All loans we originate are underwritten pursuant to our policies and procedures which are approved by our board of directors.

We generally do not sell loans that we originate. Occasionally, we may sell participation interests in a multi-family loan or commercial real estate loan that we originate when the size of the loan would exceed our legal lending limits.

We are an active purchaser of loans, both whole loans and participation interests in loans originated by other lenders, including one- to four-family residential mortgage loans, multi-family mortgage loans, commercial real estate loans, commercial and industrial loans, and consumer loans. See "—Lending Activities" above. Loan participations are periodically reported to the board of directors. At June 30, 2025, our largest loan participation interest totaled $2.4 million, representing a 22.7% purchased interest in a commercial real estate loan secured by a hotel property located in our primary market area, which was performing according to its original terms.

**Loan Approval Procedures, Loans to One Borrower Limit and Lending Authority**

Under New Jersey law, the aggregate amount of loans that United Roosevelt Savings Bank is permitted to make to any one borrower or a group of related borrowers is generally limited to 15% of its capital, surplus account and undivided profits (25% if the amount in excess of 15% is secured by "readily marketable collateral"). At June 30, 2025, our loans-to-one borrower regulatory limit was $4.2 million.

At June 30, 2025, our largest exposure to one lending relationship totaled $3.1 million, consisting of a construction loan secured by an apartment building in our primary market area. At June 30, 2025, this relationship was performing according to its original repayment terms.

As a result of the conversion and stock offering, our loans-to-one borrower regulatory limit will increase. Consistent with our strategy to grow our loan portfolio, we would expect to originate and retain in our portfolio larger loan relationships while also remaining diversified with smaller and mid-sized relationships as well.

Our lending activities are subject to written underwriting standards and origination procedures. Decisions on loans are made consistent with our loan policies and procedures, and the underwriting and review of a loan decision is designed primarily to determine the borrower's ability to repay the requested loan. The board of directors has overall responsibility for our lending policy, and the board reviews this policy at least annually.

United Roosevelt Savings Bank's board of directors has delegated certain loan approval authority to individual officers and the Loan Committee (consisting of at least two directors and three officers appointed to the Loan Committee by the board of directors). Any officer who is appointed by the board of directors to the Internal Credit Committee (consisting of the President and Chief Executive Officer, the Chief Financial Officer, and the Senior Vice President of Lending) may approve all loans or credit exposures up to an including $1.0 million, singly

or in the aggregate, to any individual or entity. The Loan Committee may approve all loans or credit exposures greater than $1.0 million but less than or equal to $2.0 million, singly or in the aggregate, to any individual or entity. The board of directors must approve all loans or credit exposures greater than $2.0 million, singly or in the aggregate, to any individual or entity up to United Roosevelt Savings Bank's legal lending limit.

Loan policy exceptions are fully disclosed to the approving authority, either an individual officer or the appropriate management or loan committee prior to approval. Reporting on policy exceptions are generally included within each Board package.

Generally, we require title insurance on our mortgage loans as well as fire and extended coverage casualty insurance in amounts at least equal to the principal amount of the loan or the value of improvements on the property, depending on the type of loan. We also require flood insurance if the improved property is determined to be in a flood zone area.

**Asset Quality**

***Past Due Loans.*** Loans past due 30 days are considered delinquent. When a borrower fails to make required loan payment, we take a number of steps to induce the borrower to cure the delinquency and restore the loan to current status. Collection efforts include personal contact, telephone calls, and direct correspondence by our personnel with the delinquent borrower, generally beginning 15 to 30 days after the loan is first past due. The accrual of interest on a loan is discontinued when the loan is 90 days delinquent unless it is well secured and in the process of collection.

Generally, when a loan becomes 60 days past due, it is turned over to our attorneys to ensure that further collection according to applicable laws and regulations. All loans past due 90 days are placed on non-accrual status and reported to the board of directors monthly. If our attorneys do not receive a response from the borrower, or if the terms of any payment plan established are not followed, then collection proceedings will be pursued. Management submits a delinquent loan report detailing loans 30 days or more past due to the board of directors each month.

The following table sets forth our loan delinquencies (including non-accrual loans), by type and amount, at the dates indicated.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **30-59<br> Days Past<br> Due** | **60-89<br> Days Past<br> Due** | **90 Days<br> or More<br> Past Due** | **30-59<br> Days Past<br> Due** | **60-89<br> Days Past<br> Due** | **90 Days<br> or More<br> Past Due** | **30-59<br> Days Past<br> Due** | **60-89<br> Days Past<br> Due** | **90 Days<br> or More<br> Past Due** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Real estate loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $— | $— | $— | $796 | $— | $129 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |  |  |  |  |
| Commercial and industrial: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial |  |  |  | 98 |  |  | 90 |  |  |
| Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $— | $894 | $— | $129 | $90 | $— | $— |

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***Real Estate Owned.*** When we acquire real estate as a result of foreclosure or by deed in lieu of foreclosure, the real estate is classified as foreclosed real estate until it is sold. The real estate is recorded at estimated fair value at the date of acquisition less estimated costs to sell, and any write-down resulting from the acquisition is charged to the allowance for loan losses. Estimated fair value is based on an appraisal typically obtained before the foreclosure process is completed. Subsequent decreases in the value of the property are charged to operations. After acquisition, all costs incurred in maintaining the property are expensed. Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell. At June 30, 2025, we had no real estate owned.

***Collateral Dependent Loans.*** A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, we have elected the practical expedient to estimate expected credit losses based on the collateral's fair value, less estimated cost to sell.

***Modifications Made to Borrowers Experiencing Financial Difficulty.*** We occasionally modify loans to extend the term or make other concessions to help a borrower stay current on his or her loan and to avoid foreclosure. We consider modifications only after analyzing the borrower's current repayment capacity, evaluating the strength of any guarantors based on documented current financial information, and assessing the current value of any collateral pledged. We generally do not forgive principal or interest on loans, but may do so if it is in our best interest and increases the likelihood that we can collect the remaining principal balance. We may modify the terms of loans to lower interest rates (which may be at below market rates), to provide for fixed interest rates on loans where fixed rates are otherwise not available, to provide for longer amortization schedules, or to provide for interest-only terms. These modifications are made only when a workout plan has been agreed to by the borrower that we believe is reasonable and attainable and in our best interests. At June 30, 2025, the outstanding balance of modified loans to borrowers experiencing financial difficulty was $832,000.

***Non-Performing Assets.*** The following table sets forth information regarding non-performing assets at the dates indicated. There were no modified loans to borrowers experiencing financial difficulty included within non-accrual loans at the dates indicated.

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| | | | |
|:---|:---|:---|:---|
|  | | **At December 31,** | **At December 31,** |
|  | **At June 30,**<br>**2025** | **2024** | **2023** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Non-accrual loans: |  |  |  |
| Real estate loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $— | $789 | $— |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage | 45 |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |
| Commercial and industrial loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans |  |  |  |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 72 | 79 |  |
| Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-accrual loans | $117 | $868 |  |
| Accruing loans past due 90 days or more |  |  |  |
| Real estate owned: |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate owned |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $117 | $868 | $— |
| Total accruing modified loans | $832 | $796 | $— |
| Total non-performing loans to total loans | 0.04% | 0.35% | —% |
| Total non-accruing loans to total loans | 0.04% | 0.35% | —% |
| Total non-performing assets to total assets | 0.04% | 0.27% | —% |

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***Classified Assets***. Federal regulations provide that each insured savings institution classify its assets on a regular basis. In addition, in connection with examination of insured depository institutions, federal and New Jersey banking regulators have authority to identify problem assets and, if appropriate, classify them. There are three classifications for problem assets: "substandard," "doubtful" or "loss." An asset is considered "substandard" if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. "Substandard" assets include those characterized by the "distinct possibility" that the insured institution will sustain "some loss" if the deficiencies are not corrected. Assets classified as "doubtful" have all of the weaknesses inherent in those classified "substandard," with the added characteristic that the weaknesses present make "collection or liquidation in full," on the basis of currently existing facts, conditions, and values, "highly questionable and improbable." Assets classified as "loss" are those considered "uncollectible" and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the afore-mentioned categories but possess weaknesses are designated as "special mention" by our management.

When an insured depository institution classifies problem assets as either substandard or doubtful, it may establish general allowances in an amount deemed prudent by management to cover probable accrued losses. General allowances represent loss allowances which have been established to cover probable accrued losses associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. When an insured institution classifies problem assets as "loss," it is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount. An institution's determination as to the classification of its assets and the amount of its valuation allowances is subject to review by the regulatory agencies, which may require the establishment of additional general or specific loss allowances.

In connection with our periodic regulatory reports and according to our classification of assets policy, we regularly review the problem loans in our portfolio to determine whether any loans require classification according to applicable regulations. In additional to internal loan review, we engage an external consultant annually to review, test and evaluate our internal loan review efforts, with a focus on risk rating accuracy. The external loan review also reviews the lending function's compliance with our loan policy and applicable regulations.

Our classified assets, special mention assets, and foreclosed real estate and other repossessed assets at the dates indicated were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **At December 31,** | **At December 31,** |
|  | **At June 30,**<br>**2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Substandard assets | $4179 | $4592 | $2059 |
| Doubtful assets |  |  |  |
| Loss assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Total classified assets | $4179 | $4592 | $2059 |
| Special mention assets | $— | $1911 | $303 |
| Foreclosed real estate and other repossessed assets | $— | $— | $— |

---

***Other Loans of Concern.*** At December 31, 2024, except for loans included in the above table, there were no other loans of concern for which we had information about possible credit problems of borrowers that caused us to have serious doubts about the ability of the borrowers to comply with present loan repayment terms and that may result in disclosure of such loans in the future.

**Allowance for Credit Losses**

On January 1, 2023, we adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with the CECL methodology. Under the CECL methodology, provisions for credit losses are charged to operations to establish an allowance for credit losses at a level to cover expected losses over the expected life of a loan or securities portfolio. Under the previous "incurred loss" model, provisions for loan losses were charged to operations to establish an allowance for loan losses at a level necessary to absorb known and inherent losses in our loan portfolio that are both probable and reasonably estimable at the date of the consolidated financial statements. In

evaluating the level of the allowance for credit losses, management analyzes reasonable and supportable forecasts and several qualitative loan portfolio risk factors including, but not limited to, management's ongoing review and grading of loans, facts and issues related to specific loans, historical loan loss and delinquency experience, trends in past due and non-accrual loans, existing risk characteristics of specific loans or loan pools, the fair value of underlying collateral, current economic conditions and other qualitative and quantitative factors which could affect potential credit losses.

Additions to the allowance for credit losses are provided by charges against income based on various factors, which, in our judgment, deserve current recognition in estimating probable losses. Credit losses are charged-off in the period the loans, or portion thereof, are deemed uncollectible. Generally, we will record a loan charge-off (including a partial charge-off) to reduce a loan to the estimated fair value of the underlying collateral, less cost to sell, for collateral dependent loans. We regularly review the loan portfolio to maintain the allowance for credit losses according to U.S. GAAP.

As an integral part of their examination process, the New Jersey Department of Banking and Insurance and the FDIC will periodically review our allowance for credit losses, and as a result of such reviews, we may determine to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in the process for establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

For further information regarding the allowance for credit losses, see note 1 of notes to consolidated financial statements.

The following table sets forth activity in the allowance for credit losses on loans for the periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **At or For the Six Months<br> Ended June 30,** | **At or For the Six Months<br> Ended June 30,** | **At or For the Years Ended<br> December 31,** | **At or For the Years Ended<br> December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Allowance for credit losses at beginning of period | $1363 | $1478 | $1478 | $1184 |
| Provision (credit) for credit losses | 195 | (162) | (25) | 107 |
| Impact of adoption of CECL |  |  |  | 187 |
| Charge-offs: |  |  |  |  |
| Real estate loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |
| Commercial and industrial loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial |  |  | 90 |  |
| Consumer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs |  |  | 90 |  |
| Recoveries: |  |  |  |  |
| Real estate loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |
| Commercial and industrial loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 90 |  |  |  |
| Consumer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 90 |  |  |  |
| Net (charge-offs) recoveries | 90 |  | (90) |  |
| Allowance for credit losses at end of period | $1648 | $1316 | $1363 | $1478 |
| Allowance for credit losses as a percentage of non-performing loans at end of period | 1408.55% | 598.18% | 157.03% | —% |
| Allowance for credit losses as a percentage of total loans outstanding at end of period | 0.63% | 0.56% | 0.55% | 0.66% |
| Net (charge-offs) recoveries as a percentage of average loans outstanding during period | 0.04% | —% | (0.04)% | —% |

---

***Allocation of Allowance for Credit Losses.*** The following tables set forth the allowance for credit losses allocated by loan category and the percent of the allowance in each category to the total allocated allowance at the dates indicated. The allowance for credit losses allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Allowance<br> for Credit<br> Losses** | **Percent of<br> Allowance<br> in Each<br> Category<br> to Total<br> Allocated<br> Allowance** | **Percent of<br> Loans in<br> Each<br> Category<br> to Total<br> Loans** | **Allowance<br> for Credit<br> Losses** | **Percent of<br> Allowance<br> in Each Category<br> to Total<br> Allocated<br> Allowance** | **Percent of<br> Loans in<br> Each<br> Category<br> to Total<br> Loans** | **Allowance<br> for Credit<br> Losses** | **Percent of<br> Allowance<br> in Each<br> Category<br> to Total<br> Allocated<br> Allowance** | **Percent of<br> Loans in<br> Each<br> Category<br> to Total<br> Loans** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real estate loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $630 | 38.24% | 44.47% | $135 | 9.90% | 43.55% | $777 | 55.46% | 39.72% |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage | 23 | 1.40 | 1.38 | 7 | 0.51 | 1.34 | 11 | 0.79 | 1.11 |
| &nbsp;&nbsp;&nbsp;Multi-family | 174 | 10.56 | 7.44 | 309 | 22.67 | 8.13 | 147 | 10.49 | 8.33 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 389 | 23.60 | 24.01 | 615 | 45.13 | 24.36 | 261 | 18.63 | 27.24 |
| &nbsp;&nbsp;&nbsp;Construction | 65 | 3.94 | 1.50 | 110 | 8.07 | 2.46 | 30 | 2.14 | 1.92 |
| Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans | 19 | 1.15 | 13.72 | 97 | 7.12 | 15.72 | 136 | 9.71 | 17.43 |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 62 | 3.76 | 4.15 | 90 | 6.60 | 4.38 | 24 | 1.71 | 4.22 |
| Consumer | 286 | 17.35 | 3.33 |  |  | 0.06 | 15 | 1.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;Total allocated allowance | $1648 | 100.00% | 100.00% | $1363 | 100.00% | 100.00% | $1401 | 94.79% | 100.00% |
| Unallocated allowance |  |  |  |  |  |  | 77 | 5.21 |  |
| Total allowance | $1648 | 100.00% |  | $1363 | 100.00% |  | $1478 | 100.00% |  |

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**Investment Activities**

***General*.** Our investment policy is established by the board of directors. The policy objectives are generally to: (i) invest excess funds when loan demand is low and provide a source of funds when loan demand is high, (ii) provide regulatory and operational liquidity needed to conduct daily operations, (iii) provide a high credit quality, diversified investments to minimize risk, (iv) enhance profitability by maintaining an acceptable spread over the cost of funds, and (v) provide collateral for pledging requirements such as pledges to secure Federal Home Loan Bank of New York borrowings. United Roosevelt Savings Bank's board of directors and its Asset Liability Committee review all purchase and sale transactions at least quarterly.

Our investment policy is reviewed and approved annually by our board of directors. Authority to make investments under the approved guidelines are delegated to the President and Chief Executive Officer.

We have legal authority to invest in various types of liquid assets, including U.S. Treasury securities, U.S. government agency and government-sponsored enterprise securities, municipal securities, certificates of deposit of federally-insured institutions, and investment grade corporate bonds, among others. We also are required to maintain an investment in Federal Home Loan Bank of New York stock. While we have the authority under applicable law to invest in derivative securities, we have not purchased derivative securities as an investment strategy.

At the time of purchase, we designate a security as held to maturity, available for sale, or trading, depending on our ability and intent. Securities available for sale or designated for trading are reported at fair value, while securities held to maturity are reported at amortized cost. Consistent with our overall business and asset/liability management plan, which focuses on sustaining adequate levels of core earnings, the base premise of our investment portfolio is that all securities purchased will be suitable to be held to maturity. At June 30, 2025, we had $21.2 million of securities designated available for sale, $15.1 million of securities designated held to maturity, and no securities designated for trading.

We measure expected credit losses on available for sale securities based upon the unrealized gain or loss position of the security. For available for sale debt securities in an unrealized loss position, we evaluate qualitative criteria to determine any expected loss unless we intend to sell, or it is more likely than not that we will be required to sell before recovery of the amortized cost. In the latter two circumstances, we recognize the entire difference between the security's amortized cost basis and its fair value as a write-down of the investment balance with a charge to earnings. Otherwise, management's analysis considers various factors, which include the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security.

For additional information, see notes 3 and 4 of notes to consolidated financial statements.

**Sources of Funds**

***General.*** Retail deposits have traditionally been our primary source of funds for lending and investment activities. We also use borrowings and brokered deposits and other wholesale funds to supplement cash flow needs, lengthen the maturities of liabilities for interest rate risk purposes and to manage the cost of funds. In addition, we receive funds from scheduled loan payments, investment maturities, loan prepayments, loan sales, retained earnings and income on earning assets. While scheduled loan payments and income on interest-earning assets are relatively stable sources of funds, deposit inflows and outflows can vary widely and are influenced by prevailing interest rates, market conditions and levels of competition.

***Deposits.*** Our retail deposits are primarily generated from residents and businesses within our primary market area. We offer a selection of deposit accounts as shown in the table below. Deposit account terms vary, with the principal differences being the minimum balance required, the amount of time the funds must remain on deposit and the interest rate.

Our ability to gather deposits is impacted by the competitive market in which we operate, which includes numerous financial institutions of varying sizes offering a wide range of products. We believe that deposits are a stable source of funds, but our ability to attract and maintain deposits at favorable rates will be affected by market conditions, including competition and prevailing interest rates.

The following table sets forth the distribution of total deposits, by account type, at the dates and for the periods indicated.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** |
|  | **At or For the Six Months Ended<br> June 30, 2025** | **At or For the Six Months Ended<br> June 30, 2025** | **At or For the Six Months Ended<br> June 30, 2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Amount** | **Percent** | **Average<br> Rate** | **Amount** | **Percent** | **Average<br> Rate** | **Amount** | **Percent** | **Average<br> Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Non-interest bearing checking accounts | $5888 | 2.32% | —% | $5734 | 2.33% | —% | $2902 | 1.25% | —% |
| Interest-bearing checking accounts | 53617 | 21.11 | 1.40 | 65629 | 26.67 | 1.46 | 71413 | 30.76 | 0.96 |
| Money market accounts | 11449 | 4.51 | 2.01 | 17389 | 7.07 | 2.23 | 19914 | 8.58 | 1.49 |
| Savings and club accounts | 20310 | 8.00 | 0.44 | 25965 | 10.55 | 0.18 | 26153 | 11.27 | 0.56 |
| Brokered certificates of deposit | 55802 | 21.97 | 3.76 | 55547 | 22.57 | 3.79 | 42150 | 18.16 | 3.23 |
| Non-brokered certificates of deposit | 106947 | 42.09 | 3.52 | 75815 | 30.81 | 3.23 | 69624 | 29.98 | 1.87 |
| Total | $254013 | 100.00% | 2.67% | $246079 | 100.00% | 2.43% | $232156 | 100.00% | 1.52% |

---

At June 30, 2025, December 31, 2024 and December 31, 2023, the aggregate amount of all uninsured deposits (deposits in excess of the FDIC limit of $250,000 per insured account) was $23.3 million, $21.6 million and $20.4 million, respectively.

At June 30, 2025, December 31, 2024 and December 31, 2023, the aggregate amount of all uninsured certificates of deposit was $6.2 million, $5.4 million and $5.0 million, respectively.

At June 30, 2025, December 31, 2024 and December 31, 2023, there were no deposits that were uninsured for any reason other than being in excess of the FDIC limit.

The following table sets forth, by time remaining until maturity, uninsured certificates of deposit at the date indicated.

---

| | |
|:---|:---|
|  | **At June 30, 2025** |
|  | **(In thousands)** |
| **Maturity Period:** |  |
| &nbsp;&nbsp;&nbsp;Three months or less | $1797 |
| &nbsp;&nbsp;&nbsp;Over three months through 6 months | 2185 |
| &nbsp;&nbsp;&nbsp;Over 6 months through 12 months | 1955 |
| &nbsp;&nbsp;&nbsp;Over 12 months | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6186 |

---

***Borrowings*.** As a member of the Federal Home Loan Bank of New York, United Roosevelt Savings Bank is eligible to obtain advances upon the security of the Federal Home Loan Bank of New York common stock owned and certain residential mortgage loans, provided certain credit-worthiness standards are met. Advances are available under several credit programs, each having its own interest rate and range of maturities. At June 30, 2025, we had the ability to borrow $74.2 million from the Federal Home Loan Bank of New York, of which $43.1 million was outstanding. At June 30, 2025, we also had the ability to borrow $27.6 million from the Federal Reserve Bank of New York, with no outstanding borrowings under this facility at June 30, 2025. For additional information, see note 9 of notes to consolidated financial statements.

In November 2022, United Roosevelt Bancorp commenced a private offering of senior unsecured notes to qualified accredited investors. At June 30, 2025, $6.8 million of senior unsecured notes were outstanding at June 30, 2025. The majority of the proceeds were invested in United Roosevelt Savings Bank to support its operations. For additional information, see note 9 of notes to consolidated financial statements.

At June 30, 2025, United Roosevelt Savings Bank had a $6.9 million municipal letter of credit with the Federal Home Loan Bank of New York to serve as collateral for certain municipal deposits. There was no outstanding balance as of June 30, 2025. For additional information, see note 9 of notes to consolidated financial statements.

**Properties**

In addition to its owned main office at 11-15 Cooke Avenue, Carteret, New Jersey, United Roosevelt Savings Bank also operates a leased branch office located at 803 Roosevelt Avenue, Carteret, New Jersey. At June 30, 2025, the net book value of our premises and equipment was $2.6 million. See note 6 to notes to consolidated financial statements.

**Subsidiary Activities**

Upon completion of the conversion and stock offering, United Roosevelt Savings Bank will be the sole and wholly-owned subsidiary of URSB Bancorp. United Roosevelt Savings Bank has one subsidiary, which it wholly-owns – United Roosevelt Securities Corp., a New Jersey corporation engaged in the buying, selling and holding of mortgage-backed securities and other investment securities of the type that are permissible investments for United Roosevelt Savings Bank. As a securities corporation under New Jersey law, the income earned on the investment securities owned by United Roosevelt Securities Corp. is taxed at a lower state income tax rate than the state income rate applicable to United Roosevelt Savings Bank.

**Legal Proceedings**

We are not a party to any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. At June 30, 2025, we were not involved in any legal proceedings, the outcome of which would be material to our consolidated financial condition or results of operations.

**Expense and Tax Allocation Agreements**

Upon the completion of the conversion and stock offering, URSB Bancorp and United Roosevelt Savings Bank will enter into an agreement for United Roosevelt Savings Bank to provide URSB Bancorp with certain administrative support services in exchange for compensation at least equal to the fair market value of the services provided. In addition, URSB Bancorp and United Roosevelt Savings Bank will enter into an agreement to establish a method for allocating and for reimbursing the payment of their consolidated tax liability.

**Personnel**

As of June 30, 2025, we had 28 full-time employees and two part-time employees. Our employees are not represented by a collective bargaining group. We believe that we have a good working relationship with our employees.

**SUPERVISION AND REGULATION**

**General**

United Roosevelt Savings Bank is a New Jersey-chartered stock savings bank and upon completion of the conversion will be the wholly-owned subsidiary of URSB Bancorp, which will be a registered bank holding company. United Roosevelt Savings Bank's deposits are insured up to applicable legal limits by the FDIC. United Roosevelt Savings Bank is subject to extensive regulation by the New Jersey Department of Banking and Insurance, as its chartering authority, and by the FDIC, its primary federal regulator and the insurer of its deposit accounts. United Roosevelt Savings Bank must also comply with consumer protection regulations issued by the Consumer Financial Protection Bureau, as enforced by the FDIC. United Roosevelt Savings Bank is required to file reports with, and is periodically examined by, the FDIC and the New Jersey Department of Banking and Insurance concerning its activities and financial condition and must obtain regulatory approvals prior to entering into certain

transactions, including, but not limited to, mergers with or acquisitions of other financial institutions. As a registered bank holding company, URSB Bancorp will be regulated by the Federal Reserve Board. United Roosevelt Savings Bank also is a member of and owns stock in the Federal Home Loan Bank of New York, which is one of the 11 regional banks in the Federal Home Loan Bank System.

Under this system of regulation, the regulatory authorities have extensive discretion in connection with their supervisory, enforcement, rulemaking and examination activities and policies, including rules or policies that: establish minimum capital levels; restrict the timing and amount of dividend payments; govern the classification of assets; provide oversight for the adequacy of loan loss reserves for regulatory purposes and the adequacy of its risk management framework; and establish the timing and amounts of assessments and fees imposed by the regulatory agencies. Moreover, as part of their examination authority, the banking regulators assign numerical ratings to banks and savings institutions relating to capital, asset quality, management, liquidity, earnings and other factors. These ratings rely on the supervisor's judgment and the receipt of a less than satisfactory rating in one or more categories may result in an enforcement action by the banking regulators against a financial institution. A less than satisfactory rating may also prevent a financial institution, such as United Roosevelt Savings Bank or its holding company, from obtaining necessary regulatory approvals to access the capital markets, pay dividends, offer new products and services, acquire other financial institutions or establish new branches.

In addition, we must comply with significant anti-money laundering and anti-terrorism laws and regulations, Community Reinvestment Act laws and regulations, and fair lending laws and regulations. Government agencies have the authority to impose monetary penalties and other sanctions on institutions that fail to comply with these laws and regulations, which could significantly affect our business activities, including our ability to offer products and services, acquire other financial institutions, or expand our branch network.

As the top-tier bank holding company for United Roosevelt Savings Bank, United Roosevelt, MHC is currently required to comply with the rules and regulations of the Federal Reserve Board. It is required to file certain reports with the Federal Reserve Board and is subject to examination by and the enforcement authority of the Federal Reserve Board.

Following the conversion and stock offering, URSB Bancorp will be a bank holding company and will be required to comply with the Bank Holding Company Act and the rules and regulations of the Federal Reserve Board. It will be required to file certain reports with the Federal Reserve Board and will also be subject to examination by and the enforcement authority of the Federal Reserve Board. Additionally, the Federal Reserve Board may directly examine the subsidiaries of a bank holding company, including United Roosevelt Savings Bank. URSB Bancorp will also be subject to SEC rules and regulations under the federal securities laws.

Any change in applicable laws or regulations, whether by the New Jersey legislature, the New Jersey Department of Banking and Insurance, the Consumer Financial Protection Bureau, the FDIC, the Federal Reserve Board, the SEC or the U.S. Congress, could have a material adverse impact on the operations and financial performance of URSB Bancorp and United Roosevelt Savings Bank.

Set forth below is a brief description of material regulatory requirements that apply to United Roosevelt Savings Bank and will apply to URSB Bancorp. The description is limited to certain material aspects of the statutes and regulations addressed, and is not intended to be a complete description of such statutes and regulations and their effects on United Roosevelt Savings Bank and URSB Bancorp.

**New Jersey Banking Laws and Supervision Applicable to United Roosevelt Savings Bank**

***General.*** As a New Jersey-chartered stock savings bank, United Roosevelt Savings Bank is subject to supervision, regulation and examination by the New Jersey Department of Banking and Insurance and to various New Jersey statutes and regulations which govern, among other things, investment powers, lending and deposit-taking activities, borrowings, maintenance of surplus and reserve accounts, distribution of earnings and payment of dividends. The prior approval of the New Jersey Department of Banking and Insurance is required for a New Jersey-chartered bank to establish or close branches, merge with other financial institutions, issue stock and undertake certain other activities. New Jersey laws and regulations generally allow New Jersey banks, with

appropriate regulatory approvals, to engage in activities permissible for federally-chartered banks or banks chartered by another state.

***Activity Powers.*** United Roosevelt Savings Bank derives its lending, investment and other activity powers primarily from the New Jersey Banking Act and its related regulations. Under these laws and regulations, savings banks, including United Roosevelt Savings Bank, generally may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· real estate mortgages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consumer and commercial loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· specific types of debt securities, including certain corporate debt securities
and obligations of federal, state and local governments and agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certain types of corporate equity securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certain other assets.

A savings bank may also make other investments pursuant to "leeway" authority that permits investments not otherwise permitted by the New Jersey Banking Act. Leeway investments must comply with a number of limitations on the individual and aggregate amounts of leeway investments. A savings bank may also exercise trust powers upon approval of the New Jersey Department of Banking and Insurance. New Jersey savings banks also may exercise those powers, rights, benefits or privileges authorized for national banks or out-of-state banks or for federal or out-of-state savings banks or savings associations, provided that before exercising any such power, right, benefit or privilege, prior approval by the New Jersey Department of Banking and Insurance, by regulation or by specific authorization, is required. The exercise of these lending, investment and activity powers is limited by federal law and regulations. See "—Federal Bank Regulation—Activities and Investments" below.

***Loan-to-One-Borrower Limitations.*** With certain specified exceptions, a New Jersey-chartered savings bank may not make loans or extend credit to a single borrower or to entities related to the borrower in an aggregate amount that would exceed 15% of the bank's capital funds. A savings bank may lend an additional 10% of the bank's capital funds if secured by collateral meeting the requirements of the New Jersey Banking Act. United Roosevelt Savings Bank currently complies with applicable loan-to-one-borrower limitations.

***Dividends.*** Under the New Jersey Banking Act, a stock savings bank may declare and pay a dividend on its capital stock only to the extent that the payment of the dividend would not impair the capital stock of the savings bank. In addition, a savings bank may not pay a dividend unless the savings bank would have a surplus of not less than 50% of its capital stock after the payment of the dividend or, alternatively, the payment of the dividend would not reduce the surplus. Federal law may also limit the amount of dividends that may be paid by United Roosevelt Savings Bank. See "– Federal Regulations Applicable to United Roosevelt Savings Bank – Prompt Corrective Action" below.

***Minimum Capital Requirements.*** New Jersey Department of Banking and Insurance regulations impose on New Jersey-chartered depository institutions, including United Roosevelt Savings Bank, minimum capital requirements generally similar to those imposed by the FDIC on insured state banks. See "– Federal Regulations Applicable to United Roosevelt Savings Bank – Capital Requirements" below.

***Examination and Enforcement.*** The New Jersey Department of Banking and Insurance may examine United Roosevelt Savings Bank as it deems advisable. It typically examines United Roosevelt Savings Bank at least every two years, typically alternating years with the FDIC so that United Roosevelt Savings Bank is generally subject to regulatory examination every year. Regulated institutions are assessed for expenses incurred by the New Jersey Department of Banking and Insurance.

The New Jersey Department of Banking and Insurance has authority to enforce applicable law and prevent practices that may cause harm to an institution, including the issuance of cease and desist orders and civil money penalties and removal of directors, officers and employees. It also has authority to appoint a conservator or receiver

for a savings bank under certain circumstances such as insolvency or unsafe or unsound condition to transact business.

***Other.*** New Jersey has other statutes or regulations that are similar to certain of the federal provisions discussed below.

**Federal Regulations Applicable to United Roosevelt Savings Bank**

***Capital Requirements*.** Federal regulations require federally insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets ratio of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio.

In determining the amount of risk-weighted assets for calculating risk-based capital ratios, all assets, including certain off-balance sheet assets (<u>e.g.</u>, recourse obligations, direct credit substitutes, residual interests) are multiplied by a risk-weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. Common equity Tier 1 capital is generally defined as common stockholders' equity and related surplus and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain non-cumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for loan and lease losses limited to a maximum of 1.25% of risk-weighted assets. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations. In assessing an institution's capital adequacy, the FDIC considers not only these numeric factors, but qualitative factors as well, and has the authority to establish higher capital requirements for individual institutions where deemed necessary.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a "capital conservation buffer" consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements.

Federal law required the federal banking agencies, including the Federal Reserve Board, to establish a "community bank leverage ratio" of between 8% and 10% for institutions with total consolidated assets of less than $10 billion. Institutions with capital complying with the ratio and otherwise meeting the specified requirements and electing the alternative framework are considered to comply with the applicable regulatory capital requirements, including the risk-based requirements. The community bank leverage ratio was established at 9% Tier 1 capital to total average assets, effective January 1, 2020. A qualifying institution may opt in and out of the community bank leverage ratio framework on its quarterly call report. An institution that temporarily fails to meet any qualifying criteria is provided with a two-quarter grace period to regain compliance. Failure to meet the qualifying criteria within the grace period or maintain a leverage ratio of 8% or greater requires the institution to comply with the generally applicable regulatory capital requirements. At June 30, 2025, United Roosevelt Savings Bank had not opted into the community bank leverage ratio framework.

***Capital Distributions.*** The FDIC generally provides that an insured depository institution may not make any capital distribution if, after making such distribution, the institution would fail to meet any applicable regulatory capital requirement. Payments of dividends by United Roosevelt Savings Bank are also subject to other banking law restrictions, such as the FDIC's authority to prevent a bank from paying dividends if such payment would constitute an unsafe or unsound banking practice or reduce a bank's capital below safe and sound levels.

***Community Reinvestment Act and Fair Lending Laws.*** All insured depository institutions have a responsibility under the Community Reinvestment Act and related regulations to help meet the credit needs of their communities, including low- and moderate-income borrowers, consistent with its safe and sound banking

operations. The FDIC's community reinvestment act regulations are generally based upon objective criteria of the performance of institutions under three key assessment tests: (i) a lending test, to evaluate the institution's record of making loans in its service areas; (ii) an investment test, to evaluate the institution's record of investing in community development projects, affordable housing, and programs benefiting low- or moderate-income individuals and businesses; and (iii) a service test, to evaluate the institution's delivery of services through its branches, ATMs and other offices. The FDIC is required to assess United Roosevelt Savings Bank's record of compliance with the Community Reinvestment Act. An institution's failure to comply with the provisions of the Community Reinvestment Act could, at a minimum, result in denial of certain corporate applications such as branches or mergers, or in restrictions on its activities. In addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit lenders from discriminating in their lending practices. The failure to comply with the Equal Credit Opportunity Act and the Fair Housing Act could result in enforcement actions by the FDIC, as well as other federal regulatory agencies and the Department of Justice.

The Community Reinvestment Act requires all institutions insured by the FDIC to publicly disclose their rating. United Roosevelt Savings Bank received a "Satisfactory" rating in its most recent federal examination.

***Transactions with Related Parties.*** An insured depository institution's authority to engage in transactions with its affiliates is generally limited by Sections 23A and 23B of the Federal Reserve Act and the Federal Reserve Boards's Regulation W (and federal regulations that cross-reference Regulation W). An affiliate is generally a company that controls, or is under common control with, an insured depository institution such as United Roosevelt Savings Bank. URSB Bancorp will be an affiliate of United Roosevelt Savings Bank because it will control United Roosevelt Savings Bank. In general, transactions between an insured depository institution and its affiliates are subject to certain quantitative limits and collateral requirements. In addition, federal regulations prohibit a state-chartered bank from lending to any of its affiliates that are engaged in activities that are not permissible for bank holding companies and from purchasing the securities of any affiliate, other than a subsidiary. Finally, transactions with affiliates must be consistent with safe and sound banking practices, not involve the purchase of low-quality assets and be on terms that are as favorable to the institution as comparable transactions with non-affiliates.

United Roosevelt Savings Bank's authority to extend credit to its directors, executive officers and 10% stockholders, as well as to entities controlled by such persons, is currently governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal Reserve Board. Among other things, these provisions generally require that extensions of credit to insiders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be made on terms that are substantially the same as, and follow credit underwriting
procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve
more than the normal risk of repayment or present other unfavorable features; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not exceed certain limitations on the amount of credit extended to such persons,
individually and in the aggregate, which limits are based, in part, on the amount of United Roosevelt Savings Bank's capital.

In addition, extensions of credit in excess of certain limits must be approved by United Roosevelt Savings Bank's board of directors. Extensions of credit to executive officers are subject to additional limits based on the type of extension involved.

***Enforcement.*** The FDIC has extensive enforcement authority over insured state banks that are not members of the Federal Reserve System. The enforcement authority includes, among other things, the ability to assess civil money penalties, issue cease and desist orders, and remove directors and officers. In general, these enforcement actions may be initiated in response to violations of laws and regulations, breaches of fiduciary duty and unsafe or unsound practices. The FDIC is required, with certain exceptions, to appoint a receiver or conservator for an insured state non-member bank if that bank was "critically undercapitalized" on average during the calendar quarter beginning 270 days after the date on which the institution became "critically undercapitalized." The FDIC may also appoint itself as conservator or receiver for an insured state non-member bank under specified circumstances, including: (1) insolvency; (2) substantial dissipation of assets or earnings through violations of law

or unsafe or unsound practices; (3) existence of an unsafe or unsound condition to transact business; (4) insufficient capital; or (5) the incurrence of losses that will deplete substantially all of the institution's capital with no reasonable prospect of replenishment without federal assistance.

***Standards for Safety and Soundness.*** Federal law requires each federal banking agency to prescribe certain standards for the insured depository institutions they supervise. These standards relate to, among other things, internal controls, information systems and audit systems, loan documentation, credit underwriting, interest rate risk exposure, asset growth, asset quality, earnings, compensation and benefits, and other operational and managerial standards as the agency deems appropriate. Interagency guidelines set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired. If the appropriate federal banking agency determines that an institution fails to meet any standard prescribed by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard. If an institution fails to meet these standards, the appropriate federal banking agency may require the institution to implement an acceptable compliance plan. Failure to implement such a plan can result in further enforcement action, including the issuance of a cease and desist order and/or the imposition of civil money penalties.

***Branching.*** Federal law permits insured state banks to engage in interstate branching if the laws of the state where the new banking office is to be established would permit the establishment of the banking office if it were chartered by a bank in such state. Under current New Jersey law, United Roosevelt Savings Bank may establish a branch in New Jersey or in any other state. All branch applications require prior approval of the New Jersey Department of Banking and Insurance and the FDIC, and, if the branch is to be located in another state, the application may also require the approval of that state banking regulator. United Roosevelt Savings Bank may also establish banking offices in other states by merging with banks or by purchasing banking offices of other banks in other states, subject to certain restrictions.

***Acquisitions.*** Prior approval from the New Jersey Department of Banking and Insurance and the FDIC is required for United Roosevelt Savings Bank to acquire another bank. Well-capitalized and well-managed banks may acquire other banks in any state, subject to certain deposit concentration limits and other conditions, pursuant to the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, as amended by the Dodd-Frank Act.

***Activities and Investments of Insured State-Chartered Banks.*** The Federal Deposit Insurance Act generally limits the kinds of activities in which state-chartered banks insured by the FDIC, like United Roosevelt Savings Bank, may engage, as a principal, to those that are permissible for national banks. Further, federal banking law permits national banks and state banks, to the extent permitted under state law, to engage via financial subsidiaries in certain activities that are permissible for subsidiaries of a financial holding company. In order to form a financial subsidiary, a state-chartered bank must be "well capitalized" and must comply with certain capital deduction, risk management and affiliate transaction rules, among other requirements.

***Brokered Deposits.*** Federal law and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll over any brokered deposit unless the institution's capital category is "well capitalized" or, with the FDIC's approval, "adequately capitalized." Depository institutions that have brokered deposits in excess of 10% of total assets may be subject to increased FDIC deposit insurance premium assessments. However, for institutions that are well capitalized and have a CAMELS composite rating of 1 or 2, reciprocal deposits are deducted from brokered deposits. The Economic Growth, Regulatory Relief, and Consumer Protection Act, enacted in 2018, amends the Federal Deposit Insurance Act to exempt a capped amount of reciprocal deposits from treatment as brokered deposits for certain insured depository institutions.

***Prompt Corrective Action.*** Federal law requires, among other things, that federal banking agencies take "prompt corrective action" with respect to institutions that do not meet minimum capital requirements. For this purpose, the FDIC's regulations establish five capital categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Under applicable regulations, an institution is deemed to be "well capitalized" if it has a total risk-based capital ratio of 10.0% or greater, a Tier 1 risk-based capital ratio of 8.0% or greater, a leverage ratio of 5.0% or greater and a common equity Tier 1 ratio of 6.5% or greater. An institution is "adequately capitalized" if it has a total risk-based capital ratio of 8.0% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater and a common equity Tier 1

ratio of 4.5% or greater. An institution is "undercapitalized" if it has a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0% or a common equity Tier 1 ratio of less than 4.5%. An institution is deemed to be "significantly undercapitalized" if it has a total risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 3.0% or a common equity Tier 1 ratio of less than 3.0%. An institution is considered to be "critically undercapitalized" if it has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%.

At each successive lower capital category, an insured depository institution is subject to more restrictions and prohibitions, including restrictions on growth, restrictions on interest rates paid on deposits, restrictions or prohibitions on the payment of dividends, and restrictions on the acceptance of brokered deposits. Furthermore, if an insured depository institution is classified in one of the undercapitalized categories, it is required to submit a capital restoration plan to the appropriate federal banking agency, and the holding company must guarantee the performance of that plan. Based upon its capital levels, a bank that is classified as well-capitalized, adequately capitalized, or undercapitalized may be treated as though it were in the next lower capital category if the appropriate federal banking agency, after notice and opportunity for hearing, determines that an unsafe or unsound condition, or an unsafe or unsound practice, warrants such treatment. An undercapitalized bank's compliance with a capital restoration plan is required to be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5.0% of the institution's total assets when deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized. If an "undercapitalized" bank fails to submit an acceptable plan, it is treated as if it is "significantly undercapitalized." "Significantly undercapitalized" banks must comply with one or more of a number of additional restrictions, including a regulatory order to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets, ceasing receipt of deposits from correspondent banks, dismissal of directors or officers, and restrictions on interest rates paid on deposits, compensation of executive officers and capital distributions by the parent holding company. "Critically undercapitalized" institutions are subject to additional measures including, subject to a narrow exception, the appointment of a receiver or conservator within 270 days after it obtains such status.

The "community bank leverage ratio" regulatory capital framework, discussed previously, provides that a qualifying institution whose capital exceeds the community bank leverage ratio and opts to use that framework is considered "well-capitalized" for purposes of prompt corrective action.

At June 30, 2025, United Roosevelt Savings Bank met the criteria for being considered "well capitalized."

***Insurance of Deposit Accounts.*** The Deposit Insurance Fund of the FDIC insures deposits at federally-insured financial institutions, such as United Roosevelt Savings Bank, generally up to a maximum of $250,000 per separately insured depositor. The FDIC charges insured depository institutions premiums to maintain the Deposit Insurance Fund. Under the risk-based assessment system, institutions deemed less risky of failure pay lower assessments. Assessments for institutions of less than $10 billion of assets are based on financial measures and supervisory ratings derived from statistical modeling estimating the probability of an institution's failure within three years.

The FDIC has authority to increase insurance assessments. Any significant increases would have an adverse effect on the operating expenses and results of operations of United Roosevelt Savings Bank.

The FDIC may terminate an institution's deposit insurance upon a finding that the institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations, or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. United Roosevelt Savings Bank does not know of any practice, condition or violation that may lead to termination of its deposit insurance.

***Privacy Regulations.*** Federal regulations generally require United Roosevelt Savings Bank to disclose its privacy policy, including identifying with whom it shares a customer's "non-public personal information," to customers at the time of establishing the customer relationship. United Roosevelt Savings Bank has a privacy protection policy in place, provides each new customer with this policy at the time of an initial account opening, and believes that such policy is in compliance with the regulations. Most states, including New Jersey, have enacted legislation concerning breaches of data security and the duties of institution's in response to a data breach. The U.S. Congress continues to consider federal legislation that would require consumer notice of data security breaches.

Pursuant to the Fair and Accurate Credit Transactions Act (the "FACT Act"), United Roosevelt Savings Bank has developed and implemented a written identity theft prevention program to detect, prevent, and mitigate identity theft in connection with the opening of certain accounts or certain existing accounts. Additionally, the FACT Act amended the Fair Credit Reporting Act to generally prohibit a person from using information received from an affiliate to make a solicitation for marketing purposes to a consumer, unless the consumer is given notice and a reasonable opportunity and method to opt out of the making of such solicitations.

***Anti-Money Laundering; Bank Secrecy Act.*** Under the Bank Secrecy Act, a financial institution is required to have systems in place to detect certain transactions, based on the size and nature of the transaction. Financial institutions are generally required to report to the U.S. Treasury any cash transactions involving at least $10,000. In addition, financial institutions are required to file suspicious activity reports for any transaction or series of transactions that involve more than $5,000 and which the financial institution knows, suspects or has reason to suspect involves illegal funds, is designed to evade the requirements of the Bank Secrecy Act or has no lawful purpose. The USA PATRIOT Act, which amended the Bank Secrecy Act, together with the implementing regulations of various federal regulatory agencies, has caused financial institutions, such as United Roosevelt Savings Bank, to adopt and implement additional policies or amend existing policies and procedures with respect to, among other things, anti-money laundering compliance, suspicious activity, currency transaction reporting, customer identity verification and customer risk analysis. In evaluating an application to acquire a bank or to merge banks or effect a purchase of assets and assumption of deposits and other liabilities, the applicable federal banking regulator must consider the anti-money laundering compliance record of both the applicant and the target. In addition, under the USA PATRIOT Act financial institutions are required to take steps to monitor their correspondent banking and private banking relationships as well as, if applicable, their relationships with "shell banks."

***Office of Foreign Assets Control.*** The U.S. has imposed economic sanctions that affect transactions with designated foreign countries, nationals and others. These sanctions, which are administered by the Office of Foreign Assets Control ("OFAC"), take many different forms. Generally, however, they contain one or more of the following elements: (i) restrictions on trade with or investment in a sanctioned country, including prohibitions against direct or indirect imports from and exports to a sanctioned country and prohibitions on "U.S. persons" engaging in financial or other transactions relating to a sanctioned country or with certain designated persons and entities; (ii) a blocking of assets in which the government or specially designated nationals of the sanctioned country have an interest, by prohibiting transfers of property subject to U.S. jurisdiction (including property in the possession or control of U.S. persons); and (iii) restrictions on transactions with or involving certain persons or entities. Blocked assets (for example, property and bank deposits) cannot be paid out, withdrawn, set off or transferred in any manner without a license from OFAC. Failure to comply with these sanctions could have serious legal and reputational consequences for United Roosevelt Savings Bank.

***Prohibitions Against Tying Arrangements*.** United Roosevelt Savings Bank is prohibited, subject to some exceptions, from extending credit to or offering any other service, or fixing or varying the consideration for such extension of credit or service, on the condition that the customer obtain some additional service from the institution or its affiliates or not obtain services of a competitor of the institution.

***Consumer Protection and Fair Lending Regulations.*** United Roosevelt Savings Bank is subject to a variety of federal statutes and regulations that are intended to protect consumers and prohibit discrimination in the granting of credit. These statutes and regulations provide for a range of sanctions for non-compliance with their terms, including imposition of administrative fines and remedial orders, and referral to the U.S. Department of Justice for prosecution of a civil action for actual and punitive damages and injunctive relief. Certain of these statutes, including Section 5 of the Federal Trade Commission Act, which prohibits unfair and deceptive acts and practices against consumers, authorize private individual and class action lawsuits and the award of actual, statutory and punitive damages and attorneys' fees for certain types of violations. Federal laws also prohibit unfair, deceptive or abusive acts or practices against consumers, which can be enforced by the Consumer Financial Protection Bureau, the Federal Reserve Board, the FDIC and state attorneys general.

***Cybersecurity.*** The federal banking agencies adopted rules providing for notification requirements for banking organizations and their service providers for significant cybersecurity incidents. A banking organization is required to notify its primary federal regulator as soon as possible, and no later than 36 hours after, it determines that

a "computer-security incident" rising to the level of a "notification incident" has occurred. Notification is required for incidents that have materially affected or are reasonably likely to materially affect the viability of a banking organization's operations, its ability to deliver banking products and services, or the stability of the financial sector. Service providers are required to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization's customers for four or more hours.

**Other Regulations**

Interest and other charges collected or contracted for by United Roosevelt Savings Bank are subject to state usury laws and federal laws concerning interest rates. Loan operations are also subject to state and federal laws applicable to credit transactions, such as the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Home Mortgage Disclosure Act, requiring financial institutions to provide
information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help
meet the housing needs of the community it serves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Equal Credit Opportunity Act, prohibiting discrimination on the basis of
race, creed or other prohibited factors in extending credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fair Credit Reporting Act, governing the use and provision of information
to credit reporting agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rules and regulations of the various federal agencies charged with the
responsibility of implementing such federal laws.

The deposit operations of United Roosevelt Savings Bank also are subject to, among others, the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Right to Financial Privacy Act, which imposes a duty to maintain confidentiality
of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Check Clearing for the 21st Century Act (also known as "Check 21"),
which gives "substitute checks," such as digital check images and copies made from that image, the same legal standing as
the original paper check; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Electronic Funds Transfer Act and Regulation E promulgated thereunder, which
govern automatic deposits to and withdrawals from deposit accounts and customers' rights and liabilities arising from the use of
automated teller machines and other electronic banking services.

**Federal Home Loan Bank System**

United Roosevelt Savings Bank is a member of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks. The Federal Home Loan Banks provide central credit facilities primarily for member institutions. United Roosevelt Savings Bank is a member of the Federal Home Loan Bank of New York. As a member of the Federal Home Loan Bank of New York, United Roosevelt Savings Bank is required to acquire and hold shares of capital stock in it. United Roosevelt Savings Bank complied with this requirement at June 30, 2025. Based on redemption provisions of the Federal Home Loan Bank of New York, the stock has no quoted market value and is carried at cost. United Roosevelt Savings Bank reviews for impairment, based on the ultimate recoverability, the cost basis of the Federal Home Loan Bank of New York stock. At June 30, 2025, no impairment had been recognized.

**Bank Holding Company Regulation**

Upon completion of the conversion and stock offering, URSB Bancorp will be a bank holding company within the meaning of the Bank Holding Company Act and will be registered with the Federal Reserve Board and be subject to regulations (including the Federal Reserve Board's Regulation Y), examinations, supervision and reporting requirements applicable to bank holding companies. In addition, the Federal Reserve Board will have enforcement authority over URSB Bancorp and its non-bank subsidiaries. Among other things, this authority permits the Federal Reserve Board to restrict or prohibit activities that are determined to be a serious risk to United Roosevelt Savings Bank or would otherwise result in URSB Bancorp failing to serve as a source of strength for United Roosevelt Savings Bank.

A bank holding company is generally prohibited from engaging in non-banking activities, or acquiring direct or indirect control of more than 5% of the voting securities of any company engaged in non-banking activities. One of the principal exceptions to this prohibition is for activities found by the Federal Reserve Board to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. Some of the principal activities that the Federal Reserve Board has determined by regulation to be so closely related to banking are: (i) making or servicing loans; (ii) performing certain data processing services; (iii) providing discount brokerage services; (iv) acting as fiduciary, investment or financial advisor; (v) leasing personal or real property; (vi) making investments in corporations or projects designed primarily to promote community welfare; and (vii) acquiring a savings association whose direct and indirect activities are limited to those permitted for bank holding companies.

Once URSB Bancorp's total consolidated assets meet or exceed $3.0 billion, it will be subject to the Federal Reserve Board's capital adequacy guidelines for bank holding companies (on a consolidated basis). The Dodd-Frank Act, however, required the Federal Reserve Board to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than those applicable to the depository institutions themselves. Consolidated regulatory capital requirements identical to those applicable to the subsidiary banks apply to bank holding companies.

By law, a bank holding company must act as a source of strength to its subsidiary depository institutions by providing capital, liquidity and other support in times of financial stress. This support may be required at a time when URSB Bancorp may not have the resources to provide support to United Roosevelt Savings Bank. If a bank holding company declares bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain the capital of a bank subsidiary will be assumed by the bankruptcy trustee and entitled to a priority of payment.

The Federal Reserve Board has issued supervisory policies regarding the payment of dividends and the repurchase of shares of common stock by bank holding companies. In general, the policy provides that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company appears consistent with the organization's capital needs, asset quality and overall financial condition. Regulatory guidance provides for prior regulatory consultation with respect to capital distributions in certain circumstances such as where a bank holding company's net income for the past four quarters, net of capital distributions previously paid over that period, is insufficient to fully fund the dividend or the bank holding company's overall rate of earnings retention is inconsistent with the bank holding company's capital needs and overall financial condition. The ability of a bank holding company to pay dividends may be restricted if a subsidiary bank becomes undercapitalized. The policy statement also states that a holding company should inform the Federal Reserve Board supervisory staff before redeeming or repurchasing common stock or perpetual preferred stock if the bank holding company is experiencing financial weaknesses or if the repurchase or redemption would result in a net reduction, at the end of a quarter, in the amount of such equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred. These regulatory policies may affect URSB Bancorp's ability to pay dividends, repurchase shares of common stock or otherwise engage in capital distributions.

URSB Bancorp will be a legal entity separate and distinct from United Rosevelt Savings Bank and any of its other subsidiaries. URSB Bancorp's revenues will be derived primarily from any dividends paid to it by United Roosevelt Savings Bank. The right of URSB Bancorp, and consequently the right of its shareholders, to participate in any distribution of the assets or earnings of its subsidiaries, through the payment of such dividends or otherwise, will be subject to the prior claims of creditors of the subsidiaries, including, with respect to United Roosevelt

Savings Bank and its depositors, except to the extent that certain claims of URSB Bancorp in a creditor capacity may be recognized.

**Change in Control Regulations**

Under the Change in Bank Control Act, a federal statute, no person or group of persons may acquire "control" of a bank holding company, such as URSB Bancorp will be after the completion of the conversion and stock offering, unless the Federal Reserve Board has been given 60 days' prior written notice and has not issued a notice disapproving the proposed acquisition, taking into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition. Control, as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the institution's directors, or a determination by the regulator that the acquirer has the power, directly or indirectly, to exercise a controlling influence over the management or policies of the institution. There is a presumption of control upon the acquisition of 10% or more of a class of voting stock if the holding company involved has its shares registered under the Securities Exchange Act of 1934, or, if the holding company involved does not have its shares registered under the Securities Exchange Act of 1934, if no other persons will own, control or hold the power to vote a greater percentage of that class of voting security after the acquisition.

In addition, the Bank Holding Company Act prohibits any company from acquiring control of a bank or bank holding company without first having obtained the approval of the Federal Reserve Board. Among other circumstances, under the Bank Holding Company Act, a company has control of a bank or bank holding company if it owns, controls or holds with power to vote 25% or more of a class of voting securities of the bank or bank holding company, controls in any manner the election of a majority of directors or trustees of the bank or bank holding company, or the Federal Reserve Board has determined, after notice and opportunity for hearing, that it has the power to exercise a controlling influence over the management or policies of the bank or bank holding company. The Federal Reserve Board has established presumptions of control under which the acquisition of control of 5% or more of a class of voting securities of a bank holding company, together with other factors enumerated by the Federal Reserve Board, could constitute the acquisition of control of a bank holding company for purposes of the Bank Holding Company Act.

**Federal Securities Laws**

URSB Bancorp's common stock will be registered with the SEC after the conversion and stock offering. URSB Bancorp will be subject to the information, proxy solicitation, insider trading restrictions and other requirements under the Securities Exchange Act of 1934.

The registration, under the Securities Act of 1933, of shares of common stock to be issued in the initial public offering of URSB Bancorp does not cover the subsequent resale of those shares. Shares of common stock purchased by persons who are not affiliates of URSB Bancorp may be resold without registration. Shares purchased by an affiliate of URSB Bancorp will be subject to the resale restrictions of Rule 144 under the Securities Act of 1933. If URSB Bancorp meets the current public information requirements of Rule 144 under the Securities Act of 1933, each affiliate that complies with the other conditions of Rule 144, including those that require the affiliate's sale to be aggregated with those of other persons, would be able to sell in the public market, without registration, a number of shares not to exceed, in any three-month period, the greater of 1% of URSB Bancorp's outstanding shares or the average weekly volume of trading in the shares during the preceding four calendar weeks.

**Sarbanes-Oxley Act of 2002**

The Sarbanes-Oxley Act of 2002 is intended to improve corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures pursuant to the securities laws. We have policies, procedures and systems designed to comply with these regulations, and we review and document such policies, procedures and systems to ensure continued compliance with these regulations.

**Emerging Growth Company Status**

United Rosevelt Bancorp qualifies as an "emerging growth company" as defined in the federal securities laws. For as long as it qualifies as an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to public companies that are not emerging growth companies. These exemptions include, but are not limited to, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As an emerging growth company, URSB Bancorp also will not be subject to Section 404(b) of the Sarbanes-Oxley Act of 2002, which would require our independent auditors to audit our internal control over financial reporting. We have also elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. This election is irrevocable during the period a company qualifies as an emerging growth company.

URSB Bancorp will cease to be an emerging growth company upon the earliest of: (i) the end of the fiscal year following the fifth anniversary of the completion of the conversion and stock offering; (ii) the first fiscal year after our annual gross revenues are $1.235 billion (adjusted for inflation) or more; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or (iv) the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million at the end of the second quarter of that fiscal year. Assuming the conversion and stock offering is completed in 2025, URSB Bancorp would expect to lose emerging growth company status effective December 31, 2030.

**TAXATION**

**Federal Taxation**

***General.*** URSB Bancorp and United Roosevelt Savings Bank will be subject to federal income taxation in the same general manner as other corporations, with some exceptions discussed below. The following discussion of federal taxation is intended only to summarize material federal income tax matters and is not a comprehensive description of the tax rules applicable to URSB Bancorp, United Roosevelt, MHC and United Roosevelt Savings.

***Method of Accounting.*** For federal income tax purposes, United Roosevelt, MHC currently reports its income and expenses on the accrual method of accounting and uses a tax year ending December 31 for filing its federal income tax returns.

***Alternative Minimum Tax.*** The Internal Revenue Code imposes a corporate alternative minimum tax of 15% on the adjusted financial statement income of large corporations for taxable years beginning after December 31, 2022. The corporate alternative minimum tax generally applies to large corporations with average annual financial statement income exceeding $1 billion. The corporate alternative minimum tax is payable to the extent tax computed this way exceeds tax computed by applying the regular tax rates to regular taxable income. Net operating losses can, in general, offset no more than 90% of alternative minimum taxable income. Certain payments of alternative minimum tax may be used as credits against regular tax liabilities in future years. At June 30, 2025, United Roosevelt, MHC did not have any minimum tax credit carryovers.

***Net Operating Loss Carryovers.*** As a result of the Tax Cuts and Jobs Act, a financial institution generally may carry net operating losses forward indefinitely. At June 30, 2025, United Roosevelt, MHC did not have any federal net operating loss carryforwards.

***Capital Loss Carryovers.*** A corporation cannot deduct capital losses in excess of capital gains generated. Generally, a financial institution may carry back capital losses to the preceding three taxable years and forward to the succeeding five taxable years. Any capital loss carryback or carryover is treated as a short-term capital loss for the year to which it is carried. As such, it is grouped with any other capital losses for the year to which it is carried and is used to offset any capital gains. Any undeducted loss remaining after the five-year carryover period is not deductible. At June 30, 2025, United Roosevelt, MHC had no capital loss carryovers.

***Corporate Dividends.*** URSB Bancorp may generally exclude from its income 100% of dividends received from United Roosevelt Savings Bank as a member of the same affiliated group of corporations.

***Audit of Tax Returns.*** The consolidated returns of United Roosevelt, MHC have not been audited in the most recent five-year period.

**State Taxation**

***New Jersey State Taxation.*** Banks are subject to the New Jersey Corporation Business Tax. A bank's entire net income is apportioned to New Jersey based on the location of the taxpayer's customers, with special rules for income from certain financial transactions. The location of the taxpayer's offices and branches are not relevant to the determination of income apportioned to New Jersey. The statutory tax rate is currently 6.5% for taxable net income of $50,000 or less, 7.5% for taxable net income greater than $50,000 and up to and including $100,000, and 9.0% for taxable net income greater than $100,000. There is a surtax of 2.5% for taxpayers with taxable net income greater than $10 million. New Jersey also imposes a minimum tax ranging from $500 to $2,000 depending on the taxpayer's gross receipts. Subsidiaries of certain banks that qualify as investment companies are entitled to a modification that reduces the percentage of the investment company's income that is taxable to New Jersey.

***Maryland State Taxation***. As a Maryland business corporation, URSB Bancorp is required to file an annual report with and pay franchise taxes to the State of Maryland.

**MANAGEMENT**

**Shared Management Structure**

Each director of URSB Bancorp is a director of United Roosevelt Savings Bank. Each officer of URSB Bancorp is an executive officer of United Roosevelt Savings Bank. URSB Bancorp expects to continue to have a shared management structure until there is a business reason for it to establish a separate management structure.

**Officers of URSB Bancorp**

The following table sets forth information regarding the officers of URSB Bancorp. Age information is as of June 30, 2025. URSB Bancorp's board of directors elects URSB Bancorp's officers annually.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Kenneth R. Totten | 64 | President and Chief Executive Officer |
| David Van Steyn | 38 | Chief Financial Officer and Treasurer |
| Amanda D'Alessio | 43 | Corporate Secretary |

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**Executive Officers of United Roosevelt Savings Bank**

The following table sets forth information regarding the executive officers of United Roosevelt Savings Bank. Age information is as of June 30, 2025. United Roosevelt Savings Bank's board of directors elects the officers of United Roosevelt Savings Bank annually.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Kenneth R. Totten | 64 | President and Chief Executive Officer |
| David Van Steyn | 38 | Executive Vice President and Chief Financial Officer |

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**Directors of URSB Bancorp and United Roosevelt Savings Bank**

The board of directors of URSB Bancorp consists of five members, who serve three-year staggered terms so that approximately one-third of the directors will be elected at each annual meeting of stockholders. The directors of United Roosevelt Savings Bank will be elected by URSB Bancorp who will be United Roosevelt Savings Bank's sole stockholder following the completion of the conversion and stock offering.

The following table provides certain information about our directors, including age as of June 30, 2025, the years when they began serving as directors of United Roosevelt Savings Bank, and the years when their current terms as directors of URSB Bancorp expire. The mailing address for each individual is 11-15 Cooke Avenue, Carteret, New Jersey 07008.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **Position(s) Held With United Roosevelt Savings Bank** | **Age** | **Director<br> Since** | **Current Term<br> Expires** |
| Patrick J. DeBlasio | Director | 67 | 2017 | 2026 |
| John F. Kwasnik | Director | 58 | 2016 | 2028 |
| Daniel J. Reiman | Director | 48 | 2019 | 2027 |
| Kenneth R. Totten | Chairman, President and Chief Executive Officer | 64 | 2015 | 2028 |
| Timothy D. Touhey | Director | 65 | 2019 | 2027 |

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**Board Independence**

URSB Bancorp has determined to adopt the standards for "independence" for purposes of board and committee service as set forth in the listing standards of the Nasdaq Stock Market. The board of directors has determined that each director, except for Kenneth R. Totten, is "independent" as defined in the listing standards of the Nasdaq Stock Market. Mr. Totten is not considered independent because he is employed by URSB Bancorp and United Roosevelt Savings Bank as an executive officer.

To our knowledge, there were no other transactions between us and any director or entity controlled by any director, which would interfere with the directors' exercise of independent judgment in carrying out his responsibilities as a director.

**Business Background of Our Directors**

The following sets forth certain information regarding our directors. Each director's biography contains information regarding his business experience for the last five years and the experiences, qualifications, attributes or skills that caused the board of directors to determine that he should serve as a director. Unless otherwise indicated, each individual has held his business position for the last five years. There are no arrangements or understandings between any director and any other person pursuant to which the director was selected.

***Patrick J. DeBlasio*** is a seasoned financial executive with over 40 years of experience serving as a Chief Financial Officer for several municipalities across New Jersey. He has overseen the financial operations, providing leadership in budgeting, financial reporting, debt management, and long-term fiscal planning. He holds a Bachelor of Science degree in Accounting from Seton Hall University and has maintained multiple professional certifications throughout his career. He is a licensed Certified Public Accountant, Certified Municipal Finance Officer, Certified Government Financial Manager, and Certified Tax Collector. His extensive financial management experience provides the board of directors with valuable knowledge in connection with the financial aspects of United Roosevelt Savings Bank's business.

***John F. Kwasnik*** is the Managing Partner of the law firm of Mezzacca and Kwasnik, LLC, Edison, New Jersey. He concentrates his practice in the areas of municipal law, real estate, trust and estate, community association law, land use, civil litigation, construction defect litigation, commercial transactions, and corporate law. Mr. Kwasnik also has served for over 25 years as a special advocate in various municipalities throughout the State of New Jersey. He serves as Public Defender for the Edison Township, Special County Counsel for Middlesex County, Conflict Public Defender in such towns as Manalapan and Woodbridge, as well as General Counsel for the Carteret Business Partnership. Mr. Kwasnik is a member of the New Jersey, Pennsylvania, Connecticut, and District of Columbia Bars, as well as the District Courts of New Jersey and New York. He is a frequent author and lecturer on real estate, estate and community association law issues. He is a member of the American Bar Association, New Jersey State Bar Association and the Middlesex County Bar Association. His extensive legal experience provides the board of directors with valuable knowledge regarding many of the legal aspects of United Roosevelt Savings Bank's business.

***Daniel J. Reiman*** has served as the Mayor of Carteret, New Jersey, since 2002 As Mayor, he serves full-time as the town's Chief Executive Officer, oversees over 200 employees and an annual budget of approximately $100 million, and is the chief administrator of 13 departments including Personnel, Finance, and Economic and Community Development, among others. He belongs to several civic, professional and volunteer organizations in the New Jersey Conference of Mayors, New Jersey League of Municipalities, New Jersey Redevelopment Authority and Carteret Planning Board, among others. His extensive managerial and financial experience provides the board of directors with valuable knowledge across multiple disciplines of United Roosevelt Savings Bank's business.

***Kenneth R. Totten*** has served as the President and Chief Executive Officer of United Roosevelt Savings Bank since 2015 and as Chairman of the Board of Directors since 2019. He is a graduate of Glassboro State College and has served in various banking roles since 1984. Before joining United Roosevelt Savings Bank, Mr. Totten served as Senior Vice President and Chief Lending Officer of Metuchen Savings Bank and RSI Savings Bank. He has a deep appreciation for serving communities, serving as Fire Commissioner of Old Bridge, New Jersey, since 1999. His extensive senior management experience in community banking provides the board of directors with valuable knowledge of United Roosevelt Savings Bank's business.

***Timothy D. Touhey*** has served as the Chief Executive Officer of Atlys Global Finance, LLC, a leading $1 billion national lending platform dedicated serving contractors supporting states and communities impacted by natural disasters, since 2018. Before joining Atlys Global Finance he served as Team Leader for Commercial Real Estate Lending at Investors Bank from April 2013 to September 2018, where he launched and expanded the Commercial Real Estate Finance Group in Robbinsville, New Jersey. From 2007 to 2013, he was the Chief Executive Officer of the New Jersey Builders Association. Earlier in his career, Mr. Touhey served as Lead Director of Fannie Mae's Northeast Community Business Center in New Brunswick, NJ, where he oversaw initiatives to enhance housing opportunities and economic development. He also has held advisory roles for several New Jersey governors, including Chris Christie, Jon Corzine, Richard Codey, and Christine Todd Whitman. Mr. Touhey holds a Bachelor of Arts degree from Mount Mercy College in Cedar Rapids, Iowa, and a Master's degree in Policy and Administration from Rutgers University. His extensive experience in lending and finance provides the board of directors with valuable knowledge of these aspects of United Roosevelt Savings Bank's business.

**Business Background of Executive Officers Who are Not Directors**

***David Van Steyn*** joined United Roosevelt Savings Bank in 2019 as Vice President and Chief Risk Officer. He was named the Executive Vice President of United Roosevelt Savings Bank in 2022 and Chief Financial Officer of United Roosevelt Savings Bank in 2024. He is a graduate of Montclair State University and has held various banking roles since 2008. Before joining United Roosevelt Savings Bank, he served as a manager for the consulting firm, GRC Risk Solutions, assisting community banks with risk management, strategic planning, and mergers and acquisitions, and before that served as Executive Vice President and Chief Operating Officer of Lincoln Park Savings Bank.

**Committees of the Board of Directors**

We conduct business through meetings of our board of directors and its committees. URSB Bancorp's board of directors has established standing committees, including an Audit Committee, a Compensation Committee, and a Nominating/Corporate Governance. Each operates under a written charter, which governs its composition, responsibilities and operations. United Roosevelt Savings Bank also has standing committees of its board of directors.

The board of directors of URSB Bancorp has established the following standing committees: Audit Committee (consisting of Directors DeBlasio (Chair), Kwasnik, Reiman and Touhey), Compensation Committee (consisting of Directors DeBlasio, Kwasnik (Chair) and Touhey), and a Nominating/Corporate Governance Committee (consisting of Directors DeBlasio, Kwasnik, Reiman and Touhey (Chair)). Each committee is expected to operate under a written charter, which governs its composition, responsibilities and operations. URSB Bancorp's board of directors has designed Patrick J. DeBlasio, a Certified Public Accountant, as an "audit committee financial expert" as that term is defined in applicable regulations of the Securities and Exchange Commission.

**Transactions With Certain Related Persons**

The Sarbanes-Oxley Act of 2002 generally prohibits publicly-traded companies from making loans to their executive officers and directors, but it contains a specific exemption from that prohibition for loans made by federally-insured financial institutions, such as United Roosevelt Savings Bank, to their executive officers and directors in compliance with federal banking regulations. At June 30, 2025, all loans made by United Roosevelt Savings Bank to our directors and executive officers were made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to United Roosevelt Savings Bank, and did not involve more than the normal risk of collectability or present other unfavorable features. These loans were performing according to their original terms at June 30, 2025, and were made in compliance with federal banking regulations.

**Executive Compensation**

***Summary Compensation Table.*** The following information is furnished for our principal executive officer and our most highly compensated executive officer (other than the principal executive officer) whose total compensation exceeded $100,000 for the fiscal year ended December 31, 2024. These individuals are sometimes referred to in this prospectus as the "named executive officers."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Bonus** | **All Other<br> Compensation <sup>(1)</sup>** | **Total** |
| Kenneth R. Totten<br> *Chairman, President and Chief Executive Officer* | 2024 | $325000 | $104875 | $54476 | $484351 |
| David Van Steyn<br> *Executive Vice President and Chief Financial Officer* | 2024 | $245000 | $53675 | $45711 | $344386 |

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(1) The compensation represented by the amounts set forth in the "All
 Other Compensation" column is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **401(k) Plan<br> Employer<br> Contributions** | **Automobile<br> Allowance** | **Split-Dollar Life<br> Insurance<br> Imputed Income** | **Health and<br> Welfare Benefits** | **Total All Other<br> Compensation** |
| Kenneth R. Totten | $18300 | $12000 | $— | $24176 | $54476 |
| David Van Steyn | 16783 | 6000 | 31 | 22897 | 45711 |

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***Employment Agreements.*** United Roosevelt Savings Bank has entered into employment agreements with Messrs. Totten and Van Steyn, which will become effective as of the effective date of the conversion and stock offering. The initial term of the employment agreements will begin as of the effective date of the conversion and stock offering and end on the third anniversary of that date. Commencing on the first anniversary of the date of the employment agreements and continuing each anniversary thereafter, the term of the agreements may extend for an additional year, so that the term again becomes three years. However, at least 30 days before the anniversary date of the agreements, the disinterested members of the board of directors must conduct a comprehensive performance evaluation of the executives and affirmatively approve any extension of the agreements for an additional year or determine not to extend the term of the agreement. If the board of directors determines not to extend the term, it must notify Mr. Totten or Mr. Van Steyn before the applicable anniversary date, and the term of the agreement will expire at the end of the current term. If a change in control occurs during the term of the employment agreement, the term of the agreement will automatically renew for three years from the effective date of the change in control.

The employment agreements specify the base salaries of Messrs. Totten and Van Steyn, which initially will be $425,000 and $300,000, respectively. The Board of Directors or the Compensation Committee of the Board of Directors of United Roosevelt Savings Bank may increase but not decrease (other than certain decreases that are part of an overall reduction in executive salaries), the executives' base salaries. In addition to base salary, the agreements provide that each executive will participate in any bonus plan or arrangement of United Roosevelt Savings Bank in which senior management is eligible to participate and/or may receive a bonus on a discretionary basis, as determined by the Board of Directors or the Compensation Committee. Each executive is also entitled to participate in all employee benefit plans, arrangements and perquisites offered to employees and officers of United Roosevelt Savings Bank and the reimbursement of reasonable travel and other business expenses incurred in the performance of his duties for United Roosevelt Savings Bank. United Roosevelt Savings Bank will also provide

Messrs. Totten and Van Steyn with a monthly automobile allowance of $1,000 and $500, respectively, and reimburse them for fuel and maintenance of the automobiles. In addition, Mr. Totten is provided with life insurance coverage equal to the greater of three times his annual salary or $1 million (or such higher amount permitted by the bank's insurance provider) under United Roosevelt Savings Bank's group term life insurance program. Mr. Van Steyn is provided with life insurance coverage equal to three times his annual salary under that program.

United Roosevelt Savings Bank may terminate the executives' employment, or the executives may resign from their employment, at any time with or without good reason. Under the employment agreements, in the event United Roosevelt Savings Bank terminates an executive's employment without "cause", or the executive voluntary resigns for "good reason" (<u>i.e.</u>, a "qualifying termination event"), United Roosevelt Savings Bank will pay the executive a severance payment equal to two times his base salary. In addition, if the executive elects COBRA coverage, he will be reimbursed for his monthly COBRA premium payments for up to the earlier of 12 months or the date he attains age 65.

If a qualifying termination event occurs at or within two years following a change in control of URSB Bancorp or United Roosevelt Savings Bank, the executive would be entitled to (in lieu of the payments and benefits described in the previous paragraph) a severance payment equal to three times the sum of (i) his base salary in effect as of the date of termination (or during the three preceding years, if higher) and (ii) and average annual total incentive bonus earned by the executive for the three most recently completed calendar years before the change in control (or, if greater, the annual total incentive bonus that would have been earned in the year of the change in control at target bonus opportunity). In addition, the executive would receive a lump sum payment equal to the value of 24 month's health care cost (based on COBRA premium payments).

For purposes of the employment agreements, the term "good reason" includes (i) a material reduction in the executive's base salary and/or aggregate incentive compensation opportunities (unless the reduction is part of a non-discriminatory reduction applicable to all executive officers), (ii) a material reduction in the executive's title, authority, duties or responsibilities, (iii) the failure to re-appoint the executive to his executive position or, in the case of Mr. Totten, the failure to nominate and recommend his election to the Board of Directors of URSB Bancorp or to appoint or nominate and elect him to the Board of Directors of United Roosevelt Savings Bank, (iv) a relocation of the executive's principal place of employment by more than twenty-five miles or (v) a material breach of the employment agreement by United Roosevelt Savings Bank.

The employment agreements terminate upon the executive's death or disability. Upon termination of employment (other than a termination in connection with a change in control), the executive will be required to adhere to one-year non-competition and non-solicitation restrictions set forth in his employment agreement.

The non-competition and non-solicitation covenants apply following a change in control for a period mutually to be agreed to by the parties, which will be no less than six months nor exceed two years (or such longer period as permitted under applicable state or federal law). In the event payments and benefits provided to the executive become subject to Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), and after considering the value of the non-competition and non-solicitation covenants, the payments will be reduced if the reduction would leave the executive financially better off on an after-tax basis than if the executive received the entire payment and was obligated to pay the excise tax under Section 4999 of the Code.

***Bonus Policy.*** Each year, United Roosevelt Savings Bank may award, at its discretion, an individual bonus to certain key senior officers who are responsible for the financial and operational success of United Roosevelt Savings Bank. For fiscal year 2024, the President and Chief Executive Officer identified the officers who are eligible for an individual bonus and determined the level of bonus for those individuals. The Board of Directors determined whether the President and Chief Executive Officer was eligible for a bonus and determined the level of his bonus. Mr. Totten did not participate in any discussion or decision regarding his own compensation. The Board of Directors considers any performance criteria it determines relevant for purposes of determining annual bonus. United Roosevelt Savings Bank expects to implement a more formal bonus program in the future.

***Deferred Compensation Plan.*** United Roosevelt Savings Bank sponsors the United Roosevelt Savings Bank Deferred Compensation Plan (the "Deferred Compensation Plan") for the benefit of certain employees (including Messrs. Totten and Van Steyn) and directors. Participants in the Deferred Compensation Plan are eligible to defer the receipt of a portion of their compensation each year. Employees may defer up to 50% of their salary and

up to 100% of their annual bonus. Non-employee directors may defer up to 100% of their cash fees. United Roosevelt Savings Bank may make discretionary matching contributions on participant deferrals. Each year, United Roosevelt Savings Bank credits each participant's account under the Deferred Compensation Plan with earnings equal to the return on certain hypothetical investment options available to participants. In connection with the conversion and stock offering, United Roosevelt Savings Bank has amended the Deferred Compensation Plan to allow participants to direct that their current account balance be credited to stock units representing stock of URSB Bancorp by making a one-time election. United Roosevelt Savings Bank will use the applicable account balances to subscribe for shares in the stock offering. The shares of stock will be held in trust with a third-party trustee and will be distributed to a participant upon a participant's distribution event under the Deferred Compensation Plan. Benefits under the Deferred Compensation Plan are generally paid to participants within 45 days of their separation from service and participant's may elect to receive distributions in a lump sum, over ten annual payments or in the form of a life annuity. Distributions are also made in the event of the death of a participant and may be made in the event of certain unforeseeable emergencies.

***Supplemental Executive Retirement Plan.*** United Roosevelt Savings Bank intends to enter into supplemental executive retirement plan agreements with Messrs. Totten and Van Steyn (the "SERPs"). The SERPs would become effective as of the close of the conversion and stock offering. The SERPs will be designed to provide non-qualified supplemental retirement income to Messrs. Totten and Van Steyn as an incentive for their continued service with United Roosevelt Savings Bank. The benefits payable under the SERPs will be funded by certain annuity contracts, with an income rider attached, purchased and owned by United Roosevelt Savings Bank.

Under the SERPs upon retirement or other separation from service without cause (including due to death or disability) on or after attaining their normal retirement age (which is age 72 for Mr. Totten and age 65 for Mr. Van Steyn), Messrs. Totten and Van Steyn (or their beneficiaries) will be entitled to a vested percentage of an annual benefit equal to the amount payable from the annuity contract through the rider. The fully vested annual benefits for both Messrs. Totten and Van Steyn are projected to equal $150,000, and payments will commence on the first day of the second month following the executive's separation from service. The benefit will be payable in equal monthly installments for life of the executive. Mr. Totten will be 100% vested in his benefit under the SERP. Mr. Van Steyn will initially be 60% vested in his benefit and will continue to vest at the rate of 5% per year, so that he is fully vested in eight years. In the event of the executive's termination of employment for any reason (other than for cause) before his normal retirement date, the executive would receive an annual payment equal to the vested percentage times the accrued liability under the SERP at the time of his separation from service. The benefit is payable in equal monthly installments for the life of the executive. The accrued liability under the SERPs is determined in accordance with generally accepted accounting principles.

In the event of the executive's termination for reasons of death, the executive's beneficiary would receive the accrued liability as of the date of his death. The benefit would be paid in a cash lump sum within 60 days following the executive's date of death.

Notwithstanding the foregoing, upon the executive's termination of employment for any reason (except for cause) following a change in control of United Roosevelt Savings Bank or URSB Bancorp, the executive would be entitled to his normal retirement benefit, regardless of his age on the date of termination, payable in equal monthly installments for the life of the executive, commencing on the first day of the month following the latter of the executive's separation from service or attainment of the normal retirement age.

United Roosevelt Savings Bank has elected to purchase annuities designed to provide a future source of funds for the lifetime retirement benefits provided under the SERPs. Accordingly, the actual amounts of the SERP benefits are directly based on the amount of the annuity payments set forth in riders attached to the SERPs.

***Split-Dollar Life Insurance.*** United Roosevelt Savings Bank has entered into a split-dollar life insurance agreement with Mr. Van Steyn. United Roosevelt Savings Bank also intends to enter into split dollar life insurance agreements with Mr. Totten. United Roosevelt Savings Bank has or will purchase life insurance policies on the life of each executive. The executive has the right to designate the beneficiary who will receive his share of the proceeds payable upon his death. The policies are owned by United Roosevelt Savings Bank. Mr. Van Steyn's agreement provides his beneficiary with a death benefit of $100,000 if he dies while employed by the bank. It is expected that the agreement with Mr. Totten will provide for a death benefit following the executive's death while employed with the bank and for a certain period of time following his termination of employment and that the value of the death benefit will decline over time following his termination of employment.

***401(k) Plan.*** United Roosevelt Savings Bank maintains the United Roosevelt Savings Bank 401(k) and Profit Sharing Plan, a tax-qualified defined contribution plan for eligible employees (the "401(k) Plan"). The named executive officers are eligible to participate in the 401(k) Plan on the same terms as other eligible employees of United Roosevelt Savings Bank. Eligible employees who are at least 18 years of age and complete 3 months of service are eligible to make elective deferrals and receive matching contributions under the 401(k) Plan. Participants must be age 18 and complete one year of service to be eligible to receive all other contributions under the 401(k) Plan.

Under the 401(k) Plan, a participant may elect to defer, on a pre-tax basis, up to 100% of their eligible compensation. For 2025, the salary deferral contribution limit is $23,500, provided, however, that a participant over age 50 may contribute an additional $7,500 to the 401(k) Plan for a total of $31,000. In addition to salary deferral contributions, United Roosevelt Savings Bank makes matching contributions of 100% on participant's elective deferrals up to 6% of the participant's compensation.

United Roosevelt Savings Bank intends to allow participants in the 401(k) plan to use up to 75% of their account balances in the 401(k) Plan to subscribe for stock in the stock offering. The expense recognized in connection with the 401(k) Plan totaled $122,000 for the fiscal year ended December 31, 2024.

***Employee Stock Ownership Plan.*** In connection with the conversion and stock offering, United Roosevelt Savings Bank intends to adopt an employee stock ownership plan (ESOP) for eligible employees. The named executive officers will be eligible to participate in the ESOP on the same terms as other eligible employees. Eligible employees will begin participation in the ESOP on the later of the effective date of the conversion and stock offering or upon the first entry date commencing on or after the eligible employee's completion of one year of service and attainment of age 18.

The ESOP trustee is expected to purchase, on behalf of the ESOP, 8.0% of the sum of the number of shares of URSB Bancorp common stock sold in the stock offering and contributed to the charitable foundation. If eligible account holders subscribe for all the URSB Bancorp common stock sold in the stock offering, no shares will be available to be purchased by the ESOP. If market conditions warrant, the ESOP may elect to purchase shares in the open market following the completion of the conversion and stock offering. In either case, we anticipate the ESOP will fund its stock purchase with a loan from URSB Bancorp equal to the aggregate purchase price of the common stock. The trustee will repay the loan principally through contributions to the ESOP by United Roosevelt Savings Bank and any dividends payable on common stock held by the ESOP over the anticipated 20-year term of the loan. The interest rate for the ESOP loan is expected to equal the prime rate, as published in *The Wall Street Journal*, on the closing date of the conversion and stock offering.

The trustee will hold the shares purchased by the ESOP in an unallocated suspense account, and shares will be released from the suspense account on a pro-rata basis as the trustee repays the loan. The trustee will allocate the shares released among participants' accounts based on each participant's proportional share of compensation relative to all participants. A participant will vest in his or her account balance based on his or her years of service with the bank, at the rate of 20% per year after two years of service, so that the participant will be 100% vested after completing five years of service. Participants who are employed by United Roosevelt Savings Bank immediately before the closing of the conversion and stock offering will receive credit for vesting purposes for years of service before adoption of the ESOP. Participants also will automatically become fully vested upon attainment of their normal retirement age (age 65), death or disability, a change in control, or termination of the ESOP. Generally, participants will receive distributions from the ESOP upon terminating employment in accordance with the terms of the plan document. The ESOP reallocates any unvested shares forfeited upon a participant's termination of employment among the remaining participants.

The ESOP will permit participants to direct the trustee as to how to vote the shares of common stock allocated to their accounts. The trustee will vote unallocated shares and allocated shares for which participants do not timely provide instructions on any matter in the same ratio as those shares for which participants provide timely instructions, subject to fulfillment of the trustee's fiduciary responsibilities.

Under applicable accounting requirements, United Roosevelt Savings Bank will record a compensation expense for the ESOP at the fair market value of the shares as they are committed to be released from the unallocated suspense account, which may be more or less than the original issue price. The compensation expense

resulting from the release of the common stock from the suspense account and allocation to the accounts of plan participants will result in a corresponding reduction in the earnings of URSB Bancorp.

**Directors' Compensation**

***Director Fees.*** The following table sets forth for the year ended December 31, 2024, certain information as to the total remuneration we paid to our non-employee directors.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid <br> in Cash ($)** | **All Other<br> Compensation ($) <sup>(1)</sup>** | **Total ($)** |
| Patrick DeBlasio | 60000 | 233 | 60233 |
| John Kwasnik | 55000 |  | 55000 |
| Daniel Reiman | 55000 | 43 | 55043 |
| Timothy Touhey | 55000 | 157 | 55157 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents taxable imputed income attributable to life insurance
 provided under split-dollar life insurance arrangements.

Each non-employee director of United Roosevelt Savings Bank receives an annual cash retainer of $55,000. The Chair of the Audit Committee receives an additional annual retainer of $5,000.

Each director of United Roosevelt Savings Bank also serves as a director of URSB Bancorp. Following the conversion and stock offering, each non-employee director of URSB Bancorp will also receive an annual cash retainer of $10,000.

***Deferred Compensation Plan.*** Directors are eligible to defer a portion of their board compensation under the Deferred Compensation Plan, as described above.

***Split-Dollar Life Insurance.*** United Roosevelt Savings Bank has entered into a split-dollar life insurance agreement with Messrs. DeBlasio, Reiman and Touhey that provide for a $100,000 death benefit for Mr. DeBlasio and a $50,000 for each of Messrs. Reiman and Touhey if they die while in service with United Roosevelt Savings Bank. United Roosevelt Savings Bank intends to enter into a split dollar life insurance agreement with Mr. Kwasnik and amend each of the other agreements with the other individuals so that their beneficiaries will receive $125,000 upon the director's death. The benefit will be paid upon their death, whether they die while in service with the bank or following the termination of their service. United Roosevelt Savings Bank has or will purchase life insurance policies on the life of each director. The policies are owned by United Roosevelt Savings Bank.

**Benefits to be Considered Following Completion of the Conversion and Stock Offering**

Following the conversion and stock offering, we intend to adopt a stock-based benefit plan that will provide for grants of stock options and restricted common stock awards. According to applicable regulations, we anticipate that the plan will authorize a number of stock options and a number of shares of restricted stock, not to exceed 10% and 4%, respectively, of the sum of the number of shares sold in the stock offering and contributed to the charitable foundation. These limitations will not apply if the plan is implemented more than one year after the consummation date of the conversion and stock offering.

The stock-based benefit plan will not be established sooner than six months after the conversion and stock offering is completed and, if adopted within one year after the conversion, it would require the approval by stockholders owning a majority of the outstanding shares of common stock of URSB Bancorp. If the stock-based benefit plan is established after one year after the conversion and stock offering, it would require the approval of our stockholders by a majority of votes cast at a stockholders' meeting at which a quorum is present.

The following additional restrictions would apply to our stock-based benefit plan only if the plan is adopted within one year after the completion of the conversion and stock offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· non-employee
 directors in the aggregate may not receive more than 30% of the options and restricted stock
 awards authorized under the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 non-employee director may not receive more than 5% of the options and restricted stock awards
 authorized under the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 officer or employee may not receive more than 25% of the options and restricted stock awards
 authorized under the plan;

If the stock-based benefit plan is adopted within the first year following the conversion and stock offering, the awards must vest on an equal installment basis at a rate not to exceed 20% per year. If the stock-based benefit plan is adopted more than one year but less than three years following the conversion and stock offering, the awards must vest on an equal installment basis over a period of not less than three years following establishment of the stock-based benefit plan. In addition, any stock-based benefit plan established or maintained, as applicable, during the three years following the close of the conversion and stock offering will include provisions that comport with additional requirements, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 duration of rights granted under the stock-based benefit plan must be limited, and in no
 event shall the exercise period exceed ten years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 exercise price of stock rights shall not be less than the fair market value of the stock
 at the time that the rights are granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· rights
 under the plan must be exercised or expire within a reasonable time after termination or
 separation as an active officer, employee, or director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· allowing
 our primary federal regulator to direct the institution to require plan participants to exercise
 or forfeit their stock rights.

We have not yet determined whether we will present the stock-based benefit plan for stockholder approval within one year following the completion of the conversion and stock offering or whether we will present this plan for stockholder approval more than one year thereafter. If applicable regulations or policies regarding stock-based benefit plans change, including any regulations or policies restricting the size of awards and vesting of benefits as described above, the restrictions described above may not apply.

We may obtain the shares needed for our stock-based benefit plans by issuing additional shares of common stock from authorized but unissued shares or through stock repurchases.

The actual value of the shares awarded under stock-based benefit plans would be based in part on the price of our common stock when the shares are awarded. The following table presents the total value of all shares of restricted stock that would be available for issuance under the new stock-based benefit plan, assuming the shares are awarded when the market price of our common stock ranges from $8.00 per share to $14.00 per share.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Price** | **60,300 Shares Awarded<br> Based on Minimum of<br> Offering Range** | **70,800 Shares Awarded<br> Based on Midpoint of<br> Offering Range** | **81,300 Shares Awarded<br> Based on Maximum of<br> Offering Range** | **93,375 Shares Awarded<br> Based on Adjusted<br> Maximum of Offering<br> Range** |
| **(In thousands, except share price)** | **(In thousands, except share price)** | **(In thousands, except share price)** | **(In thousands, except share price)** | **(In thousands, except share price)** |
| $8.00 | $482 | $566 | $650 | $747 |
| 10.00 | 603 | 708 | 813 | 934 |
| 12.00 | 724 | 850 | 976 | 1121 |
| 14.00 | 844 | 991 | 1138 | 1307 |

---

The grant-date fair value of the stock options granted under the new stock-based benefit plan will be based in part on the price of our shares of common stock when the options are granted. The value also will depend on the various assumptions utilized in the option pricing model ultimately adopted. The following table presents the total estimated value of the options to be available for grant under the stock-based benefit plans, assuming the market price and exercise price for the stock options are equal and the range of market prices for the shares is $8.00 per

share to $14.00 per share. The Black-Scholes option pricing model provides an estimate only of the fair value of the stock options, and the actual value of the stock options may differ significantly from the value set forth in this table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exercise Price** | **Grant-Date Fair<br> Value Per Option** | **150,750 Options<br> Based on Minimum<br> of Offering Range** | **177,000 Options<br> Based on Midpoint of<br> Offering Range** | **203,250 Options<br> Based on Maximum<br> of Offering Range** | **233,438 Options<br> Based on Adjusted<br> Maximum of<br> Offering Range** |
| **(In thousands, except exercise price and grant-date fair value per option)** | **(In thousands, except exercise price and grant-date fair value per option)** | **(In thousands, except exercise price and grant-date fair value per option)** | **(In thousands, except exercise price and grant-date fair value per option)** | **(In thousands, except exercise price and grant-date fair value per option)** | **(In thousands, except exercise price and grant-date fair value per option)** |
| $8.00 | $3.78 | $570 | $669 | $768 | $882 |
| 10.00 | 4.72 | 712 | 835 | 959 | 1102 |
| 12.00 | 5.66 | 853 | 1002 | 1150 | 1321 |
| 14.00 | 6.61 | 996 | 1170 | 1343 | 1543 |

---

**The tables presented above are provided for informational purposes only. There can be no assurance that our stock price will not trade below $10.00 per share. Before you make an investment decision, we urge you to read this prospectus carefully, including, but not limited to, the section entitled "Risk Factors" beginning on page 15.**

**SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS**

The following table sets forth information regarding intended common stock subscriptions by each director and his or her associates, by each executive officer and his or her associates, and by all directors, executive officers and their associates as a group. However, there can be no assurance that any such person or group will purchase any specific number of shares of our common stock. If the individual maximum purchase limitation is increased, persons subscribing for the maximum amount may increase their purchase order. The $10.00 per share purchase price, and all other terms of the stock offering will apply to all purchasers in the stock offering, including directors and executive officers. The table excludes shares of common stock to be purchased by the ESOP, as well as any stock awards or stock option grants that may be made no earlier than six months after the completion of the conversion and stock offering. Subscriptions by directors, executive officers and their associates will be included in determining whether the required minimum number of shares has been subscribed for in the stock offering. The directors, executive officers and their associates are acquiring shares for investment purposes only and not with a view towards resale.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Number of Shares <sup>(1)</sup>** | **Aggregate<br> Purchase Price <sup>(1)</sup>** | **Percent Sold at<br> Minimum of<br> Offering Range <sup>(2)</sup>** |
| **<u>Directors</u>** | | | |
| Patrick J. DeBlasio | 10000 | $100000 | \* |
| John F. Kwasnik | 20000 | 200000 | 1.3 |
| Daniel J. Reiman | 4500 | 45000 | \* |
| Kenneth R. Totten | 20000 | 200000 | 1.3 |
| Timothy D. Touhey | 3000 | 30000 | \* |
| **<u>Executive Officers Who are Not Directors</u>** |  |  |  |
| David Van Steyn | 12500 | 125000 | \* |
| All directors and executive officers as a group | 70000 | $700000 | 4.7% |

---

\* Less than 1.0%

(1) Includes intended purchases by the named individual's associates, if any.

(2) The shares to be contributed to the charitable foundation are excluded in calculating percentages.

**THE CONVERSION AND STOCK OFFERING**

The boards of directors of United Roosevelt, MHC, United Roosevelt Bancorp and United Roosevelt Savings Bank have each unanimously approved the plan of conversion. The plan of conversion must also be approved by the depositors of United Roosevelt Savings Bank. A special meeting of depositors is scheduled for December ____, 2025, at which depositors will vote on the approval of the plan of conversion and the establishment and funding of the charitable foundation. United Roosevelt, MHC has filed an application for conversion with the New Jersey Department of Banking and Insurance and the Federal Reserve Board. URSB Bancorp has also filed with the Federal Reserve Board an application to become the bank holding company of United Roosevelt Savings Bank. The final approvals of the New Jersey Department of Banking and Insurance and the Federal Reserve Board are required before we are permitted to consummate the conversion and stock offering. Additionally, the Federal Reserve Board must approve URSB Bancorp's application to become the bank holding company of United Roosevelt Savings

Bank in connection with the conversion and stock offering. Any such approvals do not constitute a recommendation or endorsement of the plan of conversion by any regulatory agency.

**General**

The boards of directors of United Roosevelt, MHC, United Roosevelt Bancorp and United Roosevelt Savings Bank unanimously adopted the plan of conversion on September 8, 2025. Pursuant to the plan of conversion, United Roosevelt, MHC will convert from the mutual form of organization to the fully stock form and we will sell shares of common stock to the public in the stock offering. In connection with the conversion and stock offering, URSB Bancorp has been organized to serve as the bank holding company of United Roosevelt Savings Bank. When the conversion and stock offering is completed, URSB Bancorp will own all of the outstanding capital stock of United Roosevelt Savings Bank and public stockholders (including the charitable foundation) will own all of the outstanding common stock of URSB Bancorp. URSB Bancorp will offer all of its common stock (excluding shares of common stock to be contributed to the charitable foundation) for sale to eligible depositors of United Roosevelt Savings Bank and to United Roosevelt Savings Bank's tax qualified employee benefit plans in a subscription offering and, if necessary, to members of the general public in a community offering, with a preference given to residents of Middlesex and Monmouth Counties in New Jersey, and/or in a syndicated community offering.

The plan of conversion provides that we will offer shares of common stock for sale in the subscription offering to eligible account holders, United Roosevelt Savings Bank's tax-qualified employee benefit plans (including the ESOP), supplemental eligible account holders, and other depositors of United Roosevelt Savings Bank. If all shares are not subscribed for in the subscription offering, we may, in our discretion, offer common stock for sale in a community offering to members of the general public, with a preference given to natural persons (including trusts of natural persons) residing in Middlesex and Monmouth Counties in New Jersey.

We have the right to accept or reject, in whole or in part, any orders to purchase shares of the common stock received in the community offering. The community offering, if any, may begin at the same time as, during, or after the subscription offering, and must be completed within 45 days after the completion of the subscription offering unless otherwise extended by us with the approval, to the extent such approvals are required, of the New Jersey Department of Banking and Insurance and the Federal Reserve Board. See " – Community Offering."

We determined the number of shares of common stock to be offered for sale in the stock offering based upon an independent valuation of the estimated consolidated pro forma market value of URSB Bancorp. All shares of common stock to be sold in the stock offering will be sold at $10.00 per share. Investors will not be charged a commission to purchase shares of common stock in the stock offering. The independent valuation will be updated and the final number of the shares of common stock to be sold in the stock offering will be determined at the completion of the stock offering. See "– Determination of Share Price and Number of Shares to be Issued" for more information as to the determination of the estimated pro forma market value of the common stock.

The following is a brief summary of the conversion. We recommend reading the plan of conversion in its entirety for more information. A copy of the plan of conversion is available for inspection at United Roosevelt Savings Bank's offices, the New Jersey Department of Banking and Insurance and the Federal Reserve Bank of New York. Additionally, the plan of conversion is an exhibit to the registration statement which we have filed with the SEC and which is publicly available at its website, *www.sec.gov*. See "Where You Can Find Additional Information."

**Reasons for the Conversion**

Our primary reasons for converting and raising additional capital through the stock offering are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· better
 position United Roosevelt Savings Bank to remain an independent community bank by increasing
 our capital to enhance our financial strength;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· support
 future growth in lending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· enable
 us to compete for, originate and retain larger loans and maintain larger lending relationships,
 particularly loans and relationships in our primary market area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· continue
 to invest in new technologies and personnel that will enable us to expand and enhance our
 products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· support
 our banking franchise as opportunities arise through targeted *de novo* branching and/or
 branch acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· attract
 and retain qualified personnel by enabling us to establish stock-based benefit plans for
 management and employees that will give them an opportunity to share in our long-term success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· enhance
 our community ties by providing our customers and community members with the opportunity
 to acquire an ownership interest in United Roosevelt Savings Bank through an ownership interest
 in URSB Bancorp; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish
 a charitable foundation, and fund it with shares of our common stock and cash, to support
 charitable organizations operating in our local communities now and in the future.

We believe that the additional capital raised in the conversion and stock offering will enable us to take advantage of business opportunities that may not otherwise be available to us, while remaining an independent community-oriented institution.

As of June 30, 2025, United Roosevelt Savings Bank was considered "well capitalized" for regulatory purposes. The proceeds from the stock offering will further improve our capital position. We are not subject to any directive from any regulatory agency to raise capital.

**Approvals Required**

The affirmative vote of a majority of the total votes eligible to be cast by the depositors of United Roosevelt Savings Bank is required to approve each of the plan of conversion and the establishment and funding of the charitable foundation. The special meeting of depositors is scheduled for December ____, 2025. Each depositor eligible to vote at the special meeting will be mailed a proxy statement with information regarding the matters to be voted on at the special meeting.

The conversion also must be approved by the New Jersey Department of Banking and Insurance and the Federal Reserve Board. Additionally, the Federal Reserve Board must also approve URSB Bancorp's application to become the bank holding company of United Roosevelt Savings Bank in connection with the conversion and stock offering. Any such approvals do not constitute a recommendation or endorsement of the plan of conversion by any regulatory agency.

**Effects of Conversion on Depositors and Borrowers**

***Continuity.*** While the conversion is being accomplished, United Roosevelt Savings Bank's normal business of accepting deposits and making loans will continue without interruption. We will continue to be a New Jersey stock savings bank and will continue to be regulated by the New Jersey Department of Banking and Insurance and the FDIC after the completion of the conversion and stock offering. After the conversion and stock offering, we will continue to offer existing services to depositors, borrowers and other customers. The directors of United Roosevelt Savings Bank serving at the time of the completion of the conversion and stock offering will be the directors of both United Roosevelt Savings Bank and URSB Bancorp.

***Effect on Deposit Accounts.*** Each depositor of United Roosevelt Savings Bank at the time of the completion of the conversion and stock offering will automatically continue as a depositor after the completion of

the conversion and stock offering, and the deposit balance, interest rate and other terms of deposit accounts will not change as a result of the completion of the conversion and stock offering. Each deposit account will continue to be insured by the FDIC to the same extent as before the completion of the conversion and stock offering. Depositors will continue to hold their existing certificates of deposit, savings accounts and other evidences of their accounts.

***Effect on Loans.*** All outstanding loans from United Roosevelt Savings Bank will be unaffected by the completion of the conversion and stock offering, and the amount, interest rate, maturity and security for each loan will remain as it was contractually fixed before the conversion and stock offering.

***Effect on Voting Rights of Depositors.*** At present, the depositors of United Roosevelt Savings Bank have voting rights as to all maters requiring depositor approval, which are generally limited to mutual holding company reorganizations and mutual-to-stock conversion transactions. Upon completion of the conversion and stock offering, United Roosevelt, MHC will cease to exist and depositors will no longer have voting rights with respect to it. Upon completion of the conversion and stock offering, all voting rights in United Roosevelt Savings Bank will be vested in URSB Bancorp as the sole shareholder of United Roosevelt Savings Bank. URSB Bancorp's stockholders will possess exclusive voting rights with respect to its common stock. Accordingly, only depositors of United Roosevelt Savings Bank who purchase shares of URSB Bancorp common stock in the stock offering will continue to have voting rights following the conversion and stock offering and those voting rights will only be with respect to URSB Bancorp.

***Tax Effects.*** We have received an opinion of counsel or tax advisor with regard to federal and state income tax consequences of the conversion and stock offering to the effect that the conversion and stock offering will not be taxable for federal or state income tax purposes to URSB Bancorp, United Roosevelt, MHC, United Roosevelt Bancorp, United Roosevelt Savings Bank or its depositors. See " – Material Income Tax Consequences."

***Effect on Liquidation Rights.*** Each depositor in United Roosevelt Savings Bank has both a deposit account in United Roosevelt Savings Bank and a pro rata ownership interest in the net worth of United Roosevelt, MHC based upon the deposit balance in the depositor's account. This ownership interest is tied to the depositor's account and has no tangible market value separate from the deposit account. Any depositor who opens a deposit account at United Roosevelt Savings Bank obtains a pro rata ownership interest in United Roosevelt, MHC without any additional payment beyond the amount of the deposit. A depositor who reduces or closes the depositor's deposit account receives a portion or all, respectively, of the balance in the deposit account but nothing for the depositor's ownership interest in the net worth of United Roosevelt, MHC, which is lost to the extent that the balance in the account is reduced or closed.

Consequently, depositors in a savings bank that is a subsidiary of a mutual holding company normally have no way of realizing the value of their ownership interest in the mutual holding company, which has realizable value only in the unlikely event that the subsidiary savings bank is completely liquidated. If this occurs, the depositors of record at that time, as owners, would share pro rata in any residual surplus and reserves of the mutual holding company after other claims, including claims of depositors to the amounts of their deposits, are paid.

Under the plan of conversion, depositors of United Roosevelt Savings Bank as of the close of business on June 30, 2024 and September 30, 2025 will receive an interest in liquidation accounts maintained by URSB Bancorp and United Roosevelt Savings Bank in an aggregate amount equal to United Roosevelt, MHC's total equity as reflected in the latest statement of financial condition contained in the consolidated financial statements appearing elsewhere in this prospectus. The liquidation accounts will be maintained for the benefit of depositors as the close of business on June 30, 2024 and September 30, 2025, who continue to maintain their deposits as of those dates in United Roosevelt Savings Bank after the conversion and stock offering. The liquidation accounts would be distributed to depositors as of the close of business on June 30, 2024 and September 30, 2025, who maintain their deposit accounts in United Roosevelt Savings Bank only in the event of a liquidation of (a) URSB Bancorp and United Roosevelt Savings Bank or (b) United Roosevelt Savings Bank. The liquidation account maintained by United Roosevelt Savings Bank would be used only if URSB Bancorp does not have sufficient assets to fund its obligations under its liquidation account. The total obligation of URSB Bancorp and United Roosevelt Savings Bank under their respective liquidation accounts will never exceed the dollar amount of URSB Bancorp's liquidation account as adjusted from time to time pursuant to the plan of conversion and applicable regulations. Pursuant to federal banking regulations, a post-conversion merger, consolidation, sale of bulk assets or similar

combination or transaction with another insured savings institution would not be considered a liquidation and, in such a transaction, the liquidation account would be assumed by the surviving institution. See " – Liquidation Rights."

**Determination of Share Price and Number of Shares to be Issued**

The plan of conversion and federal and state regulations require that the aggregate purchase price of the common stock sold in the stock offering be based on the appraised pro forma market value of the common stock, as determined by an independent valuation. We have retained RP Financial to prepare an independent valuation appraisal. In addition to an engagement fee of $10,000, RP Financial will receive a fee of $65,000 for its services in preparing the initial valuation report, and will be reimbursed for its expenses up to $7,500. RP Financial will receive an additional fee of $10,000 for each subsequent update to the initial valuation report. There will be at least one subsequent update in connection with the closing of the conversion and stock offering. We have agreed to indemnify RP Financial and its employees and affiliates against specified losses, including any losses in connection with claims under the federal securities laws, arising out of its services as independent appraiser, except where such liability results from its negligence, bad faith or willful misconduct.

RP Financial has estimated that, as of August 5, 2025, the estimated pro forma market value of URSB Bancorp, assuming the establishment and funding of the charitable foundation with $200,000 in cash and 20,000 shares of common stock (valued at $10.00 per share), for a total contribution of $400,000, was $17.7 million. Based on applicable state and federal regulations, this market value forms the midpoint of a valuation range with a minimum of $15.1 million and a maximum of $20.3 million, subject to increase up to $23.3 million. Based on this valuation and an offering price of $10.00 per share, the number of shares of common stock being offered for sale in the stock offering will range from 1,487,500 shares to 2,012,500 shares, subject to an increase up to 2,314,375 shares. The $10.00 per share offering price was selected primarily because it is the price most commonly used in mutual-to-stock conversions of financial institutions.

Consistent with applicable appraisal guidelines, the appraisal applied three primary methodologies: the pro forma price-to-book value approach applied to both reported book value and tangible book value; the pro forma price-to-earnings approach applied to reported and core earnings; and the pro forma price-to-assets approach.

RP Financial also considered the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 recent results and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 economic and demographic conditions in our existing market area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certain
 historical, financial and other information relating to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 comparative evaluation of our operating and financial characteristics with those of other
 similarly situated publicly traded savings institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate size of the offering of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 impact of the conversion and stock offering on our equity and earnings potential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 potential to pay cash dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 trading market for securities of comparable institutions and general conditions in the market
 for such securities.

The appraisal is based in part on an analysis of a peer group of the following publicly-traded bank holding companies and savings and loan holding companies that RP Financial considered comparable to us:

---

| | | | |
|:---|:---|:---|:---|
| **Company Name (Ticker Symbol)** | **Exchange** | **Headquarters** | **Total Assets<br> (in millions) <sup>(1)</sup>** |
| Affinity Bancshares, Inc. (AFBI) | Nasdaq | Covington, GA | $934 |
| BV Financial, Inc. (BVFL) | Nasdaq | Baltimore, MD | 908 |
| Catalyst Bancorp, Inc. (CLST) | Nasdaq | Opelousas, LA | 274 |
| Central Plains Bancshares, Inc. (CPBI) | Nasdaq | Grand Island, NE | 509<sup>(2)</sup> |
| Fifth District Bancorp, Inc. (FDSB) | Nasdaq | New Orleans, LA | 531<sup>(2)</sup> |
| Home Federal Bancorp, Inc. of Louisiana (HFBL) | Nasdaq | Shreveport, LA | 609 |
| IF Bancorp, Inc. (IROQ) | Nasdaq | Watseka, IL | 879<sup>(2)</sup> |
| Magyar Bancorp, Inc. (MGYR) | Nasdaq | New Brunswick, NJ | 987 |
| SR Bancorp, Inc. (SRBK) | Nasdaq | Bound Brook, NJ | 1083 |
| Texas Community Bancshares, Inc. (TCBS) | Nasdaq | Mineola, TX | 444 |

---

(1) Total assets are as of June 30, 2025, unless otherwise noted.

(2) As of March 31, 2025.

RP Financial has informed us that it sought to provide meaningful comparative data to limit the need to perform subjective valuation adjustments with respect to institutions that did not share common characteristics with United Roosevelt Savings Bank. As a result, a comparable institution's dissimilar asset size may be outweighed by similarities with respect to other characteristics that RP Financial considers more indicative of an institution's value than asset size.

The peer group selection process was limited to publicly traded thrifts according to regulatory conversion guidelines, which limit the number of potential comparable companies for inclusion in the peer group to 10 full-stock publicly traded companies that were not subject to announced acquisition offers. As noted in the appraisal report, the selection process for the peer group involved applying the following criteria to the universe of all public thrifts that were eligible for inclusion in the peer group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mid-Atlantic,
 New England, Midwest, Southeast and Southwest institutions with total assets of less than
 $1.2 billion and tangible equity-to-assets rations of greater than 7.5%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Positive
 reported and/or core earnings on a trailing 12-month basis.

In selecting the peer group, RP Financial considered only those companies that have been in full stock form for over one year, are not subject to acquisition, and are not experiencing unusual financial characteristics or other trends.

The following table presents a summary of our selected pricing ratios (on a pro forma basis) as of and for the twelve months ended June 30, 2025 and for the peer group as of and for the twelve months ended June 30, 2025 (or the last twelve months for which data are available), with stock prices as of August 5, 2025, as disclosed in the appraisal report. Compared to the average pricing of the peer group, our pro forma pricing ratios at the midpoint of the offering range indicated a premium of 46.9% on a price-to-earnings basis, a discount of 32.1% on a price-to-book value basis and a discount of 35.3% on a price-to-tangible book value basis. This means that, at the midpoint of the offering range, a share of our common stock would be more expensive than the peer group on an earnings basis but less expensive than the peer group on book value basis and a tangible book value basis.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price-to-earnings multiple <sup>(1)</sup>** | **Price-to-book value<br> ratio** | **Price-to-tangible book<br> value ratio** |
| **URSB Bancorp (pro forma, assuming completion of the conversion and stock offering)** |  |  |  |
| Adjusted Maximum | 33.09 x | 62.34% | 62.34% |
| Maximum | 29.65 x | 58.45% | 58.45% |
| Midpoint | 26.49 x | 54.53% | 54.53% |
| Minimum | 23.16 x | 49.98% | 49.98% |
| **Valuation of peer group companies, all of which are fully converted (historical)** |  |  |  |
| Averages | 18.03 x | 80.29% | 84.22% |
| Medians | 15.96 x | 78.12% | 82.25% |

---

(1) Price-to-earnings multiples calculated by RP Financial for the independent appraisal are based
 on an estimate of "core" or recurring earnings. These ratios are different than those presented
 in "Pro Forma Data."

RP Financial prepared the appraisal taking into account the pro forma impact of the stock offering. Consistent with federal appraisal guidelines, RP Financial applied three primary methodologies to estimate the pro forma market value of our common stock: (i) the pro forma price-to-book value approach applied to both reported book value and tangible book value; (ii) the pro forma price-to-earnings approach applied to reported and estimated core earnings; and (iii) the pro forma price-to-assets approach. The market value ratios applied in the three methodologies were based on the current market valuations of a peer group of companies considered by RP Financial to be comparable to us, subject to valuation adjustments applied by RP Financial to account for differences between URSB Bancorp and the peer group. In preparing its appraisal, RP Financial emphasized the price-to-earnings and the price-to-book approaches, although it also considered the price-to-assets approach as required by applicable regulations.

Our board of directors carefully reviewed the information provided to it by RP Financial through the appraisal process. We engaged RP Financial to help us understand the regulatory process as it applies to the appraisal and to advise the board of directors as to how much capital URSB Bancorp would be required to raise under the regulatory appraisal guidelines.

**The independent appraisal does not indicate per share market value. You should not assume or expect that the valuation of URSB Bancorp as indicated above means that, after the conversion and stock offering, the shares of common stock will trade at or above the $10.00 offering price. Furthermore, the pricing ratios presented above were utilized by RP Financial to estimate our market value and not to compare the relative value of shares of our common stock with the value of the capital stock of the peer group. The value of the capital stock of a particular company may be affected by a number of factors such as financial performance, asset size and market location.**

**The independent valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of our common stock. RP Financial did not independently verify our consolidated financial statements and other information which we provided to them, nor did RP Financial independently value our assets or liabilities. The independent valuation considers United Roosevelt Savings Bank as a going concern and should not be considered as an indication of the liquidation value of United Roosevelt Savings Bank. Moreover, because the valuation is necessarily based upon estimates and projections of a number of matters, all of which may change from time to time, no assurance can be given that persons purchasing our common stock in the stock offering will thereafter be able to sell their shares at prices at or above the $10.00 offering price per share.**

Following commencement of the subscription offering, the maximum of the offering range may be increased by up to 15%, or up to $23.1 million, without resoliciting subscribers, which would result in a corresponding increase of up to 15% in the maximum of the offering range to up to 2,314,375 shares, to reflect changes in the market and financial conditions or demand for the shares. We will not decrease the minimum of the valuation range and the minimum of the offering range without a resolicitation of subscribers. The offering price of $10.00 per share will remain fixed. See " – Limitations on Common Stock Purchases" as to the method of distribution and allocation of additional shares that may be issued in the event of an increase in the offering range to fill unfilled orders in the stock offering.

If the update to the independent valuation prepared at the conclusion of the stock offering results in an increase in the maximum of the offering range to more than $23.1 million and a corresponding increase in the offering range to more than 2,314,375 shares (excluding shares issued to the charitable foundation), or a decrease in the minimum of the valuation range to less than $14.9 million and a corresponding decrease in the offering range to fewer than 1,487,500 shares (excluding shares issued to the charitable foundation), then we may promptly return with interest at 0.10% per annum for all funds previously delivered to us to purchase shares of common stock and cancel deposit account withdrawal authorizations, and, after consulting with the New Jersey Department of Banking and Insurance and the Federal Reserve Board, we may terminate the plan of conversion. Alternatively, we may hold a new stock offering, establish a new offering range, extend the offering period and commence a resolicitation of subscribers or take other actions as permitted, to the extent that permission is required, by the New Jersey Department of Banking and Insurance and the Federal Reserve Board to complete the conversion and stock offering. If a resolicitation is commenced, we will notify subscribers of the extension of time and of the rights of subscribers to place a new stock order for a specified period of time. Any resolicitation following the conclusion of the subscription and community offerings would not exceed 45 days unless further extended with the approval, to the extent approval is required, of the New Jersey Department of Banking and Insurance and the Federal Reserve Board, for periods of up to 90 days.

An increase in the number of shares to be issued in the conversion and stock offering would decrease a subscriber's ownership interest and our pro forma earnings and stockholders' equity on a per share basis while increasing stockholders' equity on an aggregate basis. A decrease in the number of shares to be issued would increase a subscriber's ownership interest and our pro forma earnings and stockholders' equity on a per share basis, while decreasing stockholders' equity on an aggregate basis. For a presentation of the effects of these changes, see "Pro Forma Data."

A copy of the independent valuation appraisal report of RP Financial, which includes the detailed memorandum setting forth the method and assumptions used in the appraisal report, is filed as an exhibit to the documents specified under "Where You Can Find Additional Information."

**Adjustments to Independent Appraisal**

In preparing the independent appraisal, RP Financial made certain downward adjustments to the estimated pro forma market value of URSB Bancorp relative to the peer group. Slight downward adjustments relative to the peer group were made for financial condition, profitability, growth and viability of earnings, dividends and liquidity of the shares. The downward adjustment for financial condition took into consideration URSB Bancorp's lower pro forma capital position as a percent of assets, less favorable funding composition and lower balance sheet liquidity relative to the comparable peer group measures. The downward adjustment for profitability, growth and viability of earnings took into consideration URSB Bancorp's less favorable efficiency ratio and lower pro forma core earnings as a percent of equity and assets relative to the comparable peer group measures. The downward adjustment for dividends took into consideration URSB Bancorp's less favorable capacity to pay dividends based on its lower pro forma earnings in comparison to the peer group's earnings. The downward adjustment for liquidity of the shares took into consideration URSB Bancorp's lower pro forma market capitalization and shares outstanding relative to the comparable peer group measures.

No adjustments, upward or downward, were made relative to the peer group for asset growth, primary market area, marketing of the issue, management, or effect of government regulations and regulatory reform.

**Subscription Offering and Subscription Rights**

According to the plan of conversion, rights to subscribe for shares of common stock in the subscription offering have been granted in the descending order of priority set forth below. Filling of all subscriptions that we receive will depend on the availability of common stock after satisfaction of all subscriptions of all persons having prior rights in the subscription offering and to the maximum, minimum and overall purchase limitations set forth in the plan of conversion and as described below under " – Limitations on Common Stock Purchases."

***Priority 1: Eligible Account Holders.*** Each depositor of United Roosevelt Savings Bank with aggregate deposit account balances of $50.00 or more (a "Qualifying Deposit") as of the close of business on June 30, 2024

(an "Eligible Account Holder") will receive, without payment therefor, nontransferable subscription rights to purchase, subject to the overall purchase limitations, up to the greater of 20,000 shares ($200,000) of our common stock, 0.10% of the total number of shares of common stock issued in the stock offering, or 15 times the number of subscription shares offered multiplied by a fraction of which the numerator is the aggregate Qualifying Deposit account balances of the Eligible Account Holder and the denominator is the aggregate Qualifying Deposit account balances of all Eligible Account Holders, subject to the overall purchase limitations. See " – Limitations on Common Stock Purchases." If there are not sufficient shares available to satisfy all subscriptions, shares will first be allocated so as to permit each Eligible Account Holder to purchase a number of shares sufficient to make his or her total allocation equal to the lesser of 100 shares or the number of shares for which he or she subscribed. Thereafter, unallocated shares will be allocated to each Eligible Account Holder whose subscription remains unfilled in the proportion that the amount of his or her Qualifying Deposit bears to the total amount of Qualifying Deposits of all subscribing Eligible Account Holders whose subscriptions remain unfilled. If an amount so allocated exceeds the amount subscribed for by any one or more Eligible Account Holders, the excess shall be reallocated (one or more times as necessary) among those Eligible Account Holders whose subscriptions are not fully satisfied until all available shares have been allocated.

To ensure proper allocation of shares of our common stock, each Eligible Account Holder must list on his or her stock order form all deposit accounts in which he or she had an ownership interest as of the close of business on June 30, 2024. In the event of oversubscription, failure to list an account could result in fewer shares being allocated than if all accounts had been disclosed. In the event of an oversubscription, the subscription rights of Eligible Account Holders who are also our directors or officers or their associates will be subordinated to the subscription rights of other Eligible Account Holders to the extent attributable to increased deposits during the year preceding December 31, 2023.

***Priority 2: Tax-Qualified Plans.*** Our tax-qualified employee benefit plans, including the ESOP, will receive, without payment therefor, nontransferable subscription rights to purchase in the aggregate up to 10% of the sum of the number of shares of common stock sold in the stock offering and contributed to the charitable foundation. The ESOP intends to purchase 8% of the sum of the number of shares of common stock sold in the stock offering and contributed to the charitable foundation. If the total number of shares of common stock sold in the stock offering is increased to the adjusted maximum of the offering range, the ESOP shall have a priority right to subscribe for such increased number of shares. However, if market conditions warrant, and in the judgment of the ESOP trustee, the ESOP may instead elect to purchase shares in the open market following the completion of the conversion and stock offering.

***Priority 3: Supplemental Eligible Account Holders.*** To the extent that there are sufficient shares of common stock remaining after satisfaction of subscriptions by Eligible Account Holders and by Tax-Qualified Plans, each depositor of United Roosevelt Savings Bank with a Qualifying Deposit as of the close of business on September 30, 2025 who is not an Eligible Account Holder ("Supplemental Eligible Account Holder"), will receive, without payment therefor, nontransferable subscription rights to purchase up to the greater of 20,000 shares ($200,000) of common stock, 0.10% of the total number of shares of common stock issued in the stock offering, or 15 times the number of subscription shares offered multiplied by a fraction of which the numerator is the aggregate Qualifying Deposit account balances of the Supplemental Eligible Account Holder and the denominator is the aggregate Qualifying Deposit account balances of all Supplemental Eligible Account Holders, subject to the overall purchase limitations. See " – Limitations on Common Stock Purchases." If there are not sufficient shares available to satisfy all subscriptions, shares will be allocated so as to permit each Supplemental Eligible Account Holder to purchase a number of shares sufficient to make his or her total allocation equal to the lesser of 100 shares of common stock or the number of shares for which he or she subscribed. Thereafter, unallocated shares will be allocated to each Supplemental Eligible Account Holder whose subscription remains unfilled in the proportion that the amount of his or her Qualifying Deposit bears to the total amount of Qualifying Deposits of all Supplemental Eligible Account Holders whose subscriptions remain unfilled. If an amount so allocated exceeds the amount subscribed for by any one or more Supplemental Eligible Account Holders, the excess shall be reallocated (one or more times as necessary) among those Supplemental Eligible Account Holders whose subscriptions are not fully satisfied until all available shares have been allocated.

To ensure proper allocation of common stock, each Supplemental Eligible Account Holder must list on the stock order form all deposit accounts in which he or she had an ownership interest as of the close of business on

September 30, 2025. In the event of oversubscription, failure to list an account could result in fewer shares being allocated than if all accounts had been disclosed.

***Priority 4: Other Depositors.*** To the extent that there are sufficient shares of common stock remaining after satisfaction of subscriptions by Eligible Account Holders, Tax-Qualified Plans and Supplemental Eligible Account Holders, each depositor of United Roosevelt Savings Bank as of the close of business on __________, 2025 who is not an Eligible Account Holder or Supplemental Eligible Account Holder ("Other Depositors") will receive, without payment therefor, nontransferable subscription rights to purchase up to 20,000 shares ($200,000) of common stock, subject to the overall purchase limitations. See " – Limitations on Common Stock Purchases." If there are not sufficient shares available to satisfy all subscriptions, shares will be allocated so as to permit each Other Depositor to purchase a number of shares sufficient to make his or her total allocation equal to the lesser of 100 shares of common stock or the number of shares for which he or she subscribed. Thereafter, unallocated shares will be allocated in the proportion that the amount of the subscription of each Other Depositor bears to the total amount of the subscriptions of all Other Depositors whose subscriptions remain unfilled.

***Expiration Date*.** The Subscription Offering will expire at 2:00 p.m., Eastern time, on December ____, 2025, unless extended by us for up to 45 days or such additional periods with the approval of the New Jersey Department of Banking and Insurance and the Federal Reserve Board, if necessary. Subscription rights will expire whether or not each eligible subscriber can be located. We may decide to extend the expiration date of the subscription offering for any reason, whether or not subscriptions have been received for shares at any point between the minimum and the maximum of the offering range. Subscription rights that have not been exercised before the expiration date and time will become void.

We will not execute orders until we have received orders to purchase at least the minimum number of shares of common stock. If we have not received orders to purchase at least 1,487,500 shares within 45 days after the expiration date and the New Jersey Department of Banking and Insurance and the Federal Reserve Board has not consented, to the extent such consents are required, to an extension, all funds delivered to us to purchase shares of common stock in the stock offering will be returned promptly to the subscribers with interest at 0.10% per annum and all deposit account withdrawal authorizations will be canceled. If an extension beyond _________, 2026 is granted by the required regulatory agencies, we will notify subscribers of the extension of time and subscribers will be given an opportunity to confirm, change or cancel their orders. If a subscriber does not respond, we will cancel his or her stock order and return his or her subscription funds, with interest, and cancel any authorization to withdraw funds from deposit accounts for the purchase of shares of common stock. Extensions may not go beyond __________, 2027, which is two years after the date of the special meeting of depositors of United Roosevelt Savings Bank to be held to vote on the approval of the plan of conversion.

***Persons in Non-qualified States or Foreign Countries.*** We will make reasonable efforts to comply with the securities laws of all states in the United States in which persons entitled to subscribe for stock pursuant to the plan of conversion reside. However, we are not required to offer stock in the subscription offering to any person who resides in a foreign country.

***Restrictions on Transferability of Subscription Rights.*** Subscription rights are non-transferable. See " – Restrictions on Transfer of Subscription Rights and Shares" below for more information.

**Community Offering**

To the extent that shares of common stock remain available for purchase after satisfaction of all subscriptions of the Eligible Account Holders, Tax-Qualified Plans, Supplemental Eligible Account Holders, and Other Depositors, we may offer shares pursuant to the plan of conversion to members of the general public in a community offering, with a preference given to natural persons (including trusts of natural persons) residing in Middlesex and Monmouth Counties in New Jersey.

Subscribers in the community offering may purchase up to 20,000 shares ($200,000) of common stock, subject to the overall purchase limitations. See " – Limitations on Common Stock Purchases." **The opportunity to purchase shares of common stock in the community offering category is subject to our right, in our sole**

**discretion, to accept or reject any such orders in whole or in part either at the time of receipt of an order or as soon as practicable following the expiration date of the stock offering.**

If we do not have sufficient shares of common stock available to fill the orders of natural persons residing in Middlesex and Monmouth Counties in New Jersey, we will allocate the available shares among those persons in a manner that permits each of them, to the extent possible, to purchase the lesser of 100 shares, or the number of shares subscribed for by such person. Thereafter, unallocated shares will be allocated among natural persons residing in Middlesex and Monmouth Counties in New Jersey, whose orders remain unsatisfied on an equal number of shares basis per order. If, after the allocation of shares to natural persons (including trusts of natural persons) residing in Middlesex and Monmouth Counties in New Jersey, we do not have sufficient shares of common stock available to fill the orders of other members of the general public, we will allocate the available shares among those persons in a manner that permits each of them, to the extent possible, to purchase the lesser of 100 shares, or the number of shares subscribed for by such person. Thereafter, unallocated shares will be allocated among members of the general public whose orders remain unsatisfied on an equal number of shares basis per order.

The term "residing" or "resident" as used in this prospectus means any person who occupies a dwelling within Middlesex and Monmouth Counties in New Jersey, has a present intent to remain within there for a period of time and manifests the genuineness of that intent by establishing an ongoing physical presence within the community, together with an indication that this presence within the community is something other than merely transitory in nature. We may utilize deposit or loan records or other evidence provided to us to decide whether a person is a resident. In all cases, however, the determination shall be in our sole discretion.

***Expiration Date.*** The community offering may begin at the same time as, during or after the subscription offering. The community offering is expected to conclude at 2:00 p.m., Eastern time, on December ____, 2025, but it must terminate no more than 45 days following the closing of the subscription offering. We may decide to extend the community offering for any reason and are not required to give purchasers notice of any such extension unless such period extends beyond __________, 2026. If an extension beyond __________, 2026 is granted by the required regulatory agencies, persons whose orders we accept in the community offering will be given an opportunity to confirm, change or cancel their orders. If a person does not respond, we will cancel his or her stock order and return purchase funds, with interest, and cancel any authorization to withdraw funds from deposit accounts for the purchase of shares of common stock. These extensions may not go beyond ________, 2027, which is two years after the date of the special meeting of depositors of United Roosevelt Savings Bank to be held to vote on the approval of the plan of conversion.

**Syndicated Community Offering**

Our board of directors may decide to offer for sale shares of common stock not subscribed for or purchased in the subscription and community offerings in a syndicated community offering, subject to such terms, conditions and procedures as we may determine, in a manner that will achieve a widespread distribution of our shares of common stock. If a syndicated community offering is held, Janney Montgomery will serve as sole manager and will assist us in selling our common stock on a best efforts basis. In such capacity, it may form a syndicate of other broker-dealers who are Financial Industry Regulatory Authority member firms. Neither Janney Montgomery nor any registered broker-dealer will have any obligation to take or purchase any shares of the common stock in the syndicated community offering.

In the syndicated community offering, any person may purchase up to 20,000 shares ($200,000) of common stock, subject to the overall purchase and ownership limitations. See " – Limitations on Common Stock Purchases." We retain the right to accept or reject in whole or in part any orders in the syndicated community offering. Unless the New Jersey Department of Banking and Insurance and the Federal Reserve Board permits otherwise, as required, accepted orders for shares of common stock in the syndicated community offering will first be filled up to a maximum of 2.0% of the shares sold in the stock offering on a basis that will promote a widespread distribution of our common stock. Thereafter any remaining shares will be allocated on an equal number of shares per order basis until all shares have been allocated or orders have been filled, as the case may be. Unless the syndicated community offering begins during the subscription and/or community offering, the syndicated community offering will begin as soon as possible after the completion of the subscription and community offerings.

Any syndicated community offering will be conducted according to certain SEC rules applicable to best efforts "min/max" offerings. Orders in the syndicated community offering will be submitted in substantially the same manner as utilized in the subscription and community offerings. Payments in the syndicated offering, however, must be made in immediately available funds (bank checks, money orders, United Roosevelt Savings Bank account withdrawal authorizations or wire transfers). Personal checks will not be accepted. If the closing of the stock offering does not occur, either as a result of not confirming receipt of at least $14.9 million in gross proceeds (the minimum of the offering range) or the inability to satisfy other closing conditions to the conversion and stock offering, the funds will be promptly returned with interest at a rate of 0.10% per annum.

The closing of the syndicated community offering is subject to conditions set forth in an agency agreement among URSB Bancorp, United Roosevelt Savings Bank, and Janney Montgomery. If and when all the conditions for the closing are met, funds for common stock sold in the syndicated community offering, less fees and commissions payable, will be delivered promptly to us.

If for any reason we cannot effect a syndicated community offering of shares of common stock not purchased in the subscription and community offerings, or in the event that there are a significant number of shares remaining unsold after such offerings, we will try to make other arrangements for the sale of unsubscribed shares, if possible. Any such arrangement will be disclosed in a post-effective amendment to the registration statement of which this prospectus is a part. In addition, the New Jersey Department of Banking and Insurance and the Federal Reserve Board must approve any such arrangements.

The opportunity to order shares of common stock in the syndicated community offering is subject to our right to reject orders, in whole or in part, either at the time of receipt of an order or as soon as practicable following the expiration date of the stock offering. If your order is rejected in part, you will not have the right to cancel the remainder of your order.

**Limitations on Common Stock Purchases**

The plan of conversion includes the following limitations on the number of shares of common stock that may be purchased in the stock offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 person or entity may purchase more than 20,000 shares of common stock ($200,000) in the subscription
 offering, and no person or entity together with any associate or group of persons acting
 in concert may purchase more than 50,000 shares of common stock ($500,000) in all categories
 of the stock offering, except that our tax-qualified employee benefit plans, including the
 ESOP, may purchase in the aggregate up to 10% of the sum of the number of shares of common
 stock sold in the stock offering and contributed to the charitable foundation (including
 shares issued in the event of an increase in the offering range of up to 15%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 maximum number of shares of common stock that may be purchased in all categories of the stock
 offering by our officers and directors and their associates, in the aggregate, may not exceed
 29% of the sum of the number of shares sold in the stock offering and contributed to our
 charitable foundation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 minimum purchase by each person purchasing shares in the stock offering is 25 shares, to
 the extent those shares are available.

Depending upon market or financial conditions, our board of directors, with any required approvals of the New Jersey Department of Banking and Insurance and the Federal Reserve Board, and without further approval of the depositors of United Roosevelt Savings Bank, may decrease or increase the purchase limitations. If a purchase limitation is increased, subscribers in the subscription offering who ordered the maximum amount will be given the opportunity to increase their subscriptions up to the then-applicable limit. The effect of this type of resolicitation would be an increase in the number of shares of common stock owned by subscribers who choose to increase their subscriptions.

If there is an increase in the offering range of up to 15% of the total number of shares of common stock offered in the stock offering, shares will be allocated in the following order of priority according to the plan of conversion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 fill the subscriptions of our Tax-Qualified Plans, including the ESOP, for up to 10% of the
 sum of the number of shares sold in the stock offering and contributed to the charitable
 foundation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 there is an oversubscription at the Eligible Account Holder, Supplemental Eligible Account
 Holder or Other Depositor levels, to fill unfulfilled subscriptions of these subscribers
 according to their respective priorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to
 fill unfulfilled subscriptions in the community offering, with preference given first to
 natural persons residing in Middlesex and Monmouth Counties in New Jersey, and then to other
 members of the general public.

The term "associate" of a person means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 corporation or organization (other than URSB Bancorp, United Roosevelt, MHC, United Roosevelt
 Bancorp, United Roosevelt Savings Bank or a majority-owned subsidiary of these entities)
 of which the person is a senior officer, partner or, directly or indirectly, the beneficial
 owner of 10% or more of any class of equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 trust or other estate in which such person has a substantial beneficial interest or as to
 which such person serves as trustee or in a similar fiduciary capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 person who is related by blood or marriage to such person and who either lives in the same
 home as such person or who is a director or officer of URSB Bancorp, United Roosevelt, MHC,
 United Roosevelt Bancorp or United Roosevelt Savings Bank.

The term "acting in concert" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· knowing
 participation in a joint activity or parallel action towards a common goal whether or not
 pursuant to an express agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 combination or pooling of voting or other interests in the securities of an issuer for a
 common purpose pursuant to any contract, understanding, relationship, agreement or other
 arrangement, whether written or otherwise.

The determination of whether a group is acting in concert will be made solely by the board of directors of United Roosevelt Savings Bank or URSB Bancorp or by officers delegated by either such board and may be based on any evidence upon which the board(s) or such delegate(s) chooses to rely, including, without limitation, joint account relationships or the fact that such persons have filed joint Schedules 13D with the SEC with respect to other companies. Persons living at the same address, whether or not related, will be deemed to be acting in concert unless otherwise determined by the board or such delegate(s). Directors of URSB Bancorp and United Roosevelt Savings Bank will not be deemed to be acting in concert solely as a result of their membership on any such board or boards.

A person or company that acts in concert with another person or company ("other party") will also be deemed to be acting in concert with any person or company who is also acting in concert with that other party, except that any tax-qualified employee stock benefit plan will not be deemed to be acting in concert with its trustee or a person who serves in a similar capacity solely for the purpose of determining whether common stock held by the trustee and common stock held by the employee stock benefit plan will be aggregated. Persons with the same address or exercising subscription rights through qualifying accounts registered to the same address generally will be assumed to be associates of, and acting in concert with, each other. We have the right to determine, in our sole discretion, whether purchasers are associates or acting in concert.

Our directors are not treated as associates of each other solely because of their membership on the board of directors. We have the right to determine whether prospective purchasers are associates or acting in concert. Shares of common stock purchased in the stock offering will be freely transferable except for shares purchased by our officers and directors and except as described below. Any purchases made by any associate of United Roosevelt Savings Bank or URSB Bancorp for the explicit purpose of meeting the minimum number of shares of common stock required to be sold to complete the stock offering shall be made for investment purposes only and not with a view toward redistribution. In addition, under the guidelines of the Financial Industry Regulatory Authority, its members and their associates are subject to certain restrictions on transfer of securities purchased in according to subscription rights and to certain reporting requirements upon purchase of these securities. For a further discussion of limitations on purchases of shares of our common stock at the time of conversion and thereafter, see " – Restrictions on Purchase or Transfer of Our Shares After the Conversion and Stock Offering" and "Restrictions on Acquisition of URSB Bancorp, Inc."

**Plan of Distribution; Selling Agent and Underwriter Compensation**

***Subscription and Community Offerings.*** To assist in the marketing of our shares of common stock in the subscription offering and any community offering, we have retained Janney Montgomery, a broker-dealer registered with the Financial Industry Regulatory Authority. Janney Montgomery will assist us on a best efforts basis in the subscription offering and any community offering by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· advising
 us on the financial and securities market implications of the conversion and stock offering
 and the plan of conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assisting
 us in structuring and marketing the stock offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reviewing
 all offering documents, including the prospectus (it being understood that the preparation
 and filing of any and all such documents will be our responsibility and that of our counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· preparing
 the stock order form and marketing materials for review by us and our counsel (it being understood
 that the filing of any and all such documents will be our responsibility and that of our
 counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assisting
 us in scheduling and preparing meetings with potential investors, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assisting
 us in analyzing proposals from outside vendors in connection with the stock offering, as
 needed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· providing
 such other general advice and assistance as may be reasonably necessary to promote the successful
 completion of the stock offering.

For these services, Janney Montgomery has received a non-refundable management fee of $25,000. Janney Montgomery will also receive at the closing of the stock offering a success fee of $375,000. The non-refundable management fee will be credited against the success fee.

***Syndicated Community Offering.*** If shares of common stock are sold in a syndicated community offering, we will pay a commission of 6.0% of the aggregate dollar amount of common stock sold in the syndicated community offering to Janney Montgomery and any other broker-dealers participating in the syndicated community offering.

***Expenses.*** Janney Montgomery will also be reimbursed for reasonable out-of-pocket expenses, not to exceed $25,000, and fees and expenses of its legal counsel not to exceed $125,000. Each of these expense limits may be increased by additional amounts not to exceed $25,000 if unusual circumstances arise or a delay or resolicitation occurs, including a delay in the stock offering that would require an update to the financial information included in this prospectus. In no event shall out-of-pocket expenses, including fees and expenses of legal counsel,

exceed $200,000. If the plan of conversion is terminated or if Janney Montgomery's engagement is terminated according to the provisions of the agency agreement, Janney Montgomery will receive reimbursement of its reasonable out-of-pocket expenses. Janney Montgomery shall have earned in full, and be entitled to be paid in full, all fees then due and payable at such date of termination. We have separately agreed to pay Janney Montgomery fees and expenses for serving as records management agent, as described below.

**Records Management**

We have also engaged Janney Montgomery to serve as records management agent in connection with the conversion and stock offering. In its role as records management agent, Janney Montgomery will assist us in the stock offering by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consolidate
 United Roosevelt Savings Bank's depositors as of the key eligibility record dates and
 calculate eligible votes that may be cast by depositors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· design
 and prepare proxy forms for the special meeting of depositors and stock order forms for the
 subscription offering and any community offering or syndicated community offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· organize
 and supervise the stock information center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide
 proxy and ballot tabulation services for the special meeting of depositors, including acting
 as or supporting the inspector of election; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide
 necessary subscription services to distribute, collect and tabulate stock orders received
 in the subscription offering and any community offering.

Janney Montgomery will receive a fee of $50,000 for these services, of which $5,000 has been paid as of the date of this prospectus. The remaining balance will be paid upon the closing of the conversion and stock offering. This fee can be increased by up to $10,000 if there are material changes in regulations or the plan of conversion, or there are delays requiring duplicate or replacement processing due to changes in key record dates.

**Indemnity**

We have agreed to indemnify Janney Montgomery against liabilities and expenses, including legal fees, incurred in connection with certain claims or litigation arising out of or based upon untrue statements or omissions contained in the stock offering materials for the common stock, including liabilities under the Securities Act of 1933, as well as certain other claims and litigation arising out of Janney Montgomery's engagement with respect to the conversion and stock offering.

**Solicitation of Offers by Officers and Directors**

Our directors and executive officers may participate in the solicitation of offers to purchase common stock. These persons will be reimbursed for their reasonable out-of-pocket expenses incurred in connection with the solicitation. Other trained employees of United Roosevelt Savings Bank or its affiliates may assist in the stock offering in ministerial capacities, providing clerical work in effecting a sales transaction or answering questions of a ministerial nature. No offers or sales may be made by tellers or at the teller counters. All sales activity will be conducted in a segregated or separately identifiable area of our banking office apart from the area accessible to the general public. Other questions of prospective purchasers will be directed to executive officers or registered representatives of Janney Montgomery. Our other employees have been instructed not to solicit offers to purchase shares of common stock or provide advice regarding the purchase of common stock. We will rely on Rule 3a4-1 under the Securities Exchange Act of 1934, and sales of common stock will be conducted within the requirements of Rule 3a4-1, so as to permit officers, directors and employees to participate in the sale of common stock. None of our officers, directors or employees will be compensated in connection with their participation in the stock offering.

**Procedure for Purchasing Shares in the Subscription and Community Offerings**

***Expiration Date.*** The subscription offering will expire at 2:00 p.m., Eastern time, on December ____, 2025, unless extended by us for up to 45 days or such additional periods with the approval of the New Jersey Department of Banking and Insurance and the Federal Reserve Board, if necessary. Any extension of the subscription and/or any community offering beyond __________, 2026 would require the approval of the New Jersey Department of Banking and Insurance and the Federal Reserve Board. If an extension beyond _________, 2026 is granted by the required regulatory agencies, we will notify subscribers of the extension of time and subscribers will be given an opportunity to confirm, change or cancel their orders. If a subscriber does not respond, we will cancel his or her stock order and return his or her subscription funds, with interest, and cancel any authorization to withdraw funds from deposit accounts for the purchase of shares of common stock. If we have not received orders to purchase the minimum number of shares offered for sale in the stock offering by the expiration date or any extension thereof, we may terminate the stock offering and promptly refund all funds received for shares of common stock. If the number of shares offered is reduced below the number at the minimum of the offering range or increased above the number at the adjusted maximum of the offering range, subscribers may be resolicited with any required approvals of the New Jersey Department of Banking and Insurance and the Federal Reserve Board. All subscribers will be given an opportunity to place a new order within a specified period of time.

To ensure that each purchaser in the subscription and community offerings receives a prospectus at least 48 hours before the December ____, 2025 expiration date of the subscription offering, according to Rule 15c2-8 of the Securities Exchange Act of 1934, no prospectus will be mailed any later than five days before the expiration date or hand delivered any later than two days before the expiration date. Execution of an order form will confirm receipt of delivery according to Rule 15c2-8. Stock order forms will be distributed only if preceded or accompanied by a prospectus. Subscription funds will be maintained in a segregated account at United Roosevelt Savings Bank and will earn interest at 0.10% per annum from the date payment is received until the stock offering is completed or terminated.

We reserve the right in our sole discretion to terminate the stock offering at any time and for any reason, in which case we will cancel any deposit account withdrawal orders and promptly return all funds delivered to us, with interest at our current savings account rate from the date of receipt.

We have the right to reject any order submitted in the stock offering by a person who we believe is making false representations or who we otherwise believe, either alone or acting in concert with others, is violating, evading, circumventing, or intends to violate, evade or circumvent the terms and conditions of the plan of conversion.

***Use of Order Forms in Subscription Offering and any Community Offering.*** To order shares of common stock in the subscription offering and any community offering, you must properly complete and sign an original stock order form and remit full payment. We will not accept orders submitted on photocopied or facsimiled stock order forms. All stock order forms must be *received* (not postmarked) on or before 2:00 p.m., Eastern time, on December ____, 2025. We are not required to accept stock order forms that are not received by that time, are not signed or are otherwise executed defectively or are received without full payment or without appropriate deposit account withdrawal instructions. We are not required to notify subscribers of incomplete or improperly executed stock order forms. We have the right to waive or permit the correction of incomplete or improperly executed stock order forms. We do not represent, however, that we will do so, and we have no affirmative duty to notify any prospective subscriber of any such defects. You may submit your stock order form and payment by mail using the postage paid stock order reply envelope provided or by paying for overnight delivery to the address listed on the stock order form. You may hand-deliver your stock order form to United Roosevelt Saving Bank's main office located at 11-15 Cooke Avenue, Carteret, New Jersey. Hand-delivered stock order forms will be accepted only at this location. **Do not mail stock order forms to any office of United Roosevelt Savings Bank.**

Once tendered, an order form cannot be modified or revoked without our consent. We reserve the absolute right, in our sole discretion, to reject orders received in the community offering, in whole or in part, at the time of receipt or at any time before completion of the stock offering. If you are ordering shares in the stock offering, you must represent that you are purchasing shares for your own account and that you have no agreement or understanding with any person for the sale or transfer of the shares. We have the right to reject any order submitted in the stock offering by a person who we believe is making false representations or who we otherwise believe, either

alone or acting in concert with others, is violating, evading, circumventing, or intends to violate, evade or circumvent the terms and conditions of the plan of conversion. Our interpretation of the terms and conditions of the plan of conversion and of the acceptability of the order forms will be final.

By signing the stock order form, you will be acknowledging that the common stock is not a deposit or savings account and is not federally insured or otherwise guaranteed by United Roosevelt Savings Bank, the FDIC, the federal government or the government of the State of New Jersey, and that you received a copy of this prospectus. However, by signing the order form you will not waive your rights under the Securities Act of 1933 or the Securities Exchange Act of 1934.

***Payment for Shares.*** Payment for all shares of common stock must accompany all completed order forms for the purchase to be valid. Payment for shares in the subscription offering and any community offerings may be made by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· personal
 check, bank check or money order, from the purchaser, made payable to URSB Bancorp, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· authorization
 of withdrawal of available funds from your United Roosevelt Savings Bank deposit account(s);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash.

Cash will only be accepted at United Roosevelt Savings Bank's main office located at 11-15 Cooke Avenue, Carteret, New Jersey, and it will be converted to a bank check. **Do not remit cash by mail.**

Appropriate means for designating withdrawals from deposit account(s) at United Roosevelt Savings Bank are provided on the stock order form. The funds designated must be available in the account(s) at the time the stock order form is received. A hold will be placed on these funds, making them unavailable to the depositor. Funds authorized for withdrawal will continue to earn interest within the account at the contractual rate until the stock offering is completed, at which time the designated withdrawal will be made. Interest penalties for early withdrawal applicable to certificates of deposit will not apply to withdrawals authorized for the purchase of shares of common stock. After withdrawal, the certificate of deposit will continue at the existing contract rate and term. In the case of payments made by personal check, these funds must be available in the account(s). Checks and money orders received in the subscription and community offerings will be immediately cashed and placed in a segregated account at United Roosevelt Savings Bank and will earn interest at 0.10% per annum from the date payment is received until the stock offering is completed or terminated.

You may not remit any type of third-party checks (including those payable to you and endorsed over to URSB Bancorp, Inc.) or a United Roosevelt Savings Bank line of credit check. You may not designate on your stock order form direct withdrawal from a retirement account at United Roosevelt Savings Bank. See "—Using Individual Retirement Account Funds." Additionally, you may not designate on your stock order form a direct withdrawal from United Roosevelt Savings Bank deposit accounts with check-writing privileges. Instead, a check should be provided. If you request a direct withdrawal, we reserve the right to interpret that as your authorization to treat those funds as if we had received a check for the designated amount and we will immediately withdraw the amount from your checking account(s). If we resolicit persons who subscribed for the maximum purchase amount, as described above in "—Limitations on Common Stock Purchases," such purchasers who wish to increase their purchases will not be able to use personal checks to pay for the additional shares but must pay for the additional shares using immediately available funds. Wire transfers may be accepted during the resolicitation period, if any.

By law, United Roosevelt Savings Bank is prohibited from knowingly lending funds or extending credit to any persons to purchase shares of common stock in the stock offering.

We have the right, in our sole discretion, to permit institutional investors to submit irrevocable orders together with the legally binding commitment for payment and to thereafter pay for the shares of common stock for

which they subscribe in the community offering at any time before 48 hours before the completion of the conversion and stock offering. This payment may be made by wire transfer.

If the ESOP purchases shares in the stock offering, it will not be required to pay for such shares until completion of the stock offering, provided that there is a loan commitment from an unrelated financial institution or URSB Bancorp to lend the necessary funds to the ESOP to fund the purchase. In addition, if our 401(k) Plan purchases shares in the stock offering, it will not be required to pay for the shares until the completion of the stock offering.

***Using Individual Retirement Account Funds.*** If you are interested in using funds in your United Roosevelt Savings Bank IRA or other retirement account to purchase shares of common stock in the stock offering, you must do so through an account offered by a custodian that can hold common stock. By regulation, United Roosevelt Savings Bank's IRAs are not capable of holding common stock. Therefore, if you wish to use funds that are currently in a United Roosevelt Savings Bank IRA, you may not designate on the order form that you wish funds to be withdrawn from the account for the purchase of common stock. The funds you wish to use for the purchase of common stock will instead have to be transferred to an independent trustee or custodian, such as a brokerage firm, which offers the type of retirement accounts that can hold common stock. The purchase must be made through that account. If you do not have such an account, you will need to establish one before placing a stock order. A one-time and/or annual administrative fee may be payable to the independent trustee or custodian. You may select the custodian of your choice. There will be no early withdrawal or Internal Revenue Service interest penalties for these transfers. Individuals interested in using funds in an IRA or any other retirement account, whether held at United Roosevelt Savings Bank or elsewhere, to purchase shares of common stock should contact the Stock Information Center for guidance as soon as possible, preferably at least two weeks before the December ____, 2025 offering deadline. Processing these transactions takes additional time, and whether such funds can be used may depend on limitations imposed by the institutions where such funds are currently held. We cannot guarantee that you will be able to use such funds.

***Delivery of Shares of Common Stock Purchased in the Stock Offering.*** All shares of common stock sold in the stock offering will be issued in book entry form. Stock certificates will not be issued. A book entry statement reflecting ownership of shares of common stock issued in the subscription offering and any community offering will be mailed by our transfer agent to the persons entitled thereto at the registration address noted by them on their stock order forms as soon as practicable following consummation of the conversion and stock offering. We expect trading in the stock to begin on the day of completion of the conversion and stock offering or the next business day. **You may not be able to sell the shares of common stock that you purchased until a statement reflecting your ownership of shares of common stock is available and delivered to you, even though the shares of common stock will have begun trading.** Your ability to sell the shares of common stock before receiving your statement will depend on arrangements you may make with a brokerage firm.

***Other Restrictions.*** Notwithstanding any other provision of the plan of conversion, no person is entitled to purchase any shares of common stock to the extent the purchase would be illegal under any federal or state law or regulation, including state "blue sky" regulations, or would violate regulations or policies of the Financial Industry Regulatory Authority, particularly those regarding free riding and withholding. We may ask for an acceptable legal opinion from any purchaser as to the legality of his or her purchase and we may refuse to honor any purchase order if an opinion is not timely furnished. In addition, we are not required to offer shares of common stock to any person who resides in a foreign country.

**Restrictions on Transfer of Subscription Rights and Shares**

**Applicable regulations prohibit any person with subscription rights, including the Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors, from transferring or entering into any agreement or understanding to transfer the legal or beneficial ownership of the subscription rights issued under the plan of conversion or the shares of common stock to be issued upon their exercise. These rights may be exercised only by the person to whom they are granted and only for his or her account. Each person exercising subscription rights will be required to certify that he or she is purchasing shares solely for his or her own account and that he or she has no agreement or understanding regarding the sale or transfer of such shares. The regulations also prohibit any person from offering or making an announcement of an offer or**

**intent to make an offer to purchase subscription rights or shares of common stock to be issued upon their exercise before the completion of the stock offering.**

**We intend to pursue any and all legal and equitable remedies if we become aware of the transfer of subscription rights, and we will not honor orders that we believe involve the transfer of subscription rights.**

**Stock Information Center**

By law, our banking office personnel may not assist with investment-related questions about the stock offering. If you have questions regarding the conversion or stock offering, call our Stock Information Center at ____________ (toll-free). The Stock Information Center is open Monday through Friday, between 10:00 a.m. and 4:00 p.m., Eastern time, excluding bank holidays.

**Liquidation Rights**

***Liquidation Before the Conversion and Stock Offering.*** In the unlikely event that United Roosevelt, MHC is liquidated before the completion of the conversion and stock offering, all claims of its creditors would be paid first. Thereafter, if there were any assets of United Roosevelt, MHC remaining, these assets would first be distributed to depositors of United Roosevelt Savings Bank pro rata based on the value of their accounts at United Roosevelt Savings Bank.

***Liquidation Following the Conversion and Stock Offering.*** The plan of conversion provides for the establishment, upon the completion of the conversion and stock offering, of a liquidation account by URSB Bancorp for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders in an amount equal to (i) United Roosevelt, MHC's total equity as of the date of the latest statement of financial condition contained in this prospectus plus (ii) the value of the net assets of United Roosevelt, MHC as of the date of the latest statement of financial condition of United Roosevelt, MHC before the consummation of the conversion and stock offering (excluding its ownership of United Roosevelt Bancorp and United Roosevelt Savings Bank). The plan of conversion also provides for the establishment of a parallel liquidation account in United Roosevelt Savings Bank to support the URSB Bancorp liquidation account if URSB Bancorp does not have sufficient assets to fund its obligations under its liquidation account.

In the unlikely event that United Roosevelt Savings Bank were to liquidate after the conversion and stock offering, all claims of creditors, including those of depositors, would be paid first. However, except with respect to the liquidation account to be established by URSB Bancorp, a depositor's claim would be solely for the principal amount of his or her deposit accounts plus accrued interest. Depositors generally would not have an interest in the value of the assets of United Roosevelt Savings Bank or URSB Bancorp above that amount.

The liquidation account established by URSB Bancorp is intended to provide qualifying depositors of United Roosevelt Savings Bank with a liquidation interest (exchanged for the liquidation interests such depositors had in United Roosevelt, MHC) after the conversion and stock offering in the event of a complete liquidation of URSB Bancorp and United Roosevelt Savings Bank or a liquidation solely of United Roosevelt Savings Bank. Specifically, in the unlikely event that either (i) United Roosevelt Savings Bank was or (ii) URSB Bancorp and United Roosevelt Savings Bank were to liquidate after the conversion and stock offering, all claims of creditors, including those of depositors, would be paid first, followed by a distribution to depositors as of the close of business on June 30, 2024 and September 30, 2025, of their interests in the liquidation account maintained by URSB Bancorp. Also, in a complete liquidation of both entities or of United Roosevelt Savings Bank only, when URSB Bancorp has insufficient assets (other than the stock of United Roosevelt Savings Bank) to fund the liquidation account distribution owed to Eligible Account Holders and Supplemental Eligible Account Holders, and United Roosevelt Savings Bank has positive net worth, then United Roosevelt Savings Bank shall immediately make a distribution to fund the remaining obligations of URSB Bancorp under the liquidation account. In no event will any Eligible Account Holder or Supplemental Eligible Account Holder be entitled to a distribution that exceeds such holder's interest in the liquidation account maintained by URSB Bancorp as adjusted periodically pursuant to the plan of conversion and applicable regulations. If URSB Bancorp is completely liquidated or sold apart from a sale or liquidation of United Roosevelt Savings Bank, then the URSB Bancorp liquidation account will cease to exist and Eligible Account Holders and Supplemental Eligible Account Holders will receive an equivalent interest in the

United Roosevelt Savings Bank liquidation account, subject to the same rights and terms as the URSB Bancorp liquidation account.

The plan of conversion provides that, after two years from the date of conversion and upon the written request of the Federal Reserve Board, URSB Bancorp will transfer, or, upon the prior written approval of the Federal Reserve Board, may transfer the liquidation account and the depositors' interests in such account to United Roosevelt Savings Bank and the liquidation account shall thereupon be subsumed into the liquidation account of United Roosevelt Savings Bank.

Under the rules and regulations of the Federal Reserve Board, a post-conversion merger, consolidation, or similar combination or transaction with another depository institution or depository institution holding company in which URSB Bancorp or United Roosevelt Savings Bank is not the surviving institution, would not be considered a liquidation. In such a transaction, the surviving institution or company would assume the liquidation account.

Each Eligible Account Holder and Supplemental Eligible Account Holder would have an initial pro-rata interest in the liquidation account for each deposit account, including savings accounts, transaction accounts such as negotiable order of withdrawal accounts, money market deposit accounts, and certificates of deposit, with a balance of $50.00 or more held in United Roosevelt Savings Bank as of the close of business on June 30, 2024 or September 30, 2025, respectively, equal to the proportion that the balance of such account holder's deposit account at the close of business on June 30, 2024 or September 30, 2025, respectively, bears to the balance of all deposit accounts of all Eligible Account Holders and Supplemental Eligible Account Holders in United Roosevelt Savings Bank on such dates.

If, however, on any December 31 annual closing date commencing after the effective date of the conversion and stock offering, the amount in any such deposit account is less than the amount in the deposit account at the close of business on June 30, 2024 or September 30, 2025, or any other annual closing date, then the liquidation account as well as the interest in the liquidation account relating to such deposit account will be reduced by the proportion of any such reduction, and such interest will cease to exist if such deposit account is closed. In addition, no interest in the liquidation account would ever be increased despite any subsequent increase in the related deposit account. Payment pursuant to liquidation rights of Eligible Account Holders and Supplemental Eligible Account Holders would be separate and apart from the payment of any insured deposit accounts to such depositors. Any assets remaining after the above liquidation rights of Eligible Account Holders and Supplemental Eligible Account Holders are satisfied would be available for distribution to stockholders.

**Material Income Tax Consequences**

Completion of the conversion and stock offering is subject to the prior receipt of an opinion of counsel or tax advisor with respect to the federal and state income tax consequences of the conversion to United Roosevelt, MHC, United Roosevelt Bancorp, United Roosevelt Savings Bank, Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors.

United Roosevelt, MHC, United Roosevelt Bancorp, United Roosevelt Savings Bank and URSB Bancorp have received an opinion of counsel, Luse Gorman, PC, regarding all material federal income tax consequences of the conversion and stock offering, which includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The merger of United Roosevelt, MHC with and into United Roosevelt
 Bancorp will qualify as a tax-free reorganization within the meaning of Section 368(a)(1)(A) of
 the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The constructive exchange of Eligible Account Holders' and Supplemental
 Eligible Account Holders' liquidation interests in United Roosevelt, MHC for liquidation
 interests in United Roosevelt Bancorp will satisfy the continuity of interest requirement
 of Section 1.368-1(b) of the Federal Income Tax Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. None of United Roosevelt, MHC, United Roosevelt Bancorp, Eligible Account
 Holders nor Supplemental Eligible Account Holders will recognize any gain or loss on the
 transfer of the assets of United Roosevelt, MHC to United Roosevelt Bancorp and the assumption
 by United

Roosevelt Bancorp of United Roosevelt, MHC's liabilities, if any, in constructive exchange for liquidation interests in United Roosevelt Bancorp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The basis of the assets of United Roosevelt, MHC (other than stock
 in United Roosevelt Bancorp) and the holding period of the assets to be received by United
 Roosevelt Bancorp will be the same as the basis and holding period of such assets in United
 Roosevelt, MHC immediately before the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The merger of United Roosevelt Bancorp with and into URSB Bancorp will
 constitute a mere change in identity, form or place of organization within the meaning of
 Section 368(a)(1)(F) of the Internal Revenue Code and, therefore, will qualify
 as a tax-free reorganization within the meaning of Section 368(a)(1)(F) of the
 Internal Revenue Code. Neither United Roosevelt Bancorp nor URSB Bancorp will recognize gain
 or loss as a result of such merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The basis of the assets of United Roosevelt Bancorp and the holding
 period of such assets to be received by URSB Bancorp will be the same as the basis and holding
 period of such assets in United Roosevelt Bancorp immediately before the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Eligible Account Holders and Supplemental Eligible Account Holders
 will not recognize any gain or loss upon the constructive exchange of their liquidation interests
 in United Roosevelt Bancorp for interests in the liquidation account in URSB Bancorp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The exchange by the Eligible Account Holders and Supplemental Eligible
 Account Holders of the liquidation interests that they constructively received in United
 Roosevelt Bancorp for interests in the liquidation account established in URSB Bancorp will
 satisfy the continuity of interest requirement of Section 1.368-1(b) of the Federal
 Income Tax Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. It is more likely than not that the fair market value of the nontransferable
 subscription rights to purchase URSB Bancorp common stock is zero. Accordingly, no gain or
 loss will be recognized by Eligible Account Holders, Supplemental Eligible Account Holders
 or Other Depositors upon distribution to them of nontransferable subscription rights to purchase
 shares of URSB Bancorp common stock. Eligible Account Holders, Supplemental Eligible Account
 Holders and Other Depositors will not realize any taxable income as the result of the exercise
 by them of the nontransferable subscriptions rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. It is more likely than not that at the effective date of the conversion
 the fair market value of the benefit provided by the liquidation account of United Roosevelt
 Savings Bank supporting the payment of the URSB Bancorp liquidation account in the event
 either United Roosevelt Savings Bank (or URSB Bancorp and United Roosevelt Savings Bank)
 were to liquidate after the conversion (including a liquidation of United Roosevelt Savings
 Bank or of United Roosevelt Savings Bank and URSB Bancorp following a purchase and assumption
 transaction with a credit union) when URSB Bancorp lacks sufficient net assets to pay the
 liquidation account distribution due is zero. Accordingly, it is more likely than not that
 no gain or loss will be recognized by Eligible Account Holders and Supplemental Eligible
 Account Holders upon the constructive distribution to them of such rights in the United Roosevelt
 Savings Bank liquidation account as of the effective date of the conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. It is more likely than not that the basis of the shares of URSB Bancorp
 common stock purchased in the stock offering by the exercise of nontransferable subscription
 rights will be the purchase price. The holding period of the URSB Bancorp common stock purchased
 pursuant to the exercise of nontransferable subscription rights will commence on the date
 the right to acquire such stock was exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. No gain or loss will be recognized by URSB Bancorp on the receipt
 of money in exchange for URSB Bancorp common stock sold in the stock offering.

We believe that the tax opinions summarized above address all material federal income tax consequences that are generally applicable to United Roosevelt, MHC, United Roosevelt Bancorp, United Roosevelt Savings Bank, URSB Bancorp and those persons receiving subscription rights. With respect to items 9 and 11 above, Luse Gorman, PC noted that the subscription rights will be granted at no cost to the recipients, are legally non-transferable and of short duration, and will provide the recipient with the right only to purchase shares of common stock at the same price to be paid by members of the general public in any community offering. Luse Gorman, PC also noted that RP Financial has issued a letter that the subscription rights have no ascertainable fair market value. Luse Gorman, PC also noted that the Internal Revenue Service has not in the past concluded that subscription rights have value. Based on the foregoing, Luse Gorman, PC believes that it is more likely than not that the nontransferable subscription rights to purchase shares of common stock have no value. However, the issue of whether or not the nontransferable subscription rights have value is based on all the facts and circumstances. If the subscription rights granted to Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors are deemed to have an ascertainable value, receipt of these rights could result in taxable gain to those Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors who exercise the subscription rights in an amount equal to the ascertainable value, and we could recognize gain on the distribution of such rights. Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors are encouraged to consult with their own tax advisors as to the tax consequences in the event that subscription rights are deemed to have an ascertainable value.

The opinion as to item 10 above is based on the position that: (i) no holder of an interest in a liquidation account has ever received any payment attributable to a liquidation of a solvent bank and/or holding company (other than as set forth below); (ii) the interests in the liquidation accounts are not transferable; (iii) the amounts due under the liquidation account with respect to each Eligible Account Holder and Supplemental Eligible Account Holder will be reduced as their deposits in United Roosevelt Savings Bank are reduced; (iv) holders of an interest in a liquidation account have received payments of their interests in very few instances (out of hundreds of transactions involving mergers, acquisitions and the purchase of assets and assumption of liabilities of holding companies and subsidiary banks) and these instances involved the purchase and assumption of a bank's assets and liabilities by a credit union; and (v) the United Roosevelt Savings Bank liquidation account payment obligation arises only if URSB Bancorp lacks sufficient assets to fund the liquidation account or if United Roosevelt Savings Bank (or United Roosevelt Savings Bank and URSB Bancorp) enters into a transaction to transfer United Roosevelt Savings Bank's assets and liabilities to a credit union.

Unlike private letter rulings, an opinion of counsel or a tax advisor is not binding on the Internal Revenue Service or any state taxing authority, and those authorities may disagree with the opinions. The Internal Revenue Service has issued favorable rulings for transactions substantially similar to the conversion and stock offering, but any such ruling may not be cited as precedent by any taxpayer other than the taxpayer to whom the ruling is addressed. We do not plan to apply for a private letter ruling concerning the conversion and stock offering. Unlike a letter ruling issued by the Internal Revenue Service, the opinion of Luse Gorman, PC is not binding on the Internal Revenue Service and the conclusions expressed therein may be challenged at a future date. If there is a disagreement, there can be no assurance that URSB Bancorp or United Roosevelt Bank would prevail in a judicial proceeding.

We have also received an opinion from Hamilton & Babitts, CPA to the effect that the New Jersey state income tax consequences are consistent with the federal income tax consequences.

The federal and state income tax opinions are exhibits to URSB Bancorp's registration statement filed with the SEC.

**Restrictions on Purchase or Transfer of Our Shares after the Conversion and Stock Offering**

All shares of common stock purchased in the stock offering by a directors and certain officers of United Roosevelt, MHC, United Roosevelt Bancorp, United Roosevelt Savings Bank and URSB Bancorp generally may not be sold for a period of one year following the closing of the conversion and stock offering, except in the event of the death. For restricted shares, our transfer agent will be given notice of restrictions on transfer, and instructions will be issued to the effect that any transfer within this time period of record ownership of the shares other than as provided above is a violation of the restriction. Any shares of common stock issued at a later date as a stock dividend, stock split or otherwise with respect to the restricted stock will be similarly restricted. The directors and

executive officers of URSB Bancorp also will be restricted by the insider trading rules pursuant to the Securities Exchange Act of 1934.

Purchases of shares of our common stock by any of our directors, certain officers and their associates, during the three-year period following the closing of the conversion and stock offering may be made only through a broker or dealer registered with the SEC, except with the prior written approval of the Federal Reserve Board or the New Jersey Department of Banking and Insurance, as may be required. This restriction does not apply, however, to negotiated transactions involving more than 1% of our outstanding common stock, to purchases of our common stock to fund stock options by one or more stock-based benefit plans or to any of our tax-qualified employee stock benefit plans or nontax-qualified employee stock benefit plans, including any stock-based benefit plans.

Federal regulations prohibit URSB Bancorp from repurchasing its shares of common stock during the first year following conversion and stock offering unless compelling business reasons exist or to fund management recognition plans that have been ratified by stockholders (with regulatory approval) or tax-qualified employee stock benefit plans. In addition, the repurchase of shares of common stock is subject to Federal Reserve Board policy related to repurchases of shares by financial institution holding companies.

**URSB CHARITABLE FOUNDATION, INC.**

**General**

To further our commitment to our local community, our plan of conversion provides that we will establish a charitable foundation, named the URSB Charitable Foundation, Inc., as a non-stock, non-profit Delaware corporation in connection with the conversion and stock offering. We will fund it with shares of our common stock and cash, as further described below.

By further enhancing our visibility and reputation in our local community, we believe that the charitable foundation will enhance the long-term value of United Roosevelt Savings Bank's community banking franchise. The conversion and stock offering presents a unique opportunity to provide a substantial and continuing benefit to our communities through the charitable foundation.

**Purpose of the Charitable Foundation**

In connection with the conversion and stock offering, we intend to contribute to the charitable foundation $200,000 in cash and 20,000 shares of our common stock (valued at $10.00 per share), for a total contribution of $400,000. The purpose of the charitable foundation is to provide financial support to charitable organizations in the communities in which we operate now and in the future and to enable our communities to share in our long-term growth. The charitable foundation will be dedicated completely to community activities and the promotion of charitable causes and may be able to support such activities in ways not presently available to us. It will also complement our ongoing obligations to the community under the Community Reinvestment Act. United Roosevelt Savings Bank received a "satisfactory" rating in both its most recent Community Reinvestment Act examination by the New Jersey Department of Banking and Insurance and by the FDIC.

Funding with shares of our common stock, in addition to cash, will also allow our communities to share in our potential growth and success after the conversion and stock offering is completed because the charitable foundation will benefit directly from any increases in the value of our shares of common stock. In addition, the charitable foundation will maintain close ties with United Roosevelt Savings Bank, forming a partnership within the communities in which United Roosevelt Savings Bank operates.

**Structure of the Charitable Foundation**

The charitable foundation has been incorporated under Delaware law as a non-stock, non-profit corporation. The charitable foundation's certificate of incorporation provides that the charitable foundation is organized exclusively for charitable purposes as set forth in Section 501(c)(3) of the Internal Revenue Code. The

certificate of incorporation further provides that no part of the net earnings of the charitable foundation will inure to the benefit of, or be distributable to, its members, directors or officers or to private individuals.

The charitable foundation is governed by a board of directors, initially consisting of Kenneth R. Totten and David Van Steyn, both executives of United Roosevelt Savings Bank, and one other individual who, as required by applicable regulations, is not one of our officers or directors and who has experience with local charitable organizations and grant making. As of the date of this prospectus, we have not selected the individual who satisfies these requirements. For five years after the completion of the conversion and stock offering, one seat on the charitable foundation's board of directors will be reserved for a person from our local community who has experience with local community charitable organizations and grant making and who is not one of our officers, directors or employees, and at least one seat on the charitable foundation's board of directors will be reserved for one of United Roosevelt Savings Bank's directors. Each of the charitable foundation's directors will have one vote with regard to matters requiring board determination. On an annual basis, directors of the charitable foundation, who, pursuant to the non-stock bylaws of the charitable foundation serve as the members of the charitable foundation, nominate and elect the board members, each to serve for a one-year term. Stockholders of URSB Bancorp will have no nomination or voting rights with respect to the charitable foundation. Initially, board members will not be compensated for service on the board of the charitable foundation.

The charitable foundation's board of directors will be responsible for establishing the charitable foundation's grant and donation policies, consistent with the purposes for which it was established. As directors of a non-profit corporation, directors of the charitable foundation will at all times be bound by their fiduciary duty to advance the charitable foundation's charitable goals, to protect its assets and to act in a manner consistent with the charitable purposes for which it was established. The directors also will be responsible for directing the activities of the charitable foundation, including the management and voting of the shares of our common stock owned by the charitable foundation. However, as required by applicable regulations, all shares of our common stock owned by the charitable foundation must be voted in the same ratio as all other shares of our common stock on all proposals considered by our stockholders.

The charitable foundation's initial place of business will be located at our corporate headquarters. The board of directors of the charitable foundation will appoint such officers and employees as may be necessary to manage its operations. To the extent applicable, we will comply with the affiliate restrictions set forth in Sections 23A and 23B of the Federal Reserve Act and the respective regulations of the New Jersey Department of Banking and Insurance and the Federal Reserve Board, as applicable, governing transactions between United Roosevelt Savings Bank and the charitable foundation.

In addition to the initial cash contribution of $200,000, capital, in the form of cash, for the charitable foundation will come from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any dividends that may be paid on our shares of common stock in the
 future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) within the limits of applicable federal and state laws, loans collateralized
 by the shares of common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the proceeds of the sale of any of the shares of common stock in the
 open market from time to time.

As a private foundation under Section 501(c)(3) of the Internal Revenue Code, the charitable foundation will be required to distribute annually in grants or donations a minimum of 5% of the average fair market value of its net investment assets.

**Tax Considerations**

We believe that the charitable foundation created for the above purposes should qualify as a Section 501(c)(3) exempt organization under the Internal Revenue Code and should be classified as a private foundation. The charitable foundation will submit a timely request to the Internal Revenue Service to be recognized as an

exempt organization. As long as the charitable foundation files its application for tax-exempt status within 27 months after the last day of the month in which it was organized, and provided the Internal Revenue Service approves the application, its effective date as a Section 501(c)(3) organization will be the date of its organization.

URSB Bancorp and United Roosevelt Savings Bank are authorized by applicable state and federal law to make charitable contributions. We believe that the conversion and stock offering presents a unique opportunity to establish and fund a charitable foundation given the substantial amount of additional capital being raised. In making such a determination, we considered the dilutive impact to our stockholders of the contribution of shares of common stock to the charitable foundation.

We believe that our contribution of cash and shares of our common stock to the charitable foundation should not constitute an act of self-dealing and that we should be entitled to a federal tax deduction equal to the fair market value of the cash and stock at the time of the contribution. We are permitted to deduct for charitable purposes only an amount equal to 10% of our annual taxable income in any one year. We are permitted under the Internal Revenue Code to carry the excess contribution over the five-year period following the contribution to the charitable foundation. We estimate that at all levels of the offering range, the contribution should be deductible for federal tax purposes over the six-year period (<u>i.e.</u>, the year in which the contribution is made and the succeeding five-year period). However, we do not have any assurance that the Internal Revenue Service will grant tax-exempt status to the charitable foundation. In such event, our contribution would be expensed without a tax benefit, resulting in a reduction in earnings in the year in which the Internal Revenue Service makes such a determination. Furthermore, even if the contribution is deductible, we may not have sufficient earnings to be able to use the deduction in full. Any such decision to continue to make additional contributions to the charitable foundation in the future would be based on an assessment of, among other factors, our financial condition at that time, the interests of our stockholders and depositors, and the financial condition and operations of the charitable foundation.

As a private foundation, earnings and gains, if any, from the sale of common stock or other assets are exempt from federal and state income taxation. However, investment income, such as interest, dividends and capital gains, is generally taxed at a rate of 1.39%. The charitable foundation will be required to file an annual return with the Internal Revenue Service within four and one-half months after the close of its fiscal year. It will be required to make its annual return available for public inspection. The annual return for a private foundation includes, among other things, an itemized list of all grants made or approved, showing the amount of each grant, the recipient, any relationship between a grant recipient and the foundation's managers and a concise statement of the purpose of each grant.

**Regulatory Requirements Imposed on Charitable Foundation**

Applicable regulations require that, before our board of directors adopted the plan of conversion, the board of directors had to identify its members that will serve on the charitable foundation's board of directors, and those directors could not participate in our board's discussions concerning contributions to the charitable foundation, and could not vote on the portions of the plan of conversion relating to the establishment and funding of the charitable foundation. Our board of directors complied with this regulation in adopting the plan of conversion.

These applicable regulations of the Federal Reserve Board, the New Jersey Department of Banking and Insurance and the FDIC generally impose, and we have provided commitments to the Federal Reserve Board as part of our bank holding company application, the following additional requirements on the establishment of the charitable foundation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 banking regulators may examine the charitable foundation at the charitable foundation's
 expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 charitable foundation must comply with all supervisory directives imposed by our banking
 regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 charitable foundation must provide annually to our banking regulators a copy of the annual
 report that the charitable foundation submits to the Internal Revenue Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 charitable foundation must operate according to written policies adopted by its board of
 directors, including a conflict of interest policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 charitable foundation may not engage in self-dealing and must comply with all laws necessary
 to maintain its tax-exempt status under the Internal Revenue Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 charitable foundation must vote its shares of our common stock in the same ratio as all of
 the other shares voted on each proposal considered by our stockholders.

Within six months of completing the conversion and stock offering, the charitable foundation must submit to our banking regulators a three-year operating plan, a conflicts of interest policy, the gift instrument, and its certificate of incorporation and bylaws.

**RESTRICTIONS ON ACQUISITION OF URSB BANCORP, INC.**

Although URSB Bancorp's board of directors is not aware of any effort that might be made to obtain control of URSB Bancorp after the completion of the conversion and stock offering, the board of directors believes that it is appropriate to include certain provisions as part of URSB Bancorp's articles of incorporation to protect the interests of URSB Bancorp and its stockholders from takeovers which our board of directors might conclude are not in the best interests of URSB Bancorp, its stockholders, or United Roosevelt Savings Bank.

The following discussion is a general summary of the material provisions of URSB Bancorp's articles of incorporation and bylaws, Maryland corporate law and certain other regulatory provisions that may be deemed to have an "anti-takeover" effect. The following description of certain of these provisions is necessarily general and, with respect to provisions contained in the articles of incorporation and bylaws, reference should be made in each case to the document in question, each of which is part of United Roosevelt, MHC's applications for approval of conversion filed with the New Jersey Department of Banking and Insurance and the Federal Reserve Board and URSB Bancorp's bank holding application filed with the Federal Reserve Board and its registration statement filed with the SEC. See "Where You Can Find Additional Information."

**URSB Bancorp, Inc.'s Articles of Incorporation and Bylaws**

The articles of incorporation and bylaws contain a number of provisions relating to corporate governance and rights of stockholders that might discourage future takeover attempts. As a result, stockholders who might desire to participate in such transactions may not have an opportunity to do so. In addition, these provisions will also render the removal of the board of directors or management more difficult.

***Directors.*** The board of directors will be divided into three classes. The members of each class will be elected for a term of three years and only one class of directors will be elected annually. Therefore, it would take at least two annual elections to replace a majority of our directors. The bylaws establish qualifications for board members, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 prohibition on service as a director by a person who is a director, officer or a 10% shareholder
 of a competitor of United Roosevelt Savings Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 prohibition on service as a director by a person (i) who has been convicted of a crime
 involving dishonesty or breach of trust that is punishable by imprisonment for a term exceeding
 one year under state or federal law, (ii) who is currently charged in an information,
 indictment or other complaint with the commission of or participation in such a crime, or
 (iii) against whom a financial or securities regulatory agency has, within the past
 ten years, issued a cease and desist, consent or other formal order, other than a civil money
 penalty, which order is subject to public disclosure by such agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 prohibition on service as a director by a person who is party to any agreement or understanding
 that (i) provides such person with material benefits that are contingent upon URSB Bancorp

entering into a merger or similar transaction in which it is not the surviving entity, (ii) materially limits such person's voting discretion with respect to URSB Bancorp's strategic direction, or (iii) materially impairs such person's ability to discharge his or her fiduciary duties with respect to the fundamental strategic direction of URSB Bancorp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 requirement that any person proposed to serve as a director (other than the initial directors
 and other than directors who are also officers of URSB Bancorp or United Roosevelt Savings
 Bank) has maintained his or her principal residence for a period of at least one year immediately
 before his or her nomination or appointment to the Board of Directors within any county in
 which United Roosevelt Savings Bank has an office, or within any contiguous county to such
 county;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 prohibition on service as a director by a person who has lost more than one election for
 service as a director of URSB Bancorp; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 prohibition on service by nominees or representatives (as defined in applicable Federal Reserve
 Board regulations) of another person who would not be eligible for service or of an entity
 the partners or controlling persons of which would not be eligible for service.

Further, the bylaws impose notice and information requirements in connection with the nomination by stockholders of candidates for election to the board of directors or the proposal by stockholders of business to be acted upon at an annual meeting of stockholders. Such notice and information requirements apply to all stockholder business proposals and nominations and these requirements are in addition to any requirements under the federal securities laws.

***Evaluation of Offers.*** The articles of incorporation provide that its board of directors, when evaluating a transaction that would or may involve a change in control of URSB Bancorp (whether by purchases of its securities, merger, consolidation, share exchange, dissolution, liquidation, sale of all or substantially all of its assets, proxy solicitation or otherwise), may, in connection with the exercise of its business judgment in determining what is in the best interests of URSB Bancorp and its stockholders and in making any recommendation to the stockholders, give due consideration to all relevant factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 economic effect, both immediate and long-term, upon URSB Bancorp's stockholders, including
 stockholders, if any, who do not participate in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 social and economic effect on the present and future employees, creditors and customers of,
 and others dealing with, URSB Bancorp and its subsidiaries and on the communities in which
 it and its subsidiaries operate or are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the proposal is acceptable based on the historical, current or projected future operating
 results or financial condition of URSB Bancorp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 a more favorable price could be obtained for URSB Bancorp's stock or other securities
 in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 reputation and business practices of the other entity to be involved in the transaction and
 its management and affiliates as they would affect the employees of URSB Bancorp and its
 subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 future value of the stock or any other securities of URSB Bancorp or the other entity to
 be involved in the proposed transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 antitrust or other legal and regulatory issues that are raised by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 business and historical, current or expected future financial condition or operating results
 of the other entity to be involved in the transaction, including, but not limited to, debt
 service and

other existing financial obligations, financial obligations to be incurred in connection with the proposed transaction, and other likely financial obligations of the other entity to be involved in the proposed transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 ability of URSB Bancorp to fulfill its objectives as a financial institution holding company
 and on the ability of its subsidiary financial institution(s) to fulfill the objectives
 of a federally-insured financial institution under applicable statutes and regulations.

If the board of directors determines that any proposed transaction should be rejected, it may take any lawful action to defeat such transaction.

***Restrictions on Calling Special Meetings.*** The bylaws provide that special meetings of stockholders can be called by only the President, Chief Executive Officer, Chairperson of the board of directors, a majority of the total number of directors that URSB Bancorp would have if there were no vacancies on the board of directors, or the Secretary upon the written request of stockholders entitled to cast at least a majority of all votes entitled to vote at the meeting.

***Prohibition of Cumulative Voting.*** The articles of incorporation prohibit cumulative voting for the election of directors.

***Limitation of Voting Rights.*** The articles of incorporation provide that in no event will any person who beneficially owns more than 10% of the then-outstanding shares of common stock be entitled or permitted to vote any of the shares of common stock held in excess of the 10% limit. The 10% limit shall not apply if, before the stockholder acquires shares in excess of the 10% limit, the acquisition is approved by a majority of the directors who are not affiliated with the holder and who were members of the board of directors prior to the time of the acquisition (or who were chosen to fill any vacancy of an otherwise unaffiliated director by a majority of the unaffiliated directors).

***Restrictions on Removing Directors from Office.*** The articles of incorporation provide that directors may be removed only for cause, and only by the affirmative vote of the holders of at least two-thirds of the voting power of all of our then-outstanding capital stock entitled to vote generally in the election of directors (after giving effect to the limitation on voting rights discussed above in " – Limitation of Voting Rights"), voting together as a single class.

***Stockholder Nominations and Proposals.*** The bylaws provide that any shareholder desiring to make a nomination for the election of directors or a proposal for new business at an annual meeting of stockholders must submit written notice to URSB Bancorp at least 90 days before and not earlier than 100 days before the anniversary date of the proxy statement relating to the previous year's annual meeting. However, if less than 90 days' prior public disclosure of the date of the meeting is given to stockholders and the date of the annual meeting is advanced by more than 30 days, or delayed by more than 30 days, from the anniversary date of the preceding year's annual meeting then stockholders must submit written notice no later than 10 days following the day on which public disclosure of the date of the meeting is first made in a press release, in a document filed with the SEC or on a website maintained by URSB Bancorp or United Roosevelt Savings Bank.

***Authorized but Unissued Shares*.** After the conversion and stock offering, URSB Bancorp will have authorized but unissued shares of common stock and preferred stock. See "Description of Capital Stock of URSB Bancorp, Inc." URSB Bancorp is authorized to issue preferred stock from time to time in one or more series subject to applicable provisions of law, and the board of directors is authorized to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of such shares. In addition, the articles of incorporation provide that a majority of the total number of directors that URSB Bancorp would have if there were no vacancies on the board of directors may, without action by the stockholders, amend the articles of incorporation to increase or decrease the aggregate number of shares of stock of any class or series that URSB Bancorp has the authority to issue. In the event of a proposed merger, tender offer or other attempt to gain control of URSB Bancorp that the board of directors does not approve, it would be possible for the board of directors to authorize the issuance of a series of preferred stock with rights and preferences that would impede the completion of the transaction. An effect of the possible issuance of preferred stock therefore may be to

deter a future attempt to gain control of URSB Bancorp. The board of directors has no present plan or understanding to issue any preferred stock.

***Amendments to Articles of Incorporation and Bylaws.*** Except as provided under " – Authorized but Unissued Shares," above, regarding the amendment of the articles of incorporation by the board of directors to increase or decrease the number of shares authorized for issuance, or as otherwise allowed by law, any amendment to the articles of incorporation must be approved by our board of directors and also by two-thirds of the outstanding shares of our voting stock (or a majority of the outstanding shares of our voting stock if the amendment is approved by two-thirds of our board of directors); provided, however, that approval by at least 80% of the outstanding voting stock is generally required to amend the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The limitation on voting rights of persons who directly or indirectly
 beneficially own more than 10% of the outstanding shares of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The division of the board of directors into three staggered classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The ability of the board of directors to fill vacancies on the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The requirement that at least two-thirds of the voting power of the
 stockholders must vote to remove directors, and can only remove directors for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The ability of the board of directors to amend and repeal the bylaws
 and the required stockholder vote to amend or repeal the bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The ability of the board of directors to evaluate a variety of factors
 in evaluating offers to purchase or otherwise acquire URSB Bancorp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The authority of the board of directors to provide for the issuance
 of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The validity and effectiveness of any action lawfully authorized
 by the affirmative vote of the holders of a majority of the total number of outstanding shares
 of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The number of stockholders constituting a quorum or required for
 stockholder consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The provision regarding stockholder proposals and nominations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The indemnification of current and former directors and officers,
 as well as employees and other agents, by URSB Bancorp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The limitation of liability of officers and directors to URSB Bancorp
 for money damages; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The provision of the articles of incorporation requiring approval
 of at least 80% of the outstanding voting stock to amend the provisions of the articles of
 incorporation set forth in (i) through (xii) of this list and the provisions related
 to amendment of the articles of incorporation.

The articles of incorporation also provide that the bylaws may be amended by the affirmative vote of a majority of the total number of directors that URSB Bancorp would have if there were no vacancies on the board of directors or by the stockholders by the affirmative vote of at least 80% of the votes entitled to be cast in the election of directors (after giving effect to the limitation on voting rights discussed above in " – Limitation of Voting Rights").

**Maryland Corporate Law**

Under Maryland law, "business combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on

which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, statutory share exchange or, in circumstances specified in the statute, certain transfers of assets, certain stock issuances and transfers, liquidation plans and reclassifications involving interested stockholders and their affiliates or issuance or reclassification of equity securities. Maryland law defines an interested stockholder as: (i) any person who beneficially owns 10% or more of the voting power of a corporation's voting stock after the date on which the corporation had 100 or more beneficial owners of its stock; or (ii) an affiliate or associate of the corporation at any time after the date on which the corporation had 100 or more beneficial owners of its stock who, within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of the corporation. A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the Board.

After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least: (i) 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and (ii) two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. These super-majority vote requirements do not apply if the corporation's common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.

**Banking Regulations**

Federal regulations provide that, for a period of three years from the completion date of the conversion and stock offering, no person may, directly or indirectly, acquire or offer to acquire the beneficial ownership of more than 10% of any class of equity securities of URSB Bancorp without the prior written approval of the Federal Reserve Board. See also "Supervision and Regulation – Change in Control Regulations."

**Bank Holding Company Act**

The Bank Holding Company Act, a federal statute, provides that no company may acquire control of a bank directly or indirectly without the prior approval of the Federal Reserve Board. Any company that acquires control of a bank becomes a "bank holding company" subject to registration, examination and regulation by the Federal Reserve Board. Pursuant to federal regulations, the term "company" is defined to include banks, corporations, partnerships, associations, and certain trusts and other entities, and "control" of a bank is deemed to exist if a company has voting control, directly or indirectly of at least 25% of any class of a bank's voting stock, and may be found to exist if a company controls in any manner the election of a majority of the directors of the bank or has the power to exercise a controlling influence over the management or policies of the bank. In addition, a bank holding company must obtain Federal Reserve Board approval before acquiring voting control of more than 5% of any class of voting stock of a bank or another bank holding company. An acquisition of control of a bank that requires the prior approval of the Federal Reserve Board under the Bank Holding Company Act is not subject to the notice requirements of the Change in Bank Control Act.

Accordingly, the prior approval of the Federal Reserve Board under the Bank Holding Company Act would be required before any bank holding company could acquire 5% or more of the common stock of URSB Bancorp and before any other company could acquire 25% or more of the common stock of URSB Bancorp.

Restrictions applicable to the operations of bank holding companies may also deter companies from seeking to obtain control of URSB Bancorp. See "Supervision and Regulation."

**DESCRIPTION OF CAPITAL STOCK OF URSB BANCORP, INC.**

**General**

URSB Bancorp is authorized to issue 15,000,000 shares of common stock, par value of $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. URSB Bancorp expects to issue in the conversion and stock offering up to 2,032,500 shares of common stock (including the 20,000 shares expected to be issued to the charitable foundation) at the maximum of the offering range. URSB Bancorp will not issue any shares of preferred stock in the conversion and stock offering. Each share of common stock will have the same relative rights as, and will be identical in all respects to, each other share of common stock. Upon payment of the subscription price for the common stock according to the plan of conversion, all of the shares of common stock will be duly authorized, fully paid and non-assessable.

The shares of common stock will represent non-withdrawable capital, will not be an account of an insurable type, and will not be insured by the FDIC, the Depositor Insurance Fund or any other government agency.

**Common Stock**

***Dividends.*** URSB Bancorp may pay dividends on its common stock if, after giving effect to such distribution, (i) it would be able to pay its indebtedness as the indebtedness comes due in the usual course of business and (ii) its total assets exceed the sum of its liabilities and the amount needed, if it were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of any holders of capital stock who have a preference in the event of dissolution. The holders of common stock will be entitled to receive and share equally in dividends as may be declared by our board of directors out of funds legally available therefor. If URSB Bancorp issues shares of preferred stock, the holders thereof may have a priority over the holders of the common stock with respect to dividends.

***Voting Rights.*** Upon consummation of the conversion and stock offering, the holders of common stock of URSB Bancorp will have exclusive voting rights in URSB Bancorp. They will elect the board of directors and act on other matters as are required to be presented to them under Maryland law or as are otherwise presented to them by the board of directors. Generally, each holder of common stock will be entitled to one vote per share and will not have any right to cumulate votes in the election of directors. Any person who beneficially owns more than 10% of the then-outstanding shares of common stock, however, will not be entitled or permitted to vote any shares of common stock held in excess of the 10% limit. If URSB Bancorp issues shares of preferred stock, holders of the preferred stock may also possess voting rights. Amendments to the articles of incorporation require a two-thirds stockholder vote in certain circumstances, and certain matters require an 80% stockholder vote.

As a stock savings bank, corporate powers and control of United Roosevelt Savings Bank are vested in its board of directors, who elect the officers of United Roosevelt Savings Bank and who fill any vacancies on the board of directors. Voting rights of United Roosevelt Savings Bank are vested exclusively in the owners of the shares of capital stock of United Roosevelt Savings Bank, which will be URSB Bancorp. Shares of United Roosevelt Savings Bank's capital stock will be voted at the direction of URSB Bancorp's board of directors. Consequently, the holders of the common stock of URSB Bancorp will not have direct control of United Roosevelt Savings Bank.

***Liquidation.*** In the event of any liquidation, dissolution or winding up of United Roosevelt Savings Bank, URSB Bancorp, as the holder of 100% of United Roosevelt Savings Bank's capital stock, would be entitled to receive all assets of United Roosevelt Savings Bank available for distribution, after payment or provision for payment of all debts and liabilities of United Roosevelt Savings Bank, including all deposit accounts and accrued interest thereon, and after distribution of the balance in the liquidation account to Eligible Account Holders and Supplemental Eligible Account Holders. In the event of liquidation, dissolution or winding up of URSB Bancorp, the holders of its common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities, all the assets of URSB Bancorp available for distribution. If preferred stock is issued, the holders thereof may have a priority over the holders of the common stock in the event of liquidation or dissolution.

***Preemptive Rights.*** Holders of the common stock of URSB Bancorp will not be entitled to preemptive rights with respect to any shares that may be issued unless preemptive rights are approved by the board of directors. The common stock is not subject to redemption.

**Preferred Stock**

No shares of URSB Bancorp's authorized preferred stock will be issued as part of the conversion and stock offering. Preferred stock may be issued with preferences and designations as our board of directors may from time to time determine. Our board of directors may, without stockholder approval, issue shares of preferred stock with voting, dividend, liquidation and conversion rights that could dilute the voting strength of the holders of the common stock and that could assist management in impeding an unfriendly takeover or attempted change in control.

**Forum Selection for Certain Stockholder Lawsuits**

URSB Bancorp's articles of incorporation provide that, unless URSB Bancorp consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on its behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of URSB Bancorp to URSB Bancorp or its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Maryland General Corporation Law, or (iv) any action asserting a claim governed by the internal affairs doctrine will be conducted in a state or federal court located within the State of Maryland, in all cases subject to the court having personal jurisdiction over the indispensable parties named as defendants. This exclusive forum provision does not apply to claims arising under the federal securities laws. Under the articles of incorporation, any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of URSB Bancorp shall be deemed to have received notice of, and have consented to, the exclusive forum provision of the articles of incorporation. This exclusive forum provision may limit a stockholder's ability to bring a claim in a judicial forum it finds favorable for disputes with URSB Bancorp and its directors, officers, and other employees or may cause a stockholder to incur additional expense by having to bring a claim in a judicial forum that is distant from where the stockholder resides, or both.

**TRANSFER AGENT**

The transfer agent and registrar for URSB Bancorp's common stock is ___________.

**EXPERTS**

The consolidated financial statements of United Roosevelt, MHC and Subsidiaries at and for the years ended December 31, 2024 and 2023 have been included in this prospectus and in the registration statement in reliance upon the report of Wolf & Company, P.C., an independent registered public accounting firm, appearing elsewhere in this prospectus, and upon the authority of said firm as experts in accounting and auditing.

RP Financial has consented to the publication in this prospectus of the summary of its report setting forth its opinion as to the estimated pro forma market value of the shares of common stock of URSB Bancorp upon the completion of the conversion and stock offering and of its letters with respect to subscription rights and the liquidation accounts.

**LEGAL AND TAX MATTERS**

Luse Gorman, PC, Washington, D.C., special counsel to URSB Bancorp, United Roosevelt, MHC, United Roosevelt Bancorp and United Roosevelt Savings Bank, has issued to URSB Bancorp its opinion regarding the legality of the common stock and has issued to URSB Bancorp, United Roosevelt, MHC, United Roosevelt Bancorp and United Roosevelt Savings Bank its opinion regarding the federal income tax consequences of the conversion and stock offering. Luse Gorman, PC has consented to the references in this prospectus to its opinions. Hamilton & Babitts, CPA has issued to URSB Bancorp, United Roosevelt, MHC, United Roosevelt Bancorp and United Roosevelt Savings Bank its opinion regarding the New Jersey income tax consequences of the conversion and stock offering. Hamilton & Babitts, CPA has consented to the reference in this prospectus to its opinion. Certain legal matters will be passed upon for Janney Montgomery by Stevens & Lee, Philadelphia, Pennsylvania.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

URSB Bancorp has filed with the SEC a registration statement under the Securities Act of 1933 with respect to the shares of common stock offered hereby. As permitted by SEC rules and regulations, this prospectus does not contain all the information set forth in the registration statement. Such information, including the appraisal report, which is an exhibit to the registration statement, can be examined without charge at the public reference facilities of the SEC located at 100 F Street, N.E., Washington, D.C. 20549, and copies of such material can be obtained from the SEC at prescribed rates. The SEC's telephone number is 1-800-SEC-0330. In addition, the SEC maintains a web site (*www.sec.gov*) that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including URSB Bancorp. The statements contained in this prospectus as to the contents of any contract or other document filed as an exhibit to the registration statement are, of necessity, brief descriptions of the material terms of, and should be read in conjunction with, such contract or document.

United Roosevelt, MHC has filed applications for approval of conversion with the New Jersey Department of Banking and Insurance and the Federal Reserve Board. URSB Bancorp has filed a bank holding company application with the Federal Reserve Board. This prospectus omits certain information contained in those applications. The application for approval of conversion filed with the New Jersey Department of Banking and Insurance may be inspected, without charge, at its offices at 20 West State Street, Trenton, New Jersey, 08625. The application for approval of conversion and the bank holding company application, both filed with the Federal Reserve Board, is available on an expedited basis from the Federal Reserve Bank of New York, 33 Liberty Street, New York, New York 10045.

Copies of the plan of conversion and URSB Bancorp's articles of incorporation and bylaws are available without charge from United Roosevelt Savings Bank at its main office.

In connection with the conversion and stock offering, URSB Bancorp will register its common stock under Section 12(b) of the Securities Exchange Act of 1934. Upon registration, URSB Bancorp and the holders of its common stock will become subject to the proxy solicitation rules, reporting requirements and restrictions on common stock purchases and sales by directors, officers and greater than 10% stockholders, the annual and periodic reporting and certain other requirements of the Securities Exchange Act of 1934, subject to subsequent termination of such registration. URSB Bancorp has undertaken that it will not terminate such registration for a period of at least three years following the completion of the conversion and stock offering.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF UNITED ROOSEVELT, MHC AND SUBSIDIARIES**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#fn_001) | [F-1](#fn_001) |
| [Consolidated Statements of Financial Condition at June 30, 2025 (unaudited), December 31, 2024 and December 31, 2023](#fn_002) | [F-3](#fn_002) |
| [Consolidated Statements of Operations for the Six Months Ended June 30, 2025 and 2024 (unaudited) and the Years Ended December 31, 2024 and 2023](#fn_003) | [F-4](#fn_003) |
| [Consolidated Statements of Comprehensive Income (Loss) for the Six Months Ended June 30, 2025 and 2024 (Unaudited) and the Years Ended December 31, 2024 and 2023](#fn_004) | [F-5](#fn_004) |
| [Consolidated Statements of Changes in Equity for the Six Months Ended June 30, 2025 (unaudited) and the Years Ended December 31, 2024 and 2023](#fn_005) | [F-6](#fn_005) |
| [Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited) and the Years Ended December 31, 2024 and 2023](#fn_006) | [F-7](#fn_006) |
| [Notes to the Consolidated Financial Statements](#fn_007) | [F-8](#fn_007) |

---

\* \* \*

Separate financial statements for URSB Bancorp have not been included in this prospectus because it has not engaged in any significant business activities, has no significant assets, and has no contingent liabilities, revenue or expenses.

All financial statement schedules have been omitted as the required information is either not applicable or is included in the accompanying consolidated financial statements or related notes.

![](tm2525410d1_s1sp01img001.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of United Roosevelt MHC:

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statements of financial condition of United Roosevelt MHC and its subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, changes in equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

![](tm2525410d1_s1sp01img002.jpg)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company's auditor since 2023.

/s/ Wolf & Company, P.C.

Boston, Massachusetts

September 12, 2025

**United Roosevelt MHC and Subsidiaries**

**Consolidated STATEMENTS OF FINANCIAL CONDITION**

**(In Thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | June 30,<br>2025 | 2024 | 2023 |
|  | (unaudited) | | |
| <u>Assets</u> |  |  |  |
| Cash and due from banks | $653 | $750 | $543 |
| Interest-bearing deposits | 8222 | 9977 | 9339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 8875 | 10727 | 9882 |
| Investment in certificates of deposit | 3798 | 4296 | 1245 |
| Securities available-for-sale, at fair value | 21162 | 17906 | 10497 |
| Securities held to maturity, net of allowance for credit losses of $86, $86, and $0, respectively (fair value of $14,483, $19,365 and $24,315 respectively) | 15054 | 20082 | 25405 |
| Loans receivable, net of allowance for credit losses of $1,648, $1,363, and $1,478, respectively | 261070 | 248025 | 221544 |
| Premises and equipment, net | 2634 | 2757 | 2956 |
| Federal Home Loan Bank of New York stock, at cost | 2203 | 1941 | 1292 |
| Atlantic Community Bankers Bank stock, at cost | 80 | 80 | 80 |
| Accrued interest receivable | 1352 | 1270 | 1131 |
| Bank owned life insurance | 5806 | 5730 | 4608 |
| Other assets | 3267 | 3049 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $325301 | $315863 | $281718 |
| <u>Liabilities and Equity</u> |  |  |  |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $254013 | $246079 | $232156 |
| &nbsp;&nbsp;&nbsp;Advance payments by borrowers for taxes and insurance | 1372 | 1168 | 969 |
| &nbsp;&nbsp;&nbsp;Borrowings | 49897 | 49135 | 29425 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 1231 | 1138 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 306513 | 297520 | 263929 |
| Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Retained earnings | 20164 | 19961 | 19385 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1376) | (1618) | (1596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 18788 | 18343 | 17789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $325301 | $315863 | $281718 |

---

See accompanying notes to consolidated financial statements.

**United Roosevelt MHC and Subsidiaries**

**Consolidated StatementS of OPERATIONS**

**(In Thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, | Years Ended December 31, | Years Ended December 31, |
|  | 2025 | 2024 | 2024 | 2023 |
|  | (unaudited) | (unaudited) | | |
| Interest and dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $7140 | $5911 | $12578 | $9298 |
| &nbsp;&nbsp;&nbsp;Securities | 584 | 512 | 1160 | 1069 |
| &nbsp;&nbsp;&nbsp;Other earning assets | 522 | 539 | 1043 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 8246 | 6962 | 14781 | 11241 |
| Interest expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW and money market | 603 | 775 | 1551 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings and club | 50 | 12 | 44 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 2649 | 1953 | 4381 | 2225 |
| &nbsp;&nbsp;&nbsp;Borrowings | 966 | 557 | 1393 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 4268 | 3297 | 7369 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 3978 | 3665 | 7412 | 7132 |
| Provision for credit losses | 158 | 44 | 118 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 3820 | 3621 | 7294 | 7025 |
| Non-interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fees and service charges | 100 | 86 | 169 | 125 |
| &nbsp;&nbsp;&nbsp;Increase in cash surrender value of BOLI | 76 | 55 | 122 | 100 |
| &nbsp;&nbsp;&nbsp;Loss on sale of securities | (130) | (119) | (119) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 46 | 22 | 172 | 225 |
| Non-interest expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 1884 | 1663 | 3639 | 3355 |
| &nbsp;&nbsp;&nbsp;Occupancy expense | 188 | 190 | 384 | 316 |
| &nbsp;&nbsp;&nbsp;Equipment | 528 | 432 | 915 | 742 |
| &nbsp;&nbsp;&nbsp;Directors' compensation | 113 | 127 | 256 | 221 |
| &nbsp;&nbsp;&nbsp;Professional fees | 235 | 288 | 523 | 576 |
| &nbsp;&nbsp;&nbsp;Advertising | 136 | 114 | 226 | 289 |
| &nbsp;&nbsp;&nbsp;Federal insurance premium | 172 | 109 | 288 | 186 |
| &nbsp;&nbsp;&nbsp;Other | 310 | 381 | 534 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 3566 | 3304 | 6765 | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before taxes | 300 | 339 | 701 | 940 |
| Income tax expense | 97 | 72 | 125 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $203 | $267 | $576 | $720 |

---

See accompanying notes to consolidated financial statements.

**United Roosevelt MHC and Subsidiaries**

**Consolidated StatementS of COMPREHENSIVE INCOME**

**(In Thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended | Six Months Ended | Years Ended | Years Ended |
|  | June 30, | June 30, | December 31, | December 31, |
|  | 2025 | 2024 | 2024 | 2023 |
|  | (unaudited) | (unaudited) | | |
| Net income | $203 | $267 | $576 | $720 |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized (losses) gains on securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding (losses) gains on available-for-sale securities | 201 | (75) | (42) | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for losses realized in income | 130 | 119 | 119 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | 331 | 44 | 77 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effects | (89) | (13) | (24) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net-of-tax amount | 242 | 31 | 53 | 283 |
| Defined benefit pension plans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) arising during the period |  |  | (76) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for gains and losses recognized in net periodic benefit cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for prior service costs recognized in net periodic benefit cost | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in gains or losses and prior service costs |  |  | (76) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effects | - | - | 1 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net-of-tax amount | - | - | (75) | 148 |
| Total other comprehensive income (loss) | 242 | 31 | (22) | 431 |
| Comprehensive income | $445 | $298 | $554 | $1151 |

---

See accompanying notes to consolidated financial statements.

**United Roosevelt MHC and Subsidiaries**

**Consolidated StatementS of CHANGES IN EQUITY**

**(In Thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | Retained <br> Earnings | Accumulated<br> Other <br> Comprehensive<br> Income (Loss) | Total |
| Balance, December 31, 2022 | $18800 | $(2027) | $16773 |
| Net income | 720 |  | 720 |
| Cumulative change in accounting principle <sup>(1)</sup> | (135) |  | (135) |
| Other comprehensive income | - | 431 | 431 |
| Balance, December 31, 2023 | 19385 | (1596) | 17789 |
| Net income | 576 |  | 576 |
| Other comprehensive loss | - | (22) | (22) |
| Balance, December 31, 2024 | $19961 | $(1618) | $18343 |
| Net income | 203 |  | 203 |
| Other comprehensive loss | - | 242 | 242 |
| Balance, June 30, 2025 (unaudited) | $20164 | $(1376) | $18788 |

---

<sup>(1)</sup> Represents adjustment needed to reflect the cumulative impact on retained earnings pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment presented includes $187,000 ($135,000, net of tax) attributable to the change in accounting methodology for estimating the allowance for credit losses related to loans.

See accompanying notes to consolidated financial statements.

**United Roosevelt MHC and Subsidiaries**

**Consolidated StatementS of Cash flows**

**(IN Thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended | Six Months Ended | Years Ended | Years Ended |
|  | June 30, | June 30, | December 31, | December 31, |
|  | 2025 | 2024 | 2024 | 2023 |
|  | (unaudited) | (unaudited) | | |
| Cash flows from operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $203 | $267 | $576 | $720 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash(used in) provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions for credit losses | 158 | 44 | 118 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of premises and equipment | 135 | 135 | 272 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of deferred loan fees, net | 101 | (1) | (10) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of premiums and discounts, net | 7 |  | (3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of available for sale securities | 130 | 119 | 119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change to deferred income taxes | (114) | 74 | 94 | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender value of bank owned life insurance | (76) | (54) | (122) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | (82) | (72) | (139) | (410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (193) | 693 | (164) | (1139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 130 | (921) | (298) | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 399 | 284 | 443 | (240) |
| Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of investment securities available for sale | (6530) | (1529) | (9972) |  |
| &nbsp;&nbsp;&nbsp;Purchase of investment securities held to maturity |  | (7743) | (7743) | (8160) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investment securities available for sale | 1870 | 1373 | 1373 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities, calls and principal repayments of investment securities available for sale | 1596 | 213 | 1143 | 913 |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities, calls and principal repayments of investment securities held to maturity | 5030 | 6168 | 12988 | 5320 |
| &nbsp;&nbsp;&nbsp;Purchases of certificates of deposit investments |  | (996) | (3798) | (1245) |
| &nbsp;&nbsp;&nbsp;Proceeds from maturity of CD investments | 498 |  | 747 |  |
| &nbsp;&nbsp;&nbsp;Purchases of new BOLI investments |  |  | (1000) |  |
| &nbsp;&nbsp;&nbsp;Loan principal (originations) collections, net | (13341) | (11149) | (26446) | (46059) |
| &nbsp;&nbsp;&nbsp;Purchases of premises and equipment | (12) | (26) | (73) | (644) |
| &nbsp;&nbsp;&nbsp;Purchase of Federal Home Loan Bank of New York stock | (2007) | (2651) | (7348) | (1555) |
| &nbsp;&nbsp;&nbsp;Redemption of Federal Home Loan Bank of New York stock | 1745 | 2680 | 6699 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (11151) | (13660) | (33430) | (50798) |
| Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in deposits | 7934 | 17480 | 13923 | 11611 |
| &nbsp;&nbsp;&nbsp;Net change in FRB short term advances | (5000) |  | 5000 |  |
| &nbsp;&nbsp;&nbsp;Net change in FHLB short term advances | (2000) | (6000) | (8000) | 20225 |
| &nbsp;&nbsp;&nbsp;Proceeds from FHLB long term advances | 12612 | 5000 | 22185 | 11500 |
| &nbsp;&nbsp;&nbsp;Repayment of FHLB long term advances | (5500) | (500) | (500) | (11500) |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuance of senior notes | 650 | 500 | 1025 | 1750 |
| &nbsp;&nbsp;&nbsp;Net proceeds from borrowers for taxes and insurance | 204 | 296 | 199 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 8900 | 16776 | 33832 | 33770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | (1852) | 3400 | 845 | (17268) |
| Cash and cash equivalents, beginning of year | 10727 | 9882 | 9882 | 27150 |
| Cash and cash equivalents, end of year | $8875 | $13282 | $10727 | $9882 |
| Supplementary cash flows information |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | $4273 | $3265 | $7267 | $3961 |
| &nbsp;&nbsp;&nbsp;Income taxes paid, net | $50 | $237 | $248 | $415 |

---

See accompanying notes to consolidated financial statements.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

**<u>1. Organization</u>**

United Roosevelt MHC (the "MHC" or "Company") is a mutual holding company. United Roosevelt Bancorp, Inc. (the "Bancorp") is a Stock Holding Company and wholly-owned subsidiary of the MHC. United Roosevelt Savings Bank (the "Bank") is a state-chartered stock savings bank and is a wholly-owned subsidiary of the Bancorp. United Roosevelt Securities Corp. (the "Investment Corp.") is a wholly-owned subsidiary of the Bank. Currently, the only business activity of the MHC is to hold all of the outstanding stock of the Bancorp and the only business activity of the Bancorp is to hold all of the outstanding stock of the Bank. The Investment Corp. is a New Jersey investment company formed primarily to hold investments and mortgage-backed securities.

**<u>2. Summary of Significant Accounting Policies</u>**

<u>Basis of the Consolidated Financial Statement Presentation</u>

The consolidated financial statements include the accounts of the MHC and its wholly owned subsidiaries, the Bancorp, the Bank and the Investment Corp. (collectively the "Company"), and have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). All significant intercompany accounts and transactions have been eliminated in consolidation.

The interim consolidated financial statements at June 30, 2025 and for the six months ended June 30, 2025 and 2024, respectively, are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments included in such interim consolidated financial statements. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of the results to be achieved for the remainder of 2025 or any other period.

<u>Use of Estimates</u>

In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financials and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses.

<u>Cash and Cash Equivalents</u>

Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits having original maturities of three months or less.

<u>Investment in Certificates of Deposit</u>

Certificates of deposit are held with other depository institutions, have maturities less than two years and are carried at cost.

<u>Securities</u>

Debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Debt securities not classified as held to maturity are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income.

Purchase discounts are recognized in interest income using the interest method over the terms of the securities. Purchase premiums are recognized in interest income using the interest method through the earliest call date. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

Each reporting period, the Company evaluates all securities classified as available-for-sale with a decline in fair value below the amortized cost of the investment to determine whether or not an allowance for credit losses should be recorded. The Company first assesses if there is intent to sell, or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through a provision for credit losses charged to earnings. For debt securities available for sale that the Company intends to hold, management evaluates whether the decline in fair value has resulted from credit losses or other factors. The Company considers both quantitative and qualitative factors in making this assessment. Credit loss is measured based on discounted cash flow analysis and recorded in a valuation allowance. The allowance is limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income, net of applicable taxes. Changes in the allowance is recorded in the period of the change as credit loss expense (or reversal of credit loss expense).

The Company measures expected credit losses on held to maturity securities on a collective basis by major security type in accordance with the current expected credit loss ("CECL") methodology.

Debt securities are placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income.

<u>Loans Receivable</u>

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for credit losses, premiums on purchased loans, and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual lives of the loans. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method or a method that approximates such method.

The loans receivable portfolio is segmented into residential loans, commercial real estate loans, commercial and industrial loans, and consumer loans. Residential loans consist of 1-4 family mortgage loans, home equity term loans, and home equity lines of credit. Commercial real estate loans consist of mortgage loans, multi-family, and construction. Commercial and industrial loans consist of loans secured by other than real estate, unsecured loans, SBA/USDA guaranteed loans purchased, and loans acquired through Bankers Healthcare Group (BHG); the BHG loans are listed as their own category. Consumer loans consist of advances for taxes and insurance, loans secured by deposit accounts, and overdrafts.

For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or when management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest is charged to income in the current year. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six consecutive months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments.

As of June 30, 2025 and as of December 31, 2024 and 2023, the Company has not recorded loan servicing assets due to the immateriality of the amount that would have been capitalized.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

<u>Concentration of Risk</u>

Financial instruments, which potentially subject the Company and its subsidiaries to concentrations of credit risk, consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Securities primarily include mortgage-backed securities, U.S. Government agency obligations, corporate bonds and subordinated debt. The Company's lending activity is concentrated in loans collateralized by real estate primarily in the State of New Jersey. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in the State.

<u>Current Expected Credit Loss (CECL)</u>

The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term). The allowance for credit losses on loans is established through a provision for credit losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The allowance for credit losses on loans is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

The Company uses a Weighted Average Remaining Maturity ("WARM") method, incorporating historical loss data based on statistically derived economic variable loss drivers, to estimate expected credit losses. Management estimates the allowance for credit losses on loans using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. This process includes estimates which involve modeling loss projections attributable to existing loan balances, and considering historical experience, current conditions, and future expectations for segments of loans over a reasonable and supportable forecast period. The historical information is collected from a selection of peer banks and is derived from a combination of recessionary and non- recessionary performance periods for which data is available.

During the year ended December 31, 2024, the Company changed model providers for the WARM calculation due to a lack of ongoing support from the provider for the prior model. There were no material changes to the overall CECL methodology as a result of this change. There were no material changes to the CECL methodology during the six months ended June 30, 2025.

Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider all of the following: the borrower's creditworthiness, changes in lending policy and procedures, changes in nature and volume of the loan portfolio and in the terms of loans, changes in experience, ability and depth of lending management and staff, changes in the quality of the loan review system, changes in the value of underlying collateral for collateral-dependent loans, existence and effect of any concentration of credit and changes in the level of such concentrations, effect of other external forces such as competition, legal and regulatory requirements on the level of estimated credit losses in the existing portfolio, and the current and forecasted direction of the economic and business environment.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate – The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not generally grant loans that would be classified as subprime upon origination. The Company has 1<sup>st</sup> or 2<sup>nd</sup> lien position on property securing equity lines-of-credit. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

Commercial real estate – Loans in this segment are primarily income-producing properties throughout New Jersey. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in this segment. Management obtains rent rolls annually and continually monitors the cash flows of these loans. This segment also includes construction loans which primarily include speculative real estate development loans for which payment is derived from sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions.

Commercial loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, could have an effect on the credit quality in this segment. In addition, this segment includes a small portion of purchased loans guaranteed by the Small Business Administration (SBA) and/or the U.S. Department of Agriculture (USDA). Because these loans are guaranteed they are not allocated a general reserve; the Company has not experienced losses on such loans and management expects the guarantees will be effective, if necessary.

BHG Loans – Loans in this segment are commercial loans acquired from BHG Financial. BHG is a non-bank lender generating small business loans.

Consumer loans – Historically, loans in this segment are generally secured by certificates of deposit or savings accounts; this category also includes advances for taxes and insurance on respective loans. Beginning in 2025, we started purchasing consumer loans from Lending Club, Woodside Credit, and BHG which are unsecured.

*Individually Evaluated Loans*

Loans that do not have shared risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. For loans that are collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

*Allowance for Credit Losses – Off-Balance Sheet Credit Exposures*

The Company has off-balance sheet financial instruments, which include commitments to extend credit, standby letters of credit and commercial letters of credit. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The Company's allowance for credit losses on off-balance sheet credit exposures is recognized in other liabilities on the consolidated statements of financial condition, with adjustments to the reserve recognized in the provision for credit losses in the consolidated statements of operation. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

<u>Allowance for Uncollected Interest</u>

The Company maintains an offsetting allowance for the loss of accrued interest receivable on loans where management has concluded that such interest may not be collectible. The related provision for uncollected interest is charged to interest income. Such interest ultimately collected is credited to income in the period of recovery.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

<u>Premises and Equipment</u>

Premises and equipment are comprised of land, at cost, and building, building improvements, and furnishings and equipment, at cost, less accumulated depreciation. Depreciation charges are computed using the straight-line method over the following estimated useful lives:

---

| | |
|:---|:---|
|  | Years |
| Buildings & improvements | 10 - 40 |
| Furnishings and equipment | 3 - 10 |
| Software | 1 - 7 |

---

Significant renewals and betterments are charged to the premises and equipment account. Maintenance and repair expenses are charged to operations in the year incurred.

<u>Leases</u>

The Company determines if an arrangement is a lease at inception. Operating lease right-of-use ("ROU") assets are included in other assets and operating lease liabilities are included in other liabilities in the consolidated statements of financial condition. The Company does not have any finance leases.

ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company used the incremental borrowing rate, which is generally the Federal Home Loan Bank classic advance rate, based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The operating lease ROU asset is net of lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, lease expense is recognized on a straight-line basis over the lease term.

The Company adopted the lease guidance in 2023 as it did not have any material leases in prior years. The adoption did not result in any cumulative-effect adjustment to beginning retained earnings.

<u>Federal Home Loan Bank of New York ("FHLB") Stock</u>

Federal law requires a member institution of the Federal Home Loan Bank system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula which is reviewed at least annually. The restricted stock is carried at cost.

Management evaluates the restricted stock for impairment. Management's determination of whether this investment is impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. Management believes no impairment charge is necessary related to the FHLB stock as of June 30, 2025 (unaudited) nor as of December 31, 2024 and 2023.

<u>Atlantic Community Bankers Bank ("ACBB") Stock</u>

ACBB shareholders receive an annual dividend, as well as a monthly loyalty benefit, which offsets service charges. Institutions are not required to be shareholders, although shareholders receive additional benefits. Shareholder institutions may apply for a formal loan arrangement or an overnight Federal Funds Borrowing facility from ACBB (subject to underwriting and approval). In addition, shareholders receive preferential borrowing rates and priority

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

funding on overnight Federal Funds borrowings. Management evaluates the stock for impairment. Management's determination of whether this investment is impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. Management believes no impairment charge is necessary related to the ACBB stock as of June 30, 2025 (unaudited), nor as of December 31, 2024 and 2023.

<u>Real Estate Owned</u>

Real estate owned is property acquired through foreclosure or deed in lieu of foreclosure. When property is acquired, it is initially recorded at fair value, less estimated costs to sell, at the date of foreclosure establishing a new cost basis. After acquisition, foreclosed properties are held for sale and carried at the lower of cost or fair value less estimated selling costs. Fair value is estimated through current appraisals, where practical, or an inspection and a comparison of the property securing the loan with similar properties in the area by either a licensed appraiser or real estate broker. Subsequent provisions for losses, which may result from the ongoing periodic valuations of these properties, are charged to income in the period in which they are identified. Carrying costs, such as maintenance and taxes, are charged to operating expenses as incurred. As of June 30, 2025 (unaudited), and as of December 31, 2024, and 2023, the Company had no real estate owned.

<u>Bank Owned Life Insurance</u>

Bank owned life insurance ("BOLI") is accounted for using the cash surrender value method and is recorded at its realizable value. The change in the net asset value is recorded as non-interest income. BOLI involves purchasing life insurance by the Company on an eligible employee or director. The Company is the owner and the Company and covered employee/director are the beneficiaries of the policies. The employee/director receive split payouts which applies only if death occurs while affiliated with the Company. The maximum payout to the employee/director is $100,000.

<u>Income Taxes</u>

The Company files a consolidated federal income tax return. Income taxes are allocated to the MHC and its subsidiaries based on the contribution of their income or use of their losses in the consolidated return. Separate state income tax returns are filed by the MHC and its subsidiaries.

Federal and state income taxes have been provided on the basis of reported income. The amounts reflected on the tax returns differ from those provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed, and a valuation allowance provided, when necessary, for that portion of the asset which is not likely to be realized. Management believes, based upon current facts, that it is more likely than not that there will be sufficient taxable income in future years to realize all deferred tax assets.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with accounting guidance which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As a result of the Company's evaluation, no significant income tax uncertainties have been identified. Therefore, the Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2024 and 2023. The Company recognizes interest and penalties, if any, on unrecognized tax benefits in income taxes expense in the Consolidated Statement of Operations. There were no interest and penalties included in income tax expense for the years ended December 31, 2024 and 2023 or the six months ended June 30, 2025 (unaudited). The tax years' subject to examination by the taxing authorities are the years ended December 31, 2021, through 2024 for federal and the years ended December 31, 2021 through 2024, for New Jersey.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

<u>Fair Value Hierarchy</u>

The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

<u>Interest Rate Risk</u>

The Company is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to primarily make loans secured by real estate and to purchase securities. The potential for interest-rate risk exists as a result of the generally shorter duration of the Company's interest-sensitive liabilities compared to the generally longer duration of its interest-sensitive assets. In a rising rate environment, liabilities will reprice faster than assets, thereby reducing net interest income. For this reason, management regularly monitors the maturity structure of the Company's interest-sensitive assets and interest-bearing liabilities in order to measure its level of interest-rate risk and its plan for future volatility.

<u>Transfers of Financial Assets</u>

Transfers of financial assets, including loan and loan participation sales, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

<u>Advertising Costs</u>

The Company follows the policy of charging the costs of advertising to expense as incurred.

<u>Retirement Plan</u>

The compensation cost of an employee's pension benefit is recognized on the projected unit credit method over the employee's approximate service period. The aggregate cost method is utilized for funding purposes.

The Company accounts for its defined benefit pension plan using an actuarial model that allocates pension costs over the service period of employees in the plan. The Company accounts for the over-funded or under-funded status of its defined benefit plan as an asset or liability in its consolidated statements of financial condition and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss.

<u>Other Comprehensive Income</u>

The Company records unrealized gains and losses, net of deferred income taxes, on available-for-sale securities in accumulated other comprehensive income. Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities or upon the recognition of an impairment loss. Other comprehensive income also includes

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

benefit plan amounts recognized, net of tax, for transition obligations, prior service costs, and unrealized net actuarial gains and losses.

The components of accumulated other comprehensive loss included in equity are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | June 30, | December 31, | December 31, |
|  | 2025 (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) |
| Net unrealized loss on securities available-for-sale | $(891) | $(1222) | $(1299) |
| &nbsp;&nbsp;&nbsp;Tax effect | 252 | 341 | 365 |
| &nbsp;&nbsp;&nbsp;Net of tax amount | (639) | (881) | (934) |
| Benefit plan adjustments | (1025) | (1025) | (949) |
| &nbsp;&nbsp;&nbsp;Tax effect | 288 | 288 | 287 |
| &nbsp;&nbsp;&nbsp;Net of tax amount | (737) | (737) | (662) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | $(1376) | $(1618) | $(1596) |

---

<u>Reclassification</u>

Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year presentation.

<u>Recent Accounting Pronouncement</u>

The Company adopted Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) – Improvement to Reportable Segment Disclosures* on January 1, 2024. The Company has determined that all of its banking divisions and subsidiaries meet the aggregation criteria of ASC 280, Segment Reporting, as its current operating model is structured whereby banking divisions and subsidiaries serve a similar base of primarily commercial clients utilizing a company-wide offering of similar products and services managed through similar processes and platforms that are collectively reviewed by the Company's Chief Executive Officer, who has been identified as the chief operating decision maker ("CODM").

CODM regularly assesses performance of the aggregated single operating and reporting segment and decides how to allocate resources based on net income calculated on the same basis as is net income reported in the Company's consolidated statements of operations. The CODM is also regularly provided with expense information at a level consistent with that disclosed in the Company's consolidated statements of operations.

In November 2024, the FASB issued ASU 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures – Disaggregation of Income Statement Expenses (Subtopic 220-40)*. ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 requires new financial statement disclosures in tabular form, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. ASU 2024-03 is effective January 1, 2026 and is not expected to have a significant impact on the Company's financial statements.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

**<u>3. SECURITIES AVAILABLE-FOR-SALE</u>**

The carrying value and estimated fair value of securities available for sale are presented below by contractual final maturity. Actual maturities may differ from below as the loans underlying some securities are subject to prepayment and regular monthly principal repayment.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | | Gross Unrealized | Gross Unrealized | |
|  | Amortized<br>Cost | Gains | Losses | Fair<br>Value |
|  | | (In thousands) | (In thousands) | |
| Mortgage-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | $3 | $- | $- | $3 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 4436 | - | 683 | 3753 |
|  | 4439 | - | 683 | 3756 |
| CMO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 589 |  | 2 | 587 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 8449 | 48 | 3 | 8494 |
|  | 9038 | 48 | 5 | 9081 |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 1000 | - | 72 | 928 |
|  | 1000 | - | 72 | 928 |
| Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 2000 | - | 156 | 1844 |
|  | 2000 | - | 156 | 1844 |
| Small Business Administration: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after ten years | 5575 | 1 | 23 | 5553 |
|  | $22052 | $49 | $939 | $21162 |

---

The age of unrealized losses and fair value of related securities available-for-sale were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | Less than 12 Months | Less than 12 Months | 12 Months or More | 12 Months or More | Total | Total |
|  | Fair<br>Value | Unrealized<br>Losses | Fair<br>Value | Unrealized<br>Losses | Fair<br>Value | Unrealized<br>Losses |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Mortgage-Backed Securities | $1096 | $3 | $2658 | $680 | $3754 | $683 |
| CMO | 2154 | 4 | 587 | 1 | 2741 | 5 |
| Corporate Bonds |  |  | 928 | 72 | 928 | 72 |
| Agency Securities |  |  | 1844 | 156 | 1844 | 156 |
| Small Business Admin. | 3650 | 22 | 1193 | 1 | 4843 | 23 |
|  | $6900 | $29 | $7210 | $910 | $14110 | $939 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | | Gross Unrealized | Gross Unrealized | |
|  | Amortized<br>Cost | Gains | Losses | Fair<br>Value |
|  | | (In thousands) | (In thousands) | |
| Mortgage-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due within one year | $1 | $- | $- | $1 |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 3473 | - | 713 | 2760 |
|  | 3478 | - | 713 | 2765 |
| CMO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 597 |  | 2 | 595 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 4190 | - | 23 | 4167 |
|  | 4787 | - | 25 | 4762 |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 2000 | - | 153 | 1847 |
|  | 2000 | - | 153 | 1847 |
| Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 3000 | - | 281 | 2719 |
|  | 3000 | - | 281 | 2719 |
| Small Business Administration: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after ten years | 5863 | - | 50 | 5813 |
|  | $19128 | $- | $1222 | $17906 |

---

The age of unrealized losses and fair value of related securities available-for-sale were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Less than 12 Months | Less than 12 Months | 12 Months or More | 12 Months or More | Total | Total |
|  | Fair<br>Value | Unrealized<br>Losses | Fair<br>Value | Unrealized<br>Losses | Fair<br>Value | Unrealized<br>Losses |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Mortgage-Backed Securities | $- | $- | $2762 | $713 | $2762 | $713 |
| CMO | 3290 | 23 | 595 | 2 | 3885 | 25 |
| Corporate Bonds |  |  | 1847 | 153 | 1847 | 153 |
| Agency Securities |  |  | 2719 | 281 | 2719 | 281 |
| Small Business Admin. | 5812 | 50 | - | - | 5812 | 50 |
|  | $9102 | $73 | $7923 | $1149 | $17025 | $1222 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | | Gross Unrealized | Gross Unrealized | |
|  | Amortized<br>Cost | Gains | Losses | Fair<br>Value |
|  | | (In thousands) | (In thousands) | |
| Mortgage-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | $19 | $- | $- | $19 |
| &nbsp;&nbsp;&nbsp;Due after five through ten years | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 3741 | - | 647 | 3094 |
|  | 3763 | - | 647 | 3116 |
| CMO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 611 | - | 5 | 606 |
|  | 611 | - | 5 | 606 |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 2000 | - | 203 | 1797 |
|  | 2000 | - | 203 | 1797 |
| Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 4485 | - | 448 | 4037 |
|  | 4485 | - | 448 | 4037 |
| Small Business Administration: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after ten years | 937 | 4 | - | 941 |
|  | $11796 | $4 | $1303 | $10497 |

---

The age of unrealized losses and fair value of related securities available-for-sale were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Less than 12 Months | Less than 12 Months | 12 Months or More | 12 Months or More | Total | Total |
|  | Fair<br>Value | Unrealized<br>Losses | Fair<br>Value | Unrealized<br>Losses | Fair<br>Value | Unrealized<br>Losses |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Mortgage-Backed Securities | $- | $- | $3109 | $647 | $3109 | $647 |
| CMO |  |  | 606 | 5 | 606 | 5 |
| Corporate Bonds |  |  | 1797 | 203 | 1797 | 203 |
| Agency Securities | - | - | 4037 | 448 | 4037 | 448 |
|  | $- | $- | $9549 | $1303 | $9549 | $1303 |

---

For the six-months ended June 30, 2025 (unaudited), proceeds from sales of securities available for sale amounted to $1,870,000. Gross realized losses amounted to $130,000. There were no gains realized on any sales during this six-month period.

For the year ended December 31, 2024, proceeds from sales of securities available for sale amounted to $1,373,000. Gross realized losses amounted to $119,000. There were no gains realized on any sales in 2024.

For the year ended December 31, 2023, there were no sales of securities available-for-sale.

At June 30, 2025 (unaudited), twenty AFS debt securities had unrealized losses with aggregate depreciation of 6.2% from the Company's amortized cost basis.

At December 31, 2024, twenty-five AFS debt securities had unrealized losses with aggregate depreciation of 6.4% from the Company's amortized cost basis.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

Management does not believe that any individual unrealized loss at June 30, 2025, nor at December 31, 2024 and 2023 represent a credit-related unrealized loss. Management believes that all unrealized losses are due to changes in interest rates.

Management does not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell the securities reflected in the above tables prior to full recovery of fair value to a level which equals or exceeds amortized cost. All mortgage-backed securities are issued by U.S. Government sponsored entities and are collateralized by residential mortgages.

<u>Allowance for Credit Losses – Available for Sale Securities</u>

Available for sale securities which are guaranteed by government agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. In assessing the Company's investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company's investments. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that remove a government-sponsored enterprise's ability to draw funds from the U.S. government, or legislative changes to housing policy that reduce or eliminate the U.S. government's implicit guarantee on such securities. There were no allowance for credit losses established on available for sale debt securities during the six months ended June 30, 2025 (unaudited), nor for the years ended December 31, 2024 or 2023.

**<u>4. SECURITIES HELD TO MATURITY</u>**

The carrying value and estimated fair value of securities held to maturity are presented below by contractual final maturity. Actual maturities may differ from below as the loans underlying some securities are subject to prepayment and regular monthly principal repayment.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | | Gross Unrealized | Gross Unrealized | |
|  | Amortized<br>Cost | Gains | Losses | Fair<br>Value |
|  | | (In thousands) | (In thousands) | |
| Mortgage-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after ten years | $891 | $8 | $- | $899 |
|  | 891 | 8 | - | 899 |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 2463 |  | 176 | 2287 |
| &nbsp;&nbsp;&nbsp;Due after five through ten years | 4950 | 24 | 231 | 4743 |
|  | 7413 | 24 | 407 | 7030 |
| Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due within one year | 4750 |  | 84 | 4666 |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 2000 | - | 112 | 1888 |
|  | 6750 | - | 196 | 6554 |
|  | $15054 | $32 | $603 | $14483 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | | Gross Unrealized | Gross Unrealized | |
|  | Amortized<br>Cost | Gains | Losses | Fair<br>Value |
|  | | (In thousands) | (In thousands) | |
| Mortgage-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after ten years | $918 | $1 | $3 | $916 |
|  | 918 | 1 | 3 | 916 |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 2464 |  | 183 | 2281 |
| &nbsp;&nbsp;&nbsp;Due after five through ten years | 4950 | 34 | 240 | 4744 |
|  | 7414 | 34 | 423 | 7025 |
| Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due within one year | 5750 |  | 62 | 5688 |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 6000 | - | 264 | 5736 |
|  | 11750 | - | 326 | 11424 |
|  | $20082 | $35 | $752 | $19365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Amortized | Gross Unrealized | Gross Unrealized | Fair |
|  | Cost | Gains | Losses | Value |
|  | | (In thousands) | (In thousands) | |
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due within one five | $1995 | $- | $35 | $1960 |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 2500 |  | 291 | 2209 |
| &nbsp;&nbsp;&nbsp;Due after five through ten years | 4000 | - | 159 | 3841 |
|  | 8495 | - | 485 | 8010 |
| Municpal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due within one year | 160 | 1 | - | 161 |
|  | 160 | 1 | - | 161 |
| Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due within one five | 5000 |  | 2 | 4998 |
| &nbsp;&nbsp;&nbsp;Due after one through five years | 11750 | - | 604 | 11146 |
|  | 16750 | - | 606 | 16144 |
|  | $25405 | $1 | $1091 | $24315 |

---

At June 30, 2025 (unaudited), U.S. Government obligations with a carrying value of $22,684,000 were pledged to secure public deposits.

At December 31, 2024 and 2023, U.S. Government obligations with a carrying value of $21,959,000 and $16,666,000, respectively, were pledged to secure public deposits.

<u>Allowance for Credit Losses – Securities Held to Maturity</u>

Held to maturity securities which are issued by the United States Treasury or are guaranteed by government agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. In assessing the Company's

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company's investments. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that remove a government-sponsored enterprise's ability to draw funds from the U.S. government, or legislative changes to housing policy that reduce or eliminate the U.S. government's implicit guarantee on such securities. Any expected credit losses on held to maturity securities would be presented as an allowance for credit loss.

The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the periods ended June 30, 2025 (unaudited), December 31, 2024 and December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | Corporate<br> Bonds | Municipal <br> Bonds | Total |
|  | (In thousands) | (In thousands) | (In thousands) |
| Balance at December 31, 2022 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Cumulative effect of change in accounting principle |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision (reversal) for credit losses | - | - | - |
| Balance at December 31, 2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision (reversal) for credit losses | 86 | - | 86 |
| Balance at December 31, 2024 | 86 |  | 86 |
| &nbsp;&nbsp;&nbsp;Provision (reversal) for credit losses | - | - | - |
| Balance at June 30, 2025 (unaudited) | $86 | $- | $86 |

---

**<u>5. LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, | December 31, | December 31, |
|  | 2025 (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) |
| Residential real estate | $119954 | $111556 | $90768 |
| Commercial real estate | 86215 | 86876 | 83371 |
| Commercial and industrial | 10864 | 10890 | 9378 |
| BHG loans | 35912 | 39073 | 38758 |
| Consumer loans | 8721 | 137 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 261666 | 248532 | 222343 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | (1648) | (1363) | (1478) |
| &nbsp;&nbsp;&nbsp;Premiums on loans purchased | 98 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;Deferred loan fees, net | 954 | 833 | 656 |
|  | (596) | (507) | (799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | $261070 | $248025 | $221544 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

The Company grants loans to its officers and directors and to their associates. Related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than normal risk of collectability. Activity in such loans for the six months ended June 30, 2025 (unaudited), and the years ended December 31, 2024 and 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | June 2025<br> (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) |
| Balance, beginning | $680 | $707 | $735 |
| &nbsp;&nbsp;&nbsp;Loans originated |  |  |  |
| &nbsp;&nbsp;&nbsp;Collection of principal | (12) | (27) | (28) |
| Balance, ending | $668 | $680 | $707 |

---

The following tables summarize the activity in the allowance for credit losses by loan class and information in regard to the allowance for credit losses and the recorded investment in loans receivable by loan class as of June 30, 2025 (unaudited), and December 31, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans |
|  | Beginning<br>Balance | Charge-<br>offs |<br>Recoveries | Provisions<br>(Credits) | Ending<br>Balance |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Residential | $142 | $- | $- | $511 | $653 |
| Commercial real estate | 1034 |  |  | (406) | 628 |
| Commercial and industrial | 90 |  | 90 | (118) | 62 |
| BHG Commercial loans | 97 |  |  | (78) | 19 |
| Consumer |  |  |  | 286 | 286 |
| Unallocated | - | - | - | - | - |
|  | $1363 | $- | $90 | $195 | $1648 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, 2024 (unaudited) | Six Months Ended June 30, 2024 (unaudited) | Six Months Ended June 30, 2024 (unaudited) | Six Months Ended June 30, 2024 (unaudited) | Six Months Ended June 30, 2024 (unaudited) |
|  | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans |
|  | Beginning<br>Balance | Charge-<br>offs |<br>Recoveries | Provisions<br>(Credits) | Ending<br>Balance |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Residential | $788 | $- | $- | $(613) | $175 |
| Commercial real estate | 438 |  |  | 466 | 904 |
| Commercial and industrial | 24 |  |  | 105 | 129 |
| BHG Commercial loans | 136 |  |  | (34) | 102 |
| Consumer | 15 |  |  | (15) |  |
| Unallocated | 77 | - | - | (71) | 6 |
|  | $1478 | $- | $- | $(162) | $1316 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 |
|  | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans |
|  | Beginning<br>Balance | Charge-<br>offs |<br>Recoveries | Provisions<br>(Credits) | Ending<br>Balance |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Residential | $788 | $- | $- | $(646) | $142 |
| Commercial real estate | 438 |  |  | 596 | 1034 |
| Commercial and industrial | 24 | (90) |  | 156 | 90 |
| BHG loans | 136 |  |  | (39) | 97 |
| Consumer | 15 |  |  | (15) |  |
| Unallocated | 77 | - | - | (77) | - |
|  | $1478 | $(90) | $- | $(25) | $1363 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 |
|  | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans |
|  | Beginning<br>Balance | Charge-<br>offs. net | CECL<br>Adoption | Provisions<br>(Credits) | Ending<br>Balance |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Residential | $584 | $- | $97 | $107 | $788 |
| Commercial real estate | 331 |  | 102 | 5 | 438 |
| Commercial and industrial |  |  |  | 24 | 24 |
| BHG loans | 231 |  |  | (95) | 136 |
| Consumer | 38 |  | (12) | (11) | 15 |
| Unallocated | - | - | - | 77 | 77 |
|  | $1184 | $- | $187 | $107 | $1478 |

---

The following tables summarize the activity in the allowance for credit losses by all credit categories as of and for the six months ended June 30, 2025 and 2024 (unaudited), and December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | Loans <br> Receivable | Unused<br> Lines of <br> Credit | Debt <br> Securities <br> (HTM) | Aggregate<br> ACL |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Beginning balance | $1363 | $57 | $86 | $1506 |
| Provisions, net of credit adjustments | 195 | (37) |  | 158 |
| Charge-offs, net of recoveries | 90 | - | - | 90 |
| &nbsp;&nbsp;&nbsp;Ending balance | $1648 | $20 | $86 | $1754 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2024 (unaudited) | June 30, 2024 (unaudited) | June 30, 2024 (unaudited) | June 30, 2024 (unaudited) |
|  | Loans <br> Receivable | Unused <br> Lines of <br> Credit | Debt <br> Securities<br> (HTM) | Aggregate <br> ACL |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Beginning balance | $1478 | $- | $- | $1478 |
| Provisions, net of credit adjustments | (162) | 87 | 119 | 44 |
| Charge-offs, net of recoveries | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Ending balance | $1316 | $87 | $119 | $1522 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Loans <br> Receivable | Unused <br> Lines of <br> Credit | Debt <br> Securities <br> (HTM) | Aggregate <br> ACL |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Beginning balance | $1478 | $- | $- | $1478 |
| Provisions, net of credit adjustments | (25) | 57 | 86 | 118 |
| Charge-offs, net of recoveries | (90) | - | - | (90) |
| &nbsp;&nbsp;&nbsp;Ending balance | $1363 | $57 | $86 | $1506 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Loans<br> Receivable | Unused <br> Lines of <br> Credit | Debt <br> Securities <br> (HTM) | Aggregate <br> ACL |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Beginning balance | $1184 | $- | $- | $1184 |
| Provisions, net of credit adjustments | 107 |  |  | 107 |
| CECL Adoption | 187 |  |  | 187 |
| Charge-offs, net of recoveries | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Ending balance | $1478 | $- | $- | $1478 |

---

The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of June 30, 2025 (unaudited), and December 31, 2024 and 2023. Residential real estate and consumer loans are grouped as performing or nonperforming based on accrual status and retail credit guidance. Gross write-offs for the six months ended June 30, 2025 (unaudited) and the years ended December 31, 2025 and 2024 are also presented in the tables below.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 |
| Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year |
|  | 2025 YTD | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Rating: |  |  |  |  |  |  |  |  |
| <u>Residential real estate:</u> |  |  |  |  |  |  |  |  |
| Performing | $13251 | $32654 | $27850 | $9259 | $11155 | $4834 | $20906 | $119909 |
| Nonperforming | - | - | 45 | - | - | - | - | 45 |
| &nbsp;&nbsp;&nbsp;Total | $13251 | $32654 | $27895 | $9259 | $11155 | $4834 | $20906 | $119954 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>Commercial real estate:</u> |  |  |  |  |  |  |  |  |
| Pass | $2326 | $12775 | $11234 | $24094 | $19219 | $6911 | $8688 | $85247 |
| Substandard | - | - | - | 968 | - | - | - | 968 |
| &nbsp;&nbsp;&nbsp;Total | $2326 | $12775 | $11234 | $25062 | $19219 | $6911 | $8688 | $86215 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>C&I - Bankers Health Group:</u> |  |  |  |  |  |  |  |  |
| Pass | $4073 | $10066 | $8147 | $8052 | $1110 | $964 | $406 | $32818 |
| Substandard | - | 567 | 776 | 1218 | 34 | 386 | 113 | 3094 |
| &nbsp;&nbsp;&nbsp;Total | $4073 | $10633 | $8923 | $9270 | $1144 | $1350 | $519 | $35912 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>C&I - Other:</u> |  |  |  |  |  |  |  |  |
| Pass | $3428 | $2472 | $3233 | $412 | $1247 | $- | $- | $10792 |
| Substandard | - | - | 72 | - | - | - | - | 72 |
| &nbsp;&nbsp;&nbsp;Total | $3428 | $2472 | $3305 | $412 | $1247 | $- | $- | $10864 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>Consumer:</u> |  |  |  |  |  |  |  |  |
| Performing | $8614 | $60 | $- | $- | $- | $- | $47 | $8721 |
| Nonperforming | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total | $8614 | $60 | $- | $- | $- | $- | $47 | $8721 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Grand Total | $31692 | $58594 | $51357 | $44003 | $32765 | $13095 | $30160 | $261666 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year |
|  | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Rating: |  |  |  |  |  |  |  |  |
| <u>Residential real estate:</u> |  |  |  |  |  |  |  |  |
| Performing | $32585 | $28919 | $9703 | $12199 | $5201 | $3198 | $18962 | $110767 |
| Nonperforming | 532 | - | - | - | - | 129 | 128 | 789 |
| &nbsp;&nbsp;&nbsp;Total | $33117 | $28919 | $9703 | $12199 | $5201 | $3327 | $19090 | $111556 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>Commercial real estate:</u> |  |  |  |  |  |  |  |  |
| Pass | $10742 | $13429 | $24386 | $19596 | $7004 | $2779 | $6472 | $84408 |
| Special Mention |  | 886 |  | 602 |  |  |  | 1488 |
| Substandard | - | - | 980 | - | - | - | - | 980 |
| &nbsp;&nbsp;&nbsp;Total | $10742 | $14315 | $25366 | $20198 | $7004 | $2779 | $6472 | $86876 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>C&I - Bankers Health Group:</u> |  |  |  |  |  |  |  |  |
| Pass | $12261 | $10000 | $10273 | $1433 | $1564 | $489 | $312 | $36332 |
| Substandard | 91 | 1008 | 1084 | 58 | 311 | 144 | 45 | 2741 |
| &nbsp;&nbsp;&nbsp;Total | $12352 | $11008 | $11357 | $1491 | $1875 | $633 | $357 | $39073 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>C&I - Other:</u> |  |  |  |  |  |  |  |  |
| Pass | $3482 | $2802 | $463 | $1391 | $- | $1494 | $753 | $10385 |
| Special Mention |  | 423 |  |  |  |  |  | 423 |
| Substandard | - | 82 | - | - | - | - | - | 82 |
| &nbsp;&nbsp;&nbsp;Total | $3482 | $3307 | $463 | $1391 | $- | $1494 | $753 | $10890 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $90 | $- | $- | $- | $- | $- | $90 |
| <u>Consumer:</u> |  |  |  |  |  |  |  |  |
| Performing | $86 | $- | $- | $- | $- | $51 | $- | $137 |
| Nonperforming | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total | $86 | $- | $- | $- | $- | $51 | $- | $137 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Grand Total | $59779 | $57549 | $46889 | $35279 | $14080 | $8284 | $26672 | $248532 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $90 | $- | $- | $- | $- | $- | $90 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 |
| Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year | Loans By Risk Rating by Origination Year |
|  | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Rating: |  |  |  |  |  |  |  |  |
| <u>Residential real estate:</u> |  |  |  |  |  |  |  |  |
| Performing | $34035 | $10944 | $13792 | $5460 | $3463 | $2802 | $20272 | $90768 |
| Nonperforming | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total | $34035 | $10944 | $13792 | $5460 | $3463 | $2802 | $20272 | $90768 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>Commercial real estate:</u> |  |  |  |  |  |  |  |  |
| Pass | $12612 | $29672 | $22298 | $7189 | $2958 | $1556 | $6084 | $82369 |
| Substandard | - | 1002 | - | - | - | - | - | 1002 |
| &nbsp;&nbsp;&nbsp;Total | $12612 | $30674 | $22298 | $7189 | $2958 | $1556 | $6084 | $83371 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>C&I - Bankers Health Group:</u> |  |  |  |  |  |  |  |  |
| Pass | $16423 | $14796 | $2597 | $2323 | $860 | $343 | $359 | $37701 |
| Substandard | 81 | 366 | 273 | 182 | 64 | - | 91 | 1057 |
| &nbsp;&nbsp;&nbsp;Total | $16504 | $15162 | $2870 | $2505 | $924 | $343 | $450 | $38758 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>C&I - Other:</u> |  |  |  |  |  |  |  |  |
| Pass | $2729 | $817 | $2669 | $- | $1557 | $1303 | $- | $9075 |
| Special Mention | 303 | - | - | - | - | - | - | 303 |
| &nbsp;&nbsp;&nbsp;Total | $3032 | $817 | $2669 | $- | $1557 | $1303 | $- | $9378 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| <u>Consumer:</u> |  |  |  |  |  |  |  |  |
| Performing | $7 | $- | $- | $- | $61 | $- | $- | $68 |
| Nonperforming | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total | $7 | $- | $- | $- | $61 | $- | $- | $68 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Grand Total | $66190 | $57597 | $41629 | $15154 | $8963 | $6004 | $26806 | $222343 |
| &nbsp;&nbsp;&nbsp;Current period gross write-offs | $- | $- | $- | $- | $- | $- | $- | $- |

---

The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2025 (unaudited), and as of December 31, 2024 and 2023:

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  |<br><br>30-59 Days<br>Past Due |<br><br>60-89 Days<br>Past Due |<br>Greater<br>Than<br>90 Days |<br><br>Total<br>Past Due |<br><br>Current |<br>Total<br>Loans<br>Receivables | Loans<br>Receivable<br>>90 Days<br>and<br>Accruing |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Residential | $- | $- | $- | $- | $119954 | $119954 | $- |
| Commercial real estate |  |  |  |  | 86215 | 86215 |  |
| Commercial and industrial |  |  |  |  | 10864 | 10864 |  |
| BHG loans |  |  |  |  | 35912 | 35912 |  |
| Consumer | - | - | - | - | 8721 | 8721 | - |
|  | $- | $- | $- | $- | $261666 | $261666 | $- |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |<br><br>30-59 Days<br>Past Due |<br><br>60-89 Days<br>Past Due |<br>Greater<br>Than<br>90 Days |<br><br>Total<br>Past Due |<br><br>Current |<br>Total<br>Loans<br>Receivables | Loans<br>Receivable<br>>90 Days<br>and<br>Accruing |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Residential | $796 | $- | $129 | $925 | $110631 | $111556 | $- |
| Commercial real estate |  |  |  |  | 86876 | 86876 |  |
| Commercial and industrial | 98 |  |  | 98 | 10792 | 10890 |  |
| BHG loans |  |  |  |  | 39073 | 39073 |  |
| Consumer | - | - | - | - | 137 | 137 | - |
|  | $894 | $- | $129 | $1023 | $247509 | $248532 | $- |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  |<br><br>30-59 Days<br>Past Due |<br><br>60-89 Days<br>Past Due |<br>Greater<br>Than<br>90 Days |<br><br>Total<br>Past Due |<br><br>Current |<br>Total<br>Loans<br>Receivables | Loans<br>Receivable<br>>90 Days<br>and<br>Accruing |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Residential | $- | $- | $- | $- | $90768 | $90768 | $- |
| Commercial real estate |  |  |  |  | 83371 | 83371 |  |
| Commercial and industrial | 90 |  |  | 90 | 9288 | 9378 |  |
| BHG loans |  |  |  |  | 38758 | 38758 |  |
| Consumer | - | - | - | - | 68 | 68 | - |
|  | $90 | $- | $- | $90 | $222253 | $222343 | $- |

---

At June 30, 2025, there were two loans in non-accrual status totaling $117,000 (unaudited). The two loans were current as of June 30, 2025, but continued payment performance is required in order to return them to accrued status (unaudited).

At December 31, 2024, there were four loans in non-accrual status totaling $868,000. There were no loans on non-accrual at December 31, 2023.

The following table presents information regarding non-accrual loans:

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | Non-accrual Loans<br> with Allowance for<br> Credit Loss | Non-accrual Loans<br> without Allowance for<br> Credit Loss | Total Loans<br> on <br> Non-accrual |
|  | (In thousands) | (In thousands) | (In thousands) |
| Residential | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $45 | $45 |
| Commercial real estate |  |  |  |
| Commercial and industrial |  | 72 | 72 |
| BHG loans |  |  |  |
| Consumer | - | - | - |
|  | $- | $117 | $117 |

---

**UNITED ROOSEVELT MHC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE 30, 2025 AND 2024 (UNAUDITED) AND DECEMBER 31, 2024 AND 2023**

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Non-accrual Loans<br>with Allowance for<br>Credit Loss | Non-accrual Loans<br>without Allowance for<br>Credit Loss | Total Loans<br>on<br>Non-accrual |
|  | (In thousands) | (In thousands) | (In thousands) |
| Residential | $- | $789 | $789 |
| Commercial real estate |  |  |  |
| Commercial and industrial |  | 79 | 79 |
| BHG loans |  |  |  |
| Consumer | - | - | - |
|  | $- | $868 | $868 |

---

***Modified Loans***

Occasionally, the Company will modify the contractual terms of loans to a borrower experiencing financial difficulties as a way to mitigate loss, proactively work with borrowers in financial difficulty, or to comply with regulations regarding the treatment of certain bankruptcy filing and discharge situations. Typically, such modifications may consist of a reduction in interest rate to a below market rate, taking into account the credit quality of the note, extension of additional credit based on receipt of adequate collateral, or a deferment or reduction of payments (principal or interest) which materially alters the Company's position or significantly extends the note's maturity date, such that the present value of cash flows to be received is materially less than those contractually established at the loan's origination.

When principal forgiveness is provided, the amount forgiven is charged-off against the allowance for credit losses on loans. Modifications for the six months ended June 30, 2025 and 2024 (unaudited), and the years ended December 31, 2024 and 2023, were immaterial. There were no modified loans that defaulted during the six months ended June 30, 2025 (unaudited) or the years ended December 31, 2024 or 2023.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

**<u>6. PREMISES AND EQUIPMENT</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | June 30,<br>2025 (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) |
| Land | $194 | $194 | $194 |
| Buildings and improvements | 3213 | 3213 | 3122 |
| Accumulated depreciation | (1440) | (1392) | (1299) |
|  | 1773 | 1821 | 1823 |
| Furnishings and equipment | 1931 | 1919 | 1954 |
| Accumulated depreciation | (1281) | (1199) | (1030) |
|  | 650 | 720 | 924 |
| Software | 291 | 291 | 275 |
| Accumulated depreciation | (274) | (269) | (260) |
|  | 17 | 22 | 15 |
|  | $2634 | $2757 | $2956 |

---

Depreciation expense for the six months ended June 30, 2025 and 2024 (unaudited) amounted to $135,000 and $135,000, respectively.

Depreciation expense for the years ended December 31, 2024 and 2023 amounted to $272,000 and $222,000, respectively.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

**<u>7. LEASES</u>**

During 2023, the Company entered into an operating lease agreement for its branch location. This lease has a lease term of seven years and an option to extend the lease for up to five years. This option has not been included in the lease term as it was determined that it was not reasonably certain that the Company will exercise the option. The Company does not have any material short-term leases. The Right-of-use (ROU) asset and related liability are included in other assets and other liabilities in the Consolidated Statements of Financial Condition.

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | June 30,<br>2025 (unaudited) | 2024 | 2023 |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Operating cash flow from operational leases | $39 | $78 | $59 |
| Weighted average remaining lease term (in years) | 4.6 | 5.2 | 6.2 |
| Weighted average discount rate | 3.96% | 3.96% | 3.96% |

---

Maturity of the lease liability is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | June 30,<br>2025 (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) |
| 2024 | $- | $- | $78 |
| 2025 | 39 | 78 | 78 |
| 2026 | 78 | 78 | 78 |
| 2027 | 78 | 78 | 78 |
| 2028 | 78 | 78 | 78 |
| 2029 | 78 | 78 | 78 |
| 2030 | 13 | 13 | 13 |
| Total lease payments | 364 | 403 | 481 |
| less imputed interest | (32) | (39) | (55) |
| Lease liability | $332 | $364 | $426 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

**<u>8. DEPOSITS</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | June 30,<br>2025 (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) |
| Interest checking | $53617 | $65629 | $71413 |
| Non-Interest checking | 5888 | 5734 | 2902 |
| Money market | 11449 | 17389 | 19914 |
| Savings and club | 20310 | 25965 | 26153 |
| &nbsp;&nbsp;&nbsp;Total non-certificate accounts | 91264 | 114717 | 120382 |
| Certificates of deposit <sup>(1)</sup> | 162749 | 131362 | 111774 |
| &nbsp;&nbsp;&nbsp;Total deposits | $254013 | $246079 | $232156 |

---

<sup>(1)</sup> Included in certificates of deposit are brokered deposits amounting to $55,802,000, $55,547,000, and $42,151,000, at June 30, 2025 (unaudited), December 31, 2024 and 2023, respectively.

Certificates of deposit with balances of more than $250,000 totaled approximately $84,775,000, $72,987,000, and $57,783,000, at June 30, 2025 (unaudited), December 31, 2024 and 2023, respectively.

The scheduled maturities of certificates of deposit were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, | June 30, | December 31, | December 31, | December 31, | December 31, |
|  | 2025 (unaudited) | 2025 (unaudited) | 2024 | 2024 | 2023 | 2023 |
| Maturity | Amount | Weighted<br> Average<br> Rate | Amount | Weighted<br> Average <br> Rate | Amount | Weighted<br> Average <br> Rate |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| 2024 | $- | 0.00% | $- | 0.00% | $43570 | 3.02% |
| 2025 | 56922 | 3.81% | 73536 | 3.95% | 19101 | 2.69% |
| 2026 | 56458 | 3.06% | 25302 | 1.79% | 22420 | 1.58% |
| 2027 | 22448 | 3.59% | 14149 | 3.37% | 14500 | 3.30% |
| 2028 | 13341 | 4.37% | 10172 | 4.46% | 10183 | 4.46% |
| 2029 | 6205 | 4.50% | 6203 | 4.50% |  | 0.00% |
| 2030 | 3375 | 4.07% |  | 0.00% |  | 0.00% |
| 2033 |  | 0.00% | 2000 | 5.45% | 2000 | 5.45% |
| 2035 | 4000 | 4.10% | - | 0.00% | - | 0.00% |
|  | $162749 | 3.60% | $131362 | 3.56% | $111774 | 2.89% |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

**<u>9.</u>** **<u>BORROWINGS</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, | June 30, | December 31, | December 31, | December 31, | December 31, |
|  | 2025 (unaudited) | 2025 (unaudited) | 2024 | 2024 | 2023 | 2023 |
|  | Amount | Weighted<br> Average<br> Rate | Amount | Weighted<br> Average<br> Rate | Amount | Weighted<br> Average<br> Rate |
|  | | | (In thousands) | (In thousands) | | |
| **Federal Home Loan Bank** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<u>Fixed Rate Advances:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overnight borrowing | $- | 0.00% | $2000 | 4.69% | $10000 | 5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 0.00% |  | 0.00% | 500 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2825 | 3.29% | 8325 | 3.99% | 3325 | 2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | 4000 | 4.00% | 4000 | 4.00% | 4000 | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | 6685 | 3.84% | 6685 | 3.84% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | 8112 | 3.89% | 6500 | 3.84% | 6500 | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | 5000 | 4.01% | 5000 | 4.01% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | 7000 | 3.71% |  | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 | 3500 | 3.18% | 3500 | 3.18% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | 6000 | 3.42% | 2000 | 3.48% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total FHLB Advances <sup>(1)</sup> | $43122 | 3.71% | $38010 | 3.88% | $24325 | 4.42% |
| **FRB Advances** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $- | 0.00% | $5000 | 4.50% | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total FRB Advances | $- | 0.00% | $5000 | 4.50% | $- | 0.00% |
| **Senior Notes (UR Bancorp)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1600 | 6.13% | $1600 | 6.13% | $1600 | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | 4000 | 6.19% | 4000 | 6.19% | 3500 | 6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | 1175 | 6.50% | 525 | 6.50% | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Senior Notes | $6775 | 6.23% | $6125 | 6.20% | $5100 | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Borrowings** | $**49897** | **4.06%** | $**49135** | **4.23%** | $**29425** | **4.70%** |

---

<sup>(1)</sup> Includes various advances callable by the FHLB totaling $24,500,000 as of June 30, 2025 (unaudited) and $15,500,000 as of December 31, 2024. None of the advances outstanding at December 31, 2023 were callable.

The Bank obtains advances from the FHLB which are secured by securities or mortgage loans under a collateral pledge agreement. The Bank also has the ability to borrow from the FRB Discount window which is also collateralized by securities and loans. The available borrowing capacity with the FHLB at June 30, 2025 (unaudited) and December 31, 2024 and 2023 was $25,100,000, $23,300,000, and $6,150,000, respectively. The available borrowing capacity with the FRB at June 30, 2025 (unaudited) and December 31, 2024 and 2023 was $27,550,000, $23,750,000, and zero, respectively.

United Roosevelt Bancorp, in November 2022, commenced a private offering via a Private Placement memorandum to qualified investors of senior unsecured notes. The notes issued carry interest rates and maturities as outlined in the above

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

table. The Bancorp may commence additional offerings of new tranches of senior notes if opportunities arise and the returns on the additional amounts raised is determined to be economically viable.

The Company has municipal letters of credit with the FHLB in the amounts of $6,900,000 as of June 30, 2025 (unaudited). The Company also has municipal letters of credit with the FHLB in the amounts of $7,000,000 and $13,500,000 as of December 31, 2024 and 2023, respectively. The letters of credit serve as collateral for certain municipal deposits. As of June 30, 2025 (unaudited), and as of December 31, 2024 and 2023, there were no outstanding balances on these letters of credit.

**<u>10. Regulatory Capital</u>**

The following table presents a reconciliation of capital per GAAP and regulatory capital and information as to the Bank's capital levels at the dates presented:

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, | December 31, | December 31, |
|  | 2025 (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) |
| Bank GAAP surplus and retained earnings | $24711 | $23717 | $22664 |
| Unrealized loss (gain) on securities available for sale | 639 | 881 | 934 |
| Benefit plan adjustments | 737 | 737 | 662 |
| &nbsp;&nbsp;&nbsp;Core and tangible capital | 26087 | 25335 | 24260 |
| Allowance for credit losses | 1755 | 1506 | 1478 |
| &nbsp;&nbsp;&nbsp;Total regulatory capital | $27842 | $26841 | $25738 |

---

Federal regulations require federally insured depository institutions to meet several minimum capital standards as set forth in the tables below.

Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices.

Capital amounts and classifications also are subject to qualitative judgments by the regulators about capital components, risk weighting, and other factors. Prompt corrective action provisions are not applicable to bank holding companies.

Federal banking regulations require the bank to maintain minimum amounts and ratios of common equity Tier 1, Tier 1 and total capital to risk-weighted assets and Tier 1 capital to average assets, as set forth in the table below. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier I capital in an amount greater than 2.5% total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | | | | | To be Well Capitalized | To be Well Capitalized |
|  | | | For Capital Adequacy | For Capital Adequacy | Under Prompt Corrective | Under Prompt Corrective |
|  | Bank Actual | Bank Actual | Purposes | Purposes | Action Provisions | Action Provisions |
|  | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  | | | (Dollar amounts in thousands) | (Dollar amounts in thousands) | | |
| Total capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | $27842 | 12.70% | $17537 | 8.00% | $21921 | 10.00% |
| Tier 1 capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | 26087 | 11.90% | 13153 | 6.00% | 17537 | 8.00% |
| Common equity Tier 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | 26087 | 11.90% | 9867 | 4.50% | 14249 | 6.50% |
| Tier 1 capital (Leverage) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to average total assets) | 26087 | 7.90% | 13208 | 4.00% | 16510 | 5.00% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | | | | | To be Well Capitalized | To be Well Capitalized |
|  | | | For Capital Adequacy | For Capital Adequacy | Under Prompt Corrective | Under Prompt Corrective |
|  | Bank Actual | Bank Actual | Purposes | Purposes | Action Provisions | Action Provisions |
|  | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  | | | (Dollar amounts in thousands) | (Dollar amounts in thousands) | | |
| Total capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | $26841 | 12.58% | $17075 | 8.00% | $21344 | 10.00% |
| Tier 1 capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | 25335 | 11.87% | 12807 | 6.00% | 17075 | 8.00% |
| Common equity Tier 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | 25335 | 11.87% | 9605 | 4.50% | 13874 | 6.50% |
| Tier 1 capital (Leverage) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to average total assets) | 25335 | 8.10% | 12509 | 4.00% | 15636 | 5.00% |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | | | | | To be Well Capitalized | To be Well Capitalized |
|  | | | For Capital Adequacy | For Capital Adequacy | Under Prompt Corrective | Under Prompt Corrective |
|  | Bank Actual | Bank Actual | Purposes | Purposes | Action Provisions | Action Provisions |
|  | Amount | Ratio | Amount | Ratio | Amount | Ratio |
|  | | | (Dollar amounts in thousands) | (Dollar amounts in thousands) | | |
| Total capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | $25738 | 13.32% | $15459 | 8.00% | $19324 | 10.00% |
| Tier 1 capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | 24260 | 12.55% | 11594 | 6.00% | 15459 | 8.00% |
| Common equity Tier 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to risk-weighted assets) | 24260 | 12.55% | 8696 | 4.50% | 12561 | 6.50% |
| Tier 1 capital (Leverage) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(to average total assets) | 24260 | 8.72% | 11122 | 4.00% | 13903 | 5.00% |

---

As of the most recent notification from the Federal Deposit Insurance Corporation, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank's category.

**<u>11. Benefit Plans</u>**

<u>Employee Pension Plan</u>

The Company has a non-contributory defined benefit pension plan covering all eligible employees. This plan was frozen to new employees in 2015. The Company's funding policy is to contribute annually an amount that can be deducted for federal income tax purposes.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

Changes in the benefit plan for the six-months ended June 30, 2025 and 2024 were not material (unaudited) and therefore only year-end December 31, 2024 and 2023 figures are presented.

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
|  | (In thousands) | (In thousands) |
| Projected benefit obligation, beginning | $3956 | $3958 |
| &nbsp;&nbsp;&nbsp;Interest cost | 189 | 199 |
| &nbsp;&nbsp;&nbsp;Actuarial loss (gain) | (4) | 145 |
| &nbsp;&nbsp;&nbsp;Annuity payments | (346) | (346) |
| &nbsp;&nbsp;&nbsp;Settlements | - | - |
| Projected benefit obligation, ending | 3795 | 3956 |
| Plan assets at fair value, beginning | 5136 | 4821 |
| &nbsp;&nbsp;&nbsp;Actual return on assets | 293 | 661 |
| &nbsp;&nbsp;&nbsp;Settlements |  |  |
| &nbsp;&nbsp;&nbsp;Annuity payments | (346) | (346) |
| Plan assets at fair value, ending | 5083 | 5136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued pension cost included in other assets | $1288 | $1180 |

---

Weighted-Average assumptions used to determine the benefit obligations were as follows at December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| Discount rate | 5.35% | 5.00% |
| Rate of increase in compensation levels | N/A | N/A |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

The following table sets forth the components of net periodic pension cost for the years ended December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
|  | (In thousands) | (In thousands) |
| Net periodic pension cost included the following components: |  |  |
| &nbsp;&nbsp;&nbsp;Interest cost | $189 | $199 |
| &nbsp;&nbsp;&nbsp;Expected return on plan assets | (373) | (337) |
| Net periodic pension cost | (184) | (138) |
| Changes in benefit obligation recognized in other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;Net loss arising during the year | 76 | (178) |
| Total recognized in other comprehensive income | 76 | (178) |
| Total recognized in net periodic pension cost and other comprehensive income | $(108) | $(316) |

---

Weighted-Average assumptions used to determine the net periodic benefit cost for the years ended December 31, 2024 and 2023 were as follows (beginning of year assumptions):

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| Discount rate | 5.00% | 5.25% |
| Expected long-term rate of return | 6.75% | 6.25% |
| Rate of increase in compensation levels | N/A | N/A |

---

At, December 31, 2024, and 2023, unrecognized actuarial (gain)/loss of $1,024,666 and $948,903, respectively, were included in accumulated other comprehensive income

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

<u>Investment Policies and Strategies</u>

The primary long-term objective for the Plan is to maintain assets at a level that will sufficiently cover future beneficiary obligations. A secondary long-term objective is to achieve long-term growth in assets. The Plan is structured to mitigate the volatility of the Plan's funded status and expected contribution volatility and includes a growth component (the equity commitment) and volatility reducing component (the fixed income commitment).

To achieve the Plan sponsor's long-term investment objectives, the Trustee will invest the assets of the Plan in a diversified combination of asset classes, investment strategies, and pooled vehicles. The asset allocation guidelines in the table below reflect the plan sponsor's risk tolerance and long-term objectives for the Plan. These parameters will be reviewed on a regular basis and subject to change following discussions between the plan sponsor and the Trustee.

Initially, the following asset allocation targets and ranges will guide the Trustee in structuring the overall allocation in the Plan's investment portfolio. The Plan sponsor or the Trustee may amend these allocations to reflect the most appropriate standards consistent with changing circumstances. Any such fundamental amendments in strategy will be discussed between the Plan sponsor and Trustee prior to implementation.

Based on the above considerations, the following asset allocation ranges will be implemented:

---

| | |
|:---|:---|
|  | Asset Allocation<br> Parameters by Asset<br> Class |
|  | Target |
| <u>Domestic Equity:</u> |  |
| &nbsp;&nbsp;&nbsp;Large-Cap U.S. | 19.3% |
| &nbsp;&nbsp;&nbsp;Mid-Cap U.S. | 1.2% |
| &nbsp;&nbsp;&nbsp;Small-Cap U.S. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total - Domestic Equity | 21.0% |
| <u>International Equity:</u> |  |
| &nbsp;&nbsp;&nbsp;Overseas | 2.4% |
| &nbsp;&nbsp;&nbsp;Origin Emerging Markets | 1.5% |
| &nbsp;&nbsp;&nbsp;Diversified International | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total - International Equity | 9.0% |
| <u>Fixed Income:</u> |  |
| &nbsp;&nbsp;&nbsp;LDI Long Duration | 14.6% |
| &nbsp;&nbsp;&nbsp;LDI Intermediate Duration | 55.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total - Fixed Income | 70.0% |

---

The parameters for each asset class provide the Trustee with the latitude for managing the Plan within a minimum and maximum range. The Trustee will have full discretion to buy, sell, invest and reinvest in these asset segments based on these guidelines which includes allowing the underlying investments to fluctuate within the stated policy ranges. The Plan will maintain a cash equivalents component (not to exceed 3% under normal circumstances) within the fixed income allocation for liquidity purposes.

The Trustee will monitor the actual asset segment exposures of the Plan on a regular basis and, periodically, may adjust the asset allocation within the ranges set forth above as it deems appropriate. Periodic reallocations of assets will be based on the Trustee's perception of the changing risk/return opportunities of the respective asset classes.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

<u>Determination of Long-Term Rate-of-Return</u>

The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan's target allocation of asset classes. Equities and fixed income securities were assumed to earn long-term rates of return in the ranges of 6-8% and 3-5%, respectively, with an assumed long-term inflation rate of 2.5% reflected within these ranges. When these overall return expectations are applied to the plan's target allocation, the result is an expected rate of return of 5% to 7%.

The market values invested in each investment category at December 31, 2024, are as follows:

---

| | | |
|:---|:---|:---|
| Asset Class: | Investment Option | Assets at Fair <br> Value as of<br> December 31, <br> 2024 |
|  |  | (In thousands) |
| Fixed Income | LDI Intermediate Duartion Separate Acct | $2837 |
| Fixed Income | LDI Long Duartion Separate Acct | 726 |
| Large U.S. Equity | LargeCap S&P 500 Index Separate Acct | 982 |
| Global/International Equity | Overseas Separate Acct | 121 |
| Global/International Equity | Diversified International Separate Acct | 334 |
| Small/Mid U.S. Equity | MidCap S&P 400 Index Separate Acct | 59 |
| Small/Mid U.S. Equity | SmallCap S&P 600 Index Separate Acct | 24 |
| &nbsp;&nbsp;&nbsp;Total |  | $5083 |

---

The Plan Assets are invested with Principal. Principal uses Pooled Separate Accounts, not publicly traded Mutual Funds. The above assets are considered Level 1 – quoted prices in active markets for identical assets.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

The market values invested in each investment strategy grouped by each portfolio's primary investment category (as defined) at December 31, 2023, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 |
|  | Quoted Prices in <br> Active Markets <br> for Identical <br> Assets <br> (Level 1) | Significant<br> Observable <br> Inputs<br> (Level 2) | Significant <br> Unobservable<br> Inputs<br> (Level 3) | Total |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| <u>Asset Category:</u> |  |  |  |  |
| Mutual funds-Equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Large-Cap Value | $341 | $- | $- | $341 |
| &nbsp;&nbsp;&nbsp;Large-Cap Core | 450 |  |  | 450 |
| &nbsp;&nbsp;&nbsp;Mid-Cap Core | 375 |  |  | 375 |
| &nbsp;&nbsp;&nbsp;Small-Cap Core | 397 |  |  | 397 |
| &nbsp;&nbsp;&nbsp;International Growth | 527 |  |  | 527 |
| &nbsp;&nbsp;&nbsp;International Value | 331 |  |  | 331 |
| &nbsp;&nbsp;&nbsp;Large Cap Growth | 608 |  |  | 608 |
| &nbsp;&nbsp;&nbsp;Small/Midcap Growth |  |  |  |  |
| Mutual Funds-Fixed Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long Duration Gov't Credit | 576 |  |  | 576 |
| &nbsp;&nbsp;&nbsp;Long US Treasury - ETF | 502 |  |  | 502 |
| &nbsp;&nbsp;&nbsp;Long Duration Credit | 608 |  |  | 608 |
| Common Stock |  |  |  |  |
| Common/Collective Trusts-Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Large Cap Value |  | 347 |  | 347 |
| Cash Equivalents |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market | 74 | - | - | 74 |
| Total | $4789 | $347 | $- | $5136 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

---

| | |
|:---|:---|
| Years ending December 31: |  |
| 2025 | $380000 |
| 2026 | 370000 |
| 2027 | 360000 |
| 2028 | 350000 |
| 2029 | 330000 |
| 2030-2034 | 1480000 |

---

<u>401k and Profit Sharing Plan</u>

The Company has a 401k and non-contributory profit sharing plan covering all eligible employees. Employees may contribute a portion of their compensation subject to certain limits based on federal tax laws. The Company makes matching contributions equal to 100 percent of the first 6 percent of an employee's compensation contributed to the Plan. Matching contributions vest to the employee over a two-year period. For the six-months ended June 30, 2025 (unaudited), 401k related expenses amounted to $61,587. For the years ended December 31, 2024 and 2023, 401k related expenses amounted to $122,102 and $117,424, respectively. There were no profit-sharing related plan expenses for the six-months ended June 30, 2025 (unaudited), nor for the years ended December 31, 2024 and 2023.

<u>Deferred Compensation Plan</u>

The Company has a nonqualified deferred compensation plan for a select group of management effective October 1, 2021.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | As of and for the period ending | As of and for the period ending | As of and for the period ending | As of and for the period ending | As of and for the period ending | As of and for the period ending | As of and for the period ending | As of and for the period ending |
|  | June 30, | June 30, | June 30, | June 30, | December 31, | December 31, | December 31, | December 31, |
|  | 2025 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | 2024 (unaudited) | 2024 | 2024 | 2023 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Deferred compensation liability |  | 384 |  | 248 |  | 276 |  | 160 |
| Deferred compensation expense |  | 8 |  | 6 |  | 13 |  | 9 |

---

**<u>12. Income Taxes</u>**

The Bank qualifies as a savings institution under the provisions of the Internal Revenue Code and, therefore, must calculate its bad debt deduction using either the experience or the specific charge-off method. Retained earnings at December 31, 2024 include approximately $3 million of bad debt deductions, which resulted from the use of the formerly permitted percentage of taxable income method, for which income taxes have not been provided. If such amount is used for purposes other than for bad debt losses, including distributions in liquidation, it will be subject to income tax at the then current rate.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

The components of income taxes are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, | June 30, | December 31, | December 31, |
|  | 2025<br> (unaudited) | 2024<br> (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Current income tax expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income | $186 | $(9) | $21 | $203 |
| &nbsp;&nbsp;&nbsp;State income | 25 | 7 | 10 | 70 |
|  | 211 | (2) | 31 | 273 |
| Deferred income tax expense (benefit): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income | (103) | 65 | 100 | (36) |
| &nbsp;&nbsp;&nbsp;State income | (11) | 9 | (6) | (17) |
|  | (114) | 74 | 94 | (53) |
|  | $97 | $72 | $125 | $220 |

---

The tax effects of existing temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, | June 30, | December 31, | December 31, |
|  | 2025<br> (unaudited) | 2024<br> (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Deferred income tax assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | $463 | $370 | $383 | $415 |
| &nbsp;&nbsp;&nbsp;Benefit plan AOCI adjustment, net | 288 | 286 | 288 | 287 |
| &nbsp;&nbsp;&nbsp;Unrealized loss on securities available-for-sale | 260 | 352 | 341 | 365 |
| &nbsp;&nbsp;&nbsp;Fee Income |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;NJ NOL carryover |  | 3 | 24 |  |
| &nbsp;&nbsp;&nbsp;Other | 187 | 150 | 116 | 82 |
|  | 1198 | 1161 | 1152 | 1153 |
| Deferred income tax liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses of benefit plans | 663 | 627 | 650 | 601 |
| &nbsp;&nbsp;&nbsp;Depreciation | 243 | 243 | 243 | 175 |
|  | 906 | 870 | 893 | 776 |
| Net deferred tax assets included in other assets | $292 | $291 | $259 | $377 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

The following table presents a reconciliation between the reported income taxes and the income taxes which would be computed by applying the normal federal income tax rate of 21% to income before income taxes for the six months ended June 30, 2025 and 2024 (unaudited) as well as the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, | June 30, | December 31, | December 31, |
|  | 2025<br> (unaudited) | 2024<br> (unaudited) | 2024 | 2023 |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Federal income tax | $66 | $71 | $147 | $197 |
| &nbsp;&nbsp;&nbsp;Increases (reductions) in income taxes resulting from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey tax, net of federal income tax effect | 11 | 13 | 3 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank-owned life insurance | 13 | (12) | (26) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other items, net | 7 | - | 1 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective income tax | $97 | $72 | $125 | $220 |

---

**<u>13. Commitments and Contingencies</u>**

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the statement of financial condition. The contract amounts of those instruments reflect the extent of involvement the Company has in those particular classes of financial instruments.

The Company, at June 30, 2025 (unaudited), had undisbursed funds from approved lines of credit under the homeowners' equity lending program amounting to approximately $2,102,000. Unless they are specifically cancelled by notice to or from the Company, these funds represent firm commitments available to the respective borrowers on demand. The interest rates charged on funds disbursed under this program are at the prime rate. Similarly, there were approximately $1,542,000 in commitments for undisbursed commercial lines of credit; and $467,000 in commitments for construction loans. There were two Letters of Credit issued by the Company totaling $55,000; outstanding balance at June 30, 2025 was zero (unaudited).

The Company, at December 31, 2024, had undisbursed funds from approved lines of credit under the homeowners' equity lending program amounting to approximately $2,190,000. Unless they are specifically cancelled by notice to or from the Company, these funds represent firm commitments available to the respective borrowers on demand. The interest rates charged on funds disbursed under this program are at the prime rate. Similarly, there were approximately $2,335,000 in commitments for undisbursed commercial lines of credit; and $1,807,000 in commitments for construction loans. There were two Letters of Credit issued by the Company totaling $55,000; outstanding balance at December 31, 2024 was zero.

The Company has, in the normal course of business, commitments for services and supplies. Management does not anticipate losses on any of these transactions.

The Company, from time to time, may be party to litigation arising primarily in the ordinary course of business. In the opinion of management, the ultimate disposition of such litigation should not have a material effect on the consolidated financial position or operations.

**<u>14. Fair Value Measurements</u>**

Management uses its best judgment in estimating the fair value of the Company's financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end.

There were no liabilities measured at fair value on a recurring basis as of the periods presented. For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2025 (unaudited), and at December 31, 2024 and 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets at Fair Value <br> as of June 30, 2025 | Assets at Fair Value <br> as of June 30, 2025 | Assets at Fair Value <br> as of June 30, 2025 | Assets at Fair Value <br> as of June 30, 2025 |
|  | Assets at Fair Value <br> as of December 31, 2024 | Assets at Fair Value <br> as of December 31, 2024 | Assets at Fair Value <br> as of December 31, 2024 | Assets at Fair Value <br> as of December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | $- | $3756 | $- | $3756 |
| &nbsp;&nbsp;&nbsp;CMO |  | 9081 |  | 9081 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 928 |  | 928 |
| &nbsp;&nbsp;&nbsp;Agency Securities |  | 1844 |  | 1844 |
| &nbsp;&nbsp;&nbsp;Small Business Administration | - | 5553 | - | 5553 |
|  | $- | $21162 | $- | $21162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets at Fair Value <br> as of December 31, 2024 | Assets at Fair Value <br> as of December 31, 2024 | Assets at Fair Value <br> as of December 31, 2024 | Assets at Fair Value <br> as of December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | $- | $2765 | $- | $2765 |
| &nbsp;&nbsp;&nbsp;CMO |  | 4762 |  | 4762 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1847 |  | 1847 |
| &nbsp;&nbsp;&nbsp;Agency Securities |  | 2719 |  | 2719 |
| &nbsp;&nbsp;&nbsp;Small Business Administration | - | 5813 | - | 5813 |
|  | $- | $17906 | $- | $17906 |

---

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets at Fair Value <br> as of December 31, 2023 | Assets at Fair Value <br> as of December 31, 2023 | Assets at Fair Value <br> as of December 31, 2023 | Assets at Fair Value <br> as of December 31, 2023 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | $- | $3116 | $- | $3116 |
| &nbsp;&nbsp;&nbsp;CMO |  | 606 |  | 606 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1797 |  | 1797 |
| &nbsp;&nbsp;&nbsp;Agency Securities |  | 4037 |  | 4037 |
| &nbsp;&nbsp;&nbsp;Small Business Administration | - | 941 | - | 941 |
|  | $- | $10497 | $- | $10497 |

---

The estimated fair values, and related carrying amounts, of the Company's financial instruments are as follows. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL StatementS**

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Fair Value** | **Fair Value** | **Fair Value** |
|  |<br>**Carrying <br> Amount** | **Level 1** | **Level 2** | **Level 3** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>June 30, 2025</u>** | | | | |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents (including CD investments) | $12673 | $12673 | $- | $- |
| &nbsp;&nbsp;&nbsp;Securities available for sale | 21162 |  | 21162 |  |
| &nbsp;&nbsp;&nbsp;Securities held to matutity | 15054 |  | 11483 | 3000 |
| &nbsp;&nbsp;&nbsp;Restricted stock in banks | 2283 |  |  | 2283 |
| &nbsp;&nbsp;&nbsp;Loans, net | 261070 |  |  | 258165 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 1352 |  | 1352 |  |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 254013 |  |  | 244198 |
| &nbsp;&nbsp;&nbsp;Mortgagors' escrow accounts | 1372 |  | 1372 |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 43122 |  | 43124 |  |
| &nbsp;&nbsp;&nbsp;Senior notes payable | 6775 |  |  | 6640 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | 275 |  | 275 |  |
| **<u>December 31, 2024</u>** |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents (including CD investments) | $15023 | $15023 | $- | $- |
| &nbsp;&nbsp;&nbsp;Securities available for sale | 17906 |  | 17906 |  |
| &nbsp;&nbsp;&nbsp;Securities held to matutity | 20082 |  | 16365 | 3000 |
| &nbsp;&nbsp;&nbsp;Restricted stock in banks | 2021 |  |  | 2021 |
| &nbsp;&nbsp;&nbsp;Loans, net | 248025 |  |  | 242853 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 1270 |  | 1270 |  |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 246079 |  |  | 233250 |
| &nbsp;&nbsp;&nbsp;Mortgagors' escrow accounts | 1168 |  | 1168 |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank and FRB advances | 43010 |  | 41982 |  |
| &nbsp;&nbsp;&nbsp;Senior notes payable | 6125 |  |  | 5937 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | 280 |  | 280 |  |
| **<u>December 31, 2023</u>** |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents (including CD investments) | $11127 | $11127 | $- | $- |
| &nbsp;&nbsp;&nbsp;Securities available for sale | 10497 |  | 10497 |  |
| &nbsp;&nbsp;&nbsp;Securities held to matutity | 25405 |  | 21315 | 3000 |
| &nbsp;&nbsp;&nbsp;Restricted stock in banks | 1372 |  |  | 1372 |
| &nbsp;&nbsp;&nbsp;Loans, net | 221544 |  |  | 213275 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 1131 |  | 1131 |  |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 232156 |  |  | 217214 |
| &nbsp;&nbsp;&nbsp;Mortgagors' escrow accounts | 969 |  | 969 |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 24325 |  | 24143 |  |
| &nbsp;&nbsp;&nbsp;Senior notes payable | 5100 |  |  | 4885 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | 178 |  | 178 |  |

---

The following valuation techniques were used to measure fair value of assets in the tables above.

The fair value of securities available-for-sale and held-to-maturity are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific

**United Roosevelt MHC and Subsidiaries**

**NOTES TO Consolidated FINANCIAL Statement**S

**June 30, 2025 and 2024 (unaudited) AND December 31, 2024 and 2023**

securities but rather by relying on the securities' relationship to other benchmark quoted prices. For certain securities, which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3).

The fair value of cash and cash equivalents, restricted bank stock, accrued interest receivable, mortgage escrows, and accrued interest payable are measured at the Company's carrying amount.

The fair value of loans, deposits, borrowings, and senior notes payable are measured on a discounted cash flow basis using current rates and terms.

**15. Plan of Conversion and Change in Corporate Form**

On September 8, 2025, United Roosevelt, MHC, United Roosevelt Bancorp and United Roosevelt Savings Bank adopted a Plan of Conversion (the "Plan") pursuant to which United Roosevelt, MHC will convert from the mutual to stock form of organization and United Roosevelt Savings Bank will become the wholly-owned subsidiary of a new stock holding company incorporated under Maryland law and known as URSB Bancorp, Inc. (the "Holding Company"). Pursuant to the Plan, (i) United Roosevelt, MHC will merge with and into United Roosevelt Bancorp, with United Roosevelt Bancorp as the surviving entity, (ii) United Roosevelt Bancorp will merge with and into the Holding Company, with the Holding Company as the surviving entity, resulting in United Roosevelt Savings Bank becoming a wholly-owned subsidiary of the Holding Company, and (iii) the Holding Company will offer and sell shares of its common stock to depositors of United Roosevelt Savings Bank and other persons in the manner and subject to the priorities set forth in the Plan pursuant to a prospectus contained in a registration statement declared effective by the U.S. Securities and Exchange Commission. United Roosevelt Savings Bank will adopt an employee stock ownership plan which will subscribe for 8% of the sum of the number of shares of common stock sold in the stock offering and will contribute to a charitable foundation to be established and funded in connection with the conversion.

At the time of conversion, the Holding Company and United Roosevelt Savings Bank will each establish a liquidation account in an amount equal to United Roosevelt, MHC's total equity as reflected in the latest consolidated balance sheet contained in the final offering prospectus for the conversion. The liquidation account established by United Roosevelt Savings Bank would be used only if the Holding Company does not have sufficient assets to fund its obligations under its liquidation account. The liquidation accounts will be maintained for the benefit of eligible account holders (as defined in the Plan) and supplemental eligible account holders (as defined in the Plan) (collectively, "eligible depositors") who continue to maintain their deposit accounts in United Roosevelt Savings Bank after the conversion. In the event of a complete liquidation of either (i) United Roosevelt Savings Bank or (ii) United Roosevelt Savings Bank and the Holding Company (and only in such events), eligible depositors who continue to maintain their deposit accounts in United Roosevelt Savings Bank will be entitled to receive a distribution from the liquidation accounts before any distribution may be made with respect to the common stock of the Holding Company or of United Roosevelt Savings Bank. Neither the Holding Company nor United Roosevelt Savings Bank may declare or pay a cash dividend if the effect thereof would cause its equity to be reduced below either the amount required for the liquidation accounts or the regulatory capital requirements imposed by its respective bank regulators.

The transactions contemplated by the Plan are subject to approval by the depositors of United Roosevelt Savings Bank and by the New Jersey Department of Banking and Insurance and the Board of Governors of the Federal Reserve System. If the conversion and stock offering is completed, eligible conversion and offering costs will be deducted from the stock offering proceeds. If the conversion and stock offering is terminated, such costs will be expensed. As of August 31, 2025 (unaudited), $61,700 in costs related to the conversion and stock offering had been incurred.

**<u>16. SUBSEQUENT EVENTS</u>**

In preparing these consolidated financial statements, management evaluated the events that occurred through September 12, 2025, the date these consolidated financial statements were available to be issued.

**You should rely only on the information contained in this document or that to which we have referred you. No person has been authorized to give any information or to make any representation other than as contained in this prospectus and, if given or made, such other information or representation must not be relied upon as having been authorized by URSB Bancorp, Inc., United Roosevelt, MHC, United Roosevelt Bancorp or United Roosevelt Savings Bank. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby to any person in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Neither the delivery of this prospectus nor any sale hereunder shall under any circumstances create any implication that there has been no change in the affairs of URSB Bancorp, Inc., United Roosevelt, MHC, United Roosevelt Bancorp or United Roosevelt Savings Bank since any of the dates as of which information is furnished herein or since the date hereof.**

**URSB BANCORP, INC.**

**(Proposed Holding Company for United Roosevelt Savings Bank)**

**Up to 2,012,500 shares of Common Stock, Par Value $0.01 Per Share**

**(Subject to Increase to up to 2,314,375 Shares)**

**PROSPECTUS**

***JANNEY MONTGOMERY SCOTT LLC***

**November _____, 2025**

**These securities are not deposits or savings accounts and are not insured or guaranteed by any federal or state agency.**

**Until __________, 2025, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13.** **Other Expenses of Issuance and Distribution**

---

| | |
|:---|:---|
|  | Estimated |
| <u>Amounts (1)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant's Legal Fees and Expenses | $575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant's Accounting Fees and Expenses (Including State Tax opinion) | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing Agent's Fees and Expenses | 525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records Management Agent's Fees and Expenses | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Appraiser's Fees and Expenses | 93000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing, Postage, Mailing and EDGAR Fees and Expenses | 77000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filing Fees (FINRA, SEC, Blue Sky) | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent's Fees and Expenses | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Plan Consultant's Fees and Expenses | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy Solicitation Fees and Expenses | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1600000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes all shares are sold in the subscription offering.

**Item 14.** **Indemnification of Directors and Officers**

Article 10 of the Articles of Incorporation of URSB Bancorp, Inc. (the "Corporation") sets forth the circumstances under which directors, officers, employees and agents of the Corporation may be insured or indemnified against liability which they may incur in their capacities as such:

**<u>ARTICLE 10. Indemnification, etc. of Directors and Officers.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Indemnification.** The Corporation shall indemnify (1) its current and former directors and officers, whether serving the Corporation or at its request any other entity, to the fullest extent required or permitted by the Maryland General Corporation Law (the "MGCL") now or hereafter in force, including the advancement of expenses under the procedures and to the fullest extent permitted by law, and (2) other employees and agents to such extent as shall be authorized by the Board of Directors and permitted by law; provided, however, that, except as provided in Section B of this Article 10 with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Procedure.** If a claim under Section A of this Article 10 is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty (20) days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall also be entitled to be reimbursed the expense of prosecuting or defending such suit. It shall be a defense to any action for advancement of expenses that the Corporation has not received both (i) an undertaking as required by law to repay such advances if it shall ultimately be determined that the standard of conduct has not been met and (ii) a written affirmation by the indemnitee of his or her good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met. In (i) any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) any suit by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met the applicable standard for indemnification set forth in the MGCL. Neither the failure of the Corporation (including its Board of Directors,

independent legal counsel, or its stockholders) to have made a determination before the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the MGCL, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct, or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article 10 or otherwise, shall be on the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Non-Exclusivity.** The rights to indemnification and to the advancement of expenses conferred in this Article 10 shall not be exclusive of any other right that any Person may have or hereafter acquire under any statute, these Articles, the Corporation's Bylaws, any agreement, any vote of stockholders or the Board of Directors, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Insurance.** The Corporation may maintain insurance, at its expense, to insure itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such Person against such expense, liability or loss under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Miscellaneous.** The Corporation shall not be liable for any payment under this Article 10 in connection with a claim made by any indemnitee to the extent such indemnitee has otherwise actually received payment under any insurance policy, agreement, or otherwise, of the amounts otherwise indemnifiable hereunder. The rights to indemnification and to the advancement of expenses conferred in Sections A and B of this Article 10 shall be contract rights and such rights shall continue as to an indemnitee who has ceased to be a director or officer and shall inure to the benefit of the indemnitee's heirs, executors and administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Limitations Imposed by Federal Law.** Notwithstanding any other provision set forth in this Article 10, in no event shall any payments made by the Corporation pursuant to this Article 10 exceed the amount permissible under applicable federal law, including, without limitation, Section 18(k) of the Federal Deposit Insurance Act and the regulations promulgated thereunder.

Any repeal or modification of this Article 10 by the stockholders of the Corporation or the Board of Directors shall not in any way diminish any rights to indemnification or advancement of expenses of such director or officer or the obligations of the Corporation arising hereunder with respect to events occurring, or claims made, while this Article 10 is in force.

**Item 15.** **Recent Sales of Unregistered Securities**

Not Applicable.

**Item 16.** **Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) List of Exhibits

---

| | |
|:---|:---|
| [1.1](tm2525410d1_ex1-1.htm) | [Engagement Letter between United Roosevelt Bancorp, United Roosevelt, MHC, United Roosevelt Savings Bank and Janney Montgomery Scott LLC](tm2525410d1_ex1-1.htm) |
| 1.2 | Form of Agency Agreement Among URSB Bancorp, Inc., United Roosevelt Bancorp, United Roosevelt, MHC, United Roosevelt Savings Bank and Janney Montgomery Scott LLC \* |
| [2](tm2525410d1_ex2.htm) | [Plan of Conversion](tm2525410d1_ex2.htm) |
| [3.1](tm2525410d1_ex3-1.htm) | [Articles of Incorporation of URSB Bancorp, Inc.](tm2525410d1_ex3-1.htm) |
| [3.2](tm2525410d1_ex3-2.htm) | [Bylaws of URSB Bancorp, Inc.](tm2525410d1_ex3-2.htm) |
| [4](tm2525410d1_ex4.htm) | [Form of Common Stock Certificate of URSB Bancorp, Inc.](tm2525410d1_ex4.htm) |
| [5](tm2525410d1_ex5.htm) | [Opinion of Luse Gorman, PC regarding legality of securities being registered](tm2525410d1_ex5.htm) |

---

---

| | |
|:---|:---|
| [8.1](tm2525410d1_ex8-1.htm) | [Federal Income Tax Opinion of Luse Gorman, PC](tm2525410d1_ex8-1.htm) |
| [8.2](tm2525410d1_ex8-2.htm) | [State Income Tax Opinion of Hamilton & Babitts, CPA](tm2525410d1_ex8-2.htm) |
| 10.1 | Employment Agreement between United Roosevelt Savings Bank and Kenneth R. Totten\* |
| 10.2 | Employment Agreement between United Roosevelt Savings Bank and David Van Steyn\* |
| 10.3 | United Roosevelt Savings Bank Supplemental Executive Retirement Plan Agreement with Kenneth R. Totten\* |
| 10.4 | United Roosevelt Savings Bank Supplemental Executive Retirement Plan Agreement with David Van Steyn\* |
| [10.5](tm2525410d1_ex10-5.htm) | [United Roosevelt Savings Bank Non-Qualified Deferred Compensation Plan](tm2525410d1_ex10-5.htm) |
| 10.6 | United Roosevelt Savings Bank Endorsement Split Dollar Life Insurance Plan\* |
| [21](tm2525410d1_ex21.htm) | [Subsidiaries of URSB Bancorp, Inc.](tm2525410d1_ex21.htm) |
| 23.1 | Consent of Luse Gorman, PC (contained in Opinions included as [Exhibits 5](tm2525410d1_ex5.htm) and [8.1](tm2525410d1_ex8-1.htm)) |
| [23.2](tm2525410d1_ex8-2.htm) | [Consent of Hamilton & Babitts, CPA (including with respect to state tax opinion set forth in Exhibit 8.2)](tm2525410d1_ex8-2.htm) |
| [23.3](tm2525410d1_ex23-3.htm) | [Consent of RP Financial, LC.](tm2525410d1_ex23-3.htm) |
| [23.4](tm2525410d1_ex23-4.htm) | [Consent of Wolf & Company, P.C.](tm2525410d1_ex23-4.htm) |
| [24](#poa_001) | [Power of Attorney (set forth on signature page)](#poa_001) |
| [99.1](tm2525410d1_ex99-1.htm) | [Engagement letter between United Roosevelt Savings Bank and RP Financial, LC. with respect to independent appraisal services](tm2525410d1_ex99-1.htm) |
| [99.2](tm2525410d1_ex99-2.htm) | [Letter of RP Financial, LC. with respect to value of subscription rights](tm2525410d1_ex99-2.htm) |
| [99.3](tm2525410d1_ex99-3.htm) | [Appraisal Report of RP Financial, LC.](tm2525410d1_ex99-3.htm) |
| [99.4](tm2525410d1_ex99-4.htm) | [Marketing Materials](tm2525410d1_ex99-4.htm) |
| [99.5](tm2525410d1_ex99-5.htm) | [Stock Order and Certification Form](tm2525410d1_ex99-5.htm) |
| [99.6](tm2525410d1_ex99-6.htm) | [Letter of RP Financial, LC. with respect to Liquidation Rights](tm2525410d1_ex99-6.htm) |
| [107](tm2525410d1_ex-filingfees.htm) | [Filing Fees Exhibit](tm2525410d1_ex-filingfees.htm) |

---

\* To be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Financial statement schedules are not filed because the required information is inapplicable or is included in the consolidated financial statements and related notes.

**Item 17.** **Undertakings**

The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (§230.424 of this chapter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a

court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Carteret, State of New Jersey, on September 12, 2025.

---

| | |
|:---|:---|
|  | **URSB bancorp, inc.** |
| By: | /s/ Kenneth R. Totten |
|  | Kenneth R. Totten |
|  | Chairman, President and Chief Executive Officer |
|  | (Duly Authorized Representative) |

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of URSB Bancorp, Inc. (the "Corporation") hereby severally constitute and appoint Kenneth R. Totten as our true and lawful attorney and agent, to do any and all things in our names in the capacities indicated below which said individual may deem necessary or advisable to enable the Corporation to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with the registration statement on Form S-1 relating to the offering of the Corporation's common stock, including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration statement and any and all amendments (including post-effective amendments) thereto; and we hereby approve, ratify and confirm all that said individual shall do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| /s/ Kenneth R. Totten | Chairman, President and Chief Executive Officer | September 12, 2025 |
| Kenneth R. Totten | (Principal Executive Officer) |  |
| /s/ David Van Steyn | Chief Financial Officer and Treasurer | September 12, 2025 |
| David Van Steyn | (Principal Financial and Accounting Officer) |  |
| /s/ Patrick J. DeBlasio | Director | September 12, 2025 |
| Patrick J. DeBlasio |  |  |
| /s/ John F. Kwasnik | Director | September 12, 2025 |
| John F. Kwasnik |  |  |
| /s/ David J. Reiman | Director | September 12, 2025 |
| David J. Reiman |  |  |
| /s/ Timothy D. Touhey | Director | September 12, 2025 |
| Timothy D. Touhey |  |  |

---

## Exhibit 1.1

**Exhibit 1.1**

![](tm2525410d1_ex1-1img01.jpg)

July 2, 2025

United Roosevelt Bancorp

11-15 Cooke Avenue

Carteret, NJ 07008

Attention: Kenneth R. Totten <br> Chairman, President & CEO

Mr. Totten,

The purpose of this letter agreement (the "Agreement") is to confirm the engagement of Janney Montgomery Scott LLC ("Janney") to act as the exclusive financial advisor to **United Roosevelt MHC** ("MHC"), **United Roosevelt Bancorp** ("URB") and **United Roosevelt Savings Bank** (the "Bank" and, together with MHC, URB and the Bank, the "Company") in connection with the MHC's conversion from the mutual holding company form of organization to the stock holding company form of organization (the "Conversion"). In order to effect the Conversion, it is contemplated that a newly chartered stock holding company (the "Stock Holding Company") will offer and sell shares of its common stock, first to eligible persons pursuant to a Plan of Conversion (the "Plan") in a Subscription Offering (the "Subscription Offering") and any remaining shares to the general public in a Direct Community Offering and/or a Syndicated Community Offering (the "Community Offering" and, together with the Subscription Offering, the "Offering"). This letter sets forth the terms and conditions agreed to between the Company and Janney with respect to the Conversion, the Plan and the Offering.

(1) <u>Advisory/Marketing Agent Services</u>.

As the Company's exclusive financial advisor and marketing agent, Janney will provide financial advice to the Company and will assist the Company in connection with the Conversion, the Plan, the Offering and related matters. In this regard, Janney's services will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Advising the Company on the financial and securities
market implications of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assisting the Company in structuring and marketing
the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing all Offering documents, including the
Prospectus (it being understood that the preparation and filing of any and all such documents will be the responsibility of the Company
and its counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preparing the stock order form and the marketing
materials for review by the Company and its counsel (it being understood that the filing of any and all such documents will be the responsibility
of the Company and its counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assisting the Company in analyzing proposals
from outside vendors in connection with the Offering, as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assisting the Company in scheduling and preparing
meetings with potential investors, as necessary;

**Janney Montgomery Scott LLC**

**3560 Lenox Road NE, Suite 1100**

**Atlanta, GA 30326**

United Roosevelt Bancorp

July 2, 2025

Page 2 of 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing such other general advice and assistance
as may be reasonably necessary to promote the successful completion of the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hosting a virtual data room for due diligence.

(2) <u>Records Agent Services</u>.

In connection with the Offering, the Company agrees that Janney will also serve as Records Agent for the Company. As Records Agent, and as the Company may reasonably request, Janney will provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consolidation of deposit accounts into a central
file and calculation of eligible votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Design and prepare Proxy Forms for the Depositor
Vote and Stock Order Forms for the Subscription Offering and Direct Community Offering and, if necessary, the Syndicated Community Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Organize and supervise the Company's Stock
Information Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide proxy and ballot tabulation services
for the Bank's Special Meeting of Depositors, including acting as or supporting the Inspector of Election; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide necessary subscription services to distribute,
collect and tabulate stock orders in the Subscription Offering and Direct Community Offering.

The Company acknowledges and agrees that, as Records Agent hereunder, Janney (a) shall have no duties or obligations other than those specifically set forth herein; (b) shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value or genuineness of any order form or any stock certificates or the shares of common stock of the Stock Holding Company represented thereby, and shall not be required to and shall make no representations as to the validity, value or genuineness of the offer; (c) shall not be liable to any person, firm or corporation including the Company by reason of any error of judgment or for any act done by it in good faith, or for any mistake of law or fact in connection with this Agreement and the performance hereof unless caused by or arising out of its own willful misconduct, bad faith or gross negligence; (d) shall not be obliged to take any legal action hereunder which might in its reasonable judgment involve any expense or liability, unless it shall have been furnished with reasonable indemnity satisfactory to it; and (e) may rely on and shall be protected in acting in reliance upon any certificate, instrument, opinion, notice, letter, telex, telegram, or other document or security delivered to it and in good faith believed by it to be genuine and to have been signed by the proper party or parties.

(3) <u>Compensation</u>.

The Company agrees to compensate Janney for its services hereunder as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Management Fee</u>. The Company will pay to Janney a management fee of $50,000 (the "Management
Fee") in cash payable as follows: $25,000 upon the execution of this Agreement and $25,000 upon the initial filing of a Registration
Statement with the SEC. The Management Fee will be refundable to the Company to the extent not actually incurred by Janney.

United Roosevelt Bancorp

July 2, 2025

Page 3 of 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Success Fee</u>. The Company will pay to Janney a Success Fee equal to $375,000 for shares sold in
the Offering. All fees payable to Janney hereunder shall be payable in cash at the time of closing of the Offering. The amount of the
Management Fee paid to Janney will be credited, on a dollar for dollar basis, toward the Success Fee incurred hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Syndicated Community Offering</u>. If any shares of common stock remain available after the expiration
of the Subscription Offering and Direct Community Offering, Janney will act as sole book running manager and may seek to form a syndicate
of registered dealers to assist in the sale of such common stock on a best efforts basis, subject to the terms and conditions set forth
in a selected dealers agreement to be entered into between the Company and Janney. With respect to any shares of the Common Stock sold
by Janney or any other FINRA member firm in the Syndicated Community Offering, the Company agrees to pay a commission of 6.0% of the aggregate
Purchase Price of the shares sold in the Syndicated Community Offering. Janney will endeavor to distribute the common stock among dealers
in a fashion that best meets the distribution objectives of the Company and the requirements of the Plan, which may result in limiting
the allocation of stock to certain selected dealers. It is understood that in no event shall Janney be obligated to take or purchase any
shares of the common stock in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Records Agent Fees</u>. For the Records Agent services outlined above, the Company agrees to pay Janney
a cash fee of $50,000. This fee is based on the requirements of the current banking regulations, the Plan, as currently contemplated,
and the expectation that member data will be processed as of three key record dates. Any material changes in the regulations or the Plan,
or delays requiring duplicate or replacement processing due to changes to record dates, may result in additional fees not to exceed $10,000
as agreed by mutual consent. All Records Agent fees under this Agreement shall be payable as follows (a) $5,000 upon the execution
of this Agreement, which shall be non-refundable, and (b) the balance upon mailing subscription documents.

(4) <u>Expenses</u>.

The Company will pay all of its fees, disbursements and expenses in connection with the Offering customarily borne by issuers, including without limitation, (a) the cost of obtaining all securities and bank regulatory approvals, including any required Securities and Exchange Commission ("SEC") or Financial Industry Regulatory Authority ("FINRA") filing fees; (b) the cost of printing and distributing the offering materials; (c) the costs of blue sky qualification (including fees and expenses of blue sky counsel) of the shares of common stock of the Stock Holding Company in the various states; (d) NASDAQ listing fees or OTC Markets Group fees; (e) DTCC clearing eligibility fees; (f) all fees and disbursements of the Company's counsel, accountants and other advisors; (g) operational expenses for the Stock Information Center, and (h) Syndicated Community Offering expenses associated with the Offering. In the event Janney incurs any such fees and expenses on behalf of the Company, the Company will reimburse Janney for such fees and expenses whether or not the Offering is consummated.

In addition, whether or not the proposed Offering is consummated and in addition to any fees payable to Janney pursuant to Section 3 above, the Company will reimburse Janney for all of its reasonable out-of-pocket expenses incurred in connection with, or arising out of, Janney's activities under, or contemplated by, its engagement hereunder, including without limitation Janney's travel costs, meals and lodging, photocopying, data processing fees and expenses, advertising and communications expenses, which will not exceed $25,000. In addition, Janney will be reimbursed for fees and expenses of its legal

United Roosevelt Bancorp

July 2, 2025

Page 4 of 9

counsel not to exceed $125,000. These expenses assume no unusual circumstances or delays, or a re-solicitation in connection with the Offering. Janney and the Company acknowledge that such expense caps may be increased by an additional amount not to exceed $25,000 by mutual consent, including in the event of a material delay of the Offering which would require an update of the financial information in tabular form to reflect a period later than set forth in the original filing of the offering document. All expense reimbursements to be made to Janney hereunder shall be made by the Company promptly upon submission by Janney to the Company of invoices therefor.

(5) <u>Due Diligence Review, Certain Covenants, Acknowledgments and Representations and Warranties of the Company</u>.

In connection with the Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Janney's obligation to perform the services
contemplated by this letter shall be subject to the satisfactory completion of such investigation and inquiries relating to the Company
and its directors, officers, agents and employees as Janney and its counsel in their sole discretion may deem appropriate under the circumstances
("Due Diligence Review"). In this regard, the Company agrees that, at its expense, it will make available to Janney all information
that Janney requests, and will allow Janney the opportunity to discuss with the Company's management the financial condition, business
and operations of the Company (collectively the "Information"). The Company acknowledges that Janney will rely upon the accuracy
and completeness of all the Information received from the Company and its directors, officers, employees, agents, independent accountants
and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company will cause appropriate Offering documents
to be filed with all regulatory agencies, including the SEC, FINRA, and/or the appropriate federal and/or state bank regulatory agencies.
In addition, Janney and the Company agree that the Company's counsel shall serve as counsel with respect to blue sky matters in
connection with the Offering. The Company shall cause such counsel to prepare a Blue Sky Memorandum related to the Offering, including
Janney's participation therein, and shall furnish Janney a copy thereof addressed to Janney or upon which such counsel shall state
Janney may rely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In effecting the Offering, the Company agrees
to comply with applicable federal and state securities laws, rules and regulations, as well as applicable laws and regulations of
other jurisdictions to which it is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company represents and warrants to Janney
that all Information included or incorporated by reference in the Prospectus or otherwise made available to Janney by or on behalf of
the Company to be communicated to possible investors in connection with the Offering will be complete and correct in all material respects
and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
made, in light of the circumstances under which they were made, not misleading, as of (i) the date thereof and (ii) except for
those statements for which written supplemental corrections or additions have been made or given to the Investors participating in such
closing, as of the closing of such Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company will promptly notify Janney of any
material development affecting the Company or the occurrence of any event or other change known to the Company that could result in any
of the foregoing Information or other documents containing an untrue statement of a material

United Roosevelt Bancorp

July 2, 2025

Page 5 of 9

---

| | |
|:---|:---|
|  | fact or omitting to state any material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. |
| · | The Company acknowledges and agrees that, in rendering its services hereunder, Janney will be using and relying on the Information (as well as information available from public sources and other sources deemed reliable by Janney) without independent investigation or verification thereof or independent appraisal or evaluation of the Company or its subsidiaries and affiliates, or any of their respective businesses or assets. Janney does not and will not assume responsibility for the accuracy or completeness of the Prospectus or any other information regarding the Company. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company acknowledges and agrees that any
advice rendered or material provided by Janney during the term of this Agreement or during the process of the Offering was and is intended
solely for the benefit and confidential use of the Board of Directors of the Company and will not be reproduced, summarized, described
or referred to or given to any other person or entity for any purpose without Janney's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company represents and warrants to Janney
that there are no brokers, representatives or other persons which have an interest in compensation due to Janney from any transaction
contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company represents, warrants and covenants
to Janney that it will use the net proceeds from the Offering for the purposes described in the Prospectus.

(6) <u>Indemnification</u>.

In consideration of Janney's agreement to act on behalf of the Company in connection with the matters contemplated by this Agreement, except as otherwise provided herein, the Company agrees to indemnify and hold harmless Janney and its affiliates and its and their respective officers, directors, employees and agents and each other person, if any, controlling Janney or any of its affiliates (Janney and each such other person being an "Indemnified Person") from and against any losses, claims, damages or liabilities reasonably related to, arising out of or in connection with, the engagement hereunder, and will reimburse each Indemnified Person for all costs and expenses (including reasonable fees and expenses of counsel) as they are incurred, in connection with investigating, preparing, pursuing or defending any action, claim, suit, investigation, inquiry or proceeding related to, arising out of or in connection with the engagement hereunder, whether in process, pending, or threatened, and whether or not any Indemnified Person is a party. The Company will not, however, be responsible for losses, claims, damages or liabilities (or fees and expenses relating thereto) that are finally judicially determined to have resulted from the bad faith, willful misconduct or gross negligence of any Indemnified Person, in which case Janney shall also repay any amounts reimbursed by the Company pursuant to the expense reimbursement provision above. The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with the engagement hereunder, except for any such liability for losses, claims, damages or liabilities incurred by the Company that are finally judicially determined to have resulted primarily from the bad faith, willful misconduct or gross negligence of such Indemnified Person.

The Company will not, without Janney's prior written consent, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any action, claim, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is a party thereto)

United Roosevelt Bancorp

July 2, 2025

Page 6 of 9

unless such settlement, compromise, consent or termination does not include a statement or acknowledgment as to, or an admission of, fault, culpability or failure to act by or on behalf of any indemnified party. No Indemnified Person seeking indemnification, reimbursement or contribution under this Agreement will, without the Company's prior written consent, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any action, claim, suit, investigation or proceeding referred to in the preceding paragraph. Janney will not enter into any settlement for which the Company could be liable without the Company's prior written consent.

If the indemnification provided for in this Section 6 is judicially determined to be unavailable (other than in accordance with the second sentence of the first paragraph hereof) to an Indemnified Person in respect of any losses, claims, damages or liabilities referred to herein, then, in lieu of indemnifying such Indemnified Person hereunder, the Company shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (and expenses relating thereto) (i) in such proportion as is appropriate to reflect the relative benefits to Janney, on the one hand, and the Company, on the other hand, of this Agreement or (ii) if the allocation provided by clause (i) above is not available, in such proportion as is appropriate to reflect not only the relative benefits referred to in such clause (i) but also the relative fault of each of Janney, on the one hand, and the Company, on the other hand, as well as any other relevant equitable considerations; provided, however, in no event shall Janney's aggregate contribution to the amount paid or payable exceed the aggregate amount of fees actually received by Janney under this Agreement. For the purposes of this Agreement, the relative benefits to the Company and Janney hereunder shall be deemed to be in the same proportion as (a) the total consideration received or contemplated to be received by the Company in the Offering, whether or not the Offering is consummated, bears to (b) the fees paid to Janney in connection with the Offering. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act of 1933, as amended) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

Notwithstanding any other provision set forth in this Section 6, in no event shall any payment made by URB, the MHC or the Bank pursuant to this Section 6 exceed the amount permissible under applicable federal law, including, without limitation, Section 18(k) of the Federal Deposit Insurance Act and the regulations promulgated thereunder.

(7) <u>Announcements</u>.

Janney may, at its own expense and after the consummation of the Conversion, place announcements or advertisements, in form customary in the industry, in financial and other newspapers, periodicals and websites describing its services to the Company hereunder.

(8) <u>No Rights of Equityholders, Creditors</u>.

This Agreement does not create, and will not be construed as creating, rights enforceable by any person or entity not a party hereto, except those entitled thereto by virtue of Section 6. The Company acknowledges and agrees that (a) Janney will act hereunder as an independent contractor and is being retained to assist the Company in its efforts to effect the Offering and not to advise the Company on, or to express any opinion as to, the wisdom, desirability or prudence of consummating the Offering, (b) Janney is not and will not be construed as a fiduciary of the Company or any of its subsidiaries or their respective affiliates and will have no duties or liabilities to the equityholders or creditors of the Company or to any other person or entity by virtue of this Agreement and the retention of Janney hereunder, all of which duties and liabilities are hereby expressly waived, and (c) nothing contained herein shall be construed to obligate Janney to purchase, as principal, any of the securities offered for sale by the Company in the Offering.

United Roosevelt Bancorp

July 2, 2025

Page 7 of 9

Neither equityholders nor creditors of the Company or any of its subsidiaries or of any of their respective affiliates are intended beneficiaries hereunder. The Company confirms that it and its subsidiaries and their respective affiliates will rely on their own counsel, accountants and other similar expert advisors for legal, accounting, tax and other similar advice.

(9) <u>Confidentiality</u>.

Except as contemplated in connection with the performance of its services under this Agreement, as authorized by the Company or as required by law, regulation or legal process, Janney agrees that it will treat as confidential all material, non-public information relating to the Company obtained in connection with its engagement hereunder (the "Confidential Information"); provided, however, that Janney may disclose such information to its agents and advisors who are assisting or advising Janney in performing its services hereunder and who have agreed to be bound by the terms and conditions of this paragraph. As used in this paragraph, the term "Confidential Information" shall not include information which (a) is or becomes generally available to the public other than as a result of a disclosure by Janney, (b) was available to Janney on a non-confidential basis prior to its disclosure to Janney by the Company, or (c) becomes available to Janney on a non-confidential basis from a person other than the Company who is not otherwise known to Janney to be bound not to disclose such information pursuant to a contractual, legal or fiduciary obligation.

(10) <u>Definitive Agreement</u>.

This Agreement reflects Janney's present intention of proceeding to work with the Company on its proposed Offering. No legal and binding obligation is created on the part of the Company or Janney with respect to the subject matter hereof, except as to (i) the agreement to maintain the confidentiality of Confidential Information set forth in Section 9, (ii) the payment of certain fees as set forth in Section 3, (iii) the payment of expenses as set forth in Section 4, (iv) the representations set forth in Section 5, (v) the indemnification and contribution provisions set forth in Section 6 and (iv) those terms set forth in a mutually agreed upon Agency Agreement between Janney and the Company to be executed prior to commencement of the Offering, all of which shall constitute the binding obligations of the parties hereto and which shall survive the termination of this Agreement or the completion of the services furnished hereunder and shall remain operative and in full force and effect.

Janney's execution of such Agency Agreement shall also be subject to (a) the satisfactory completion of Janney's Due Diligence Review, (b) the preparation of Offering materials that are reasonably satisfactory to Janney, (c) compliance with all relevant legal and regulatory requirements to the reasonable satisfaction of Janney and its counsel, (d) receipt of internal approvals by Janney, and (e) satisfactory market conditions at the time of the proposed Offering, in Janney's reasonable determination.

(11) <u>Other Activities</u>.

It is understood and agreed that Janney may, from time to time, make a market in, have a long or short position, buy and sell or otherwise effect transactions for customer accounts and for their own accounts in the securities of, or perform investment banking or other services for, the Company and other entities which are or may be the subject of the engagement contemplated by this Agreement. This is to confirm that possible investors identified or contacted by Janney in connection with the Offering could include entities in respect of which Janney may have rendered or may in the future render services.

United Roosevelt Bancorp

July 2, 2025

Page 8 of 9

(12) <u>Assignment</u>.

Neither party hereto may assign, in whole or in part, this Agreement or any rights or obligations hereunder, without the prior written consent of the other party hereto. Any attempted assignment in violation of this section shall be void.

(13) <u>Governing Law; Jurisdiction</u>.

This Agreement shall be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of Georgia without giving effect to its conflicts of laws principles or rules. Each of Janney and the Company agrees that any dispute arising out of or relating to this Agreement and/or the transactions contemplated hereby or thereby, including, without limitation, any such dispute between the Company and any present or former officer, director, employee or agent of Janney, each of whom is intended to be a third-party beneficiary of the agreement contained in this paragraph, shall be resolved through litigation in the federal court located in Atlanta, Georgia or, in the event such court lacks subject matter jurisdiction, in the state court located there, and the parties hereby irrevocably consent to personal jurisdiction in the courts thereto. Parties hereby waive, to the fullest extent permitted by applicable law, any right to trial by jury with respect to any action or proceeding arising out of or related to this Agreement.

(14) <u>Counterparts; Electronic Signatures</u>.

For the convenience of the parties, Agreement may be executed in counterparts, each of which shall be, and shall be deemed to be, an original instrument and which, when taken together, shall constitute one and the same agreement. Electronic signatures, including by delivery of ".PDF format" files, shall have the same force and effect as original signatures.

(15) <u>Notices.</u> 

All notices, requests, demands, claims, and other communications hereunder will be in writing. Any notice, request, demand, claim or other communication if addressed to the intended recipient as set forth below shall be deemed to be duly given either when personally delivered or two days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one day after it is delivered to a commercial overnight courier for next day delivery, or upon confirmation if delivered by email:

---

| | |
|:---|:---|
| &nbsp;&nbsp; <u>If to the Company:</u><br> United Roosevelt Savings Bank<br> 11-15 Cooke Avenue<br> Carteret, NJ 07008<br> Attention: Kenneth R. Totten<br> Email: <u>ktotten@ursb.bank</u><br>| &nbsp;&nbsp; <u>If to JANNEY:</u><br> Dan Flaherty<br> Managing Director<br> Janney Montgomery Scott LLC<br> 3560 Lenox Road NE, Suite 1100<br> Atlanta, GA 30326<br> Email: <u>d</u><u>flaherty@janney.com</u><br>|

---

Any party may give any notice, request, demand, claim, or other communication hereunder using any other means, but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until it is actually received by the party for whom it is intended. Any party may change the address to which such notices, requests, demands, claims, or other communications are to be delivered by giving the other parties notice in the manner herein set forth.

United Roosevelt Bancorp

July 2, 2025

Page 9 of 9

(16) <u>Amendment; Complete Understanding</u>.

This Agreement (a) may only be modified or amended in a writing executed by the Company and Janney, (b) contains the entire agreement between the Company and Janney with respect to the subject matter hereof and thereof and (c) supersedes any and all prior or contemporaneous arrangements, understandings and agreements, written or oral, between the Company and Janney relating to the subject matter hereof and thereof.

(17) <u>Term</u> 

This Agreement shall automatically expire twelve (12) months from the date of this Agreement, unless extended in writing by Janney and the Company. Either the Company or Janney may terminate this agreement, with or without cause, upon 10 days' prior written notice to the other party.

If the foregoing correctly sets forth our agreement, please so indicate by signing a copy of this Agreement and returning them. We look forward to working with you towards the successful conclusion of this engagement and continuing to develop our long-term relationship with the Company.

Very truly yours,

**Janney Montgomery Scott LLC**

---

| | |
|:---|:---|
| By: | ![](tm2525410d1_ex1-1img02.jpg) |
|  | Dan Flaherty |
|  | Managing Director |

---

ACCEPTED and AGREED as of the 2<sup>nd</sup> day of July, 2025.

**United Roosevelt Bancorp**

---

| | |
|:---|:---|
| By: | /s/ Kenneth R. Totten |
|  | Kenneth R. Totten |
|  | Chairman, President & CEO |

---

## Ex-2

**Exhibit 2** 

**PLAN OF CONVERSION**

**OF**

**UNITED ROOSEVELT, MHC**

**TABLE OF CONTENTS**

1. INTRODUCTION 1

2. DEFINITIONS 2

3. PROCEDURES FOR CONVERSION 8

4. HOLDING COMPANY APPLICATIONS AND APPROVALS 10

5. SALE OF COMMON STOCK 11

6. PURCHASE PRICE AND NUMBER OF SUBSCRIPTION SHARES 11

7. RETENTION OF CONVERSION PROCEEDS BY THE HOLDING COMPANY 12

8. SUBSCRIPTION RIGHTS OF ELIGIBLE ACCOUNT HOLDERS (FIRST
 PRIORITY) 12

9. SUBSCRIPTION RIGHTS OF EMPLOYEE PLANS (SECOND PRIORITY) 13

10. SUBSCRIPTION RIGHTS OF SUPPLEMENTAL ELIGIBLE ACCOUNT
 HOLDERS (THIRD PRIORITY) 13

11. SUBSCRIPTION RIGHTS OF OTHER DEPOSITORS (FOURTH PRIORITY) 14

12. COMMUNITY OFFERING 14

13. SYNDICATED COMMUNITY OFFERING 15

14. LIMITATIONS ON PURCHASES 15

15. PAYMENT FOR SUBSCRIPTION SHARES 17

16. MANNER OF EXERCISING SUBSCRIPTION RIGHTS THROUGH ORDER
 FORMS 18

17. UNDELIVERED, DEFECTIVE OR LATE ORDER FORM; INSUFFICIENT
 PAYMENT 19

18. RESIDENTS OF FOREIGN COUNTRIES AND CERTAIN STATES 19

19. ESTABLISHMENT OF LIQUIDATION ACCOUNTS 19

20. CONTRIBUTION TO THE FOUNDATION 22

21. VOTING RIGHTS OF STOCKHOLDERS 22

22. RESTRICTIONS ON RESALE OR SUBSEQUENT DISPOSITION 22

23. REQUIREMENTS FOR STOCK PURCHASES BY DIRECTORS AND OFFICERS
 FOLLOWING THE CONVERSION 23

24. TRANSFER OF DEPOSIT ACCOUNTS 23

25. REGISTRATION AND MARKETING 24

26. TAX RULINGS OR OPINIONS 24

27. STOCK BENEFIT PLANS AND EMPLOYMENT AGREEMENTS 24

28. RESTRICTIONS ON ACQUISITION OF BANK AND HOLDING COMPANY 25

29. PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK 25

30. ARTICLES OF INCORPORATION AND BYLAWS 25

31. CONSUMMATION OF CONVERSION AND EFFECTIVE DATE 25

32. EXPENSES OF CONVERSION 26

33. AMENDMENT OR TERMINATION OF PLAN 26

34. CONDITIONS TO CONVERSION 26

35. INTERPRETATION 26

(i) Exhibit A Form of Agreement of Merger between United Roosevelt, MHC and United Roosevelt Bancorp

Exhibit B Form of Agreement of Merger between United Roosevelt Bancorp and United Roosevelt Bancorp, Inc.

(ii) **PLAN OF CONVERSION**

**OF**

**UNITED ROOSEVELT, MHC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. INTRODUCTION**

This Plan of Conversion (this "Plan") provides for the conversion of United Roosevelt, MHC, a New Jersey-chartered mutual holding company (the "Mutual Holding Company"), from the mutual to the capital stock form of organization. The Mutual Holding Company currently owns 100% of the common stock of United Roosevelt Bancorp, a New Jersey corporation (the "Mid-Tier Holding Company"), which owns 100% of the common stock of United Roosevelt Savings Bank (the "Bank"), a New Jersey-chartered capital stock savings bank.

As part of the Conversion, the Mutual Holding Company will merge with and into the Mid-Tier Holding Company, with the Mid-Tier Holding Company as the surviving entity (the "MHC Merger"), to be followed immediately by a merger of the Mid-Tier Holding Company into a new Maryland stock holding company, United Roosevelt Bancorp, Inc. (the "Holding Company"), with the Holding Company as the surviving entity (the "Mid-Tier Merger"). Upon consummation of the Conversion, and as a result of the MHC Merger and the Mid-Tier Merger, the Mutual Holding Company and the Mid-Tier Holding Company will cease to exist and the Holding Company will succeed to all the rights and obligations of the Mutual Holding Company and the Mid-Tier Holding Company. A Liquidation Account will be established in the Holding Company for the benefit of Depositors as of specified dates in exchange for their interests in the Mutual Holding Company and the Mid-Tier Holding Company. The Holding Company will offer Subscription Shares on a priority basis in the Offering as provided herein. The Subscription Rights granted to Participants in the Subscription Offering are set forth in Sections 8 through 11 hereof. All sales of Subscription Shares in any Community Offering or any Syndicated Community Offering, or in any other manner permitted by the Bank Regulators, will be at the sole discretion of the Boards of Directors. The Conversion will have no impact on Depositors, borrowers or other customers of the Bank. After the Conversion, the Bank's insured deposits will continue to be insured by the FDIC to the extent provided by applicable law. At the discretion of the Boards of Directors, the Conversion may be effected in any other manner approved by the Bank Regulators that is consistent with the purposes of this Plan and applicable laws and regulations.

The purpose of the Conversion is to convert the Mutual Holding Company to the capital stock form of organization which will provide the Bank and the Holding Company with additional capital to respond to changing regulatory and market conditions and to support increased lending, the opening or acquisition of additional branch offices, and the acquisition of other financial institutions or businesses related to banking, and for other general corporate purposes. The Conversion will also provide the Bank and the Holding Company greater corporate flexibility to effect mergers, acquisitions and other business combinations. The Conversion will also facilitate the payment of dividends to stockholders of the Holding Company. The Conversion will enable the Holding Company to pay such dividends without the complications associated with the mutual holding company structure.

In furtherance of the Bank's commitment to its community, this Plan contemplates that the Holding Company will contribute Foundation Shares and/or cash, subject to regulatory limitations, to the Foundation. The funding of the Foundation is intended to enhance the Bank's existing community reinvestment activities in a manner that will allow the Bank's local communities to share in the growth and profitability of the Holding Company and the Bank over the long term.

This Plan has been adopted by the Boards of Directors of the Mutual Holding Company, the Mid-Tier Holding Company and the Bank and is subject to the approval of the Federal Reserve and the Department. This Plan must also be approved by at least a majority of the total number of votes eligible to be cast, in person or by valid proxy, by Voting Depositors. In addition, the contribution of Foundation Shares to the Foundation in connection with the Conversion must be approved by at least a majority of the total number of votes eligible to be cast, in person or by valid proxy, by Voting Depositors. Each Voting Depositor will be entitled to cast one vote for each $100, or fraction thereof, of deposits in the Bank at the close of business on the Voting Record Date. No Voting Depositor may cast more than 1,000 votes at the Special Meeting. The Department must approve this Plan and the transactions contemplated hereby before it is presented to Voting Depositors for their approval. The Boards of Directors has determined that this Plan equitably provides for the interests of the Depositors through the granting of Subscription Rights and the establishment of the Liquidation Account and the Bank Liquidation Account. Approval of this Plan by the Voting Depositors shall constitute their approval of each of the transactions necessary to implement this Plan, including the MHC Merger and the Mid-Tier Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITIONS**

For the purposes of this Plan, the following terms have the following meanings:

**Acting in Concert** – The term Acting in Concert means (i) knowing participation in a joint activity or parallel action towards a common goal whether or not pursuant to an express agreement; or (ii) a combination or pooling of voting or other interests in the securities of an issuer for a common purpose pursuant to any contract, understanding, relationship, agreement or other arrangement, whether written or otherwise. Persons living at the same address as indicated on the records of the Bank, whether or not related, will be deemed to be Acting in Concert, unless otherwise determined by the Boards of Directors. A Person which acts in concert with another Person ("other party") shall also be deemed to be acting in concert with any Person who is also acting in concert with that other party, except that any Tax-Qualified Employee Stock Benefit Plan will not be deemed to be acting in concert with its trustee or a Person who serves in a similar capacity solely for the purpose of determining whether stock held by the trustee and stock held by the plan will be aggregated. The determination of whether a group is Acting in Concert shall be made solely by the Boards of Directors or Officers delegated such authority by the Boards, and may be based on any evidence upon which the Boards or such delegates choose to rely including, without limitation, the fact that such Persons have joint accounts at the Bank or that such Persons have filed joint Schedules 13D or Schedules 13G with the SEC with respect to other companies. Directors, Employees, and Officers of the Holding Company, the Bank, the Mid-Tier Holding Company and the Mutual Holding Company shall not be deemed to be Acting in Concert solely as a result of their capacities as such.

**Affiliate** – Any Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another Person.

**Application for Conversion** – The application for the Conversion, including this Plan and all other requisite materials, which shall be submitted to the Federal Reserve and the Department for approval in accordance with Section 3 hereof.

**Appraised Value Range** – The range of the estimated consolidated pro forma market value of the Holding Company giving effect to the Conversion, which shall also be equal to the estimated pro forma market value of the total number of shares of Conversion Stock to be issued in the Conversion, as determined by the Independent Appraiser before the Subscription Offering and as it may be amended from time to time thereafter. The maximum and minimum of the Appraised Value Range may vary as much as 15% above and 15% below, respectively, the midpoint of the Appraised Value Range.

**Articles of Incorporation** – The Articles of Incorporation of the Holding Company, as in effect on the date of the Special Meeting of Depositors.

**Associate** – The term Associate when used to indicate a relationship with any Person, means (i) any Person who is related by blood or marriage to such Person and who (A) lives in the same home as such Person, or (B) is a Director or Officer of the Bank, the Holding Company, the Mid-Tier Holding Company or a subsidiary of the Bank, the Holding Company or the Mid-Tier Holding Company, (ii) any corporation or organization (other than the Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company, the Bank or a majority-owned subsidiary of any of such entities) if the Person is an officer, director, or owner, directly or indirectly, of more than 10% of any class of voting stock of the corporation or organization, (iii) any trust or other estate, if the person has a substantial beneficial interest in the trust or estate or is a trustee or fiduciary of the trust or estate except that for the purposes of this Plan relating to subscriptions for Subscription Shares in the Offering and the sale of Subscription Shares following the Conversion, a Person who has a substantial beneficial interest in any Non-Tax-Qualified Employee Stock Benefit Plan or any Tax-Qualified Employee Stock Benefit Plan, or who is a trustee or fiduciary of such plan, is not an Associate of such plan, and except that, for purposes of aggregating total shares that may be held by Officers and Directors the term "Associate" does not include any Tax-Qualified Employee Stock Benefit Plan, and (iv) any partnership in which the Person is a general or limited partner.

**Bank** – United Roosevelt Savings Bank, a New Jersey stock savings bank.

**Bank Liquidation Account** – The liquidation account established by the Bank representing the liquidation interests received by Eligible Account Holders and Supplemental Eligible Account Holders in connection with the Conversion.

**Bank Regulators** – The Federal Reserve, the Department and other bank regulatory agencies, if any, responsible for reviewing and approving the Conversion, including the ownership of the Bank by the Holding Company and the MHC Merger and the Mid-Tier Merger which are required to effect the Conversion.

**Boards of Directors** – The boards of directors of the Bank, the Mid-Tier Holding Company, the Mutual Holding Company, and/or the Holding Company, as appropriate in the context.

**Certificate of Merger** – The certificate of merger or any similar documents filed with the Secretary of State of New Jersey and the Maryland Department of Assessments and Taxation, and any similar certificates or documents filed with the Bank Regulators or public authorities in connection with the consummation of the MHC Merger, the Mid-Tier Merger or the Conversion.

**Code** – The Internal Revenue Code of 1986, as amended.

**Common Stock** – The common stock, par value $0.01 per share, of the Holding Company.

**Community** – The following counties in the State of New Jersey: Middlesex and Monmouth.

**Community Offering** – The offering of Subscription Shares not subscribed for in the Subscription Offering for sale to certain members of the general public directly by the Holding Company. The Community Offering, if any, may occur concurrently with the Subscription Offering or any Syndicated Community Offering, or upon conclusion of the Subscription Offering.

**Control –** (Including the terms "controlling," "controlled by," and "under common control with") means the direct or indirect power to direct or exercise a controlling influence over the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise as described in 12 C.F.R. Section 225.41.

**Conversion** – The conversion of the Mutual Holding Company to stock form pursuant to this Plan, and all steps incident or necessary thereto, including the Offering.

**Conversion Stock** – The Subscription Shares and the Foundation Shares.

**Department** – The New Jersey Department of Banking and Insurance or any successor thereto, and as appropriate the New Jersey Commissioner of Banking and Insurance.

**Depositor** – Any Person holding a Deposit Account in the Bank.

**Deposit Account** – Any withdrawable account, including, without limitation, savings, time, demand, NOW accounts, money market accounts, and certificate accounts.

**Director** – A member of the Board of Directors of the Bank, the Holding Company, the Mid-Tier Holding Company or the Mutual Holding Company, as appropriate in the context.

**Eligible Account Holder** – Any Person holding a Qualifying Deposit at the close of business on the Eligibility Record Date for purposes of determining Subscription Rights and establishing subaccount balances in the Liquidation Account and the Bank Liquidation Account.

**Eligibility Record Date** – The date for determining Eligible Account Holders of the Bank, which is June 30, 2024.

**Employees** – All Persons who are employed by the Bank, the Mid-Tier Holding Company, the Holding Company or the Mutual Holding Company.

**Employee Plans** – Any one or more Tax-Qualified Employee Stock Benefit Plans of the Bank or the Holding Company, including any ESOP and 401(k) Plan.

**ESOP** – The Bank's Employee Stock Ownership Plan, and related trust.

**FDIC** – The Federal Deposit Insurance Corporation.

**Federal Reserve** – The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York.

**Foundation** – URSB Charitable Foundation, Inc. (or any new charitable foundation intended to qualify as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended), that will receive Foundation Shares and/or cash in connection with the Conversion.

**Foundation Shares** – Shares of Common Stock issued to the Foundation in connection with the Conversion.

**Holding Company** – URSB Bancorp, Inc., the Maryland corporation formed to acquire all of the outstanding shares of capital stock of the Bank in connection with the Conversion and which shall be the successor to the Mid-Tier Holding Company.

**Independent Appraiser** – The independent appraiser retained by the Parties to prepare an appraisal of the pro forma market value of the Holding Company and the Conversion Stock.

**Liquidation Account** – The liquidation account established by the Holding Company representing the liquidation interests received by Eligible Account Holders and Supplemental Eligible Account Holders in connection with the Conversion in exchange for their interests in the Mutual Holding Company immediately before the Conversion.

**MHC Merger** – The merger of the Mutual Holding Company with and into the Mid-Tier Holding Company, with the Mid-Tier Holding Company as the surviving entity, which merger shall occur immediately before completion of the Conversion, as set forth in this Plan.

**Mid-Tier Holding Company** – United Roosevelt Bancorp, a New Jersey corporation and the sole stockholder of the Bank as of the date of the adoption of this Plan.

**Mid-Tier Merger** – The merger of the Mid-Tier Holding Company with and into the Holding Company, with the Holding Company as the resulting entity, which merger shall occur immediately following the MHC Merger, as set forth in this Plan.

**Mutual Holding Company** – United Roosevelt, MHC, a New Jersey-chartered mutual holding company and the sole stockholder of the Mid-Tier Holding Company.

**Offering** – The offering and issuance, pursuant to this Plan, of Subscription Shares in the Subscription Offering, any Community Offering and/or any Syndicated Community Offering, as the case may be.

**Offering Range** – The range of the number of Subscription Shares offered for sale in the Offering multiplied by the Purchase Price. The Offering Range shall be based upon the Appraised Value Range. The maximum and minimum of the Offering Range may vary as much as 15% above and 15% below, respectively, the midpoint of the Offering Range.

**Officer** – The president, any vice-president (but not an assistant vice-president, second vice-president, or other vice president having authority similar to an assistant or second vice-president), the secretary, the treasurer, the comptroller, or any other person performing similar functions with respect to any organization whether incorporated or unincorporated. The term Officer also includes the chairman of the Boards of Directors if the chairman is authorized by the charter or bylaws of the organization to participate in its operating management or if the chairman in fact participates in such management.

**Order Form** – Any form (together with any cover letter and acknowledgments) sent to any Participant or Person containing among other things a description of the alternatives available to such Participant or Person under this Plan and by which any such Participant or Person may make elections regarding subscriptions for Subscription Shares.

**Other Depositor** – Any Person holding a Deposit Account at the close of business on the Voting Record Date who is not an Eligible Account Holder or Supplemental Eligible Account Holder.

**Participant** – Any Eligible Account Holder, Employee Plan, Supplemental Eligible Account Holder or Other Depositor.

**Parties** – The Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company and the Bank.

**Person** – An individual, a corporation, a partnership, an association, a joint-stock company, a limited liability company, a trust, an unincorporated organization, or a government or political subdivision of a government.

**Plan** – This Plan of Conversion, as it exists on the date of adoption and as it may hereafter be amended according to its terms.

**Prospectus** – The one or more documents used in offering the Conversion Stock.

**Purchase Price** – The price per share at which the Subscription Shares will be sold to Participants and others in the Offering. The Purchase Price will be $10.00 unless otherwise determined by the Board of Directors of the Holding Company, and will be fixed before the commencement of the Subscription Offering.

**Qualifying Deposit** – The aggregate balance of all Deposit Accounts in the Bank of (i) an Eligible Account Holder at the close of business on the Eligibility Record Date, provided such aggregate balance is not less than $50.00, or (ii) a Supplemental Eligible Account Holder at the close of business on the Supplemental Eligibility Record Date, provided such aggregate balance is not less than $50.00.

**Qualifying Depositor** – Any Person holding a Qualifying Deposit in the Bank.

**Resident** – Any Person who occupies a dwelling within the Community, has a present intent to remain within the Community for a period of time, and manifests the genuineness of that intent by establishing an ongoing physical presence within the Community together with an indication that such presence within the Community is something other than merely transitory in nature. To the extent the Person is a corporation or other business entity, to be a Resident the principal place of business or headquarters of the corporation or business entity must be in the Community. To the extent a Person is a personal benefit plan, the circumstances of the beneficiary shall apply with respect to this definition. In the case of all other benefit plans, circumstances of the trustee shall be examined for purposes of this definition. The Holding Company and the Bank may utilize deposit or loan records or such other evidence provided to it to make a determination as to whether a Person is a resident. In all cases, however, such a determination shall be in the sole discretion of the Mutual Holding Company, the Holding Company and the Bank. A Person must be a "Resident" for purposes of determining whether such person "resides" in the Community as such term is used in this Plan.

**SEC** – The United States Securities and Exchange Commission.

**Special Meeting of Depositors** – The special meeting of Voting Depositors held to consider and vote upon this Plan, including any adjournments or postponements thereof.

**Subscription Offering** – The offering of Subscription Shares to Participants.

**Subscription Rights** – The nontransferable rights to subscribe for Subscription Shares granted to Participants pursuant to the terms of this Plan.

**Subscription Shares** – Shares of Common Stock offered for sale in the Offering.

**Supplemental Eligible Account Holder** – Any Person, other than Directors and Officers of the Mutual Holding Company, the Bank, the Mid-Tier Holding Company and the Holding Company, and their Associates, holding a Qualifying Deposit at the close of business on the Supplemental Eligibility Record Date, who is not an Eligible Account Holder.

**Supplemental Eligibility Record Date** – The date for determining Supplemental Eligible Account Holders, which shall be the last day of the calendar quarter preceding Federal Reserve approval of the Application for Conversion. The Supplemental Eligibility Record Date will only occur if the Federal Reserve has not approved the Conversion within 15 months after the Eligibility Record Date.

**Syndicated Community Offering** – The offering, at the sole discretion of the Holding Company, of Conversion Stock not subscribed for in the Subscription Offering and the Community Offering, to members of the general public through a syndicate of broker-dealers. The Syndicated Community Offering may occur following or concurrently with the Subscription Offering or any Community Offering.

**Tax-Qualified Employee Stock Benefit Plan** – Any defined benefit plan or defined contribution plan, such as an employee stock ownership plan, stock bonus plan, profit-sharing plan or other plan, which, with its related trust, meets the requirements to be "qualified" under Section 401 of the Code. A "Non-Tax-Qualified Employee Stock Benefit Plan" is any defined benefit plan or defined contribution plan which is not so qualified.

**Voting Depositor –** Any Person who owns a Deposit Account at the close of business on the Voting Record Date and who is entitled to vote at the Special Meeting.

**Voting Record Date** – The date fixed by the Directors for determining eligibility to vote at the Special Meeting of Depositors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. PROCEDURES FOR CONVERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. After approval of this Plan by the Boards of Directors, this Plan together with all other requisite materials shall be submitted to the Bank Regulators for approval. Notice of the adoption of this Plan by the Boards of Directors will be published in a newspaper having general circulation in each community in which an office of the Bank is located, and copies of this Plan will be made available at each office of the Bank for inspection by Depositors. The Mutual Holding Company will publish a notice of the filing with the Bank Regulators of an Application for Conversion in accordance with the provisions of this Plan as well as notices required in connection with any holding company, merger or other applications required to complete the Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Promptly following approval by the Bank Regulators, this Plan will be submitted to a vote of the Voting Depositors at the Special Meeting of Depositors. The Holding Company will mail to all Voting Depositors, at their last known address appearing on the records of the Bank at the close of business on the Voting Record Date, a proxy statement describing this Plan. The Holding Company also will mail to all Participants, a Prospectus and Order Form for the purchase of Subscription Shares. In addition, all Participants will receive, or will be given the opportunity to request by either telephone or by letter addressed to the Bank's Secretary, a copy of the Plan as well as a copy of the Articles of Incorporation and Bylaws of the Holding Company. The Plan must be approved by at least a majority of the total votes eligible to be cast by Voting Depositors at the Special Meeting of Depositors. Upon such approval of the Plan, the Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company and the Bank will take all other necessary steps pursuant to applicable laws and regulations to consummate the Conversion. The Conversion must be completed within 24 months of the approval of this Plan by Voting Depositors, unless a longer time period is permitted by governing laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The period for the Subscription Offering will be not less than 20 days nor more than 45 days from the date Participants are first mailed a Prospectus and Order Form, unless extended. Any Subscription Shares for which subscriptions have not been received in the Subscription Offering may be offered for sale in a Community Offering or a Syndicated Community Offering, or in any other manner permitted by the Bank Regulators. All sales of Subscription Shares must be completed within 45 days after the last day of the Subscription Offering, unless the offering period is extended by the Holding Company with the approval of the Bank Regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Approval of this Plan by Voting Depositors shall also constitute approval of each of the actions, transactions and documents necessary to implement this Plan, including the MHC Merger, the Mid-Tier Merger and the Articles of Incorporation and Bylaws of the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Conversion will be effected as follows, or in any other manner that is consistent with the purposes of this Plan and applicable laws and regulations. The choice of method to effect the Conversion will be made by the Boards of Directors before the closing of the Conversion. Each step set forth below shall be deemed to occur in such order as is necessary to consummate the Conversion pursuant to this Plan, the intent of the Boards of Directors, and applicable federal and state regulations and policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Holding Company will be organized
 as a first-tier stock subsidiary of the Mid-Tier Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Mutual Holding Company will merge
 with and into the Mid-Tier Holding Company, with the Mid-Tier Holding Company as the surviving
 entity, pursuant to the Agreement of Merger attached hereto as <u>Exhibit A</u>, whereby
 the shares of Mid-Tier Holding Company common stock held by the Mutual Holding Company will
 be canceled and Qualifying Depositors will constructively receive liquidation interests in
 the Mid-Tier Holding Company in exchange for their ownership interests in the Mutual Holding
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Immediately after the MHC Merger, the
 Mid-Tier Holding Company will merge with and into the Holding Company, with the Holding Company
 as the surviving entity, pursuant to the Agreement of Merger attached hereto as <u>Exhibit B</u>,
 whereby the Bank will become the wholly-owned subsidiary of the Holding Company. As part
 of the Mid-Tier Merger, the liquidation interests in the Mid-Tier Holding Company constructively
 received by Qualifying Depositors as part of the MHC Merger will automatically, without further
 action on the part of the holders thereof, be exchanged for interests in the Liquidation
 Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Immediately after the Mid-Tier Merger,
 the Holding Company will offer for sale the Subscription Shares in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Holding Company will contribute at
 least 50% of the net proceeds of the Offering to the Bank in constructive exchange for additional
 shares of common stock of the Bank and in exchange for the Bank Liquidation Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The effective date of the Conversion shall be the date upon which the last of the following actions occurs: (i) the filing of Certificates of Merger with the Secretary of State of the State of New Jersey and the Maryland Department of Assessments and Taxation, as required, with respect to the MHC Merger and the Mid-Tier Merger, or (ii) the closing of the issuance of shares of Conversion Stock in the Offering. The filing of Certificates of Merger relating the MHC Merger and the Mid-Tier Merger and the closing of the issuance of Subscription Shares in the Offering shall not occur until all requisite regulatory and Depositor approvals have been obtained, all applicable waiting periods have expired and sufficient subscriptions and orders for the Conversion Stock have been received. It is intended that the closing of the MHC Merger, the Mid-Tier Merger and the sale and issuance of Conversion Stock in the Conversion shall occur consecutively and substantially simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Holding Company shall register the Conversion Stock with the SEC and any appropriate state securities authorities. In addition, the Holding Company shall prepare a preliminary prospectus as well as other applications and information for filing with the SEC in connection with the offering and sale of the Conversion Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. All assets, rights, interests, privileges, powers, franchises and property (real, personal and mixed) of the Mid-Tier Holding Company and Mutual Holding Company shall be automatically transferred to and vested in the Holding Company by virtue of the Conversion without any deed or other document of transfer. The Holding Company, without any order or action on the part of any court or otherwise and without any documents of assumption or assignment, shall hold and enjoy all of the properties, franchises and interests, including appointments, powers, designations, nominations and all other rights and interests as the agent or other fiduciary in the same manner and to the same extent as such rights, franchises, and interests and powers were held or enjoyed by the Mutual Holding Company and the Mid-Tier Holding Company. The Holding Company shall be responsible for all of the liabilities, restrictions and duties of every kind and description of the Mid-Tier Holding Company and the Mutual Holding Company immediately before the Conversion, including liabilities for all debts, obligations and contracts of the Mutual Holding Company, matured or unmatured, whether accrued, absolute, contingent or otherwise and whether or not reflected or reserved against on balance sheets, books of accounts or records of the Mid-Tier Holding Company or the Mutual Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The home office and branch offices of the Bank shall be unaffected by the Conversion. The executive offices of the Holding Company shall be located at the current executive offices of the Mid-Tier Holding Company or as otherwise determined by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. HOLDING COMPANY APPLICATIONS AND APPROVALS**

The Boards of Directors will take all necessary steps to effectuate the Conversion. The Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company and the Bank shall file timely applications with the Bank Regulators and make filings with the SEC for any requisite regulatory approvals to complete the Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. SALE OF COMMON STOCK**

The Holding Company shall file a registration statement with the SEC under the Securities Act of 1933, as amended, to register the Conversion Stock and shall register such Conversion Stock under any applicable state securities laws subject to Section 18 hereof. Upon registration and after the receipt of all required regulatory approvals, Subscription Shares shall be first offered for sale simultaneously in the Subscription Offering to Participants in the respective priorities set forth in this Plan. The Subscription Offering may begin as early as the mailing of the proxy statement for the Special Meeting of Depositors. The offer and sale of Subscription Shares before the Special Meeting of Depositors, however, is subject to the approval of this Plan by the requisite vote of the Voting Depositors. The Common Stock will not be insured by the FDIC. The Bank will not extend credit to any Person to purchase Subscription Shares.

Any Subscription Shares for which subscriptions have not been received in the Subscription Offering may be offered for sale in the Community Offering, subject to the terms and conditions of this Plan. The Community Offering, if any, will involve an offering of unsubscribed shares directly to the general public with a first preference given to those natural persons and trusts of natural persons residing in the Community. The Community Offering, if any, may begin simultaneously with, at any time during, or after the Subscription Offering.

If feasible, any Subscription Shares remaining unsold after the Subscription Offering and any Community Offering may be offered for sale in a Syndicated Community Offering, or in any manner that will achieve a widespread distribution of the Subscription Shares. The issuance of Subscription Shares in the Subscription Offering and any Community Offering will be consummated simultaneously on the date the sale of Subscription Shares is consummated in any Syndicated Community Offering, and only if the required minimum number of Subscription Shares has been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. PURCHASE PRICE AND NUMBER OF SUBSCRIPTION SHARES**

The total number of shares of Conversion Stock to be offered in the Conversion will be determined by the Boards of Directors immediately before the commencement of the Subscription Offering, and will be based on the Appraised Value Range, as determined by the Independent Appraiser, and the Purchase Price. The Offering Range will be based on the Appraised Value Range. The estimated pro forma consolidated market value of the Holding Company will be subject to adjustment within the Appraised Value Range if necessitated by market or financial conditions, with the receipt of any required approvals of the Bank Regulators, and the maximum of the Appraised Value Range and the Offering Range may be increased by up to 15% after the commencement of the Subscription Offering to reflect changes in market and financial conditions or demand for the shares.

If the product of the Purchase Price multiplied by the number of shares of Conversion Stock to be issued in the Conversion is below the minimum of the Appraised Value Range, or materially above the maximum of the Appraised Value Range, a resolicitation of purchasers may be required; *provided, however,* that up to a 15% increase above the maximum of the Appraised Value Range will not be deemed material so as to require a resolicitation. Any such resolicitation shall be effected in such manner and within such time as the Mutual Holding Company and the Holding Company shall establish, subject to any required regulatory approvals.

Notwithstanding the foregoing, shares of Conversion Stock will not be issued unless, before the consummation of the Conversion, the Independent Appraiser confirms that, to the best knowledge of the Independent Appraiser, nothing of a material nature has occurred which, taking into account all relevant factors, would cause the Independent Appraiser to conclude that the number of Subscription Shares sold in the Offering multiplied by the Purchase Price is incompatible with its estimate of the aggregate consolidated pro forma market value of the Holding Company. If such confirmation is not received, the Holding Company may cancel the Offering, extend the Offering and establish a new Purchase Price and/or Appraised Value Range, hold a new Offering after canceling the Offering, or take such other action as the Bank Regulators may permit.

The Conversion Stock to be issued in the Conversion shall be fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. RETENTION OF CONVERSION PROCEEDS BY THE HOLDING COMPANY**

The Holding Company may retain up to 50% of the net proceeds of the Offering. The Holding Company believes that the Offering proceeds will provide economic strength to the Holding Company and the Bank for the future in a highly competitive and regulated financial services environment, and will support the growth of the Holding Company and the Bank through increased lending, acquisitions of financial service organizations, continued diversification into other related businesses and for other business and investment purposes, including the payment of dividends and future repurchases of Common Stock as permitted by applicable federal and state regulations and policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. SUBSCRIPTION RIGHTS OF ELIGIBLE ACCOUNT HOLDERS (FIRST PRIORITY)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Eligible Account Holder shall have a nontransferable subscription right to subscribe in the Subscription Offering for up to the greater of $200,000 of Subscription Shares, 0.10% of the total number of Subscription Shares issued in the Offering, or fifteen times the product (rounded down to the next whole number) obtained by multiplying the number of Subscription Shares offered in the Offering by a fraction of which the numerator is the amount of the Eligible Account Holder's Qualifying Deposit and the denominator is the total amount of Qualifying Deposits of all Eligible Account Holders, in each case at the close of business on the Eligibility Record Date, subject to the purchase limitations specified in Section14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If Eligible Account Holders exercise subscription rights for a number of Subscription Shares in excess of the total number of such shares eligible for subscription, the Subscription Shares shall be allocated among the subscribing Eligible Account Holders so as to permit each subscribing Eligible Account Holder to purchase a number of shares sufficient to make his or her total allocation of Subscription Shares equal to the lesser of 100 shares or the number of shares for which such Eligible Account Holder has subscribed. Any remaining shares will be allocated among the subscribing Eligible Account Holders whose subscriptions remain unsatisfied in the proportion that the amount of the Qualifying Deposit of each Eligible Account Holder whose subscription remains unsatisfied bears to the total amount of the Qualifying Deposits of all Eligible Account Holders whose subscriptions remain unsatisfied. If the amount so allocated exceeds the amount subscribed for by any one or more Eligible Account Holders, the excess shall be reallocated (one or more times as necessary) among those Eligible Account Holders whose subscriptions are still not fully satisfied on the same principle until all available shares have been allocated. To ensure proper allocation of stock, each Eligible Account Holder must list on his or her subscription Order Form all accounts in which he or she had an ownership interest at the close of business on the Eligibility Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Directors and Officers of the Bank, and their Associates, may qualify as Eligible Account Holders. However, subscription rights as Eligible Account Holders received by Directors and Officers of the Bank, and their Associates, that are based on increases in deposits made by such persons during the 12 months preceding the Eligibility Record Date shall be subordinated to the subscription rights of all other Eligible Account Holders, except as permitted by the Bank Regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. SUBSCRIPTION RIGHTS OF EMPLOYEE PLANS (SECOND PRIORITY)**

The Employee Plans of the Holding Company and the Bank shall have subscription rights to purchase in the aggregate up to 10% of the sum of the Subscription Shares sold in the Offering and the Foundation Shares contributed to the Foundation, including any Subscription Shares to be sold as a result of an increase in the maximum of the Offering Range after commencement of the Subscription Offering and before completion of the Conversion. Consistent with applicable laws, regulations, practices and policies, the Employee Plans may use funds contributed by the Holding Company or the Bank and/or borrowed from an independent financial institution to exercise such subscription rights, and the Holding Company and the Bank may make scheduled discretionary contributions thereto, provided that such contributions do not cause the Holding Company or the Bank to fail to meet any applicable regulatory capital requirements. The Employee Plans shall not be deemed to be Associates or Affiliates of or Persons Acting in Concert with any Director or Officer of the Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company or the Bank. Alternatively, if permitted by the Bank Regulators, the Employee Plans may purchase all or a portion of such shares in the open market after the completion of the Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. SUBSCRIPTION RIGHTS OF SUPPLEMENTAL ELIGIBLE ACCOUNT HOLDERS (THIRD PRIORITY)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Supplemental Eligible Account Holder shall have a nontransferable subscription right to subscribe in the Subscription Offering for up to the greater of $200,000 of Subscription Shares, 0.10% of the total number of shares of Subscription Shares issued in the Offering, or fifteen times the product (rounded down to the next whole number) obtained by multiplying the number of Subscription Shares offered in the Offering by a fraction of which the numerator is the amount of the Supplemental Eligible Account Holder's Qualifying Deposit and the denominator is the total amount of Qualifying Deposits of all Supplemental Eligible Account Holders, in each case at the close of business on the Supplemental Eligibility Record Date, subject to the availability of sufficient shares after filling in full all subscription orders of Eligible Account Holders and Employee Plans and subject to the purchase limitations specified in Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If Supplemental Eligible Account Holders exercise subscription rights for a number of Subscription Shares in excess of the total number of such shares eligible for subscription, the Subscription Shares shall be allocated among the subscribing Supplemental Eligible Account Holders so as to permit each subscribing Supplemental Eligible Account Holder, to the extent possible, to purchase a number of shares sufficient to make his or her total allocation of Subscription Shares equal to the lesser of 100 shares or the number of shares for which such Supplemental Eligible Account Holder has subscribed. Any remaining shares will be allocated among the subscribing Supplemental Eligible Account Holders whose subscriptions remain unsatisfied in the proportion that the amount of the Qualifying Deposit of such Supplemental Eligible Account Holder whose subscription remains unsatisfied bears to the total amount of the Qualifying Deposits of all Supplemental Eligible Account Holders whose subscriptions remain unsatisfied. If the amount so allocated exceeds the amount subscribed for by any one or more Supplemental Eligible Account Holders, the excess shall be reallocated (one or more times as necessary) among those Supplemental Eligible Account Holders whose subscriptions are still not fully satisfied on the same principle until all available shares have been allocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. SUBSCRIPTION RIGHTS OF OTHER DEPOSITORS (FOURTH PRIORITY)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Other Depositor shall have a nontransferable subscription right to subscribe in the Subscription Offering for up to the greater of $200,000 of Subscription Shares or 0.10% of the total number of Subscription Shares issued in the Offering, subject to the availability of sufficient shares after filling in full all subscription orders of Eligible Account Holders, Employee Plans and Supplemental Eligible Account Holders, and subject to the purchase limitations specified in Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If Other Depositors subscribe for a number of Subscription Shares which, when added to the Subscription Shares subscribed for by the Eligible Account Holders, Employee Plans and Supplemental Eligible Account Holders, is in excess of the total number of Subscription Shares to be issued, the available shares will be allocated among Other Depositors so as to permit each such subscribing Other Depositor, to the extent possible, to purchase a number of shares sufficient to make his or her total allocation of Subscription Shares equal to the lesser of 100 shares or the number of shares for which each such Other Depositor has subscribed. Any remaining shares will be allocated among the subscribing Other Depositors whose subscriptions remain unsatisfied in the proportion that the amount of the subscription of each such Other Depositor bears to the total amount of the subscriptions of all Other Depositors whose subscriptions remain unsatisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. COMMUNITY OFFERING**

If subscriptions are not received for all Subscription Shares offered for sale in the Subscription Offering, shares for which subscriptions have not been received may be sold in a Community Offering, and the Holding Company may utilize a direct community marketing program which may use a broker, dealer, consultant or investment banking firm experienced and expert in the sale of savings institutions securities. Such entities may be compensated on a fixed fee basis or on a commission basis, or a combination thereof. If orders for Subscription Shares in the Community Offering exceed the number of shares available for sale, shares may be allocated (to the extent shares remain available) first to cover orders of natural persons (including trusts of natural persons) residing in the Community, and thereafter to cover orders of other members of the general public. If orders for Subscription Shares exceed the number of shares available for sale in a category pursuant to the purchase priorities described in the preceding sentence, shares will be allocated within the category so that each member of that category will receive the lesser of 100 shares or the amount ordered, and thereafter remaining shares will be allocated on an equal number of shares basis per order. The Holding Company shall use its best efforts consistent with this Plan to distribute Subscription Shares sold in the Community Offering in such a manner as to promote the widest distribution practicable of such stock. The Holding Company reserves the right to reject any or all orders, in whole or in part, that are received in the Community Offering. Any Person may purchase up to $200,000 of Subscription Shares in the Community Offering, subject to the purchase limitations specified in Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SYNDICATED COMMUNITY OFFERING**

The Boards of Directors may determine to offer Subscription Shares not sold in the Subscription Offering or the Community Offering, if any, for sale in a Syndicated Community Offering, subject to such terms, conditions and procedures that will achieve the widest distribution of such Subscription Shares, and subject to the right of the Holding Company to accept or reject in whole or in part any orders in the Syndicated Community Offering. In the Syndicated Community Offering, any Person may purchase up to $200,000 of Subscription Shares, subject to the purchase limitations specified in Section 14. If there are more orders for Subscription Shares than available for purchase in the Syndicated Community Offering, shares will be allocated on an equal number of shares basis per order. Provided that the Subscription Offering has begun, the Holding Company may begin the Syndicated Community Offering at any time. The Holding Company reserves the right to reject any or all orders, in whole or in part, that are received in the Syndicated Community Offering.

If, for any reason, a Syndicated Community Offering or any Community Offering cannot be effected, or if any insignificant residue of Subscription Shares is not sold in the Subscription Offering, Community Offering or any Syndicated Community Offering, the Holding Company will use its best efforts to make other arrangements for the disposition of such unsubscribed shares so that the total number of Subscription Shares to be sold totals at least the minimum of the Offering Range. Such other purchase arrangements will be subject to receipt of any required approval of the Bank Regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. LIMITATIONS ON PURCHASES**

The following limitations shall apply to all purchases and issuances of Subscription Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The maximum purchase of Subscription Shares in the Subscription Offering by a person or group of persons through a single deposit account is $200,000 (20,000 shares). The maximum number of Subscription Shares that may be subscribed for or purchased in all categories in the Offering by any Person or Participant, together with any Associate or group of Persons Acting in Concert, shall not exceed $500,000 (50,000 shares), except that the Employee Plans may subscribe for up to 10% of the sum of the Subscription Shares issued in the Offering and the Foundation Shares contributed to the Foundation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The maximum number of Subscription Shares that may be issued to or purchased in all categories of the Offering by Officers and Directors, and their Associates, in the aggregate shall not exceed 29% of the Conversion Shares issued in the Offering and contributed to the Foundation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **[Reserved]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A minimum of 25 Subscription Shares must be purchased by each Person or Participant purchasing shares in the Offering to the extent those shares are available; *provided, however*, that if the minimum number of Subscription Shares purchased multiplied by the Purchase Price exceeds $500, then such minimum purchase requirement shall be reduced to such number of shares which when multiplied by the price per share shall not exceed $500, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the number of Subscription Shares otherwise allocable pursuant to Sections 8 through 13, inclusive, to any Person or that Person's Associates would be in excess of the maximum number of shares permitted as set forth above, the number of Subscription Shares allocated to each such person shall be reduced to the lowest limitation applicable to that Person, and then the number of shares allocated to each group consisting of a Person and that Person's Associates shall be reduced so that the aggregate allocation to that Person and his or her Associates complies with the above limits.

Depending upon market or financial conditions, the Boards of Directors, with the receipt of any required approvals of the Bank Regulators and without further approval of Voting Depositors, may decrease or increase the purchase limitations in this Plan; *provided, however,* that the maximum purchase limitations may not be increased to a percentage in excess of 5% of the Subscription Shares issued in the Offering except as provided below. If the Holding Company increases the maximum purchase limitations, the Holding Company is only required to resolicit Participants who subscribed for the maximum purchase amount in the Subscription Offering and may, in the sole discretion of the Holding Company, resolicit certain other large purchasers. In the event of a resolicitation, the Holding Company shall have the right, in its sole discretion, to require such persons to supply immediately available funds for the purchase of additional Subscription Shares. If the maximum purchase limitation is increased to 5% of the Subscription Shares issued in the Offering, such limitation may be further increased to 9.99%, subject to Federal Reserve approval; *provided, however,* that orders for Subscription Shares exceeding 5% of the Subscription Shares issued in the Offering shall not exceed in the aggregate 10% of the total Subscription Shares issued in the Offering. Requests to purchase additional Subscription Shares if the purchase limitation is so increased will be determined by the Board of Directors of the Holding Company in its sole discretion.

In the event of an increase in the total number of Subscription Shares offered in the Offering due to an increase in the maximum of the Offering Range of up to 15% (the "Adjusted Maximum"), the additional shares may be used to fill orders of the Employee Plans before all other orders, and then will be allocated in accordance with the priorities set forth in this Plan.

For purposes of this Section 14, (i) Directors, Officers and Employees of the Bank, the Mutual Holding Company, the Mid-Tier Holding Company and the Holding Company or any of their subsidiaries shall not be deemed to be Associates or a group affiliated with each other or otherwise Acting in Concert solely as a result of their capacities as such, (ii) Subscription Shares purchased by Tax-Qualified Employee Stock Benefit Plans shall not be attributable to the individual trustees or beneficiaries of any such plans for purposes of determining compliance with the limitations set forth in paragraphs A and B of this Section 14, and (iii) Subscription Shares purchased by a Tax-Qualified Employee Stock Benefit Plan pursuant to instructions of an individual in an account in such plan in which the individual has the right to direct the investment, including any plan of the Bank qualified under Section 401(k) of the Code shall be aggregated and included in that individual's purchases and not attributed to the Tax-Qualified Employee Stock Benefit Plan.

Each Person purchasing Subscription Shares in the Offering shall be deemed to confirm that such purchase does not conflict with the above purchase limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. PAYMENT FOR SUBSCRIPTION SHARES**

All payments for Subscription Shares subscribed for in the Subscription Offering and any Community Offering must be delivered in full to the Bank or Holding Company, together with a properly completed and executed Order Form, on or before the expiration date of the Offering; *provided, however*, that if the Employee Plans subscribe for shares in the Subscription Offering, such plans will not be required to pay for the shares at the time they subscribe but rather may pay for shares of Common Stock subscribed for by such plans at the Purchase Price upon consummation of the Conversion. Subscription funds will be held in a segregated account at the Bank.

Except as set forth in Section 14.E above, payment for Subscription Shares subscribed for shall be made by personal check, money order or bank draft. Alternatively, subscribers in the Subscription Offering and any Community Offering may pay for the shares for which they have subscribed by authorizing the Bank on the Order Form to make a withdrawal from the designated types of Deposit Accounts at the Bank in an amount equal to the aggregate Purchase Price of such shares. Such authorized withdrawal shall be without penalty as to premature withdrawal. If the authorized withdrawal is from a certificate account, and the remaining balance does not meet the applicable minimum balance requirement, the certificate shall be canceled at the time of withdrawal, without penalty, and the remaining balance will earn interest at the savings rate. Funds for which a withdrawal is authorized will remain in the subscriber's Deposit Account but may not be used by the subscriber during the Subscription Offering and any Community Offering. Thereafter, the withdrawal will be given effect only to the extent necessary to satisfy the subscription (to the extent it can be filled) at the Purchase Price per share. Interest will continue to be earned on any amounts authorized for withdrawal until such withdrawal is given effect. Interest on funds received by check, draft or money order will be paid by the Bank at not less than the Bank's savings rate. Such interest will be paid from the date payment is processed by the Bank until consummation or termination of the Offering. If for any reason the Offering is not consummated, all payments made by subscribers in the Subscription Offering and any Community Offering will be refunded to them, with interest. In case of amounts authorized for withdrawal from Deposit Accounts, refunds will be made by canceling the authorization for withdrawal. The Bank is prohibited by regulation from knowingly making any loans or granting any lines of credit for the purchase of stock in the Offering, and, therefore, will not do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. MANNER OF EXERCISING SUBSCRIPTION RIGHTS THROUGH ORDER FORMS**

As soon as practicable after the registration statement prepared by the Holding Company has been declared effective by the SEC and the Application for Conversion has been approved by the Bank Regulators, Order Forms will be distributed to the Eligible Account Holders, Employee Plans, Supplemental Eligible Account Holders and Other Depositors at their last known addresses appearing on the records of the Bank for the purpose of subscribing for Subscription Shares in the Subscription Offering and will be made available for use by those Persons to whom a Prospectus is delivered. Each Order Form will be preceded or accompanied by a Prospectus describing the Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company, the Bank, the Common Stock and the Offering. Each Order Form will contain, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A specified date by which all Order Forms must be received by the Holding Company or its agent, which date shall be not less than 20 days, nor more than 45 days, following the date on which the Order Forms are first mailed to Participants by the Holding Company, and which date will constitute the expiration of the Subscription Offering unless extended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Purchase Price for Subscription Shares to be sold in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A description of the minimum and maximum number of Subscription Shares which may be subscribed for pursuant to the exercise of subscription rights, or otherwise purchased in the Subscription Offering and any Community Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Instructions as to how the recipient of the Order Form is to indicate thereon the number of Subscription Shares for which such Person elects to subscribe and the available alternative methods of payment therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. An acknowledgment that the recipient of the Order Form has received a final copy of the Prospectus before the execution of the Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A statement to the effect that all Subscription Rights are nontransferable, will be void at the end of the Subscription Offering, and can only be exercised by delivering to the Holding Company or its agent within the subscription period such properly completed and executed Order Form, together with payment in the full amount of the aggregate purchase price as specified in the Order Form for the Subscription Shares for which the recipient elects to subscribe in the Subscription Offering (or by authorizing on the Order Form that the Bank withdraw said amount from the subscriber's Deposit Account(s) at the Bank); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A statement to the effect that the executed Order Form, once received by the Holding Company, may not be modified or amended by the subscriber without the consent of the Holding Company.

Notwithstanding the above, the Holding Company reserves the right in its sole discretion to accept or reject orders received on photocopied or facsimiled order forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. UNDELIVERED, DEFECTIVE OR LATE ORDER FORM; INSUFFICIENT PAYMENT**

If Order Forms (a) are not delivered or are not timely delivered by the United States Postal Service, (b) are not received by the Holding Company or are received by the Holding Company or its agent after the expiration date specified thereon, (c) are completed or executed defectively, (d) are not accompanied by the full required payment for the Subscription Shares subscribed for (including cases in which deposit accounts from which withdrawals are authorized are insufficient to cover the amount of the required payment), or (e) are not mailed pursuant to a "no mail" order placed in effect by the account holder, the Subscription Rights of the Participant to whom such rights have been granted will lapse as though such Participant failed to return the completed Order Form within the time period specified thereon; *provided, however*, that the Holding Company may, but will not be required to, waive any immaterial irregularity on any Order Form or require the submission of corrected Order Forms or the remittance of full payment for subscribed shares by such date as the Holding Company may specify. The interpretation by the Holding Company of terms and conditions of this Plan and of the Order Forms will be final, subject to the authority of the Bank Regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. RESIDENTS OF FOREIGN COUNTRIES AND CERTAIN STATES**

The Holding Company will make reasonable efforts to comply with the securities laws of all states in the United States in which Persons entitled to subscribe for Subscription Shares pursuant to this Plan reside. However, no such Person will be issued Subscription Rights or be permitted to purchase Subscription Shares in the Subscription Offering if such Person resides (i) in a foreign country or (ii) in a state of the United States with respect to which any of the following apply: (a) a small number of Persons otherwise eligible to subscribe for Subscription Shares under this Plan reside; (b) the issuance of Subscription Rights or the offer or sale of Subscription Shares to such Persons would require the Holding Company under the securities laws of such state, to register as a broker, dealer, salesman or agent or to register or otherwise qualify the Subscription Shares for sale in such state; and (c) such registration or qualification would be impracticable for reasons of cost or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. ESTABLISHMENT OF LIQUIDATION ACCOUNTS**

A Liquidation Account shall be established by the Holding Company at the time of the Conversion in an amount equal to the Mid-Tier Holding Company's total stockholders' equity as reflected in the latest statement of financial condition contained in the final Prospectus used in the Offering, *plus* the net assets of the Mutual Holding Company as reflected in the latest statement of financial condition of the Mutual Holding Company before the effective date of the Conversion (excluding its ownership of Mid-Tier Holding Company Common Stock). Following the Conversion, the Liquidation Account will be maintained for the benefit of the Eligible Account Holders and Supplemental Eligible Account Holders who continue to maintain their Deposit Accounts at the Bank. Each Eligible Account Holder and Supplemental Eligible Account Holder shall, with respect to his or her Deposit Account, hold a related inchoate interest in a portion of the Liquidation Account balance in relation to his or her Deposit Account balance on the Eligibility Record Date or Supplemental Eligibility Record Date, respectively, or to such balance as it may be subsequently reduced, as hereinafter provided. The Holding Company also shall cause the Bank to establish and maintain the Bank Liquidation Account for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders who continue to maintain their Deposit Accounts at the Bank.

In the unlikely event of a complete liquidation of either (i) the Bank or (ii) the Bank and the Holding Company (and only in such events) following all liquidation payments to creditors (including those to Depositors to the extent of their Deposit Accounts), each Eligible Account Holder and Supplemental Eligible Account Holder shall be entitled to receive a liquidating distribution from the Liquidation Account in the amount of the then adjusted subaccount balance for such Depositor's Deposit Account, before any liquidation distribution may be made to any holders of the Holding Company's capital stock. A merger, consolidation or similar combination with another depository institution or holding company thereof, in which the Holding Company and/or the Bank is not the surviving entity, shall not be deemed to be a complete liquidation for this purpose. In such transactions, the Liquidation Account shall be assumed by the surviving holding company or institution.

In the unlikely event of a complete liquidation of either (i) the Bank or (ii) the Bank and the Holding Company (and only in such events) following all liquidation payments to creditors of the Bank (including those to Depositors to the extent of their Deposit Accounts), at a time when the Bank has a positive net worth and the Holding Company does not have sufficient assets (other than the stock of the Bank) at the time of liquidation to fund its obligations under the Liquidation Account, the Bank, with respect to the Bank Liquidation Account, shall immediately pay directly to each Eligible Account Holder and Supplemental Eligible Account Holder an amount necessary to fund the Holding Company's remaining obligations under the Liquidation Account before any liquidating distribution may be made to any holders of the Bank's capital stock and without making such amount subject to the Holding Company's creditors. Each Eligible Account Holder and Supplemental Eligible Account Holder shall be entitled to receive a distribution from the Bank Liquidation Account, in the amount of the then adjusted subaccount balance for his or her Deposit Account then held before any distribution may be made to any holders of the Holding Company's or Bank's capital stock.

In the event of a complete liquidation of the Holding Company where the Bank is not also completely liquidating, or in the event of a sale or other disposition of the Holding Company apart from the Bank, each Eligible Account Holder and Supplemental Eligible Account Holder shall be treated as surrendering such Person's rights to the Liquidation Account and receiving an equivalent interest in the Bank Liquidation Account. Each such holder's interest in the Bank Liquidation Account shall be subject to the same rights and terms as if the Bank Liquidation Account were the Liquidation Account (except that the Holding Company shall cease to exist).

The initial subaccount balance for a Deposit Account held by an Eligible Account Holder and Supplemental Eligible Account Holder shall be determined by multiplying the opening balance in the Liquidation Account by a fraction, the numerator of which is the amount of the Qualifying Deposits of such Depositor and the denominator of which is the total amount of all Qualifying Deposits of all Eligible Account Holders and Supplemental Eligible Account Holders. For Deposit Accounts in existence at both the Eligibility Record Date and the Supplemental Eligibility Record Date, separate initial subaccount balances shall be determined on the basis of the Qualifying Deposits in such Deposit Account on each such record date. Such initial subaccount balance shall not be increased, but shall be subject to downward adjustment as described below.

If, at the close of business on any annual closing date, commencing on or after the effective date of the Conversion, the deposit balance in the Deposit Account of an Eligible Account Holder or Supplemental Eligible Account Holder is less than the lesser of (i) the balance in the Deposit Account at the close of business on any other annual closing date after the Eligibility Record Date or Supplemental Eligibility Record Date, or (ii) the amount of the Qualifying Deposit in such Deposit Account as of the Eligibility Record Date or Supplemental Eligibility Record Date, the subaccount balance for such Deposit Account shall be reduced in an amount proportionate to the reduction in such deposit balance. In the event of such downward adjustment, the subaccount balance shall not be subsequently increased, notwithstanding any subsequent increase in the deposit balance of the related Deposit Account. If any such Deposit Account is closed, the related subaccount shall be reduced to zero. A time account shall be deemed closed upon its maturity date regardless of any renewal thereof.

The creation and maintenance of the Liquidation Account and the Bank Liquidation Account shall not operate to restrict the use or application of any capital of the Holding Company or the Bank, except that neither the Holding Company or the Bank shall declare or pay a cash dividend on, or repurchase any of, its capital stock if the effect thereof would cause its equity to be reduced below: (i) the amount required for the Liquidation Account or the Bank Liquidation Account, as applicable; or (ii) any regulatory capital requirements of the Holding Company (to the extent applicable) or the Bank. Neither the Holding Company nor the Bank shall be required to set aside funds in connection with its obligations hereunder relating to the Liquidation Account or the Bank Liquidation Account, respectively. Eligible Account Holders and Supplemental Eligible Account Holders do not retain any voting rights in either the Holding Company or the Bank based on their interests in the Liquidation Account or the Bank Liquidation Account.

The amount of the Bank Liquidation Account shall equal at all times the amount of the Liquidation Account, and the Bank Liquidation Account shall be reduced by the same amount and upon the same terms as any reduction in the Liquidation Account. In no event will any Eligible Account Holder or Supplemental Eligible Account Holder be entitled to a distribution that exceeds such holder's subaccount balance in the Liquidation Account.

For the three (3)-year period following the completion of the Conversion, the Holding Company will not without prior Federal Reserve approval (i) sell or liquidate the Holding Company, or (ii) cause the Bank to be sold or liquidated. Upon the written request of the Federal Reserve the Holding Company shall, or upon the prior written approval of the Federal Reserve the Holding Company may, at any time after two years from the completion of the Conversion, transfer the Liquidation Account to the Bank, at which time the Liquidation Account shall be assumed by the Bank and the interests of Eligible Account Holders and Supplemental Eligible Account Holders will be solely and exclusively established in the Bank Liquidation Account. In the event such transfer occurs, the Holding Company shall be deemed to have transferred the Liquidation Account to the Bank and such Liquidation Account shall be subsumed into the Bank Liquidation Account and shall not be subject in any manner or amount to the claims of the Holding Company's creditors. Approval of this Plan by the Voting Members and Stockholders shall constitute approval of the transactions described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. **CONTRIBUTION TO THE FOUNDATION**

As part of the Conversion, the Holding Company intends to contribute Foundation Shares and/or cash to the Foundation, in such amounts, subject to regulatory limits, as shall be approved by the Board of Directors. This contribution to the Foundation is intended to enhance the Bank's existing community reinvestment activities and to share with the communities in which the Bank conducts its business a part of the Bank's financial success as a community minded, financial services institution. The contribution of Foundation Shares to the Foundation accomplishes this goal as it enables the community to share in the growth and profitability of the Holding Company and the Bank over the long term.

The Foundation is dedicated to the promotion of charitable purposes including community development, grants or donations to support housing assistance, not-for-profit community groups and other types of organizations or civic-minded projects. The Foundation will annually distribute total grants to assist charitable organizations or to fund projects within its local community of not less than 5% of the average fair market value of Foundation assets each year, less certain expenses. In order to serve the purposes for which it was formed and maintain its Section 501(c)(3) qualification, the Foundation may sell, on an annual basis, a limited portion of the Foundation Shares.

For five (5) years following the Conversion, except for temporary periods resulting from death, resignation, removal or disqualification, (i) at least one director of the Foundation will be an independent director who is unaffiliated with the Holding Company and the Bank, who is from the Bank's local community, and who has experience with local community charitable organizations and grant making, and (ii) at least one director shall be a person who is also a member of the Board of Directors of the Bank. The board of directors of the Foundation will be responsible for establishing the policies of the Foundation with respect to grants or donations, consistent with the stated purposes of the Foundation.

The contribution to the Foundation as part of the Conversion must be approved by a majority of the total number of votes eligible to be cast by Voting Depositors. The decision to proceed with the formation and/or contribution of Foundation Shares and/or cash to the Foundation will be at the sole discretion of the Boards of Directors. If the Foundation is not approved by Voting Depositors, the Foundation Shares that would have been contributed to the Foundation as part of the Conversion will be retained by the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. VOTING RIGHTS OF STOCKHOLDERS**

Following consummation of the Conversion, the holders of the voting capital stock of the Holding Company shall have the exclusive voting rights with respect to the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. RESTRICTIONS ON RESALE OR SUBSEQUENT DISPOSITION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All Subscription Shares purchased by Directors or by Officers of the Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company or the Bank in the Offering shall be subject to the restriction that, except as provided in this Section 22 or as may be approved by the Bank Regulators, no interest in such shares may be sold or otherwise disposed of for value for a period of one year following the date of purchase in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The restriction on disposition of Subscription Shares set forth in paragraph A of this Section 22 shall not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any exchange of such shares in connection
 with a merger or acquisition involving the Bank or the Holding Company, as the case may be,
 which has been approved by the appropriate state and federal regulatory agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any disposition of such shares following
 the death of the person to whom such shares were initially sold under the terms of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. With respect to all Subscription Shares subject to restrictions on resale or subsequent disposition, each of the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each certificate representing shares restricted
 by this Section 22 shall bear a legend giving notice of the restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Instructions shall be issued to the stock
 transfer agent for the Holding Company not to recognize or effect any transfer of any certificate
 or record of ownership of any such shares in violation of the restriction on transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any shares of capital stock of the Holding
 Company issued with respect to a stock dividend, stock split, or otherwise with respect to
 ownership of outstanding Subscription Shares subject to the restriction on transfer hereunder
 shall be subject to the same restriction as is applicable to such Subscription Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. REQUIREMENTS FOR STOCK PURCHASES BY DIRECTORS AND OFFICERS FOLLOWING THE CONVERSION**

For three (3) years following the Conversion, no Officer, Director or their Associates shall purchase, without the prior written approval of the Bank Regulators, any outstanding shares of Common Stock except from a broker-dealer registered with the SEC. This provision shall not apply to negotiated transactions involving more than 1% of the outstanding shares of Common Stock, the exercise of any options pursuant to a stock option plan or purchases of Common Stock made by or held by any Tax-Qualified Employee Stock Benefit Plan or Non-Tax-Qualified Employee Stock Benefit Plan of the Bank or the Holding Company (including the Employee Plans) which may be attributable to any Officer or Director. As used herein, the term "negotiated transaction" means a transaction in which the securities are offered and the terms and arrangements relating to any sale are arrived at through direct communications between the seller or any person acting on its behalf and the purchaser or his or her investment representative. The term "investment representative" shall mean a professional investment advisor acting as agent for the purchaser and independent of the seller and not acting on behalf of the seller in connection with the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. TRANSFER OF DEPOSIT ACCOUNTS**

Each person holding a Deposit Account at the Bank at the time of Conversion shall retain an identical Deposit Account at the Bank following Conversion in the same amount and subject to the same terms and conditions (except as to voting and liquidation rights) applicable to such Deposit Account in the Bank immediately before completion of the Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. REGISTRATION AND MARKETING**

For the time period required by applicable laws and regulations, the Holding Company will register its Common Stock pursuant to the Securities Exchange Act of 1934 and will not deregister such securities for a period of at least three (3) years thereafter, except that the requirement to maintain the registration of such securities for three (3) years may be fulfilled by any successor to the Holding Company. In addition, the Holding Company will use its best efforts to encourage and assist a market-maker to establish and maintain a market for its Common Stock and to list those securities on a national or regional securities exchange unless otherwise permitted by the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. TAX RULINGS OR OPINIONS**

Consummation of the Conversion is expressly conditioned upon prior receipt by the Parties of either a ruling, an opinion of counsel or a letter of advice from their tax advisor regarding the federal and state income tax consequences of the Conversion to the Parties and the Depositors, including Depositors receiving Subscription Rights in the Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27. STOCK BENEFIT PLANS AND EMPLOYMENT AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Holding Company and the Bank are authorized to adopt additional Tax-Qualified Employee Stock Benefit Plans in connection with the Conversion, including without limitation, an ESOP. Existing as well as any newly created Tax-Qualified Employee Stock Benefit Plans may purchase Subscription Shares in the Offering, to the extent permitted by the terms of such benefit plans and this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Holding Company and the Bank are authorized to adopt stock option plans, restricted stock award plans and other Non-Tax-Qualified Employee Stock Benefit Plans, provided that such plans conform to applicable regulations. The Holding Company and the Bank intend to implement a stock option plan and a restricted stock award plan no earlier than six (6) months after completion of the Conversion. Stockholder approval of these plans will be required. If adopted within twelve (12) months following the completion of the Conversion, the stock option plan will reserve a number of shares equal to up to 10% of the sum of the Subscription Shares sold in the Offering and the Foundation Shares contributed to the Foundation and the stock award plan will reserve a number of shares equal to up to 4% of the sum of the Subscription Shares sold in the Offering and the Foundation Shares contributed to the Foundation for awards to Employees and Directors at no cost to the recipients (unless the Bank's tangible capital is less than 10% upon completion of the Offering in which case the stock award plan will reserve a number of shares equal to up to 3% of the shares sold in the Offering). Non-Tax-Qualified Employee Stock Benefit Plans implemented more than one (1) year following the completion of the Conversion are not subject to the restrictions set forth in the preceding sentence. Shares of Common Stock for such plans may be issued from authorized but unissued shares, treasury shares or repurchased shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28. RESTRICTIONS ON ACQUISITION OF BANK AND HOLDING COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. (1) The charter of the Bank may contain
 a provision stipulating that no person, except the Holding Company, for five (5) years
 following the closing date of the Conversion, may directly or indirectly acquire or offer
 to acquire the beneficial ownership of more than 10% of any class of equity security of the
 Bank, without the prior written approval of the Federal Reserve. In addition, such charter
 may also provide that for five (5) years following the closing date of the Conversion,
 shares beneficially owned in violation of the above-described charter provision shall not
 be entitled to vote and shall not be voted by any person or counted as voting stock in connection
 with any matter submitted to stockholders for a vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For three (3) years from the date of
 consummation of the Conversion, no person, other than the Holding Company, shall directly
 or indirectly offer to acquire or acquire the beneficial ownership of more than 10% of any
 class of equity security of the Bank or the Holding Company without the prior written approval
 of the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Articles of Incorporation contain a provision stipulating that in no event shall any record owner of any outstanding shares of Common Stock who beneficially owns in excess of 10% of such outstanding shares be entitled or permitted to any vote with respect to any shares held in excess of 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29. PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Holding Company shall comply with applicable regulations in the repurchase of any shares of its capital stock following consummation of the Conversion. The Holding Company shall not declare or pay a cash dividend on, or repurchase any of, its capital stock, if such dividend or repurchase would reduce its capital below the amount then required for the Liquidation Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Bank shall not declare or pay a cash dividend on, or repurchase any of, its capital stock if the effect thereof would cause its regulatory capital to be reduced below its applicable regulatory capital requirements or the Bank Liquidation Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30. ARTICLES OF INCORPORATION AND BYLAWS**

By voting to approve this Plan, Voting Depositors shall be deemed to have approved the Articles of Incorporation and Bylaws of the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31. CONSUMMATION OF CONVERSION AND EFFECTIVE DATE**

The effective date of the Conversion shall be the date upon which the Certificates of Merger with respect to the MHC Merger and the Mid-Tier Merger are filed with the Secretary of State of the State of New Jersey and the Maryland Department of Assessments and Taxation, as required. The Certificates of Merger shall be filed after all requisite regulatory, depositor and stockholder approvals have been obtained, all applicable waiting periods have expired, and sufficient subscriptions and orders for Subscription Shares have been received. The closing of the issuance and sale of all shares of Conversion Stock in the Conversion shall occur simultaneously on the effective date of the closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32. EXPENSES OF CONVERSION**

The Parties may retain and pay for the services of legal, financial and other advisors to assist in connection with any or all aspects of the Conversion, the Offering and the contribution to the Foundation, and such parties shall use their best efforts to assure that such expenses are reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33. AMENDMENT OR TERMINATION OF PLAN**

If deemed necessary or desirable, this Plan may be substantively amended by the Boards of Directors as a result of comments from the Bank Regulators or otherwise at any time by the Boards of Directors before the Special Meeting of Depositors to vote on this Plan, and at any time thereafter by the Boards of Directors with the concurrence of the Bank Regulators. Any amendment to this Plan made after approval by Voting Depositors with the approval of the Bank Regulators shall not require further approval by Voting Depositors unless otherwise required by the Bank Regulators. The Boards of Directors may terminate this Plan at any time before the Special Meeting of Depositors, and at any time thereafter with the concurrence or approval of the Bank Regulators. This Plan will terminate if the Conversion is not completed within twenty-four (24) months from the date upon which the Plan is approved by Voting Depositors.

By adoption of this Plan, Voting Depositors authorize the Boards of Directors to amend or terminate this Plan under the circumstances set forth in this Section 33.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34. CONDITIONS TO CONVERSION**

Consummation of the Conversion pursuant to this Plan is expressly conditioned upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Prior receipt by the Mutual Holding Company, the Mid-Tier Holding Company, the Holding Company and the Bank of rulings of the United States Internal Revenue Service and the state taxing authorities, or opinions of counsel or tax advisers as described in Section 26 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The issuance of the Subscription Shares sold in the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The completion of the Conversion within the time period specified in Section 3 of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35. INTERPRETATION**

All interpretations of this Plan and application of its provisions to particular circumstances by a majority of the Boards of Directors shall be final, subject to the authority of the Bank Regulators.

Adopted: September 8, 2025

**EXHIBIT A**

**FORM OF AGREEMENT OF MERGER BETWEEN**

**UNITED ROOSEVELT, MHC AND**

**UNITED ROOSEVELT BANCORP**

**AGREEMENT OF MERGER BETWEEN**

**United Roosevelt, MHC**

**AND**

**UNITED ROOSEVELT BANCORP**

**THIS AGREEMENT OF MERGER** (the "MHC Merger Agreement") dated as of ______________, 202___, is made by and between United Roosevelt, MHC, a New Jersey mutual holding company (the "Mutual Holding Company"), and United Roosevelt Bancorp, a New Jersey corporation (the "Mid-Tier Holding Company"). Capitalized terms have the respective meanings given them in the Plan of Conversion (the "Plan") of the Mutual Holding Company, unless otherwise defined herein.

**R E C I T A L S:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Mutual Holding Company owns 100% of the common stock of the Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Mid-Tier Holding owns 100% of the common stock of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Boards of Directors of the Mutual Holding Company and the Mid-Tier Holding Company have approved this MHC Merger Agreement whereby the Mutual Holding Company shall merge with and into the Mid-Tier Holding Company, with the Mid-Tier Holding Company as the surviving or resulting corporation (the "MHC Merger"), and have authorized the execution and delivery thereof.

**NOW, THEREFORE,** in consideration of the premises and mutual agreements contained herein, the parties hereto have agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Merger**. At the effective time of the MHC Merger, the Mutual Holding Company will merge with and into the Mid-Tier Holding Company, with the Mid-Tier Holding Company as the resulting entity ("Resulting Corporation"), whereby the shares of Mid-Tier Holding Company common stock owned by the Mutual Holding Company will be canceled and Qualifying Depositors of the Bank will constructively receive liquidation interests in the Mid-Tier Holding Company in exchange for their liquidation interests in the Mutual Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Effective Date**. The MHC Merger shall not be effective until and unless the Plan is approved by the Federal Reserve and the Department and by at least a majority of the votes eligible to be cast by Voting Depositors, and the Certificates of Merger shall have been filed with applicable state authorities with respect to the MHC Merger. Approval of the Plan by the Voting Depositors shall constitute approval of the MHC Merger Agreement by the Voting Depositors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Name**. The name of the Resulting Corporation shall be United Roosevelt Bancorp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Offices**. The main office of the Resulting Corporation shall be 11-15 Cooke Avenue, Carteret, New Jersey 07008.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Directors and Officers**. The directors and officers of the Mid-Tier Holding Company immediately before the Effective Date shall be the directors and officers of the Resulting Corporation immediately after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Rights and Duties of the Resulting Corporation**. At the effective time of the MHC Merger, the Mutual Holding Company shall be merged with and into the Mid-Tier Holding Company, with the Mid-Tier Holding Company as the Resulting Corporation. The business of the Resulting Corporation shall be that of a New Jersey corporation as provided in its certificate of incorporation. All assets, rights, interests, privileges, powers, franchises and property (real, personal and mixed) of the Mutual Holding Company shall be transferred automatically to and vested in the Resulting Corporation by virtue of the MHC Merger without any deed or other document of transfer. The Resulting Corporation, without any order or action on the part of any court or otherwise and without any documents of assumption or assignment, shall hold and enjoy all of the properties, franchises and interests, including appointments, powers, designations, nominations and all other rights and interests as the agent or other fiduciary in the same manner and to the same extent as such rights, franchises, and interests and powers were held or enjoyed by the Mutual Holding Company. The Resulting Corporation shall be responsible for all of the liabilities, restrictions and duties of every kind and description of the Mutual Holding Company immediately before the MHC Merger, including liabilities for all debts, obligations and contracts of the Mutual Holding Company, matured or unmatured, whether accrued, absolute, contingent or otherwise and whether or not reflected or reserved against on balance sheets, books of accounts or records of the Mutual Holding Company. All rights of creditors and other obligees and all liens on property of the Mutual Holding Company shall be preserved and shall not be released or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Rights of Stockholders**. At the effective time of the MHC Merger, the shares of Mid-Tier Holding Company common stock held by the Mutual Holding Company will be canceled and Qualifying Depositors of the Bank will constructively receive liquidation interests in the Mid-Tier Holding Company in exchange for their liquidation interests in the Mutual Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Other Terms**. All terms used in this MHC Merger Agreement shall, unless defined herein, have the meanings set forth in the Plan. The Plan is incorporated herein by this reference and made a part hereof to the extent necessary or appropriate to effect and consummate the terms of this MHC Merger Agreement and the Conversion.

*[Signature page follows]*

**IN WITNESS WHEREOF**, the Mutual Holding Company and the Mid-Tier Holding Company have caused this MHC Merger Agreement to be executed as of the date first above written.

---

| | | |
|:---|:---|:---|
| | **United Roosevelt, MHC** | **United Roosevelt, MHC** |
| ATTEST: |  |  |
|  | By: |  |
| Amanda D'Alessio |  | Kenneth R. Totten |
| Secretary |  | President and Chief Executive Officer |
|  | **United Roosevelt Bancorp** | **United Roosevelt Bancorp** |
| ATTEST: |  |  |
|  | By: |  |
| Amanda D'Alessio |  | Kenneth R. Totten |
| Secretary |  | President and Chief Executive Officer |

---

**EXHIBIT B**

**FORM OF AGREEMENT OF MERGER BETWEEN**

**UNITED ROOSEVELT BANCORP**

**AND**

**URSB Bancorp, Inc.**

**AGREEMENT OF MERGER BETWEEN**

**UNITED ROOSEVELT BANCORP**

**and**

**URSB Bancorp, Inc.**

**THIS AGREEMENT OF MERGER** (the "Mid-Tier Merger Agreement"), dated as of ______________, 202____, is made by and between United Roosevelt Bancorp, a New Jersey corporation (the "Mid-Tier Holding Company"), and URSB Bancorp, Inc., a Maryland corporation (the "Holding Company"). Capitalized terms have the respective meanings given them in the Plan of Conversion of United Roosevelt, MHC (the "Plan") unless otherwise defined herein.

**R E C I T A L S:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Mid-Tier Holding Company owns 100% of the common stock of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Holding Company has been organized as a direct subsidiary of the Mid-Tier Holding Company to succeed to the operations of the Mid-Tier Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Boards of Directors of the Mid-Tier Holding Company and the Holding Company have approved this Mid-Tier Merger Agreement whereby the Mid-Tier Holding Company will be merged with the Holding Company with the Holding Company as the resulting corporation (the "Mid-Tier Merger"), and authorized the execution and delivery thereof.

**NOW, THEREFORE,** in consideration of the premises and mutual agreements contained herein, the parties hereto have agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Merger**. At the effective time of the Mid-Tier Merger, the Mid-Tier Holding Company will merge with and into the Holding Company, with the Holding Company as the resulting corporation (the "Resulting Corporation"), whereby the Bank will become the wholly-owned subsidiary of the Holding Company. As part of the Mid-Tier Merger, the Qualifying Depositors of the Bank, who constructively received liquidation interests in Mid-Tier Holding Company, will exchange the liquidation interests in the Mid-Tier Holding Company that they constructively received in the MHC Merger for an interest in the Liquidation Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Effective Date**. The Mid-Tier Merger shall not be effective until and unless the Plan is approved by the Federal Reserve and the Department after approval by a majority of the votes eligible to be cast by Voting Depositors, and the Certificates of Merger shall have been filed with the Maryland Department of Assessments and Taxation and the Secretary of State of the State of New Jersey, with respect to the Mid-Tier Merger. Approval of the Plan by the Voting Depositors shall constitute approval of the Mid-Tier Merger Agreement by the Voting Depositors in their capacity as stakeholders of United Roosevelt, MHC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Name**. The name of the Resulting Corporation shall be URSB Bancorp, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Offices**. The main office of the Resulting Corporation shall be 11-15 Cooke Avenue, Carteret, New Jersey 07008.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Directors and Officers**. The directors and officers of the Mid-Tier Holding Company immediately before the effective time of the Mid-Tier Merger shall be the directors and officers of the Resulting Corporation immediately after the effective time of the Mid-Tier Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Rights and Duties of the Resulting Corporation**. At the effective time of the Mid-Tier Merger, the Mid-Tier Holding Company shall merge with the Holding Company, with the Holding Company as the Resulting Corporation. The business of the Resulting Corporation shall be that of a Maryland corporation as provided in its Articles of Incorporation. All assets, rights, interests, privileges, powers, franchises and property (real, personal and mixed) of the Mid-Tier Holding Company and the Holding Company shall be transferred automatically to and vested in the Resulting Corporation by virtue of the Mid-Tier Merger without any deed or other document of transfer. The Resulting Corporation, without any order or action on the part of any court or otherwise and without any documents of assumption or assignment, shall hold and enjoy all of the properties, franchises and interests, including appointments, powers, designations, nominations and all other rights and interests as the agent or other fiduciary in the same manner and to the same extent as such rights, franchises, and interests and powers were held or enjoyed by the Mid-Tier Holding Company and the Holding Company. The Resulting Corporation shall be responsible for all of the liabilities, restrictions and duties of every kind and description of the Mid-Tier Holding Company and the Holding Company immediately before the Mid-Tier Merger, including liabilities for all debts, obligations and contracts of the Mid-Tier Holding Company and the Holding Company, matured or unmatured, whether accrued, absolute, contingent or otherwise and whether or not reflected or reserved against on balance sheets, books of accounts or records of the Mid-Tier Holding Company or the Holding Company. The stockholders of the Holding Company shall possess all voting rights with respect to the shares of stock of the Resulting Corporation. All rights of creditors and other obligees and all liens on property of the Mid-Tier Holding Company and the Holding Company shall be preserved and shall not be released or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Rights of Stockholders**. At the effective time of the Mid-Tier Merger, the Qualifying Depositors immediately before the Conversion will exchange the liquidation rights in the Mid-Tier Holding Company that they constructively received in the MHC Merger for interests in the Liquidation Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Other Terms**. All terms used in this Mid-Tier Merger Agreement shall, unless defined herein, have the meanings set forth in the Plan. The Plan is incorporated herein by this reference and made a part hereof to the extent necessary or appropriate to effect and consummate the terms of this Mid-Tier Merger Agreement and the Conversion.

*[Signature page follows]*

**IN WITNESS WHEREOF**, the Mid-Tier Holding Company and the Holding Company have caused this Mid-Tier Merger Agreement to be executed as of the date first above written.

---

| | | |
|:---|:---|:---|
|  | **United Roosevelt Bancorp** | **United Roosevelt Bancorp** |
| ATTEST: |  |  |
|  | By: |  |
| Amanda D'Alessio |  | Kenneth R. Totten |
| Secretary |  | President and Chief Executive Officer |
|  | **URSB Bancorp, Inc.** | **URSB Bancorp, Inc.** |
| ATTEST: |  |  |
|  | By: |  |
| Amanda D'Alessio |  | Kenneth R. Totten |
| Secretary |  | President and Chief Executive Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**URSB BANCORP, INC.**

**ARTICLES OF INCORPORATION**

The undersigned, Kenenth R. Totten, whose address is 11-15 Cooke Avenue, Carteret, New Jersey 07008, being at least eighteen (18) years of age, acting as incorporator, does hereby form a corporation under the general laws of the State of Maryland, having the following Articles of Incorporation (the "Articles"):

**ARTICLE 1. Name.** The name of the corporation is URSB Bancorp, Inc. (the "Corporation").

**ARTICLE 2. Principal Office.** The address of the principal office of the Corporation in the State of Maryland is c/o CSC-Lawyers Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, Maryland 21202.

**ARTICLE 3. Purpose.** The purpose for which the Corporation is formed is to engage in any lawful act or activity for which corporations may be organized under the general laws of the State of Maryland as now or hereafter in force.

**ARTICLE 4. Resident Agent.** The name and address of the registered agent of the Corporation in the State of Maryland is CSC-Lawyers Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, Maryland 21202. Said resident agent is a Maryland corporation.

**ARTICLE 5. Capital Stock**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Authorized Stock.** The total number of shares of capital stock of all classes that the Corporation has authority to issue is twenty million (20,000,000) shares, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Five million (5,000,000) shares of preferred stock, par value one cent ($0.01) per share (the "Preferred Stock"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fifteen million (15,000,000) shares of common stock, par value one cent ($0.01) per share (the "Common Stock").

The aggregate par value of all the authorized shares of capital stock is two hundred thousand dollars ($200,000). Except to the extent required by governing law, rule or regulation, the shares of capital stock may be issued from time to time by the Board of Directors without further approval of the stockholders of the Corporation. The Corporation shall have the authority to purchase its capital stock out of funds lawfully available therefor, which funds shall include, without limitation, the Corporation's unreserved and unrestricted capital surplus. The Board of Directors, pursuant to a resolution approved by a majority of the Whole Board (rounded up to the nearest whole number), and without action by the stockholders, may amend these Articles to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Corporation has authority to issue. For the purposes of these Articles, the term "Whole Board" shall mean the total number of directors that the Corporation would have if there were no vacancies on the Board of Directors at the time any such resolution is presented to the Board of Directors for adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Common Stock.** Except as provided under the terms of any series of Preferred Stock and as limited by Section D of this Article 5, the exclusive voting power shall be vested in the Common Stock. Except as otherwise provided in these Articles, each holder of the Common Stock shall be entitled to one vote for each share of Common Stock standing in the holder's name on the books of the Corporation. Subject to any rights and preferences of any series of Preferred Stock, holders of Common Stock shall be entitled to such dividends as may be declared by the Board of Directors out of funds lawfully available therefor. Upon the liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, holders of Common Stock shall be entitled to receive all the remaining assets of the Corporation available for distribution to its stockholders ratably in proportion to the number of shares held by them, respectively, after: (i) payment or provision for payment of the Corporation's debts and liabilities; and (ii) distributions or provisions for distributions to holders of any class or series of stock having a preference over the Common Stock in the liquidation, dissolution or winding up of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Preferred Stock.** The Board of Directors is hereby expressly authorized, subject to any limitations prescribed by law, to provide for the issuance of the shares of Preferred Stock in series, to establish from time to time the number of shares to be included in each such series, and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of the shares of each such series. The number of authorized shares of the Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the Common Stock, without a vote of the holders of the Preferred Stock, or of any series thereof, unless a vote of any such holders is required by law or pursuant to the terms of such Preferred Stock. The power of the stockholders to increase or decrease the authorized shares of the Preferred Stock shall not limit any of the powers of the Board of Directors provided under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Restrictions on Voting Rights of the Corporation's Equity Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Notwithstanding any other provision of these Articles, in no event shall the record owner (or if more than one record owner, all such record owners taken as a group) of any outstanding Common Stock that is beneficially owned, directly or indirectly, by a Person who, as of any record date for the determination of stockholders entitled to vote on any matter, beneficially owns in excess of 10% of the then-outstanding shares of Common Stock (the "Limit"), be entitled, or permitted to any vote in respect of the shares held in excess of the Limit. The number of votes that may be cast by any particular record owner by virtue of the provisions hereof in respect of Common Stock beneficially owned by such Person owning shares in excess of the Limit (a "Holder in Excess") shall be a number equal to the total number of votes that a single record owner of all Common Stock owned by such Holder in Excess would be entitled to cast after giving effect to the provisions hereof, multiplied by a fraction, the numerator of which is the number of shares of such class or series that are both (i) beneficially owned by such Holder in Excess and (ii) owned of record by such particular record owner, and the denominator of which is the total number of shares of Common Stock beneficially owned by such Holder in Excess. The provisions of this Section D of this Article 5 shall not be applicable if, before the Holder in Excess acquired beneficial ownership of such shares in excess of the Limit, such acquisition was approved by a majority of the "Unaffiliated Directors." For this purpose, the term "Unaffiliated Director" means

any member of the Board of Directors who is unaffiliated with the Holder in Excess and was a member of the Board of Directors prior to the time that the Holder in Excess became such, and any director who is thereafter chosen to fill any vacancy on the Board of Directors and who is elected and who, in either event, is unaffiliated with the Holder in Excess and in connection with his or her initial assumption of office is recommended for appointment or election by a majority of the Unaffiliated Directors then serving on the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The following definitions shall apply to this Section D of this Article 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "affiliate" of a specified Person shall mean a Person that directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Beneficial ownership" shall be determined pursuant to Rule 13d-3 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended (or any successor rule or statutory provision), or, if said Rule 13d-3
shall be rescinded and there shall be no successor rule or statutory provision thereto, pursuant to said Rule 13d-3 as in effect
on December 31, 2022; provided, however, that a Person shall, in any event, also be deemed the "beneficial owner" of
any Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that such Person or any of its affiliates beneficially owns, directly or indirectly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that such Person or any of its affiliates has (i) the right to acquire (whether such right is exercisable
immediately or only after the passage of time), pursuant to any agreement, arrangement or understanding (but shall not be deemed to be
the beneficial owner of any voting shares solely by reason of an agreement, contract, or other arrangement with the Corporation to effect
any transaction of the type described in clause (i) or (ii) of the first sentence of Article 9 hereof) or upon the exercise
of conversion rights, exchange rights, warrants, or options or otherwise, or (ii) sole or shared voting or investment power with
respect thereto pursuant to any agreement, arrangement, understanding, relationship or otherwise (but shall not be deemed to be the beneficial
owner of any voting shares solely by reason of a revocable proxy granted for a particular meeting of stockholders, pursuant to a public
solicitation of proxies for such meeting, with respect to shares of which neither such Person nor any such affiliate is otherwise deemed
the beneficial owner); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that are beneficially owned, directly or indirectly, by any other Person with which such first mentioned Person or any of its affiliates acts as a partnership, limited partnership, syndicate or other group pursuant to any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of any shares of capital stock of the Corporation; and provided further, however, that

(i) no director or officer of the Corporation (or any affiliate of any such director or officer) shall, solely by reason of any or all of such directors or officers acting in their capacities as such, be deemed, for any purposes hereof, to beneficially own any Common Stock beneficially owned by any other such director or officer (or any affiliate thereof), and (ii) neither any employee stock ownership or similar plan of the Corporation or any subsidiary of the Corporation nor any trustee with respect thereto (or any affiliate of such trustee) shall, solely by reason of such capacity of such trustee, be deemed, for any purposes hereof, to beneficially own any Common Stock held under any such plan. For purposes of computing the percentage of beneficial ownership of Common Stock of a Person, the outstanding Common Stock shall include shares deemed owned by such Person through application of this subsection but shall not include any other shares of Common Stock that may be issuable by the Corporation pursuant to any agreement, or upon exercise of conversion rights, warrants or options, or otherwise. For all other purposes, the outstanding Common Stock shall include only Common Stock then outstanding and shall not include any Common Stock that may be issuable by the Corporation pursuant to any agreement, or upon the exercise of conversion rights, warrants or options, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A "Person" shall mean any individual, firm, corporation, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board of Directors shall have the power to construe and apply the provisions of this Section D
and to make all determinations necessary or desirable to implement such provisions including, but not limited to, matters with respect
to (i) the number of shares of Common Stock beneficially owned by any Person, (ii) whether a Person is an affiliate of another,
(iii) whether a Person has an agreement, arrangement, or understanding with another as to the matters referred to in the definition
of beneficial ownership, (iv) the application of any other definition or operative provision of this Section D to the given
facts, or (v) any other matter relating to the applicability or effect of this Section D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Board of Directors shall have the right to demand that any Person reasonably believed by the Board of Directors to be a Holder in Excess (or holder of record of Common Stock beneficially owned by any Holder in Excess) supply the Corporation with complete information as to (i) the record owner(s) of all shares beneficially owned by such Holder in Excess, and (ii) any other factual matter relating to the applicability or effect of this section as may reasonably be requested of such Holder in Excess. The Board of Directors shall further have the right to receive from any Holder in Excess reimbursement for all expenses incurred by the Board in connection with its investigation of any matters relating to the applicability or effect of this section on such Holder in Excess, to the extent such investigation is deemed appropriate by the Board of Directors as a result of the Holder in Excess refusing to supply the Corporation with the information described in the previous sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any constructions, applications, or determinations made by the Board of Directors pursuant to this Section D in good faith and on the basis of such information and assistance as was then reasonably available for such purpose, shall be conclusive and binding upon the Corporation and its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If any provision (or portion thereof) of this Section D shall be found to be invalid, prohibited or unenforceable for any reason, the remaining provisions (or portions thereof) of this Section D shall remain in full force and effect, and shall be construed as if such invalid, prohibited or unenforceable provision had been stricken herefrom or otherwise rendered inapplicable, it being the intent of the Corporation and its stockholders that each such remaining provision (or portion thereof) of this Section D remain, to the fullest extent permitted by law, applicable and enforceable as to all stockholders, including Holders in Excess, notwithstanding any such finding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Majority Vote for Certain Actions.** With respect to those actions as to which any provision of the Maryland General Corporation Law (the "MGCL") requires stockholder authorization by a greater proportion than a majority of the total number of shares of all classes of capital stock or of the total number of shares of any class of capital stock, any such action shall be valid and effective if authorized by the affirmative vote of the holders of a majority of the total number of shares of all classes outstanding and entitled to vote thereon, except as otherwise provided in these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Quorum.** Except as otherwise provided by law or expressly provided in these Articles, the presence, in person or by proxy, of the holders of record of shares of capital stock of the Corporation entitling the holders thereof to cast a majority of the votes (after giving effect, if required, to the provisions of Article 5, Section D) entitled to be cast by the holders of shares of capital stock of the Corporation entitled to vote shall constitute a quorum at all meetings of the stockholders, and every reference in these Articles to a majority or other proportion of capital stock (or the holders thereof) for purposes of determining any quorum requirement or any requirement for stockholder consent or approval shall be deemed to refer to such majority or other proportion of the votes (or the holders thereof) then entitled to be cast in respect of such capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Liquidation Account.** Under regulations of the Board of Governors of the Federal Reserve System, the Corporation must establish and maintain a liquidation account (the "Liquidation Account") for the benefit of certain Eligible Account Holders and Supplemental Eligible Account Holders as defined in the Plan of Conversion of United Roosevelt, MHC, as may be amended from time to time (the "Plan of Conversion"). In the event of a complete liquidation involving (i) the Corporation or (ii) United Roosevelt Savings Bank, a New Jersey-chartered savings bank and to become a wholly-owned subsidiary of the Corporation, the Corporation must comply with the regulations of the Board of Governors of the Federal Reserve System and the provisions of the Plan of Conversion with respect to the amount and priorities of each Eligible Account Holder's and Supplemental Eligible Account Holder's interests in the Liquidation Account. The interest of an Eligible Account Holder or Supplemental Eligible Account Holder in the Liquidation Account does not entitle such account holders to voting rights.

**ARTICLE 6. Preemptive Rights and Appraisal Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Preemptive Rights.** Except for preemptive rights approved by the Board of Directors pursuant to a resolution approved by a majority of the directors then in office, no holder of the capital stock of the Corporation or series of stock or of options, warrants or other rights to purchase shares of any class or series of stock or of other securities of the Corporation shall have any preemptive right to purchase or subscribe for any unissued capital stock of any class or series, or any unissued bonds, certificates of indebtedness, debentures or other securities convertible into or exchangeable for capital stock of any class or series or carrying any right to purchase stock of any class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Appraisal Rights.** Holders of shares of stock shall not be entitled to exercise any rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board of Directors, pursuant to a resolution approved by a majority of the directors then in office, shall determine that such rights apply with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which holders of such shares would otherwise be entitled to exercise such rights.

**ARTICLE 7. Directors.** The following provisions are made a part of these Articles for the management of the business and the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and stockholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Management of the Corporation.** The business and affairs of the Corporation shall be managed under the direction of the Board of Directors. All powers of the Corporation may be exercised by or under the authority of the Board of Directors, except as conferred on or as reserved to the stockholders by law or by these Articles or the Bylaws of the Corporation; provided, however, that any limitations on the Board of Directors' management or direction of the affairs of the Corporation shall reserve the directors' full power to discharge their fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Number, Class and Terms of Directors; No Cumulative Voting.** The number of directors constituting the Board of Directors of the Corporation shall initially be twelve (12), which number may be increased or decreased in the manner provided in the Bylaws of the Corporation; provided, however, that such number shall never be less than the minimum number of directors required by the MGCL now or hereafter in force. The directors, other than those who may be elected by the holders of any series of Preferred Stock, shall be divided into three classes, with the term of office of the first class ("Class I") to expire at the conclusion of the first annual meeting of stockholders, the term of office of the second class ("Class II") to expire at the conclusion of the annual meeting of stockholders one year thereafter and the term of office of the third class ("Class III") to expire at the conclusion of the annual meeting of stockholders two years thereafter, with each director to hold office until his or her successor shall have been duly elected and qualified. At each annual meeting of stockholders, directors elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders after their election or for such shorter period of time as the Board of Directors may determine, with each director to hold office until his or her term expires and until his or her successor shall have been duly elected and qualified.

The names of the individuals who will serve as the initial directors of the Corporation until their successors are elected and qualify are as follows:

---

| |
|:---|
| &nbsp;&nbsp;**Term to Expire in 2026:** |
| &nbsp;&nbsp;Patrick J. DeBlasio |
| &nbsp;&nbsp;**Term to Expire in 2027**: |
| &nbsp;&nbsp;Daniel J. Reiman |
| &nbsp;&nbsp;Timothy D. Touhey |
| &nbsp;&nbsp;**Term to Expire in 2028**: |
| &nbsp;&nbsp;John Kwasnik |
| &nbsp;&nbsp;Kenneth R. Totten |

---

Stockholders shall not be permitted to cumulate their votes in the election of directors. A plurality of all the votes cast at a meeting at which a quorum is present is sufficient to elect a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Vacancies.** Any vacancies in the Board of Directors may be filled in the manner provided in the Bylaws of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Removal.** Subject to the rights of the holders of any series of Preferred Stock then outstanding, any director, or the entire Board of Directors, may be removed from office at any time, but only for cause and only by the affirmative vote of the holders of at least two-thirds of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors (after giving effect to the provisions of Article 5 hereof) voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Stockholder Proposals and Nominations of Directors.** Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws of the Corporation. Stockholder proposals to be presented in connection with a special meeting of stockholders shall be presented by the Corporation only to the extent required by Section 2-502 of the MGCL and the Bylaws of the Corporation.

**ARTICLE 8. Bylaws.** The Board of Directors is expressly empowered to adopt, amend or repeal the Bylaws of the Corporation. Any adoption, amendment or repeal of the Bylaws of the Corporation by the Board of Directors shall require the approval of a majority of the Whole Board. The stockholders shall also have power to adopt, amend or repeal the Bylaws of the Corporation. In addition to any vote of the holders of any class or series of stock of the Corporation required by law or by these Articles, the affirmative vote of the holders of at least 80% of the voting power of all of the then-outstanding shares of the capital stock of the Corporation entitled to vote generally in the election of directors (after giving effect to the provisions of Article 5 hereof), voting together as a single class, shall be required for the adoption, amendment or repeal of any provisions of the Bylaws of the Corporation by the stockholders.

**ARTICLE 9. Evaluation of Certain Offers.** The Board of Directors, when evaluating (i) any offer of another Person (as defined below) to (A) make a tender or exchange offer for any equity security of the Corporation, (B) merge or consolidate the Corporation with another corporation or entity, or (C) purchase or otherwise acquire all or substantially all of the properties

and assets of the Corporation or (ii) any other actual or proposed transaction that would or may involve a change in control of the Corporation (whether by purchases of shares of stock or any other securities of the Corporation in the open market or otherwise, tender offer, merger, consolidation, share exchange, dissolution, liquidation, sale of all or substantially all of the assets of the Corporation, proxy solicitation or otherwise), may, in connection with the exercise of its business judgment in determining what is in the best interests of the Corporation and its stockholders and in making any recommendation to the Corporation's stockholders, give due consideration to all relevant factors, including, but not limited to: (A) the economic effect, both immediate and long-term, upon the Corporation's stockholders, including stockholders, if any, who do not participate in the transaction; (B) the social and economic effect on the present and future employees, creditors and customers of, and others dealing with, the Corporation and its subsidiaries and on the communities in which the Corporation and its subsidiaries operate or are located; (C) whether the proposal is acceptable based on the historical, current or projected future operating results or financial condition of the Corporation; (D) whether a more favorable price could be obtained for the Corporation's stock or other securities in the future; (E) the reputation and business practices of the other entity to be involved in the transaction and its management and affiliates as they would affect the employees of the Corporation and its subsidiaries; (F) the future value of the stock or any other securities of the Corporation or the other entity to be involved in the proposed transaction; (G) any antitrust or other legal and regulatory issues that are raised by the proposal; (H) the business and historical, current or expected future financial condition or operating results of the other entity to be involved in the transaction, including, but not limited to, debt service and other existing financial obligations, financial obligations to be incurred in connection with the proposed transaction, and other likely financial obligations of the other entity to be involved in the proposed transaction; and (I) the ability of the Corporation to fulfill its objectives as a financial institution holding company and on the ability of its subsidiary financial institution(s) to fulfill the objectives of a federally insured financial institution under applicable statutes and regulations. If the Board of Directors determines that any proposed transaction of the type described in clause (i) or (ii) of the immediately preceding sentence should be rejected, it may take any lawful action to defeat such transaction, including, but not limited to, any or all of the following: advising stockholders not to accept the proposal; instituting litigation against the party making the proposal; filing complaints with governmental and regulatory authorities; acquiring the stock or any of the securities of the Corporation; selling or otherwise issuing authorized but unissued stock or other securities or granting options or rights with respect thereto; and obtaining a more favorable offer from another individual or entity. This Article 9 sets forth certain factors that may be considered by the Board of Directors, but does not create any implication concerning the factors that must be considered, or any other factors that may or may not be considered, by the Board of Directors regarding any proposed transaction of the type described in clause (i) or (ii) of the first sentence of this Article 9.

For purposes of this Article 9, a "Person" shall include an individual, a group acting in concert, a corporation, a partnership, an association, a joint venture, a pool, a joint stock company, a trust, an unincorporated organization or similar company, a syndicate or any other group or entity formed for the purpose of acquiring, holding or disposing of securities.

**ARTICLE 10. Indemnification, etc. of Directors and Officers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Indemnification.** The Corporation shall indemnify (1) its current and former directors and officers, whether serving the Corporation or at its request any other entity, to the fullest extent required or permitted by the MGCL now or hereafter in force, including the advancement of expenses under the procedures and to the fullest extent permitted by law, and (2) other employees and agents to such extent as shall be authorized by the Board of Directors and permitted by law; provided, however, that, except as provided in Section B of this Article 10 with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Procedure.** If a claim under Section A of this Article 10 is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty (20) days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall also be entitled to be reimbursed the expense of prosecuting or defending such suit. It shall be a defense to any action for advancement of expenses that the Corporation has not received both (i) an undertaking as required by law to repay such advances in the event it shall ultimately be determined that the standard of conduct has not been met and (ii) a written affirmation by the indemnitee of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met. In (i) any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) any suit by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met the applicable standard for indemnification set forth in the MGCL. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the MGCL, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article 10 or otherwise shall be on the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Non-Exclusivity.** The rights to indemnification and to the advancement of expenses conferred in this Article 10 shall not be exclusive of any other right that any Person may have or hereafter acquire under any statute, these Articles, the Corporation's Bylaws, any agreement, any vote of stockholders or the Board of Directors, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Insurance.** The Corporation may maintain insurance, at its expense, to insure itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such Person against such expense, liability or loss under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Miscellaneous.** The Corporation shall not be liable for any payment under this Article 10 in connection with a claim made by any indemnitee to the extent such indemnitee has otherwise actually received payment under any insurance policy, agreement, or otherwise, of the amounts otherwise indemnifiable hereunder. The rights to indemnification and to the advancement of expenses conferred in Sections A and B of this Article 10 shall be contract rights and such rights shall continue as to an indemnitee who has ceased to be a director or officer and shall inure to the benefit of the indemnitee's heirs, executors and administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Limitations Imposed by Federal Law.** Notwithstanding any other provision set forth in this Article 10, in no event shall any payments made by the Corporation pursuant to this Article 10 exceed the amount permissible under applicable federal law, including, without limitation, Section 18(k) of the Federal Deposit Insurance Act and the regulations promulgated thereunder.

Any repeal or modification of this Article 10 shall not in any way diminish any rights to indemnification or advancement of expenses of such director or officer or the obligations of the Corporation arising hereunder with respect to events occurring, or claims made, while this Article 10 is in force.

**ARTICLE 11. Limitation of Liability.** An officer or director of the Corporation, as such, shall not be liable to the Corporation or its stockholders for money damages, except (A) to the extent that it is proved that the Person actually received an improper benefit or profit in money, property or services, for the amount of the benefit or profit in money, property or services actually received; or (B) to the extent that a judgment or other final adjudication adverse to the Person is entered in a proceeding based on a finding in the proceeding that the Person's action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding; or (C) to the extent otherwise provided by the MGCL. If the MGCL is amended to further eliminate or limit the personal liability of officers and directors, then the liability of officers and directors of the Corporation shall be eliminated or limited to the fullest extent permitted by the MGCL, as so amended.

Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation shall not adversely affect any right or protection of a director or officer of the Corporation existing at the time of such repeal or modification.

**ARTICLE 12**: **Selection of Forum.** Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL, or (iv) any action asserting a claim governed by the internal affairs

doctrine shall be a state or federal court located within the State of Maryland, in all cases subject to the court's having personal jurisdiction over the indispensable parties named as defendants. The provisions of this Article 12 shall not apply to claims arising under the federal securities laws. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have received notice of and to have consented to the provisions of this Article 12.

**ARTICLE 13. Amendment of the Articles of Incorporation.** The Corporation reserves the right to amend or repeal any provision contained in these Articles in the manner prescribed by the MGCL, including any amendment altering the terms or contract rights, as expressly set forth in these Articles, of any of the Corporation's outstanding stock by classification, reclassification or otherwise, and no stockholder approval shall be required if the approval of stockholders is not required for the proposed amendment or repeal by the MGCL, and all rights conferred upon stockholders are granted subject to this reservation.

The Board of Directors, pursuant to a resolution approved by a majority of the Whole Board (rounded up to the nearest whole number), and without action by the stockholders, may amend these Articles to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Corporation has authority to issue.

No proposed amendment or repeal of any provision of these Articles shall be submitted to a stockholder vote unless the Board of Directors shall have (i) approved the proposed amendment or repeal, (ii) determined that it is advisable, and (iii) directed that it be submitted for consideration at either an annual or special meeting of the stockholders pursuant to a resolution approved by the Board of Directors. Any proposed amendment or repeal of any provision of these Articles may be abandoned by the Board of Directors at any time before its effective time upon the adoption of a resolution approved by a majority of the Whole Board (rounded up to the nearest whole number).

The amendment or repeal of any provision of these Articles shall be approved by at least two-thirds of all votes entitled to be cast by the holders of shares of capital stock of the Corporation entitled to vote on the matter (after giving due effect to the provisions of Article 5 of these Articles), except that the proposed amendment or repeal of any provision of these Articles need only be approved by the vote of a majority of all the votes entitled to be cast by the holders of shares of capital stock of the Corporation entitled to vote on the matter (after giving due effect to the provisions of Article 5 of these Articles) if the amendment or repeal of such provision is approved by the Board of Directors pursuant to a resolution approved by at least two-thirds of the Whole Board (rounded up to the nearest whole number).

Notwithstanding any other provision of these Articles or any provision of law that might otherwise permit a lesser vote or no vote, but in addition to any vote of the holders of any class or series of the stock of the Corporation required by law or by these Articles, the affirmative vote of the holders of at least 80% of the voting power of all of the then-outstanding shares of the capital stock of the Corporation entitled to vote generally in the election of directors (after giving effect to the provisions of Article 5), voting together as a single class, shall be required to amend or repeal this Article 13, Section C, D, E or F of Article 5, Article 7 (other than the removal of the list of initial directors), Article 8, Article 9, Article 10, Article 11 or Article 12.

**ARTICLE 14. Name and Address of Incorporator.** The name and mailing address of the sole incorporator are as follows:

Kenneth R. Totten

11-15 Cooke Avenue

Carteret, New Jersey 07008

*[Remainder of Page Intentionally Left Blank]*

I, THE UNDERSIGNED, being the incorporator, for the purpose of forming a corporation under the laws of the State of Maryland, do make, file and record these Articles of Incorporation, do certify that the facts herein stated are true, and, accordingly, have hereto set my hand this 18<sup>th</sup> day of August, 2025.

---

| |
|:---|
| /s/ Kenneth R. Totten |
| Kenneth R. Totten |
| Incorporator |

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## Exhibit 3.2

**Exhibit 3.2**

**URSB BANCORP, INC.**

**BYLAWS**

**ARTICLE I<br> STOCKHOLDERS**

**Section 1. Annual Meeting.**

The Corporation shall hold an annual meeting of its stockholders to elect directors and to transact any other business within its powers, at such place, on such date and at such time as the Board of Directors shall fix. Failure to hold an annual meeting does not invalidate the Corporation's existence or affect any otherwise valid corporate act.

**Section 2. Special Meetings.**

Special meetings of stockholders of the Corporation may be called by the President, the Chief Executive Officer, the Chairperson of the Board or by the Board of Directors pursuant to a resolution adopted by a majority of the total number of directors that the Corporation would have if there were no vacancies on the Board of Directors (hereinafter the "Whole Board"). Special meetings of the stockholders shall be called by the Secretary at the request of stockholders only on the written request of stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting. Such written request shall state the purpose or purposes of the meeting and the matters proposed to be acted upon at the meeting, and shall be delivered at the principal office of the Corporation addressed to the President or the Secretary. The Secretary shall inform the stockholders who make the request of the reasonably estimated cost of preparing and mailing a notice of the meeting and, upon payment of these costs to the Corporation, notify each stockholder entitled to notice of the meeting. The Board of Directors shall have the sole power to fix (i) the record date for determining stockholders entitled to request a special meeting of stockholders and the record date for determining stockholders entitled to notice of and to vote at the special meeting and (ii) the date, time and place of the special meeting and the means of remote communication, if any, by which stockholders and proxy holders may be considered present in person and may vote at the special meeting.

**Section 3. Notice of Meetings; Adjournment or Postponement.**

Not less than ten (10) nor more than ninety (90) days before each stockholders' meeting, the Secretary shall give notice of the meeting in writing or by electronic transmission to each stockholder entitled to vote at the meeting and to each other stockholder entitled to notice of the meeting. The notice shall state the time and place of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and may vote at the meeting, and, if the meeting is a special meeting, or notice of the purpose is required by statute, the purpose of the meeting. Notice is given to a stockholder when it is personally delivered to the stockholder, left at the stockholder's residence or usual place of business, mailed to the stockholder at his or her address as it appears on the records of the Corporation, or transmitted to the stockholder by an electronic transmission to any address or number of the stockholder at which the stockholder receives electronic transmissions. If the

Corporation has received a request from a stockholder that notice not be sent by electronic transmission, the Corporation may not provide notice to the stockholder by electronic transmission. Notwithstanding the foregoing provisions, each person who is entitled to notice waives notice if such person, before or after the meeting, delivers a written waiver or waiver by electronic transmission which is filed with the records of the stockholders' meetings, or if such person is present at the meeting in person or by proxy.

A meeting of stockholders convened on the date for which it was called may be adjourned from time to time without further notice to a date not more than one hundred twenty (120) days after the original record date. A meeting may be adjourned by a resolution adopted by a majority of the Whole Board or by the vote of a majority of the stockholders present at the meeting, whether or not a quorum is present at such meeting. At any adjourned meeting, any business may be transacted that might have been transacted at the original meeting.

A meeting of stockholders may be postponed to a date not more than one hundred twenty (120) days after the original record date. A meeting may be postponed by a resolution adopted by a majority of the Whole Board. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten (10) days before such date and otherwise in the manner set forth in this Section 3. At any postponed meeting, any business may be transacted that might have been transacted at the meeting as originally scheduled.

If a meeting shall be adjourned or postponed to a date not more than one hundred twenty (120) days after the original record date, a new record date need not be established, and the original record date may be used for the purpose of determining which stockholders are entitled to notice of, and to vote at, the adjourned or postponed meeting. Any writing authorizing another person to act as proxy at a meeting of stockholders shall remain valid for use at any adjournment or postponement of such meeting unless such proxy is revoked or a later dated proxy is provided by such stockholder.

As used in these Bylaws, the term "electronic transmission" shall have the meaning given to such term by Section 1-101 of the Maryland General Corporation Law (the "MGCL") or any successor provision.

**Section 4. Quorum.**

Unless the Articles of the Corporation provide otherwise, where a separate vote by a class or classes is required, a majority of the shares of such class or classes, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter.

If a quorum shall fail to attend any meeting, the chairperson of the meeting or the holders of a majority of the shares of stock who are present at the meeting, in person or by proxy, may, in accordance with Section 3 of this Article I, adjourn the meeting to another place, date or time.

**Section 5. Organization and Conduct of Business.**

The Chairperson of the Board of Directors or the Vice Chairperson of the Board, if any, or in their absence, the Chief Executive Officer, or in his or her absence, such other person as may

be designated by a majority of the Whole Board, shall call to order any meeting of the stockholders and act as chairperson of the meeting. In the absence of the Secretary, the secretary of the meeting shall be such person as the chairperson of the meeting appoints. The chairperson of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seem to him or her to be in order.

**Section 6. Advance Notice Provisions for Business to be Transacted at Annual Meetings and Elections of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any annual meeting of the stockholders, unless otherwise required by law, only such business shall be conducted as shall have been brought before the meeting: (i) as specified in the Corporation's notice of the meeting; (ii) by or at the direction of the Board of Directors; or (iii) by any stockholder of the Corporation who (a) is a stockholder of record on the date such stockholder gives the notice provided for in this Section 6(a) and on the record date for the determination of stockholders entitled to vote at such annual meeting, and (b) complies with the notice procedures set forth in this Section 6(a). For business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of the immediately preceding sentence, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and such business must otherwise be a proper matter for action by stockholders.

To be timely, a stockholder's notice must be delivered or mailed to and received by the Secretary at the principal executive office of the Corporation not less than ninety (90) days nor more than one hundred (100) days before the anniversary of the prior year's annual meeting of stockholders; *provided*, *however,* that if the date of the annual meeting is advanced more than thirty (30) days before the anniversary of the prior year's annual meeting of stockholders, such written notice shall be timely only if delivered or mailed to and received by the Secretary of the Corporation at the principal executive office of the Corporation no earlier than the day on which public disclosure of the date of such annual meeting is first made and not later than the tenth day following the earlier of the day notice of the meeting was mailed to stockholders or such public disclosure was made.

With respect to the first annual meeting of stockholders of the Corporation following the Corporation becoming the sole stockholder of United Roosevelt Savings Bank, notice by the stockholder shall be timely if delivered or mailed to and received by the Secretary of the Corporation not later than the close of business on the later of (i) the 100th day before the date of the annual meeting and (ii) the 10th day following the day on which public disclosure of the date of the annual meeting is first made.

The advance notice periods provided in this paragraph, once established by the initial notice or public disclosure of a date for the annual meeting of stockholders, shall remain in effect regardless of whether a subsequent notice or public disclosure shall provide that the meeting shall have been adjourned or that the date of the meeting shall have been postponed or otherwise changed from the date provided in the initial notice or public disclosure.

A stockholder's notice to the Secretary must set forth as to each matter such stockholder proposes to bring before the annual meeting: (i) a brief description of the business desired to be

brought before the annual meeting and the reasons for conducting such business at the annual meeting; (ii) the name and address of such stockholder as they appear on the Corporation's books and of the beneficial owner, if any, on whose behalf the proposal is made; (iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such stockholder and such beneficial owner; (iv) a description of all arrangements or understandings between such stockholder and any other person or persons (including their names) in connection with the proposal of such business by such stockholder and any material interest of such stockholder in such business; and (v) a representation that such stockholder intends to appear in person or by proxy at the annual meeting to bring such business before the meeting.

Notwithstanding anything in these Bylaws to the contrary, no business shall be brought before or conducted at an annual meeting except in accordance with the provisions of this Section 6(a). The chairperson of the meeting shall, if the facts so warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the provisions of this Section 6(a) and, if he or she should so determine, he or she shall so declare to the meeting and any such business so determined to be not properly brought before the meeting shall not be transacted.

At any special meeting of the stockholders, only such business shall be conducted as shall have been brought before the meeting pursuant to the Corporation's notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election to the Board of Directors of the Corporation may be made at a meeting of stockholders at which directors are to be elected only: (i) by or at the direction of the Board of Directors; or (ii) by any stockholder of the Corporation who (1) is a stockholder of record on the date such stockholder gives the notice provided for in this Section 6(b) and on the record date for the determination of stockholders entitled to vote at such meeting, and (2) complies with the notice procedures set forth in this Section 6(b) , the requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the rules and regulations promulgated thereunder. Such nominations, other than those made by or at the direction of the Board of Directors, shall be made by timely notice in writing to the Secretary of the Corporation.

To be timely, a stockholder's notice must be delivered or mailed to and received by the Secretary at the principal executive office of the Corporation not less than ninety (90) days nor more than one hundred (100) days before the anniversary of the prior year's annual meeting of stockholders; *provided*, *however,* that if the date of the annual meeting is advanced more than thirty (30) days before the anniversary of the prior year's annual meeting of stockholders, such written notice shall be timely only if delivered or mailed to and received by the Secretary of the Corporation at the principal executive office of the Corporation no earlier than the day on which public disclosure of the date of such annual meeting is first made and not later than the tenth day following the earlier of the day notice of the meeting was mailed to stockholders or such public disclosure was made.

With respect to the first annual meeting of stockholders of the Corporation following the Corporation becoming the sole stockholder of United Roosevelt Savings Bank, notice by the stockholder shall be timely if delivered or mailed to and received by the Secretary of the

Corporation not later than the close of business on the later of (i) the 100th day before the date of the annual meeting and (ii) the 10th day following the day on which public disclosure of the date of the annual meeting is first made.

The advance notice periods provided in this paragraph, once established by the initial notice or public disclosure of a date for the annual meeting of stockholders, shall remain in effect regardless of whether a subsequent notice or public disclosure shall provide that the meeting shall have been adjourned or that the date of the meeting shall have been postponed or otherwise changed from the date provided in the initial notice or public disclosure.

A stockholder's notice must be in writing and set forth (a) as to each person whom the stockholder proposes to nominate for election as a director, (i) all information relating to such person that would indicate such person's qualification to serve on the Board of Directors of the Corporation; (ii) an affidavit that such person would not be disqualified under the provisions of Article II, Section 12 of these Bylaws; (iii) such information relating to such person that is required to be disclosed in connection with solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act, or any successor rule or regulation; and (iv) a written consent of each proposed nominee to be named as a nominee, including in proxy materials relating to the meeting to nominate the nominee(s), and to serve as a director if elected; and (b) as to the stockholder giving the notice: (i) the name and address of such stockholder as they appear on the Corporation's books and of the beneficial owner, if any, on whose behalf the nomination is made; (ii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such stockholder and such beneficial owner; (iii) a description of all arrangements or understandings between such stockholder and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by such stockholder; (iv) a representation that such stockholder intends to appear in person or by proxy at the meeting to nominate the persons named in its notice; (v) whether such stockholder intends to solicit proxies in support of director nominees other than the Corporation's nominees in accordance with the Exchange Act and the rules and regulations promulgated thereunder; and (vi) any other information relating to such stockholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Regulation 14A under the Exchange Act or any successor rule or regulation. Upon request by the Corporation, if a stockholder provides notice of its intent to solicit proxies in support of director nominees other than the Corporation's nominees in accordance with the Exchange Act and the rules and regulations promulgated thereunder, such stockholder shall deliver to the Corporation, no later than five (5) business days before the applicable meeting of stockholders, reasonable evidence that it has met the requirements of the Exchange Act and the rules and regulations promulgated thereunder. No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this Section 6(b). The chairperson of the meeting shall, if the facts so warrant, determine that a nomination was not made in accordance with such provisions and, if he or she should so determine, he or she shall so declare to the meeting and the defective nomination shall be disregarded. Furthermore, unless otherwise required by law, if any stockholder (i) provides notice pursuant to Rule 14a-19(b) under the Exchange Act and (ii) subsequently fails to comply with any requirements of Rule 14a-19 under the Exchange Act or any other rules or regulations thereunder, then the Corporation shall disregard any proxies or votes solicited for such nominees and such nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of subsections (a) and (b) of this Section 6, the term "public disclosure" shall mean disclosure (i) in a press release issued through a nationally recognized news service, (ii) in a document publicly filed or furnished by the Corporation with the U.S. Securities and Exchange Commission or (iii) on a website maintained by the Corporation. The timely notice requirements provided in subsections (a) and (b) of this Section 6 shall apply to all stockholder nominations for election as a director and all stockholder proposals for business to be conducted at an annual meeting regardless of whether such proposal is submitted for inclusion in the Corporation's proxy materials pursuant to Rule 14a-8 of Regulation 14A under the Exchange Act or whether such nomination is submitted for inclusion in the Corporation's proxy materials pursuant to Rule 14a-19 of Regulation 14A under the Exchange Act.

**Section 7. Proxies and Voting.**

Unless the Articles of the Corporation provide for a greater or lesser number of votes per share or limits or denies voting rights, each outstanding share of stock, regardless of class, is entitled to one vote on each matter submitted to a vote at a meeting of stockholders; however, a share is not entitled to be voted if any installment payable on it is overdue and unpaid. In all elections for directors, directors shall be determined by a plurality of the votes cast, and except as otherwise required by law or as provided in the Articles of the Corporation, all other matters voted on by stockholders shall be determined by a majority of the votes cast on the matter.

A stockholder may vote the stock the stockholder owns of record either in person or by proxy. A stockholder may sign a writing authorizing another person to act as proxy. Signing may be accomplished by the stockholder or the stockholder's authorized agent signing the writing or causing the stockholder's signature to be affixed to the writing by any reasonable means, including facsimile signature. A stockholder may authorize another person to act as proxy by transmitting, or authorizing the transmission of, an authorization for the person to act as the proxy to the person authorized to act as proxy or to any other person authorized to receive the proxy authorization on behalf of the person authorized to act as the proxy, including a proxy solicitation firm or proxy support service organization. The authorization may be transmitted by a telegram, cablegram, datagram, electronic mail or any other electronic or telephonic means. Unless a proxy provides otherwise, it is not valid more than 11 months after its date. A proxy is revocable by a stockholder at any time without condition or qualification unless the proxy states that it is irrevocable and the proxy is coupled with an interest. A proxy may be made irrevocable for as long as it is coupled with an interest. The interest with which a proxy may be coupled includes an interest in the stock to be voted under the proxy or another general interest in the Corporation or its assets or liabilities.

**Section 8. Conduct of Voting**

The Board of Directors shall, in advance of any meeting of stockholders, appoint one or more persons as inspectors of election, to act at the meeting or any adjournment thereof and make a written report thereof, in accordance with applicable law. If one or more inspectors are not so elected, the chairperson of the meeting shall make such appointment at the meeting of stockholders. At all meetings of stockholders, the proxies and ballots shall be received, and all questions relating to the qualification of voters and the validity of proxies and the acceptance or rejection of votes shall be decided or determined by the inspector of election. All voting, including on the election of directors but excepting where otherwise required by law, may be by a voice vote;

*provided, however*, that upon demand therefor by a stockholder entitled to vote or his or her proxy or the chairperson of the meeting, a written vote shall be taken. Every written vote shall be taken by ballot, each of which shall state the name of the stockholder or proxy voting and such other information as may be required under the procedure established for the meeting. No candidate for election as a director at a meeting shall serve as an inspector at such meeting.

**Section 9. Control Share Acquisition Act.**

Notwithstanding any other provision of the Articles of the Corporation or these Bylaws, Title 3, Subtitle 7 of the MGCL (or any successor statute) shall not apply to any acquisition by any person of shares of stock of the Corporation. This Section 9 may be repealed by a majority of the Whole Board, in whole or in part, at any time, whether before or after an acquisition of Control Shares (as defined in Section 3-701(d) of the MGCL, or any successor provision) and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any prior or subsequent Control Share Acquisition (as defined in Section 3-701(d) of the MGCL, or any successor provision).

**ARTICLE II<br> BOARD OF DIRECTORS**

**Section 1. General Powers, Number and Term of Office.**

The business and affairs of the Corporation shall be managed under the direction of the Board of Directors. The number of directors of the Corporation shall, by virtue of the Corporation's election made hereby to be governed by Section 3-804(b) of the MGCL, be fixed from time to time exclusively by vote of the Board of Directors; *provided, however*, that such number shall never be less than the minimum number of directors required by the MGCL now or hereafter in force. The Board of Directors shall annually elect a Chairperson of the Board from among its members and shall designate the Chairperson of the Board or his or her designee to preside at its meetings. The Board of Directors may also annually elect a Vice Chairperson. In the absence of the Chairperson of the Board, the Vice Chairperson of the Board shall preside at the meetings of the Board of Directors, and in his or her absence such other person as may be designated by a majority of the Whole Board shall preside at the meetings of the Board of Directors.

The directors, other than those who may be elected by the holders of any series of preferred stock of the Corporation, shall be divided into three classes, as nearly equal in number as reasonably possible, with the term of office of the first class to expire at the first annual meeting of stockholders, the term of office of the second class to expire at the annual meeting of stockholders one year thereafter and the term of office of the third class to expire at the annual meeting of stockholders two years thereafter, with each director to hold office until his or her successor shall have been duly elected and qualified. At each annual meeting of stockholders, commencing with the first annual meeting, directors elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders after their election or for such shorter period of time as the Board of Directors may determine, with each director to hold office until his or her successor shall have been duly elected and qualified.

**Section 2. Vacancies and Newly Created Directorships.**

By virtue of the Corporation's election made hereby to be subject to Section 3-804(c) of the MGCL, any vacancies in the Board of Directors resulting from an increase in the size of the Board of Directors or the death, resignation or removal of a director may be filled only by the affirmative vote of two-thirds of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred and until a successor is elected and qualifies. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director.

**Section 3. Regular Meetings.**

Regular meetings of the Board of Directors shall be held at such place or places or by means of remote communication, on such date or dates, and at such time or times as shall have been established by the Board of Directors and publicized among all directors. A notice of each regular meeting shall not be required. Any regular meeting of the Board of Directors may adjourn from time to time to reconvene at the same or some other place, and no notice need be given of any such adjourned meeting other than by announcement.

**Section 4. Special Meetings.**

Special meetings of the Board of Directors may be called by one-third (1/3) of the directors then in office (rounded up to the nearest whole number), the Chairperson of the Board, the Vice Chairperson of the Board or by the Chief Executive Officer, and shall be held at such place or by means of remote communication, on such date, and at such time as they or he or she shall fix. Notice of the place, date, and time of each such special meeting shall be given to each director who has not waived notice by mailing and post-marking written notice not less than five (5) days before the meeting, or by facsimile or other electronic transmission of the same not less than twenty four (24) hours before the meeting. Any director may waive notice of any special meeting, either before or after such meeting, by delivering a written waiver or a waiver by electronic transmission that is filed with the records of the meeting. Attendance of a director at a special meeting shall constitute a waiver of notice of such meeting, except where the director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted nor the purpose of any special meeting of the Board of Directors need be specified in the notice of such meeting. Any special meeting of the Board of Directors may adjourn from time to time to reconvene at the same or some other place, and no notice need be given of any such adjourned meeting other than by announcement.

**Section 5. Quorum.**

At any meeting of the Board of Directors, a majority of the Whole Board shall constitute a quorum for all purposes. If a quorum shall fail to attend any meeting, a majority of those present may adjourn the meeting to another place, date, or time, without further notice or waiver thereof.

**Section 6. Participation in Meetings By Conference Telephone.**

Members of the Board of Directors, or of any committee thereof, may participate in a meeting of such Board or committee by means of a conference telephone or other communications equipment if all persons participating in the meeting can hear each other at the same time. Such participation shall constitute presence in person at such meeting.

**Section 7. Conduct of Business.**

At any meeting of the Board of Directors, business shall be transacted in such order and manner as the Board may from time to time determine, and all matters shall be determined by the vote of a majority of the directors present, except as otherwise provided in these Bylaws or the Corporation's Articles or required by law. Action may be taken by the Board of Directors without a meeting if a unanimous consent which sets forth the action is given in writing or by electronic transmission by each member of the Board of Directors and filed in paper or electronic form with the minutes of proceedings of the Board of Directors.

**Section 8. Powers.**

All powers of the Corporation may be exercised by or under the authority of the Board of Directors except as provided by the Articles of Incorporation of the Corporation. Consistent with the foregoing, the Board of Directors shall have, among other powers, the unqualified power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To declare dividends from time to time in accordance with law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To purchase or otherwise acquire any property, rights or privileges on such terms as it shall determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To authorize the creation, making and issuance, in such form as it may determine, of written obligations
of every kind, negotiable or non-negotiable, secured or unsecured, and to do all things necessary in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To remove any officer of the Corporation with or without cause, and from time to time to devolve the powers
and duties of any officer upon any other person for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To confer upon any officer of the Corporation the power to appoint, remove and suspend subordinate officers,
employees and agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To adopt from time to time such stock, option, stock purchase, bonus or other compensation plans for directors,
officers, employees and agents of the Corporation and its subsidiaries as it may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To adopt from time to time such insurance, retirement, and other benefit plans for directors, officers,
employees and agents of the Corporation and its subsidiaries as it may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To adopt from time to time regulations, not inconsistent with these Bylaws, for the management of the
Corporation's business and affairs.

**Section 9. Compensation of Directors.**

Directors, as such, may receive, pursuant to resolution of the Board of Directors, fixed fees and other compensation for their services as directors, including, without limitation, their services as members of committees of the Board of Directors.

**Section 10. Resignation.**

Any director may resign at any time by giving written notice of such resignation to the President or the Secretary at the principal office of the Corporation. Unless otherwise specified therein, such resignation shall take effect upon receipt thereof.

**Section 11. Presumption of Assent.**

A director of the Corporation who is present at a meeting of the Board of Directors at which action on any corporate matter is taken shall be presumed to have assented to such action unless such director announces his or her dissent at the meeting and (a) such director's dissent is entered in the minutes of the meeting, (b) such director files his or her written dissent to such action with the secretary of the meeting before the adjournment thereof, or (c) such director forwards his or her written dissent within twenty four (24) hours after the meeting is adjourned, by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, to the secretary of the meeting or the Secretary of the Corporation. Such right to dissent shall not apply to a director who voted in favor of such action or failed to make his or her dissent known at the meeting.

**Section 12. Director Qualifications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person shall be eligible for election or appointment to the Board of Directors: (i) if a financial or securities regulatory agency has, within the past ten (10) years, issued a cease and desist, consent or other formal order, other than a civil money penalty, against such person, which order is subject to public disclosure by such agency; (ii) if such person has been convicted of a crime involving dishonesty or breach of trust which is punishable by imprisonment for a term exceeding one year under state or federal law; (iii) if such person is currently charged in any information, indictment, or other complaint with the commission of or participation in such a crime; or (iv) other than the persons appointed as directors in connection with the formation of the Corporation and other than persons who are also or previously have been executive officers of the Corporation or of a banking subsidiary of the Corporation, if such person did not, at the time of his or her first election or appointment to the Board of Directors, maintain his or her principal residence (as determined by reference to such person's most recent tax returns, copies of which shall be provided to the Corporation for the sole purpose of determining compliance with this clause (iv)) within any County in which a banking subsidiary of the Corporation has an office, or within any contiguous County to such County, for a period of at least one (1) year before the date of his or her purported nomination, election or appointment to the Board of Directors. No person may serve on the Board of Directors if such person is: (w) at the same time, a director, officer, employee or 10% or more stockholder of a bank, savings institution, credit union, mortgage banking company, consumer loan company or similar organization, other than a subsidiary of the

Corporation, that engages in financial services related business activities or solicits customers, whether through a physical presence or electronically, in the same market area as the Corporation or any of its subsidiaries; (x) does not agree in writing to comply with all of the Corporation's policies applicable to directors including but not limited to its confidentiality policy and confirm in writing his or her qualifications hereunder; (y) is a party to any agreement, understanding or arrangement with a party other than the Corporation or a subsidiary that (1) provides him or her with material benefits which are tied to or contingent on the Corporation entering into a merger, sale of control or similar transaction in which it is not the surviving institution, (2) materially limits his or her voting discretion as a member of the Board of Directors of the Corporation, or (3) materially impairs his or her ability to discharge his or her fiduciary duties with respect to the fundamental strategic direction of the Corporation; or (z) has lost more than one election for service as a director of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No person seventy-five (75) years of age or older shall be eligible for election, reelection, appointment, or reappointment to the Board of Directors of the Corporation. The foregoing limitation shall not apply to a member of the Board of Directors of the Corporation who was serving as a member of the Board of Directors of United Roosevelt Savings Bank as of December 31, 1996, who shall be eligible for continuing reelection as a member of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Directors shall have the power to construe and apply the provisions of this Section 12 and to make all determinations necessary or desirable to implement such provisions.

**Section 13. Attendance at Board Meetings.**

The Board of Directors shall have the right to remove any director from the board upon a director's unexcused absence from (i) three (3) consecutive regularly scheduled meetings of the Board of Directors, or (ii) three regularly scheduled meetings of the Board of Directors in any fiscal year of the Corporation.

**ARTICLE III<br> COMMITTEES**

**Section 1. Committees of the Board of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General Provisions.* The Board of Directors may appoint from among its members an Audit Committee, a Compensation Committee, a Nominating and Corporate Governance Committee, and such other committees as the Board of Directors deems necessary or desirable. The Board of Directors may delegate to any committee so appointed any of the powers and authorities of the Board of Directors to the fullest extent permitted by the MGCL and any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Composition.* Each committee shall be composed of one or more directors or any other number of members specified in these Bylaws or required by applicable regulations or stock exchange rules. The Nominating Committee shall recommend committees, committee memberships, and committee chairs to the Board of Directors. The Board of Directors shall have

the power at any time to appoint the chairperson and the members of any committee, change the membership of any committee, to fill all vacancies on committees, to designate alternate members to replace or act in the place of any absent or disqualified member of a committee, or to dissolve any committee. A member of a committee may resign from that committee at any time by giving written notice of such resignation to the Chairperson of the Board. Unless otherwise specified therein, such resignation from the committee shall take effect upon receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuance of Stock.* If the Board of Directors has given general authorization for the issuance of stock providing for or establishing a method or procedure for determining the maximum number of shares to be issued, a committee of the Board of Directors, in accordance with that general authorization or any stock option or other plan or program adopted by the Board of Directors, may authorize or fix the terms of stock subject to classification or reclassification and the terms on which any stock may be issued, including all terms and conditions required or permitted to be established or authorized by the Board of Directors. Any committee so designated may exercise the power and authority of the Board of Directors if the resolution that designated the committee or a supplemental resolution of the Board of Directors shall so provide.

**Section 2. Conduct of Business.**

Each committee may determine the procedural rules for meeting and conducting its business and shall act in accordance therewith, except as otherwise provided herein or required by law. Adequate provision shall be made for notice to members of all meetings; one-third of the members shall constitute a quorum unless the committee shall consist of one or two members, in which event one member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present. Action may be taken by any committee without a meeting if a unanimous consent which sets forth the action is given in writing or by electronic transmission by each member of the committee and filed in paper or electronic form with the minutes of the proceedings of such committee. The members of any committee may conduct any meeting thereof by conference telephone or other communications equipment in accordance with the provisions of Section 6 of Article II.

**ARTICLE IV<br> OFFICERS**

**Section 1. Generally.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board of Directors as soon as may be practicable after the annual meeting of stockholders shall choose a Chairperson of the Board, Chief Executive Officer, President, one or more Vice Presidents, a Secretary and a Chief Financial Officer/Treasurer and from time to time may choose such other officers as it may deem proper. Any number of offices may be held by the same person, except that no person may concurrently serve as both President and Vice President of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term of office of all officers shall be until the next annual election of officers and until their respective successors are chosen, but any officer may be removed from office at any time by the affirmative vote of a majority of the Whole Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All officers chosen by the Board of Directors shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this Article IV. Such officers shall also have such powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof.

**Section 2. Chairperson of the Board of Directors.**

The Chairperson of the Board of Directors of the Corporation shall perform all duties and have all powers which are commonly incident to the office of Chairperson of the Board or which are delegated to him or her by the Board of Directors. He or she shall have power to sign all stock certificates, contracts and other instruments of the Corporation that are authorized.

**Section 3. Vice Chairperson of the Board of Directors.**

If appointed, the Vice Chairperson of the Board of Directors of the Corporation shall perform all duties and have all powers which are commonly incident to the office of Chairperson of the Board, with such duties to be performed and powers to be held in the absence of the Chairperson of the Board, or which are delegated to him or her by the Board of Directors.

**Section 4. Chief Executive Officer.**

The Chief Executive Officer, subject to the control of the Board of Directors, shall serve in general executive capacity and have general power over the management and oversight of the administration and operation of the Corporation's business and general supervisory power and authority over its policies and affairs. The Chief Executive Officer shall see that all orders and resolutions of the Board of Directors and of any committee thereof are carried into effect.

**Section 5. President.**

The President shall perform the duties of the Chief Executive Officer in the Chief Executive Officer's absence or during his or her disability to act. In addition, the President shall perform the duties and exercise the powers usually incident to their respective office and/or such other duties and powers as may be properly assigned to the President from time to time by the Board of Directors, the Chairperson of the Board or the Chief Executive Officer.

**Section 6. Vice President.**

The Vice President or Vice Presidents (including Executive Vice Presidents or other levels of Vice President designated by the Board of Directors), if any, shall perform the duties of the Chief Executive Officer in the absence of both the Chief Executive Officer and the President, or during their disability to act. In addition, the Vice Presidents shall perform the duties and exercise the powers usually incident to their respective office and/or such other duties and powers as may be properly assigned to the Vice Presidents from time to time by the Board of Directors, the Chairperson of the Board or the Chief Executive Officer.

**Section 7. Secretary.**

The Secretary or an Assistant Secretary shall issue notices of meetings, shall keep the minutes of meetings, shall have charge of the seal and the corporate books, shall perform such other duties and exercise such other powers as are usually incident to such offices and/or such other duties and powers as are properly assigned thereto by the Board of Directors, the Chairperson of the Board or the Chief Executive Officer.

**Section 8. Chief Financial Officer/Treasurer.**

The Chief Financial Officer/Treasurer shall have charge of all monies and securities of the Corporation, other than monies and securities of any division of the Corporation that has a treasurer or financial officer appointed by the Board of Directors, and shall keep regular books of account. The funds of the Corporation shall be deposited in the name of the Corporation by the Chief Financial Officer/Treasurer with such banks or trust companies or other entities as the Board of Directors from time to time shall designate. The Chief Financial Officer/Treasurer shall sign or countersign such instruments as require his or her signature, shall perform all such duties and have all such powers as are usually incident to such office and/or such other duties and powers as are properly assigned to him or her by the Board of Directors, the Chairperson of the Board or the Chief Executive Officer, and may be required to give bond for the faithful performance of his or her duties in such sum and with such surety as may be required by the Board of Directors.

**Section 9. Other Officers.**

The Board of Directors may designate and fill such other offices in its discretion and the persons holding such other offices shall have such powers and shall perform such duties as the Board of Directors or Chief Executive Officer may from time to time assign.

**Section 10. Action with Respect to Securities of Other Corporations**

Stock of other corporations or associations, registered in the name of the Corporation, may be voted by the Chief Executive Officer, the President, a Vice President, or a proxy appointed by either of them. The Board of Directors, however, may by resolution appoint some other person to vote such shares, in which case such person shall be entitled to vote such shares upon the production of a certified copy of such resolution.

**ARTICLE V<br> STOCK**

**Section 1. Certificates of Stock.**

The Board of Directors may determine to issue certificated or uncertificated shares of capital stock and other securities of the Corporation. For certificated stock, each stockholder is entitled to certificates which represent and certify the shares of stock he or she holds in the Corporation. Each stock certificate shall include on its face the name of the Corporation, the name of the stockholder or other person to whom it is issued, and the class of stock and number of shares it represents. It shall also include on its face or back (a) a statement of any restrictions on transferability and a statement of the designations and any preferences, conversion and other rights,

voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation is authorized to issue, of the differences in the relative rights and preferences between the shares of each series of preferred stock which the Corporation is authorized to issue, to the extent they have been set, and of the authority of the Board of Directors to set the relative rights and preferences of subsequent series of preferred stock or (b) a statement which provides in substance that the Corporation will furnish a full statement of such information to any stockholder on request and without charge. Such request may be made to the Secretary or to the Corporation's transfer agent. Upon the issuance of uncertificated shares of capital stock, the Corporation shall send the stockholder a written statement of the same information required above with respect to stock certificates. Each stock certificate shall be in such form, not inconsistent with law or with the Corporation's Articles, as shall be approved by the Board of Directors or any officer or officers designated for such purpose by resolution of the Board of Directors. Each stock certificate shall be signed by the Chairperson of the Board, the President, or a Vice President, and countersigned by the Secretary, an Assistant Secretary, the Chief Financial Officer, Treasurer, or an Assistant Treasurer. Each certificate may be sealed with the actual corporate seal or a facsimile of it or in any other form and the signatures may be either manual or facsimile signatures. A certificate is valid and may be issued whether or not an officer who signed it is still an officer when it is issued. A certificate may not be issued until the stock represented by it is fully paid.

**Section 2. Transfers of Stock.**

Transfers of stock shall be made only upon the transfer books of the Corporation kept at an office of the Corporation or by transfer agents designated to transfer shares of the stock of the Corporation. Except where a certificate is issued in accordance with Section 4 of Article V of these Bylaws, an outstanding certificate for the number of shares involved shall be surrendered for cancellation before a new certificate is issued therefor.

**Section 3. Record Dates or Closing of Transfer Books.**

The Board of Directors may, and shall have the power to, set a record date or direct that the stock transfer books be closed for a stated period for the purpose of making any proper determination with respect to stockholders, including which stockholders are entitled to notice of a meeting, vote at a meeting, receive a dividend, or be allotted other rights. The record date may not be before the close of business on the day the record date is fixed nor, subject to Section 3 of Article I of these Bylaws, more than ninety (90) days before the date on which the action requiring the determination will be taken; the transfer books may not be closed for a period longer than 20 days; and, in the case of a meeting of stockholders, the record date or the closing of the transfer books shall be at least ten (10) days before the date of the meeting. Any shares of the Corporation's own stock acquired by the Corporation between the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders and the time of the meeting may be voted at the meeting by the holder of record as of the record date and shall be counted in determining the total number of outstanding shares entitled to be voted at the meeting.

**Section 4. Lost, Stolen or Destroyed Certificates.**

The Board of Directors of the Corporation may determine the conditions for issuing a new stock certificate in place of one which is alleged to have been lost, stolen, or destroyed, or the Board of Directors may delegate such power to any officer or officers of the Corporation or to the transfer agent designated to transfer shares of the stock of the Corporation. In their discretion, the Board of Directors or such officer or officers may require the owner of the certificate to give a bond, with sufficient surety, to indemnify the Corporation against any loss or claim arising as a result of the issuance of a new certificate. In their discretion, the Board of Directors or such officer or officers may refuse to issue such new certificate without the order of a court having jurisdiction over the matter.

**Section 5. Stock Ledger.**

The Corporation shall maintain a stock ledger which contains the name and address of each stockholder and the number of shares of stock of each class which the stockholder holds. The stock ledger may be in written form or in any other form which can be converted within a reasonable time into written form for visual inspection. The original or a duplicate of the stock ledger shall be kept at the offices of a transfer agent for the particular class of stock or, if none, at the principal executive office of the Corporation.

**Section 6. Regulations.**

The issue, transfer, conversion and registration of certificates of stock shall be governed by such other regulations as the Board of Directors may establish.

**ARTICLE VI<br> MISCELLANEOUS**

**Section 1. Facsimile and Electronic Signatures.**

In addition to the provisions for use of facsimile and electronic signatures elsewhere specifically authorized in these Bylaws, facsimile and electronic signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board of Directors or a committee thereof.

**Section 2. Corporate Seal.**

The Board of Directors may provide a suitable seal, bearing the name of the Corporation, which shall be in the charge of the Secretary. The Board of Directors may authorize one or more duplicate seals and provide for the custody thereof. If the Corporation is required to place its corporate seal to a document, it is sufficient to meet the requirement of any law, rule, or regulation relating to a corporate seal to place the word "(seal)" adjacent to the signature of the person authorized to sign the document on behalf of the Corporation.

**Section 3. Books and Records.**

The Corporation shall keep correct and complete books and records of its accounts and transactions and minutes of the proceedings of its stockholders and Board of Directors and of any committee when exercising any of the powers of the Board of Directors. The books and records of the Corporation may be in written form or in any other form which can be converted within a reasonable time into written form for visual inspection. Minutes shall be recorded in written form but may be maintained in the form of a reproduction. The original or a certified copy of these Bylaws shall be kept at the principal office of the Corporation.

**Section 4. Reliance upon Books, Reports and Records.**

Each director, each member of any committee designated by the Board of Directors, and each officer and agent of the Corporation shall, in the performance of his or her duties, in addition to any protections conferred upon him or her by law, be fully protected in relying in good faith upon the books of account or other records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the Board of Directors so designated, or by any other person as to matters which such director, committee member, officer or agent reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

**Section 5. Fiscal Year.**

The fiscal year of the Corporation shall commence on the first day of January and end on the last day of December in each year.

**Section 6. Time Periods.**

In applying any provision of these Bylaws that requires that an act be done or not be done a specified number of days before an event or that an act be done during a period of a specified number of days before an event, calendar days shall be used, the day of doing of the act shall be excluded and the day of the event shall be included.

**Section 7. Checks, Drafts, Etc.**

All checks, drafts and orders for the payment of money, notes and other evidences of indebtedness, issued in the name of the Corporation, shall be signed by any officer, employee or agent of the Corporation that is authorized by the Board of Directors.

**Section 8. Mail.**

Any notice or other document that is required by these Bylaws to be mailed shall be deposited in the United States mail, postage prepaid.

**Section 9. Contracts and Agreements.**

To the extent permitted by applicable law, and except as otherwise prescribed by the Articles or these Bylaws, the Board of Directors may authorize any officer, employee or agent of the Corporation to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Corporation. Such authority may be general or confined to specific instances. A person who holds more than one office in the Corporation may not act in more than one capacity to execute, acknowledge, or verify an instrument required by law to be executed, acknowledged, or verified by more than one officer.

**ARTICLE VII<br> AMENDMENTS**

The Board of Directors is expressly empowered to adopt, amend or repeal the Bylaws of the Corporation. Any adoption, amendment or repeal of the Bylaws of the Corporation by the Board of Directors shall require the approval of a majority of the Whole Board. The stockholders shall also have power to adopt, amend or repeal the Bylaws of the Corporation. In addition to any vote of the holders of any class or series of stock of the Corporation required by law or by the Corporation's Articles of Incorporation, the affirmative vote of the holders of at least 80% of the voting power of all of the then-outstanding shares of the capital stock of the Corporation entitled to vote generally in the election of directors (after giving effect to the provisions of Article 5 of the Corporation's Articles of Incorporation), voting together as a single class, shall be required for the adoption, amendment or repeal of any provisions of the Bylaws of the Corporation by the stockholders.

\# \# \#

Adopted by the Board of Directors: September 8, 2025

## Ex-4

**Exhibit 4**

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| | | |
|:---|:---|:---|
| ![](tm2525410d1_ex4img001.jpg) | **URSB BANCORP, INC.**<br>**INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND** | ![](tm2525410d1_ex4img002.jpg) |

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**CUSIP:** 

THE SHARES REPRESENTED BY THIS

CERTIFICATE ARE SUBJECT TO

RESTRICTIONS, SEE REVERSE SIDE

THIS CERTIFIES that is the owner of

FULLY-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK, PAR VALUE $0.01 PER SHARE

The shares evidenced by this certificate are transferable only on the books of URSB Bancorp, Inc. by the holder hereof, in person or by attorney, upon surrender of this certificate properly endorsed. **The capital stock evidenced hereby is not an account of an insurable type and is not insured by the Federal Deposit Insurance Corporation or any other Federal or state governmental agency.**

IN WITNESS WHEREOF, URSB Bancorp, Inc. has caused this certificate to be executed by the facsimile signatures of its duly authorized officers and has caused a facsimile of its seal to be hereunto affixed.

Dated: ________________, 2025

By:   [SEAL] By:   <br> Amanda D'Alessio Kenneth R. Totten <br> Corporate Secretary Chairman, President and Chief Executive Officer

The Board of Directors of URSB Bancorp, Inc. (the "Company") is authorized by resolution or resolutions, from time to time adopted, to provide for the issuance of more than one class of stock, including preferred stock in series, and to fix and state the voting powers, designations, preferences, limitations and restrictions thereof. The Company will furnish to any stockholder upon request and without charge a full description of each class of stock and any series thereof.

The shares evidenced by this certificate are subject to a limitation contained in the Articles of Incorporation to the effect that in no event shall any record owner of any outstanding common stock which is beneficially owned, directly or indirectly, by a person who beneficially owns in excess of 10% of the outstanding shares of common stock (the "Limit") be entitled or permitted to any vote in respect of shares held in excess of the Limit.

The shares represented by this certificate may not be cumulatively voted on any matter. The Articles of Incorporation requires that, with limited exceptions, no amendment, addition, alteration, change or repeal of the Articles of Incorporation shall be made, unless such is first approved by the Board of Directors of the Company and approved by the stockholders by a majority of the total shares entitled to vote, or in certain circumstances approved by the affirmative vote of up to 80% of the shares entitled to vote.

The following abbreviations when used in the inscription on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations.

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| | | | |
|:---|:---|:---|:---|
| TEN COM | - as tenants in common | UNIF GIFT MIN ACT | - _________ Custodian __________ |
|  |  |  | *(Cust) (Minor)* |
| TEN ENT | - as tenants by the entireties |  | Under Uniform Gifts to Minors Act |
| JT TEN | - as joint tenants with right of survivorship and not as tenants in common |  | |
|  |  |  | *(State)* |

---

Additional abbreviations may also be used though not in the above list

For value received,<u> </u> hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER

------

*(please print or typewrite name and address including postal zip code of assignee)*

<u> </u> Shares of the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint ________________________________________________________________________ Attorney to transfer the said shares on the books of the within named corporation with full power of substitution in the premises.

Dated,<u> </u>

In the presence of Signature: <br>   

NOTE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME OF THE STOCKHOLDER(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

## Ex-5

**Exhibit 5**

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

5335 Wisconsin Avenue, NW, Suite 780

Washington, D.C. 20015

Telephone (202) 274-2000

Facsimile (202) 362-2902

www.luselaw.com

September 12, 2025

The Board of Directors

URSB Bancorp, Inc.

11-15 Cooke Avenue

Carteret, New Jersey 07008

 **Re: URSB Bancorp, Inc.**

 **Common Stock, Par Value $0.01 Per Share**

To the Board of Directors:

You have requested the opinion of this firm as to certain matters in connection with the registration of the shares of common stock, par value $0.01 per share ("Common Stock"), of URSB Bancorp, Inc. (the "Company"), as well as the registration of participation interests in the Common Stock ("Participation Interests") to be purchased by the United Roosevelt Savings Bank 401(k) & Profit Sharing Plan. We have reviewed the Company's Articles of Incorporation, the Company's Registration Statement on Form S-1 (the "Form S-1"), the Plan of Conversion of United Roosevelt, MHC (the "Plan"), as well as applicable statutes and regulations governing the Company, the offer and sale of the shares of Common Stock, the contribution of the shares of Common Stock to the URSB Charitable Foundation, Inc. (the "Foundation"), and the registration of the Participation Interests. The opinions expressed below are limited to the laws of the State of Maryland (which includes applicable provisions of the Maryland General Corporation Law, the Maryland Constitution, and reported judicial decisions interpreting the Maryland General Corporation Law and the Maryland Constitution).

We are of the opinion that, upon the declaration of effectiveness of the Form S-1: (i) the shares of Common Stock, when issued and sold in accordance with the Plan, will be legally issued, fully paid and non-assessable, (ii) the shares of Common Stock, when contributed to the Foundation in accordance with the Plan, will be legally issued, fully paid and non-assessable, and (iii) the Participation Interests, when validly offered in the manner described in the Form S-1, will be binding obligations of the Company.

This opinion has been prepared solely for the Company's use in connection with the preparation and filing of the Form S-1, and shall not be used for any other purpose without our prior express written consent. We hereby consent to our firm being referenced under the caption "Legal Matters" in the Prospectus contained in the Form S-1 and to the filing of this opinion as an exhibit to the Form S-1. By giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.

---

| |
|:---|
| Very truly yours, |
| /s/ Luse Gorman, PC |
| Luse Gorman, PC |

---

## Exhibit 8.1

**Exhibit 8.1**

**LUSE GORMAN, PC**

**Attorneys at Law**

**5335 Wisconsin Avenue, N.W., Suite 780**

**Washington, D.C. 20015**

**Telephone (202) 274-2000**

**Facsimile (202) 362-2902**

**<u>www.luselaw.com</u>**

September 10, 2025

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

11-15 Cooke Avenue

Carteret, New Jersey 07008

Boards of Directors:

You have requested this firm's opinion regarding the material federal income tax consequences that will result from the conversion of United Roosevelt, MHC, a New Jersey-chartered mutual holding company (the "Mutual Holding Company"), from the mutual to capital stock form of organization (the "Conversion"), pursuant to the Plan of Conversion of United Roosevelt, MHC, adopted September 8, 2025 (the "Plan"), and the integrated transactions described below.

In connection with our opinion, we have made the investigations we have deemed relevant or necessary for the purpose of this opinion. In our examination, we have assumed the authenticity of original documents, the accuracy of copies and the genuineness of signatures. We have further assumed the absence of adverse facts not apparent from the face of the instruments and documents we examined, and we have relied upon the accuracy of the factual matters set forth in the Plan, the Registration Statement on Form S-1 filed by URSB Bancorp, Inc., a Maryland stock corporation (the "Holding Company"), with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, the Letter Application for Conversion and the Application on Form FR Y-3, each filed by the Holding Company with the Board of Governors of the Federal Reserve System (the "Federal Reserve"). In addition, we are relying on a letter from RP Financial, LC. to you, dated September 10, 2025, stating its belief as to certain valuation matters described below. Furthermore, we assume that each of the parties to the Conversion will comply with all reporting obligations with respect to the Conversion required under the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations thereunder (the "Treasury Regulations"). Capitalized terms used but not defined herein shall have the same meaning as set forth in the Plan.

Our opinion is based upon the existing provisions of the Code and the Treasury Regulations and upon current Internal Revenue Service ("IRS") published rulings and existing court decisions, any of which could be changed at any time. Any such changes may be retroactive and could significantly modify the statements and opinions expressed herein. Similarly, any change in the facts and assumptions stated herein, upon which this opinion is based, could modify the conclusions stated herein. This opinion is as of the date hereof, and we disclaim any obligation to advise you of any change in any matter considered herein after the date hereof.

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

We opine only as to the matters we expressly set forth herein, and no opinions should be inferred as to any other matters or as to the tax treatment of the Conversion, and related transactions, that we do not specifically address. We express no opinion as to other federal laws and regulations, or as to laws and regulations of other jurisdictions, or as to factual or legal matters other than as set forth herein.

For purposes of this opinion, we are relying on the representations as to factual matters provided to us by the Mutual Holding Company, United Roosevelt Savings Bank (the "Bank"), United Roosevelt Bancorp, a New Jersey corporation (referred to as the "Mid-Tier Holding Company"), and the Holding Company, as set forth in the certificates for each of those entities, which are signed by an authorized officer of each of the entities and incorporated herein by reference.

**<u>Description of Proposed Transactions</u>**

Based upon our review of the documents described above, and in reliance upon the relevant documents, we understand that the relevant facts are as follows. The Bank is a New Jersey-chartered savings bank, which is headquartered in Carteret, New Jersey. The Bank was originally organized in mutual form and subsequently reorganized as a stock bank in the mutual holding company structure. The Bank is currently the wholly owned subsidiary of the Mid-Tier Holding Company, which is the wholly owned subsidiary of the Mutual Holding Company. The Mutual Holding Company is a mutual holding company with no stockholders. The depositors of the Bank are considered the "owners" of the Mutual Holding Company and are entitled upon the complete liquidation of the Mutual Holding Company to any liquidation proceeds after the payment of creditors.

The Boards of Directors of the Mutual Holding Company, the Mid-Tier Holding Company, and the Bank adopted the Plan providing for the conversion of the Mutual Holding Company from the mutual to the capital stock form of organization. As part of the Conversion, the Holding Company will succeed to all the rights and obligations of the Mutual Holding Company and the Mid-Tier Holding Company and will offer shares of Holding Company Common Stock to depositors and to members of the general public in the Offering.

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

Pursuant to the Plan, the Conversion will be effected as follows and in such order as is necessary to consummate the Conversion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Holding Company will be organized as a first tier Maryland-chartered stock holding company subsidiary
of the Mid-Tier Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Mutual Holding Company will merge with and into the Mid-Tier Holding Company, with the Mid-Tier Holding
Company as the surviving entity (the "MHC Merger"), whereby the shares of Mid-Tier Holding Company common stock owned by the
Mutual Holding Company will be canceled and Qualifying Depositors (e.g., certain depositors of the Bank) will constructively receive liquidation
interests in the Mid-Tier Holding Company in exchange for their liquidation interests in the Mutual Holding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Immediately after the MHC Merger, the Mid-Tier Holding Company will merge with and into the Holding Company
(the "Mid-Tier Merger"), with the Holding Company as the surviving entity. As part of the Mid-Tier Merger, the liquidation
interests in Mid-Tier Holding Company constructively received by the Qualifying Depositors will automatically, without further action
on the part of the holders thereof, be exchanged for an interest in the Liquidation Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Immediately after the Mid-Tier Merger, the Holding Company will offer for sale Holding Company Common Stock
in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Holding Company will contribute at least 50% of the net proceeds of the Offering to the Bank in constructive
exchange for additional shares of common stock of the Bank and in exchange for the Bank Liquidation Account.

Following the Conversion, a Liquidation Account will be maintained by the Holding Company for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders who continue to maintain their deposit accounts with the Bank. Pursuant to Section 19 of the Plan, the initial balances of the Liquidation Account will be equal to the Mid-Tier Holding Company's total stockholders' equity as reflected in the latest statement of financial condition contained in the final Prospectus used in the Conversion, *plus* the net assets of the Mutual Holding Company as reflected in the latest statement of financial condition of the Mutual Holding Company prior to the effective date of the Conversion (excluding its ownership of Mid-Tier Holding Company Common Stock). The terms of the Liquidation Account and Bank Liquidation Account, which supports the payment of the Liquidation Account in the event the Holding Company lacks sufficient net assets, are set forth in Section 19 of the Plan.

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

As a result of the Conversion and Offering, the Holding Company will be a publicly-held corporation, will register the Holding Company Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended, and will become subject to the rules and regulations thereunder and file periodic reports and proxy statements with the SEC. The Bank will become a wholly owned subsidiary of the Holding Company and will continue to carry on its business and activities as conducted immediately prior to the Conversion.

The stockholders of the Holding Company will be those persons who purchase shares of Holding Company Common Stock in the Offering. Nontransferable rights to subscribe for the Holding Company Common Stock have been granted, in order of priority, to Eligible Account Holders, the Bank's tax-qualified employee plans ("Employee Plans"), Supplemental Eligible Account Holders, and certain other depositors of the Bank as of the Voting Record Date who are entitled to vote at the Special Meeting of Depositors ("Other Depositors"). Subscription rights are nontransferable. The Holding Company will also offer shares of Holding Company Common Stock not subscribed for in the Subscription Offering, if any, for sale in a Community Offering to certain members of the general public (with preferences given first to persons residing in the Community), and if shares remain after the Subscription and Community Offerings, shares may be offered, at the sole discretion of the Holding Company, to members of the general public in a Syndicated Community Offering.

**<u>Opinions</u>**

Based on the foregoing description of the Conversion, including the MHC Merger and the Mid-Tier Merger, and subject to the qualifications and limitations set forth in this letter, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The MHC Merger will qualify as a tax-free reorganization within the meaning of Section 368(a)(1)(A) of the Code (Section 368(a)(l)(A) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The constructive exchange of the Eligible Account Holders and Supplemental Eligible Account Holders liquidation interests in the Mutual Holding Company for liquidation interests in the Mid-Tier Holding Company in the MHC Merger will satisfy the continuity of interest requirement of Section 1.368-1(b) of the Income Tax Regulations (*cf.* Rev. Rul. 69-3, 1969-1 C.B. 103, and Rev. Rul. 69-646, 1969-2 C.B. 54).

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No gain or loss will be recognized by the Mutual Holding Company on the transfer of its assets to the Mid-Tier Holding Company and the Mid-Tier Holding Company's assumption of its liabilities, if any, in constructive exchange for liquidation interests in the Mid-Tier Holding Company or on the constructive distribution of such liquidation interests to members of the Mutual Holding Company (Section 361(a), 361(c) and 357(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by the Mid-Tier Holding Company upon the receipt of the assets of the Mutual Holding Company in the MHC Merger in exchange for the constructive transfer of liquidation interests in the Mid-Tier Holding Company to the members of the Mutual Holding Company (Section 1032(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Persons who have liquidation interests in the Mutual Holding Company will recognize no gain or loss upon the constructive receipt of a liquidation interest in the Mid-Tier Holding Company in exchange for their liquidation interests in the Mutual Holding Company (Section 354(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The basis of the assets of Mutual Holding Company (other than the stock in the Mid-Tier Holding Company) to be received by the Mid-Tier Holding Company will be the same as the basis of such assets in the Mutual Holding Company immediately prior to the transfer (Section 362(b) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The holding period of the assets of the Mutual Holding Company transferred to the Mid-Tier Holding Company will include the holding period of those assets in the Mutual Holding Company (Section 1223(2) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Mid-Tier Merger will constitute a mere change in identity, form or place of organization within the meaning of Section 368(a)(1)(F) of the Code and, therefore, will qualify as a tax-free reorganization within the meaning of Section 368(a)(1)(F) of the Code (Section 368(a)(1)(F) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Mid-Tier Holding Company will not recognize any gain or loss on the transfer of its assets to the Holding Company and the Holding Company's assumption of its liabilities in exchange for shares of Holding Company Common Stock and the constructive distribution of interests in the Liquidation Account to the Eligible Account Holders and Supplemental Eligible Account Holders (Sections 361(a), 361(c) and 357(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. No gain or loss will be recognized by the Holding Company upon the receipt of the assets of Mid-Tier Holding Company in the Mid-Tier Merger (Section 1032(a) of the Code).

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The basis of the assets of the Mid-Tier Holding Company (other than the stock in the Bank) to be received by the Holding Company will be the same as the basis of such assets in the Mid-Tier Holding Company immediately prior to the transfer (Section 362(b) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The holding period of the assets of Mid-Tier Holding Company (other than the stock in the Bank) to be received by the Holding Company will include the holding period of those assets in the Mid-Tier Holding Company immediately prior to the transfer (Section 1223(2) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Eligible Account Holders and Supplemental Eligible Account Holders will not recognize any gain or loss upon the constructive exchange of their liquidation interests in Mid-Tier Holding Company for interests in the Liquidation Account in the Holding Company (Section 354 of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. It is more likely than not that the fair market value of the nontransferable subscription rights to purchase Holding Company Common Stock is zero. Accordingly, it is more likely than not that no gain or loss will be recognized by Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors upon distribution to them of nontransferable subscription rights to purchase shares of Holding Company Common Stock (Section 356(a) of the Code). Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors will not realize any taxable income as a result of their exercise of the nontransferable subscription rights (Rev. Rul. 56-572, 1956-2 C.B. 182).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. It is more likely than not that the fair market value at the effective date of the Conversion of the benefit to Eligible Account Holders and Supplemental Eligible Account Holders provided by an interest in the Bank Liquidation Account which they receive is zero. Pursuant to the Plan, the Bank Liquidation Account supports the payment of the Liquidation Account in the unlikely event that either the Bank (or the Holding Company and the Bank) were to liquidate after the Conversion (including a liquidation of the Bank or the Bank and the Holding Company in a purchase and assumption transaction with a credit union acquiror) when the Holding Company lacks sufficient net assets to pay distributions from the Liquidation Account when due. Accordingly, it is more likely than not that no gain or loss will be recognized by Eligible Account Holders and Supplemental Eligible Account Holders upon the distribution to them of such rights in the Bank Liquidation Account as of the effective date of the Conversion (Section 356(a) of the Code).

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. It is more likely than not that the basis of the Holding Company Common Stock purchased in the Offering by the exercise of the nontransferable subscription rights will be the purchase price thereof (Section 1012 of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The holding period of the Holding Company Common Stock purchased pursuant to the exercise of subscriptions rights will commence on the date on which the right to acquire such stock was exercised (Section 1223(5) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. No gain or loss will be recognized by the Holding Company on the receipt of money in exchange for Holding Company Common Stock sold in the Offering (Section 1032 of the Code).

Our opinion under paragraph 16 above is predicated on the representation that no person will receive any payment, whether in money or property, in lieu of the issuance of subscription rights. Our opinions under paragraph 14 is based on the position that the subscription rights to purchase shares of Holding Company Common Stock received by Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors have a fair market value of zero. We understand that the subscription rights will be granted at no cost to the recipients, will be legally nontransferable and of short duration, and will provide the recipient with the right only to purchase shares of Holding Company Common Stock at the same price to be paid by members of the general public in any Community Offering or Syndicated Community Offering. We also note that the IRS has not in the past concluded that subscription rights have value. In addition, we are relying on a letter from RP Financial, LC. to you stating its belief that subscription rights do not have any economic value at the time of distribution or at the time the rights are exercised in the Subscription Offering. Based on the foregoing, we believe it is more likely than not that the nontransferable subscription rights to purchase Holding Company Common Stock have no value.

If the subscription rights are subsequently found to have an economic value, income may be recognized by various recipients of the subscription rights (in certain cases, whether or not the rights are exercised) and the Holding Company and/or the Bank may be subject to tax on the distribution of the subscription rights.

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

Our opinion under paragraph 15 above is based on the premise that the benefit provided by the Bank Liquidation Account supporting the payment of the Liquidation Account in the event the Holding Company lacks sufficient net assets has a fair market value of zero at the time of the Conversion. The Bank Liquidation Account payment obligation arises only if the Holding Company lacks sufficient net assets to fund the Liquidation Account in a solvent liquidation of the Bank and/or Holding Company or if the Bank (or Bank and Holding Company) enters into a transaction to transfer its assets and liabilities to a credit union. We understand that: (i) no holder of an interest in a liquidation account has ever received payment of an interest in a liquidation account attributable to the liquidation of a solvent bank and/or holding company (other than as set forth below); (ii) the interests in the Liquidation Account and Bank Liquidation Account are not transferable by an Eligible Account Holder or Supplemental Eligible Account Holder; (iii) the amounts due under the Liquidation Account with respect to each Eligible Account Holder and Supplemental Eligible Account Holder will be reduced as their deposits in the Bank are reduced, as described in the Plan; and (iv) holders of an interest in a Liquidation Account have received payments of their interest in only a limited number of instances (out of hundreds of transactions involving mergers, acquisitions and the purchase of assets and assumptions of liabilities of holding companies and subsidiary banks). These instances involved the purchase and assumption of the bank's assets by a credit union. However, not all states permit the sale of a bank's assets to credit unions, further limiting the opportunity for this type of transaction. We also note that the U.S. Supreme Court in *Paulsen v. Commissioner,* 469 U.S. 131 (1985) stated the following:

The right to participate in the net proceeds of a solvent liquidation is also not a significant part of the value of the shares. Referring to the possibility of a solvent liquidation of a mutual savings association, this Court observed: "It stretches the imagination very far to attribute any real value to such a remote contingency, and when coupled with the fact that it represents nothing which the depositor can readily transfer, any theoretical value reduces almost to the vanishing point." *Society for Savings v. Bowers,* 349 U.S. 143, 150 (1955).

In the present case, we believe that the same analysis as was applied in *Paulsen* and *Society for Savings* can be applied to the extremely remote contingency that a depositor will, at some undetermined time in the future, realize value from the sale of the Bank's assets to a credit union. First, some states prohibit a credit union from acquiring a bank's assets through a purchase and assumption transaction. Second, although others do, as noted above, there have been only a limited number of instances where a credit union has acquired the assets of a bank where an amount representing the then-value of a liquidation account has been (or will be) paid to the bank's eligible depositors. These instances all involved former mutual banks that were required to establish liquidation accounts in a conversion to a stock bank and that later engaged in a purchase and assumption transaction with a credit union. Since 1816 (the date the first mutual bank was chartered in Massachusetts), only a limited number of former mutual banks out of hundreds of converted former mutual banks have engaged in purchase and assumption transactions with credit unions and have been required to distribute to their depositors the remains of any liquidation accounts. Under these circumstances, we agree with the statement by the Supreme Court in *Society for Savings* that "any theoretical value reduces almost to the vanishing point."

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

In addition, we are relying on a letter from RP Financial, LC. to you stating its belief that the benefit provided by the Bank Liquidation Account supporting the payment of the Liquidation Account does not have any economic value at the time of the Conversion. Based on the foregoing, we believe it is more likely than not that such rights in the Bank Liquidation Account have no value.

If the IRS were to subsequently find that the Bank Liquidation Account had economic value as of the time of the Conversion, each Eligible Account Holder and Supplemental Eligible Account Holder may need to recognize income in the amount of the fair market value of their interest in the Bank Liquidation Account as of the effective date of the Conversion. However, we are not aware of any situation where rights in a bank liquidation account have been found to have an economic value at the time of a mutual-to-stock conversion or a second-step conversion.

**LUSE GORMAN, PC**

ATTORNEYS AT LAW

Boards of Directors

United Roosevelt, MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

**<u>CONSENT</u>**

We hereby consent to the filing of the opinion as an exhibit to the Holding Company's Letter Application for Conversion filed with the Federal Reserve, and to the Holding Company's Registration Statement on Form S-1 as filed with the SEC. We also consent to the references to our firm in the Prospectus contained in the Application for Conversion and Form S-1 under the captions "The Conversion and Stock Offering-Material Income Tax Consequences" and "Legal and Tax Matters."

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| |
|:---|
| Very truly yours, |
| ![](image_8.jpg) |
| Luse Gorman, PC |

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## Exhibit 8.2

**Exhibit 8.2**

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|:---|:---|
| ![](image_9.jpg) | **271 Route 46 West** <br> **Suite D-109**<br> **Fairfield, NJ 07004**<br> **973.276.0044 phone**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**973.276.3226 fax**<br> **www.fasbhome.com** |

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September 10, 2025

Boards of Directors

United Roosevelt MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

11-15 Cooke Avenue

Carteret, NJ 07008

RE: New Jersey Income Tax Consequences Relating to the Conversion of United

Roosevelt MHC from a mutual to capital stock form of organization

To The Members of the Board of Directors:

You have asked for our opinion regarding New Jersey corporation business tax consequences and certain New Jersey personal income tax consequences that will result from the conversion of United Roosevelt MHC, a New Jersey chartered mutual holding company (the "Mutual Holding Company") from the mutual into the capital stock form of organization (the "Conversion"), pursuant to the Plan of Conversion and Reorganization United Roosevelt MHC, adopted September 8, 2025 (the "Plan"), and the integrated transactions described below. The relevant transactions referenced in the Plan and in the federal income tax opinion letter dated September 10, 2025 prepared by Luse Gorman, PC are summarized below. All capitalized terms used in this letter shall have the meanings assigned to them in the Plan, unless otherwise defined herein. We have not considered any non-income-based taxes, or federal, local, or foreign income tax consequences. We have also not considered New Jersey taxes other than those recited in this opinion or taxes that might be levied by other states, and, therefore, do not express any opinion regarding the treatment that would be given the transaction by the applicable authorities on any issues outside of the above-specified New Jersey taxes. We also express no opinion on non-tax issues such as corporate law or securities law matters. We express no opinion other than that as stated below, and neither this opinion nor any prior statements are intended to imply or to be an opinion on any other matters.

In rendering our opinion, we have relied upon the facts, information, assumptions and representations as contained in the Plan, including all exhibits attached thereto, and upon the "Description of Proposed Transactions" included within the federal income tax opinion regarding the Plan, as prepared by Luse Gorman, PC, dated September 10, 2025, (the "Federal Tax Opinion"). We have assumed these facts are complete and accurate and have not independently audited or otherwise verified any of these facts or assumptions. You have represented to us that we have been provided with all of the facts necessary to render our opinion.

A misstatement or omission of any fact or a change or amendment in any of the facts, assumptions or representations upon which we have relied may require a modification of all or a part of this opinion.

The discussion and conclusions set forth herein are based upon the New Jersey statutes and existing administrative and judicial interpretations thereof, as of the date of this letter, all of which are subject to change. If there is a change, including a change having retroactive effect, in the statues, or in the prevailing judicial interpretation of the foregoing, the opinions expressed herein would necessarily have to be re-evaluated in light of any such changes. We have no responsibility to update this opinion for any such changes occurring after the date of this letter.

Under the terms of the Plan, the Conversion will be affected, in part, by the following relevant transactions:

(i) The Holding Company will be organized as a first tier Maryland-chartered stock holding company subsidiary of United Roosevelt Bancorp,
a New Jersey corporation (the "Mid-Tier Holding Company").

(ii) The Mutual Holding Company will merge with and into the Mid-Tier Holding Company, with the Mid-Tier Holding Company as the surviving
entity (the "MHC Merger"), whereby the shares of Mid-Tier Holding Company common stock owned by the Mutual Holding Company will
be canceled and Qualifying Depositors (e.g., certain depositors of the Bank) will constructively receive liquidation interests in the
Mid-Tier Holding Company in exchange for their liquidation interests in the Mutual Holding Company.

(iii) Immediately after the MHC Merger, the Mid-Tier Holding Company will merge with and into the Holding Company (the "Mid-Tier Merger"),
with the Holding Company as the surviving entity. As part of the Mid-Tier Merger, the liquidation interests in Mid-Tier Holding Company
constructively received by the Qualifying Depositors will automatically, without further action on the part of the holders thereof, be
exchanged for an interest in the Liquidation Account.

(iv) Immediately after the Mid-Tier Merger, the Holding Company will offer for sale Holding Company Common Stock in the Offering.

(v) The Holding Company will contribute at least 50% of the net proceeds of the Offering to the Bank in constructive exchange for additional
shares of common stock of the Bank and in exchange for the Bank Liquidation Account.

Following the Conversion, a Liquidation Account will be maintained by the Holding Company for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders who continue to maintain their deposit accounts with the Bank. Pursuant to Section 19 of the Plan, the initial balances of the Liquidation Account will be equal to the Mid-Tier Holding Company's total stockholders' equity as reflected in the latest statement of financial condition contained in the final Prospectus used in the Conversion, plus the net assets of the Mutual Holding Company as reflected in the latest statement of financial condition of the Mutual Holding Company prior to the effective date of the Conversion (excluding its ownership of Mid-Tier Holding Company Common Stock). The terms of the Liquidation Account and Bank Liquidation Account, which supports the payment of the Liquidation Account in the event the Holding Company lacks sufficient net assets, are set forth in Section 19 of the Plan.

As a result of the Conversion and Offering, the Holding Company will be a publicly-held corporation, will register the Holding Company Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended, and will become subject to the rules and regulations thereunder and file periodic reports and proxy statements with the SEC. The Bank will become a wholly owned subsidiary of the Holding Company and will continue to carry on its business and activities as conducted immediately prior to the Conversion.

The stockholders of the Holding Company will be those persons who purchase shares of Holding Company Common Stock in the Offering. Nontransferable rights to subscribe for the Holding Company Common Stock have been granted, in order of priority, to Eligible Account Holders, the Bank's tax-qualified employee plans ("Employee Plans"), Supplemental Eligible Account Holders, and certain other depositors of the Bank as of the Voting Record Date who are entitled to vote at the Special Meeting of Depositors ("Other Depositors"). Subscription rights are nontransferable. The Holding Company will also offer shares of Holding Company Common Stock not subscribed for in the Subscription Offering, if any, for sale in a Community Offering to certain members of the general public (with preferences given first to persons residing in the Community), and if shares remain after the Subscription and Community Offerings, shares may be offered, at the sole discretion of the Holding Company, to members of the general public in a Syndicated Community Offering.

**<u>Scope of Opinion</u>**

Our views as to the New Jersey tax consequences rely on the Federal opinion which we understand to conclude as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The MHC Merger will qualify as a tax-tree reorganization within the meaning of Section 368(a)(1)(A) of
the Code (Section 368(a)(l)(A) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The constructive exchange of the Eligible Account Holders and Supplemental Eligible Account Holders liquidation
interests in the Mutual Holding Company for liquidation interests in the Mid-Tier Holding Company in the MHC Merger will satisfy the continuity
of interest requirement of Section 1.368-1(b) of the Income Tax Regulations (cf. Rev. Rul. 69-3, 1969-1 C.B. 103, and Rev. Rul. 69-646,
1969-2 C.B. 54).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No gain or loss will be recognized by the Mutual Holding Company on the transfer of its assets to the
Mid-Tier Holding Company and the Mid-Tier Holding Company's assumption of its liabilities, if any, in constructive exchange for liquidation
interests in the Mid-Tier Holding Company or on the constructive distribution of such liquidation interests to members of the Mutual Holding
Company (Section 361(a), 361(c) and 357(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by the Mid-Tier Holding Company upon the receipt of the assets of
the Mutual Holding Company in the MHC Merger in exchange for the constructive transfer of liquidation interests in the Mid-Tier Holding
Company to the members of the Mutual Holding Company (Section 1032(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Persons who have liquidation interests in the Mutual Holding Company will recognize no gain or loss upon
the constructive receipt of a liquidation interest in the Mid-Tier Holding Company in exchange for their liquidation interests in the
Mutual Holding Company (Section 354(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The basis of the assets of Mutual Holding Company (other than the stock in the Mid-Tier Holding Company)
to be received by the Mid-Tier Holding Company will be the same as the basis of such assets in the Mutual Holding Company immediately
prior to the transfer (Section 362(b) of the Code).

**<u>Scope of Opinion (Cont'd)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The holding period of the assets of the Mutual Holding Company transferred to the Mid-Tier Holding Company
will include the holding period of those assets in the Mutual Holding Company (Section 1223(2) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Mid-Tier Merger will constitute a mere change in identity, form or place of organization within the
meaning of Section 368(a)(1)(F) of the Code and, therefore, will qualify as a tax-free reorganization within the meaning
of Section 368(a)(1)(F) of the Code (Section 368(a)(1)(F) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Mid-Tier Holding Company will not recognize any gain or loss on the transfer of its assets to the
Holding Company and the Holding Company's assumption of its liabilities in exchange for shares of Holding Company Common Stock and the
constructive distribution of interests in the Liquidation Account to the Eligible Account Holders and Supplemental Eligible Account Holders
(Sections 361(a), 361(c) and 357(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. No gain or loss will be recognized by the Holding Company upon the receipt of the assets of Mid-Tier
Holding Company in the Mid-Tier Merger (Section 1032(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The basis of the assets of the Mid-Tier Holding Company (other than the stock in the Bank) to be received
by the Holding Company will be the same as the basis of such assets in the Mid-Tier Holding Company immediately prior to the transfer
(Section 362(b) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The holding period of the assets of Mid-Tier Holding Company (other than the stock in the Bank) to
be received by the Holding Company will include the holding period of those assets in the Mid-Tier Holding Company immediately prior to
the transfer (Section 1223(2) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Eligible Account Holders and Supplemental Eligible Account Holders will not recognize any gain or loss
upon the constructive exchange of their liquidation interests in Mid-Tier Holding Company for interests in the Liquidation Account in
the Holding Company (Section 354 of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. It is more likely than not that the fair market value of the nontransferable subscription rights to purchase
Holding Company Common Stock is zero. Accordingly, it is more likely than not that no gain or loss will be recognized by Eligible Account
Holders, Supplemental Eligible Account Holders and Other Depositors upon distribution to them of nontransferable subscription rights to
purchase shares of Holding Company Common Stock (Section 356(a) of the Code). Eligible Account Holders, Supplemental Eligible Account
Holders and Other Depositors will not realize any taxable income as a result of their exercise of the nontransferable subscription rights
(Rev. Rul. 56-572, 1956-2 C.B. 182).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. It is more likely than not that the fair market value at the effective date of the Conversion of
 the benefit to Eligible Account Holders and Supplemental Eligible Account Holders provided by an interest in the Bank Liquidation
 Account which they receive is zero. Pursuant to the Plan, the Bank Liquidation Account supports the payment of the Liquidation
 Account in the unlikely event that either the Bank (or the Holding Company and the Bank) were to liquidate after the Conversion
 (including a liquidation of the Bank or the Bank and the Holding Company in a purchase and assumption transaction with a credit
 union acquiror) when the Holding Company lacks sufficient net assets to pay distributions from the Liquidation Account when due.
 Accordingly, it is more likely than not that no gain or loss will be recognized by Eligible Account Holders and Supplemental
 Eligible Account Holders upon the distribution to them of such rights in the Bank Liquidation
Account as of the effective date of the Conversion (Section 356(a) of the Code).

**<u>Scope of Opinion (Cont'd)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. It is more likely than not that the basis of the Holding Company Common Stock purchased in the Offering
by the exercise of the nontransferable subscription rights will be the purchase price thereof (Section 1012 of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The holding period of the Holding Company Common Stock purchased pursuant to the exercise of subscriptions
rights will commence on the date on which the right to acquire such stock was exercised (Section 1223(5) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. No gain or loss will be recognized by the Holding Company on the receipt of money in exchange for Holding
Company Common Stock sold in the Offering (Section 1032 of the Code).

The opinion under paragraph 16 above is predicated on the representation that no person will receive any payment, whether in money or property, in lieu of the issuance of subscription rights. The opinions under paragraph 14 is based on the position that the subscription rights to purchase shares of Holding Company Common Stock received by Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors have a fair market value of zero. The understanding that the subscription rights will be granted at no cost to the recipients, will be legally nontransferable and of short duration, and will provide the recipient with the right only to purchase shares of Holding Company Common Stock at the same price to be paid by members of the general public in any Community Offering or Syndicated Community Offering. The opinion notes that the IRS has not in the past concluded that subscription rights have value. In addition, the opinion relies on a letter from RP Financial, LC. to you stating its belief that subscription rights do not have any economic value at the time of distribution or at the time the rights are exercised in the Subscription Offering. Based on the foregoing, the opinion believes it is more likely than not that the nontransferable subscription rights to purchase Holding Company Common Stock have no value.

If the subscription rights are subsequently found to have an economic value, income may be recognized by various recipients of the subscription rights (in certain cases, whether or not the rights are exercised) and the Holding Company and/or the Bank may be subject to tax on the distribution of the subscription rights.

The opinion under paragraph 15 above is based on the premise that the benefit provided by the Bank Liquidation Account supporting the payment of the Liquidation Account in the event the Holding Company lacks sufficient net assets has a fair market value of zero at the time of the Conversion. The Bank Liquidation Account payment obligation arises only if the Holding Company lacks sufficient net assets to fund the Liquidation Account in a solvent liquidation of the Bank and/or Holding Company or if the Bank (or Bank and Holding Company) enters into a transaction to transfer its assets and liabilities to a credit union. The opinion understands that: (i) no holder of an interest in a liquidation account has ever received payment of an interest in a liquidation account attributable to the liquidation of a solvent bank and/or holding company (other than as set forth below); (ii) the interests in the Liquidation Account and Bank Liquidation Account are not transferable by an Eligible Account Holder or Supplemental Eligible Account Holder; (iii) the amounts due under the Liquidation Account with respect to each Eligible Account Holder and Supplemental Eligible Account Holder will be reduced as their deposits in the Bank are reduced, as described in the Plan; and (iv) holders of an interest in a Liquidation Account have received payments of their interest in only a limited number of instances (out of hundreds of transactions

**<u>Scope of Opinion (Cont'd)</u>**

involving mergers, acquisitions and the purchase of assets and assumptions of liabilities of holding companies and subsidiary banks). These instances involved the purchase and assumption of the bank's assets by a credit union. However, not all states permit the sale of a bank's assets to credit unions, further limiting the opportunity for this type of transaction. The opinion also noted that the U.S. Supreme Court in *Paulsen v. Commissioner*, 469 U.S. 131 (1985) stated the following:

The right to participate in the net proceeds of a solvent liquidation is also not a significant part of the value of the shares. Referring to the possibility of a solvent liquidation of a mutual savings association, this Court observed: "It stretches the imagination very far to attribute any real value to such a remote contingency, and when coupled with the fact that it represents nothing which the depositor can readily transfer, any theoretical value reduces almost to the vanishing point." *Society for Savings v. Bowers*, 349 U.S. 143, 150 (1955).

In the present case, the opinion believes that the same analysis as was applied in *Paulsen and Society for Savings* can be applied to the extremely remote contingency that a depositor will, at some undetermined time in the future, realize value from the sale of the Bank's assets to a credit union. First, some states prohibit a credit union from acquiring a bank's assets through a purchase and assumption transaction. Second, although others do, as noted above, there have been only a limited number of instances where a credit union has acquired the assets of a bank where an amount representing the then-value of a liquidation account has been (or will be) paid to the bank's eligible depositors. These instances all involved former mutual banks that were required to establish liquidation accounts in a conversion to a stock bank and that later engaged in a purchase and assumption transaction with a credit union. Since 1816 (the date the first mutual bank was chartered in Massachusetts), only a limited number of former mutual banks out of hundreds of converted former mutual banks have engaged in purchase and assumption transactions with credit union and have been required to distribute to their depositors the remains of any liquidation accounts. Under these circumstances, the opinion agrees with the statement by the Supreme Court in *Society for Savings* that "any theoretical value reduces almost to the vanishing point."

In addition, the opinion is relying on a letter from RP Financial, LC. to you stating its belief that the benefit provided by the Bank Liquidation Account supporting the payment of the Liquidation Account does not have any economic value at the time of the Conversion. Based on the foregoing, the opinion believes it is more likely than not that such rights in the Bank Liquidation Account have no value.

If the IRS were to subsequently find that the Bank Liquidation Account had economic value as of the time of the Conversion, each Eligible Account Holder and Supplemental Eligible Account Holder may need to recognize income in the amount of the fair market value of their interest in the Bank Liquidation Account as of the effective date of the Conversion. However, the opinion is not aware of any situation where rights in a bank liquidation account have been found to have an economic value at the time of a mutual-to-stock conversion or a second-step conversion.

**<u>Law and Analysis</u>**

A taxpayer's entire net income for New Jersey Corporation Business Tax (CBT) is initially equal to its federal taxable income before net operating losses and special deductions (N.J.R.S. §54:10A-4(k)). There are specified adjustments that must be made to federal taxable income to determine entire net income, however, none are pertinent here (N.J.R.S. §54:10A-4).

**<u>Opinions</u>**

Based on our review of the federal tax opinion provided from Luse Gorman, PC dated September 10, 2025, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To the extent that the MHC Merger will qualify as a tax-tree reorganization within the meaning of Section
368(a)(1)(A) of the Code (Section 368(a)(l)(A) of the Code), such treatment will be the same for New Jersey Corporation Business Tax (N.J.R.S.
 §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To the extent the constructive exchange of the Eligible Account Holders and Supplemental Eligible Account
Holders liquidation interests in the Mutual Holding Company for liquidation interests in the Mid-Tier Holding Company in the MHC Merger
will satisfy the continuity of interest requirement of Section 1.368-1(b) of the Income Tax Regulations (cf. Rev. Rul. 69-3, 1969-1 C.B.
103, and Rev. Rul. 69-646, 1969-2 C.B. 54), such treatment will be the same for New Jersey Corporation Business Tax (N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To the extent no gain or loss will be recognized by the Mutual Holding Company on the transfer of its
assets to the Mid-Tier Holding Company and the Mid-Tier Holding Company's assumption of its liabilities, if any, in constructive exchange
for liquidation interests in the Mid-Tier Holding Company or on the constructive distribution of such liquidation interests to members
of the Mutual Holding Company (Section 361(a), 361(c) and 357(a) of the Code), such treatment will be the same for New Jersey Corporation
Business Tax (N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To the extent no gain or loss will be recognized by the Mid-Tier Holding Company upon the receipt of
the assets of the Mutual Holding Company in the MHC Merger in exchange for the constructive transfer of liquidation interests in the Mid-Tier
Holding Company to the members of the Mutual Holding Company (Section 1032(a) of the Code), such treatment will be the same for New Jersey
Corporation Business Tax (N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To the extent persons who have liquidation interests in the Mutual Holding Company will recognize no
gain or loss upon the constructive receipt of a liquidation interest in the Mid-Tier Holding Company in exchange for their liquidation
interests in the Mutual Holding Company (Section 354(a) of the Code), such treatment will be the same for New Jersey Gross Income Tax
(N.J.R.S. §54A:5-1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To the extent the basis of the assets of Mutual Holding Company (other than the stock in the Mid-Tier
Holding Company) to be received by the Mid-Tier Holding Company will be the same as the basis of such assets in the Mutual Holding Company
immediately prior to the transfer (Section 362(b) of the Code), such treatment will be the same for New Jersey Corporation Business Tax
(N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. To the extent the holding period of the assets of the Mutual Holding Company transferred to the Mid-Tier
Holding Company will include the holding period of those assets in the Mutual Holding Company (Section 1223(2) of the Code), such treatment
will be the same for New Jersey Corporation Business Tax (N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. To the extent the Mid-Tier Merger will constitute a mere change in identity, form or place of organization
within the meaning of Section 368(a)(1)(F) of the Code and, therefore, will qualify as a tax-free reorganization within the meaning
of Section 368(a)(1)(F) of the Code (Section 368(a)(1)(F) of the Code), such treatment will be the same for New Jersey Corporation Business
Tax (N.J.R.S. §54:10A-4(k)).

**<u>Opinions (Cont'd)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. To the extent the Mid-Tier Holding Company will not recognize any gain or loss on the transfer of its
assets to the Holding Company and the Holding Company's assumption of its liabilities in exchange for shares of Holding Company Common
Stock and the constructive distribution of interests in the Liquidation Account to the Eligible Account Holders and Supplemental Eligible
Account Holders (Sections 361(a), 361(c) and 357(a) of the Code), such treatment will be the same for New Jersey Corporation Business
Tax (N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. To the extent no gain or loss will be recognized by the Holding Company upon the receipt of the assets
of Mid-Tier Holding Company in the Mid-Tier Merger (Section 1032(a) of the Code), such treatment will be the same for New Jersey Corporation
Business Tax (N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. To the extent the basis of the assets of the Mid-Tier Holding Company (other than the stock in the Bank)
to be received by the Holding Company will be the same as the basis of such assets in the Mid-Tier Holding Company immediately prior to
the transfer (Section 362(b) of the Code), such treatment will be the same for New Jersey Corporation Business Tax (N.J.R.S. §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. To the extent the holding period of the assets of Mid-Tier Holding Company (other than the stock in
the Bank) to be received by the Holding Company will include the holding period of those assets in the Mid-Tier Holding Company immediately
prior to the transfer (Section 1223(2) of the Code), such treatment will be the same for New Jersey Corporation Business Tax (N.J.R.S.
 §54:10A-4(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. To the extent Eligible Account Holders and Supplemental Eligible Account Holders will not recognize
any gain or loss upon the constructive exchange of their liquidation interests in Mid-Tier Holding Company for interests in the Liquidation
Account in the Holding Company (Section 354 of the Code), such treatment will be the same for New Jersey Gross Income Tax (N.J.R.S. §54A:5-1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. To the extent it is more likely than not that the fair market value of the nontransferable subscription
rights to purchase Holding Company Common Stock is zero. Accordingly, it is more likely than not that no gain or loss will be recognized
by Eligible Account Holders, Supplemental Eligible Account Holders and Other Depositors upon distribution to them of nontransferable subscription
rights to purchase shares of Holding Company Common Stock (Section 356(a) of the Code). Eligible Account Holders, Supplemental Eligible
Account Holders and Other Depositors will not realize any taxable income as a result of their exercise of the nontransferable subscription
rights (Rev. Rul. 56-572, 1956-2 C.B. 182), such treatment will be the same for New Jersey Gross Income Tax (N.J.R.S. §54A:5-1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. To the extent it is more likely than not that the fair market value at the effective date of the Conversion
of the benefit to Eligible Account Holders and Supplemental Eligible Account Holders provided by an interest in the Bank Liquidation Account
which they receive is zero. Pursuant to the Plan, the Bank Liquidation Account supports the

**<u>Opinions (Cont'd)</u>**

payment of the Liquidation Account in the unlikely event that either the Bank (or the Holding Company and the Bank) were to liquidate after the Conversion (including a liquidation of the Bank or the Bank and the Holding Company in a purchase and assumption transaction with a credit union acquiror) when the Holding Company lacks sufficient net assets to pay distributions from the Liquidation Account when due. Accordingly, it is more likely than not that no gain or loss will be recognized by Eligible Account Holders and Supplemental Eligible Account Holders upon the distribution to them of such rights in the Bank Liquidation Account as of the effective date of the Conversion (Section 356(a) of the Code), such treatment will be the same for New Jersey Gross Income Tax (N.J.R.S. §54A:5-1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. To the extent it is more likely than not that the basis of the Holding Company Common Stock purchased
in the Offering by the exercise of the nontransferable subscription rights will be the purchase price thereof (Section 1012 of the Code),
such treatment will be the same for New Jersey Gross Income Tax (N.J.R.S. §54A:5-1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. To the extent the holding period of the Holding Company Common Stock purchased pursuant to the exercise
of subscriptions rights will commence on the date on which the right to acquire such stock was exercised (Section 1223(5) of the Code),
such treatment will be the same for New Jersey Gross Income Tax (N.J.R.S. §54A:5-1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. To the extent no gain or loss will be recognized by the Holding Company on the receipt of money in exchange
for Holding Company Common Stock sold in the Offering (Section 1032 of the Code), such treatment will be the same for New Jersey Corporation
Business Tax (N.J.R.S. §54:10A-4(k)).

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

Since this letter is provided in advance of the closing of the Plan, we have assumed that the Plan will be consummated. Any change to the Plan could cause us to modify the opinion expressed herein.

Our opinion is limited to New Jersey income tax matters described above and does not address any other New Jersey tax considerations. If any of the information on which we have relied upon is incorrect, or if changes in the relevant facts occur after the date hereof, our opinion could be affected thereby. Moreover, our opinion is based on the New Jersey tax laws. These laws are all subject to change, and such change may be made with retroactive effect. We can give no assurance that, after such change, our opinion would not be different. We undertake no responsibility to update or supplement our opinion. This opinion is not binding on New Jersey, and there can be no assurance, and none is hereby given, that New Jersey will not take a position contrary to one or more of the positions reflected in the foregoing opinion, or that our opinion will be upheld by the courts if challenged by New Jersey.

**<u>Consent</u>**

We hereby consent to the filing of the opinion as an exhibit to the Mutual Holding Company's Application for Conversion filed with the Federal Reserve Board and to the Holding Company's Registration Statement on Form S-l as filed with the SEC. We also consent to the references to our firm in the Prospectus contained in the Application for Conversion and Form S-l under the captions "The Conversion and Offering-Material Income Tax Consequences" and "Legal Matters."

Very truly yours,

![](image_10.jpg)

Hamilton and Babitts

Certified Public Accountant

## Exhibit 10.5

**Exhibit 10.5**

**UNITED ROOSEVELT SAVINGS BANK NONQUALIFIED DEFERRED COMPENSATION PLAN**

The United Roosevelt Savings Bank Nonqualified Deferred Compensation Plan (the "Plan") was established by the United Roosevelt Savings Bank effective October 1, 2021, and amended and restated effective as of December 15, 2024. The Plan is now amended and restated again effective as of September 1, 2025.

The Plan is a nonqualified deferred compensation plan for a select group of management or highly compensated employees. The Plan is intended to meet the requirements of

Section 409A of the Internal Revenue Code of 1986, as amended, to achieve deferral of taxation until deferred amounts are distributed in accordance with the terms of the Plan.

**1.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **"Account"** shall mean an account established on the books of the Company for the purpose of recording amounts credited on behalf of a Participant and any income, expenses, gains or losses included thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1.2** **"Administrator"** shall mean the Board, or a committee established by the Board for the purpose of administrating the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **"Beneficiary"** means the person or persons, trust or other entity designated in writing by a Participant to receive payments under the Plan upon the death of a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **"Board"** means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **"Bonus"** means any discretionary performance-based cash bonuses paid for services with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **"Bonus Deferrals"** means the deferrals elected by the Participant pursuant to Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Cash Fees**" means any cash compensation payable to a Participant in cash for service as a Non-Employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**Cash Fee Deferrals**" means the deferral of Cash Fees that a Participant elects pursuant to Section 3.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **"Change in Control"** means the first to occur of any of the following events: (i) a Change in Ownership of the Company, (ii) a Change in Effective Control of the Company or (iii) a Change in the Ownership of a Substantial Portion of the Assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A "Change in Ownership" of the Company occurs on the date that any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A "Change in Effective Control" of the Company occurs on the date that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 35 percent or more of the total voting power of the stock of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a majority of members of the Company's board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company's board of directors prior to the date of the appointment or election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A "Change in the Ownership of a Substantial Portion of the Assets of the Company" occurs on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12 month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. There is no Change in Control event under this Section 1.9(c) when there is a transfer to an entity that is controlled by the shareholders of the transferring corporation immediately after the transfer.

The determination of whether a Change in Control event has occurred will be made in accordance with the requirements of Code Section 409A and the guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** **"Code"** means the Internal Revenue Code of 1986, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** **"Company"** shall mean United Roosevelt Savings Bank and any other subsidiary corporation controlled by the Company that adopts this Plan with the permission of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** **"Deferral Account"** means the Account which is maintained with respect to the Salary Deferrals, Cash Fee Deferrals and Bonus Deferrals of the Participant and any hypothetical earnings or losses thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**Discretionary Matching Contribution**" means the amount the Company contributes to the Plan on behalf of a Participant, pursuant to Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Discretionary Matching Contribution Account**" means a separate account maintained for each Participant to record the Discretionary Matching Contributions made to the Plan pursuant to Section 4.1, plus all earnings and losses allocable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** **"Investment Option**" means any available investment strategy selected by the Participant that determines the value of the Participant's Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** "**Non-Employee Director**" means a director of the Company who is not an employee of the Company or a subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** **"Participant"** shall be each employee who has been selected for participation by the Administrator, who satisfies all conditions of eligibility, and any Non-Employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** **"Plan"** means the United Roosevelt Savings Bank Nonqualified Deferred Compensation Plan, the Plan set forth herein, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20** **"Plan Year"** means a 12-consecutive month period commencing January 1st and ending on the following December 31st.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21** **"Qualified Plan"** means the Retirement Plan of United Roosevelt Savings Bank and any successor plan thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22** **"Salary Deferrals"** means the deferrals elected by the Participant pursuant to Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** **"Termination"** means a Participant's "separation from service" as defined under Treas. Reg. § 1.409A-1(h) or a Participant's termination of service as a Non-Employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24** **"Unforeseeable Emergency"** means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant's spouse, or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25** **"Valuation Date"** means any day on which the New York Stock Exchange or any successor to its business is open for trading.

**2.** **ELIGIBILITY AND PARTICIPATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Eligibility for Participation:** Participation in the Plan is limited to those individuals who are at the "executive officer" level and Non-Employee Directors. No individual shall be eligible for selection unless he/she meets one or more of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To be eligible to make Salary Deferrals or Bonus Deferrals for a Plan Year, the individual must by employed at a job designation at the "executive officer" level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To be eligible to make Cash Fee Deferrals for a Plan Year, the individual must be in service as a Non-Employee Director of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be eligible to receive Discretionary Matching Contributions, if any, the employee Participants must make a Salary Deferral election or a Bonus Deferral election for the Plan Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Commencement of Participation:** Each Participant shall be provided an opportunity to designate irrevocably, prior to each Plan Year (or, in the Participant's first year of eligibility, within 30 days following the date the Participant became eligible), his or her elections pursuant to Article 3. Any such designation must be made in the manner authorized by the Administrator and must be accompanied by, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an irrevocable authorization for the Company to make regular deductions to cover the amount of such deferrals elected pursuant to Section 3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an irrevocable authorization to defer receipt of a percentage of future Bonus amounts for any year as elected under Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a designation of Beneficiary (unless a valid designation has previously been provided); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a designation as to the form and timing of the distribution of each of the Participant's Accounts as provided under Sections 6.1 and 6.2.

Each Participant's elections pursuant to this Section 2.2 (other than with respect to Cash Fees) shall be automatically renewed for each subsequent Plan Year unless the Participant makes a new deferral election prior to the beginning of the Plan Year, pursuant to this Section 2.2. Except as set forth in Section 6.4, any subsequent changes in elections will only be applicable for future deferrals, including changes with respect to the form and timing of distributions, and will not affect amounts for which a prior election has been made and become irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Cessation of Participation:** A Participant shall cease to be an active Participant on the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the date on which the Plan terminates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which he or she ceases to be eligible to participate in the Plan under Section 2.1.

A former active Participant will be deemed a Participant for all purposes except with respect to the right to make deferrals, as long as he or she maintains a Participant Account.

**3.** **DEFERRAL OF COMPENSATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Salary Deferrals:** Each Participant eligible to make Salary Deferrals may authorize the Company by which he or she is employed, in the manner described in Section 2.2, to have Salary Deferrals made on his or her behalf. Such election shall apply to the Participant's salary attributable to services performed in the Plan Year subsequent to the year of the election (or the year of an automatic renewal of an election, as applicable pursuant to Section 2.2). Such Salary Deferrals shall be a stated percentage of the Participant's salary, up to 50 percent, or a flat dollar amount as designated by the Participant. A Participant's election to make a Salary Deferral or the automatic renewal of such election shall be irrevocable as of the beginning of the applicable Plan Year. A Participant's new election to make a Salary Deferral shall continue in effect for each subsequent Plan Year unless otherwise elected by the Participant pursuant to Section 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Bonus Deferrals:** Notwithstanding deferrals made under Section 3.1, by December 31 of each year or such earlier date as the Administrator may determine, each Participant eligible to make Bonus Deferrals may authorize the Company by which he or she is employed, in the manner described in Section 2.2, to defer a percentage of his or her Bonus that would otherwise be payable for services performed in the Plan Year beginning on the January 1 immediately following such December 31. Such Bonus Deferrals shall be a stated percentage of the Participant's Bonus, up to 100 percent, or a flat dollar amount as designated by the Participant. A Participant's new election to defer a Bonus shall continue in effect for each subsequent Plan Year unless otherwise elected by the Participant pursuant to Section 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Cash Fee Deferrals**: Each Participant who is a Non-Employee Director may authorize the Company to defer up to 100% of his or her Cash Fees that would otherwise be payable for services performed in a calendar year. Such Cash Fee Deferrals shall be a stated percentage of the Participant's Cash Fees for such period, up to 100%, or a flat dollar amount as such Participant shall designate. A Participant must make an election with respect to Cash Fees earned in a calendar year. A Participant must make a new election to defer Cash Fees for each subsequent calendar year and such election must be made prior to the start of the calendar year to which the election applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **First Year of Eligibility:** In the case of the first year in which a Participant becomes eligible to participate in the Plan, such Participant's election with respect to Sections 3.1, 3.2, and 3.3 may be made with respect to services to be performed subsequent to the election within 30 days following the date the Participant becomes eligible to participate in the Plan.

**4.** **EMPLOYER CONTRIBUTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Discretionary Matching Contributions:** The Company may, but need not, make a Discretionary Matching Contribution to the Plan on behalf of a Participant in such amount as the Company shall determine in its sole discretion. Any Discretionary Matching Contribution shall be credited to the Participant's Discretionary Matching Contribution Account as soon as practicable following the last day of the Plan Year to which the Discretionary Matching Contribution relates and no later than the March 15 immediately following the Plan Year. The Company is under no obligation to make a Discretionary Matching Contribution for a Plan Year. Discretionary Matching Contributions need not be uniform among Participants. Discretionary Matching Contributions shall be fully vested at the same time as the Participant's matching contributions under the Qualified Plan are vested.

**5.** **INVESTMENT OF CONTRIBUTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Establishment of Accounts:** The Company shall establish Accounts for each Participant, but only to the extent the Participant has amounts to be allocated to such Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Deferral Account to which shall be credited the Participant's Salary Deferrals and Bonus Deferrals and Cash Fee Deferrals, as applicable, and any deemed earnings and losses credited thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Discretionary Matching Contribution Account to which shall be credited the Participant's Discretionary Matching Contributions, if any, and any deemed earnings and losses credited thereto.

Each Participant shall receive periodic statements (no less frequently than quarterly) reflecting the balances in his or her Participant Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Obligation of the Company:** Individual benefits under the Plan are payable as they become due solely from the general assets of the Company. To the extent a Participant, or any person, acquires a right to receive payments under this Plan, such right shall be no greater than the right of any general creditor of the Company. Neither this Plan, nor any action taken pursuant to the terms of this Plan, shall be considered to create a fiduciary relationship between the Company and the Participant, or any other persons, or to require the establishment of a trust in which the assets are beyond the claims of any general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Investment Crediting: A** Participant shall elect the Investment Option that determines the earnings or losses on the value of the Participant's Account. The Administrator reserves the right to modify or change the available Investment Options, in its discretion, subject to applicable law. The availability of certain Investment Options may be subject to change without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Options shall be for the sole purpose of determining the value of the earnings and losses on the Participant's Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of satisfying its obligations to provide benefits under this Plan and to track the value of the Participant's Account, the Administrator may purchase assets that mirror or correspond to the Investment Options selected by the Participant. The Administrator may invest in similar assets if the actual Investment Option is not available. Any underlying asset purchased by the Company that may mirror Investment Options or for determining gains and losses in the Participant's Account shall be solely owned by the Company. For clarify, the Company has no obligation to fund the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If no Investment Option is elected by the Participant, interest on the Participant's Account for a Plan Year shall be credited based on the greater of (a) the 12-month percent change in Consumer Price Index for All Urban Consumers (CPI-U), not seasonally adjusted, as of the December preceding the Plan Year plus 2% or (b) 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Crediting Investment Results:** No less frequently than as of each Valuation Date, each Participant Account will be increased or decreased to reflect investment results. Notwithstanding the above, the amount of any payment of Plan benefits pursuant to Article 6 or upon Plan termination shall be determined as of the Valuation Date preceding the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **<u>Stock Units Account – One-Time Election/Opportunity</u>**. In connection with the initial stock offering of URSB Bancorp, Inc. (the "Offering"), a Participant may elect that all or any part of amounts contributed to the Participant's Account, which is vested, be credited to a stock unit account (the "Stock Units Account"). The Participant may not make any such election following the Offering. All amounts credited to the Stock Units Account shall be applied to the crediting of stock units. The number of stock units credited to the Participant's Stock Units Account shall equal the amount initially invested in the Stock Units Account divided by the fair market value of one share of common stock as of URSB Bancorp, Inc. (the "Common Stock") on the date of the Offering. Fractional stock units will be used. Each stock unit shall be deemed to pay dividends as if it were one share of Common Stock, and any such deemed dividends will result in the crediting of additional stock units to the Stock Units Account as of the date the dividend is paid with the number of stock units so credited to be calculated based on the fair market value of one share of Common Stock as of the date the dividend is paid. After the crediting of stock units to the Stock Units Account, subsequent fluctuations in the fair market value of the Common Stock shall not result in any change in the number of such stock units then credited to the Stock Units Account. In the event of any change in the outstanding Common Stock by reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination or exchange of shares or other similar corporate change, then the Stock Units Account of shall be adjusted by the Administrator in a reasonable manner to compensate for the change, and any such adjustment by the Administrator shall be conclusive and binding for all purposes of the Plan. Any distribution from the Stock Units Account must be solely in the form of whole shares of Common Stock and cash will not be distributed in lieu of fractional shares.

**6.** **PAYMENT AND AMOUNT OF BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Form of Distribution:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Participant shall elect the form and timing of the distribution with respect to his or her Participant Account in the manner authorized by the Plan and the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant's election shall indicate that a payment shall be made in a lump sum, in 120 substantially equal monthly installments (over 10 years), or in a lifetime annuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Participant elects a monthly installment distribution, the amount of each installment shall be determined by multiplying the Participant's remaining Account balance by a fraction, the numerator of which is one (1) and the denominator of which is the number of months remaining in the installment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Participant elects a lifetime annuity distribution, the amount of each installment shall be made in equal monthly payments as an actuarially equivalent single life annuity payable for the life of the Participant in an amount as determined by the terms of the Investment Option, as elected by the Participant in his or her Account, that provide for income payments. If the Investment Option does not provide for a specified income feature, the payment amount shall be determined by the value in the Account that is associated with the Investment Option selected by the Participant, and shall be calculated as an actuarially equivalent single life annuity payable for the life of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Participant fails to timely make an election with respect to the form of distribution of his or her Account(s) as provided in this Section 6.1, the Participant will be deemed to have elected distribution in a lump sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Time of Distribution:** Each Participant shall elect the timing of the distribution with respect to his or her Participant Account in the manner authorized by the Plan and the Administrator. The Participant's election(s) shall indicate that payment shall be made (in the case of a lump sum election) or shall commence (in the case of an installment or annuity election):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 45 days following the Participant's Termination; provided, however, if the Participant is a key employee (as defined in Code Section 416(i) without regard to paragraph (5) thereof) and the stock of the Company is publicly traded on an established securities market, distributions shall not commence before the date which is 6 months following the date of Termination (or, if earlier, the death of the Participant); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in a specific month and year, but in no event later than the first of the month following the Participant's 75th birthday.

If the Participant fails to timely make an election with respect to the timing of distribution of his or her Account(s) as provided in this Section 6.2, the Participant will be deemed to have elected to have his or her benefits distributed or commence distribution on or within 45 days following the Participant's Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Change in Control:** Notwithstanding the elections made in accordance with Sections 6.1 and 6.2 above, in the event of a Change in Control, an election shall be superseded, and all amounts payable pursuant to this Plan paid in a lump sum or within 15 days of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Change in Form or Time of Distribution:** A Participant may change his or her form and timing election applicable to the distribution of an Account under Sections 6.1 and 6.2, provided that such request for change (i) does not take effect until at least twelve (12) months after the date on which it is made, (ii) with respect to payments made at a specified time or pursuant to a fixed schedule, is made at least twelve (12) months prior to the date on which such distribution would otherwise have been made or commenced and (iii) with respect to elections under Section 6.1 and 6.2, the first payment with respect to such new election is deferred for a period of not less than five (5) years beyond the date such distribution would otherwise have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Distribution after Death:** If a Participant dies prior to receiving the entire amounts credited to his or her Participant Accounts, the remaining amounts shall be paid to the Participant's Beneficiary designated by the Participant at the time and in the form as previously elected by the Participant under Section 6.1, 6.2 and 6.3 (*i.e.*, there are no special distribution elections for distribution upon death). In the case of an election for amounts to be paid as of Termination, the Participant's death shall be considered a Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **De Minimis Distributions:** Notwithstanding the provisions of Sections 6.1, 6.2, 6.3, 6.4 and 6.5 with respect to the form of distribution, if, as of the Participant's Termination or death and prior to the commencement of installment or annuity payments, the value of amounts in all of the Participant's Accounts (determined as of the Valuation Date immediately preceding such date) is less than $10,000, the entire balance in the Participant's Accounts shall be distributed to the Participant (or if the Participant is deceased, the Participant's Beneficiary) as a lump sum payment (in cash, or in the event an annuity election, in kind if elected by the Participant or Beneficiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Distribution Due to Unforeseeable Emergency:** Distributions hereunder may commence if the Administrator determines, based upon uniform, established standards consistent with Treas. Reg. § 1.409A-3(i)(3), that the Participant has incurred an Unforeseeable Emergency. The amount distributed under this Section 6.7 shall not exceed the amount necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or maybe relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant's assets (to the extent the liquidation of such assets would not itself cause severe financial hardship.) Distributions under this Section 6.7 shall be distributed from the Participant's Deferral Account under Section 5.1. Distributions under this Section 6.7 from a Participant's Deferral Account shall first be debited from the Participant's Salary Deferrals (or Cash Fee Deferrals, if applicable) and then from the Participant's Bonus Deferrals, and any deemed earnings and losses credited thereto. No distribution under this Section 6.7 shall be made from the Participant's Discretionary Matching Contribution Account under Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **Termination for Willful, Deliberate or Gross Misconduct:** In the event that a Participant (i) is discharged for willful, deliberate, or gross misconduct as determined by the Board or a duly constituted committee thereof; or (ii) if following the Participant's Termination and, within a period of three years thereafter, the Participant engages in any business or enters into any employment which the Board or a duly constituted committee thereof determines to be either directly or indirectly competitive with the business of the Company or substantially injurious to the Company's financial interest (the occurrence of an event described in (i) or (ii) shall be referred to as "Injurious Conduct"), all amounts attributable to the Discretionary Matching Contribution Account shall be forfeited. Further, the Board or a duly constituted committee thereof, in its discretion, may require the Participant who has engaged in Injurious Conduct to return any amounts attributable to the Discretionary Matching Contribution Account previously received by the Participant, provided the right to require repayment under this Section 6.8 must be exercised within ninety (90) days after the Board (or committee, as the case may be) first learns of the Injurious Conduct, but in no event later than twenty-four (24) months after the Participant's Termination. A Participant may request the Board or a duly constituted committee thereof, in writing, to determine whether any proposed business or employment activity would constitute Injurious Conduct. Such a request shall fully describe the proposed activity and the Board's (or the committee's, as the case may be) determination shall be limited to the specific activity so described.

**7.** **FINANCING** 

No Participant shall have any right or interest in any such policy or the proceeds thereof or in any other specific fund or asset of the Company as a result of the Plan. The rights of Participants to benefit payments hereunder shall be no greater than those of a general creditor.

**8.** **AMENDMENT OR TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Plan Amendment:** The Plan may be amended or otherwise modified by the Administrator, in whole or in part, provided that no amendment or modification shall divest any Participant of any amount previously credited to his or her Participant Accounts under Article 3 and 4 or of the amount and method of crediting earnings to such Participant Accounts under Article 5 of the Plan as of the date of such amendment. Notwithstanding the foregoing, this Section 8.1 shall not prohibit a spin-off or transfer of liabilities from this Plan to another plan provided the new plan provides the affected Participant with the same benefits or amounts after the spin-off or transfer as the affected Participant had under this Plan prior to the spin-off or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Termination of the Plan:** The Administrator reserves the right to terminate the Plan at any time in whole or in part. In the event of any such termination, the Company shall pay a benefit to the Participant or the Beneficiary of any deceased Participant, in lieu of other benefits hereunder, equal to the value of the Participant's Accounts in the form and at the benefit commencement date elected by the Participant pursuant to Article 6 of the Plan. Earnings shall continue to be allocated under Article 5 of the Plan after the termination of the Plan until the Participant's benefits have been paid in full notwithstanding the termination of the Plan.

**9.** **ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Administration:** Responsibility for establishing the requirements for participation and for administration of the Plan shall be vested in the Administrator, which shall have the full and exclusive discretionary authority to interpret the Plan, to determine all benefits and to resolve all questions arising from the administration, interpretation, and application of their provisions, either by general rules or by particular decisions, including determinations as to whether a claimant is eligible for benefits, the amount, form and timing of benefits, and any other matter (including any question of fact) raised by a claimant or identified by the Administrator. The Administrator may delegate administrative tasks as necessary to persons who are not Administrator members. All decisions of the Administrator shall be conclusive and binding upon all affected persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Plan Expenses:** The expenses of administering the Plan shall be borne by the Company. No employee shall receive any remuneration for service in such capacity. However, expenses of the Administrator or its members paid or incurred in connection with administering the Plan shall be reimbursed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Liability:** The Company shall indemnify and hold harmless the members of the Administrator against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan, except in the case of gross negligence or willful misconduct.

**10.** **CLAIMS PROCEDURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Claim:** Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Administrator which shall respond in writing as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Denial of Claim:** If the claim or request is denied, the written notice of denial shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The reasons for denial, with specific reference to the Plan provisions on which the denial is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A description of any additional material or information required and an explanation of why it is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) An explanation of the Plan's claim review procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Review of Claim:** Any person whose claim or request is denied or who has not received a response within thirty (30) days may request review by notice given in writing to the Administrator. The claim or request shall be reviewed by the Administrator who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Final Decision:** The decision on review shall normally be made within sixty (60) days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified, and the time limit shall be one hundred twenty (120) days. The decision shall be in writing and shall state the reasons and the relevant Plan provisions. All decisions on review shall be final and bind all parties concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **Attorney's Fees and Expenses:** In the event a Participant's claim for benefits under this Plan is denied and the Participant successfully appeals the denial of such claim under the foregoing procedures, the Company shall pay or reimburse the legal fees and expenses directly incurred by the Participant in connection with his appeal subject to a maximum payment or reimbursement of one-third of the balance of the Participant's Accounts. Any such legal fees and expenses shall be paid to, or on behalf of, the Participant no later than thirty (30) days following the Participant's written request for the payment of such legal fees and expenses, provided the Participant supplies the Administrator with evidence of the fees and expenses incurred by the Participant that the Administrator, in its sole discretion, determines is sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** **Interest on Delayed Payments:** Further, in the event a Participant's claim for benefits under this Plan is denied and the Participant successfully appeals the denial of such claim under the foregoing procedures, the Company shall pay to the Participant interest on the portion of the Participant's benefits that were not otherwise paid when due because of the initial

denial of the claim. For purposes of the preceding sentence, interest shall accrue at an annual rate equal to the prime rate as quoted in the Wall Street Journal as of the date the benefits would otherwise have been paid if the claim had not initially been denied, plus five percent (5%), and shall be adjusted as necessary to reflect any partial payment or payments of the amounts owed to the Participant.

**11.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Non-Alienation of Benefits:** No amount payable under the Plan shall be subject to assignment, transfer, sale, pledge, encumbrance, alienation or charge by a Participant or the Beneficiary of a Participant except as may be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Limitation of Rights:** Neither the establishment of this Plan, nor any modification thereof, nor the creation of an Account, nor the payment of any benefits shall be construed as giving:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Participant, Beneficiary, or any other person whomsoever, any legal or equitable right against the Company unless such right shall be specifically provided for in the Plan or conferred by affirmative action of the Administrator in accordance with the terms and provisions of the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Participant, or other person whomsoever, the right to be retained in the service of the Company, and all Participants and other employees shall remain subject to termination to the same extent as if the Plan had never been adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **Incapacity:** In the event that the Administrator shall find that a Participant or other person entitled to benefits hereunder is unable to care for his or her affairs because of illness or accident, the Administrator may direct that any benefit payment due him or her, unless claim shall have been made therefor by a duly appointed legal representative, be paid to the Participant's spouse, child, parent or other blood relative, or to a person with whom he or she resides, and any such payment so made shall be a complete discharge of the liabilities of the Company, any employing company and the Plan therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Withholding:** There shall be deducted from all payments under this Plan the amount of any taxes required to be withheld by any Federal, state or local government. The Participants and their Beneficiaries, distributees, and personal representatives will bear any and all Federal, foreign, state, local or other income or other taxes imposed on amounts paid under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** **Severability:** Should any provision of the Plan or any regulations adopted thereunder be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions or regulations unless such invalidity shall render impossible or impractical the functioning of the Plan and, in such case, the appropriate parties shall adopt a new provision or regulation to take the place of the one held illegal or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** **Controlling Law:** The Plan shall be governed by the laws of the State of New Jersey except to the extent preempted by ERISA and any other law of the United States.

**SIGNATURE**

IN WITNESS WHEREOF, the Company has executed this Plan as of the 8<sup>th</sup> day of September 2025.

/s/ Amanda D'Alessio

## Ex-21

**Exhibit 21**

**Subsidiaries of the Registrant**

The following is a list of the subsidiaries of URSB Bancorp, Inc.:

---

| | |
|:---|:---|
| <u>Name</u> | <u>State of Incorporation</u> |
| United Roosevelt Savings Bank | New Jersey |
| United Roosevelt Securities Corp. <sup>(1)</sup> | New Jersey |

---

(1) Wholly owned subsidiary of United Roosevelt Savings Bank

## Exhibit 23.3

**Exhibit 23.3**

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| | |
|:---|:---|
| ![](tm2525410d1_ex99-6img001.jpg) | **RP<sup>®</sup> FINANCIAL, LC.** |
| ![](tm2525410d1_ex99-6img001.jpg) | **Advisory \| Planning \| Valuation** |

---

September 10, 2025

Boards of Directors<br> United Roosevelt MHC<br> United Roosevelt Bancorp<br> URSB Bancorp, Inc.<br> United Roosevelt Savings Bank<br> 11-15 Cooke Avenue

Carteret, New Jersey 07008

Members of the Boards of Directors:

We hereby consent to the use of our firm's name in the Registration Statement on Form S-1, and any amendments thereto, to be filed with the Securities and Exchange Commission. We also hereby consent to the inclusion of, summary of and references to our Valuation Appraisal Report and any Valuation Appraisal Report Updates in such filings including the prospectus of URSB Bancorp, Inc. We also consent to the reference to our firm under the heading "Experts" in the prospectus.

---

| |
|:---|
| Sincerely, |
| RP<sup>®</sup> FINANCIAL, LC. |
| ![](tm2525410d1_ex23-3img001.jpg) |

---

---

| | |
|:---|:---|
| **Washington Headquarters** |  |
| 1311-A Dolley Madison Boulevard | Telephone: (703) 528-1700 |
| Suite 2A | Fax No.: (703) 528-1788 |
| McLean, VA 22101 | Toll-Free No.: (866) 723-0594 |
| www.rpfinancial.com | E-Mail: mail@rpfinancial.com |

---

## Exhibit 23.4

**Exhibit 23.4**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Registration Statement on Form S-1 of URSB Bancorp, Inc. of our report dated September 12, 2025, relating to the consolidated financial statements of United Roosevelt, MHC and Subsidiaries as of December 31, 2024 and 2023, and for the years then ended, appearing in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our firm under the heading "Experts" in such Prospectus.

/s/ Wolf & Company, P.C.

Boston, Massachusetts

September 12, 2025

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| ![](tm2525410d1_ex99-1img01.jpg) | **RP<sup>®</sup> FINANCIAL, LC.** |
| ![](tm2525410d1_ex99-1img01.jpg) | **Advisory \| Planning \| Valuation** |

---

July 2, 2025

Mr. Kenneth R. Totten

Chairman, President and Chief Executive Officer

United Roosevelt Savings Bank

11-15 Cooke Avenue

Carteret, New Jersey 07008

Dear Mr. Totten:

This letter sets forth the agreement between United Roosevelt Savings Bank, Carteret, New Jersey (the "Bank"), the wholly-owned subsidiary of United Roosevelt Bancorp (the "Company"), which in turn is the subsidiary of United Roosevelt MHC (the "MHC"), and RP<sup>®</sup> Financial, LC. ("RP Financial"), whereby RP Financial will provide the independent conversion appraisal services in conjunction with the conversion transaction by the MHC. The scope, timing and fee structure for these appraisal services are described below.

These appraisal services will be directed by the undersigned, with the assistance of a Director and a consulting associate.

***<u>Description of Appraisal Services</u>***

RP Financial will provide conversion appraisal services consistent with the applicable conversion regulations, regulatory appraisal guidelines and standard valuation practices. In this regard, RP Financial will provide a written pro forma valuation report of the proposed stock holding company of the Bank (the "Stock Holding Company") to be filed with the conversion application, interim appraisal updates as appropriate to the reflect changes in valuation prior to closing, and the required updated appraisal to set the closing value.

In conjunction with these appraisal services, RP Financial will conduct a financial due diligence, including interviews of senior management and reviews of historical and pro forma financial information, the business plan, and other documents. This review will provide RP Financial insight into the operations, financial condition, profitability, market area, risks and key internal and external factors impacting the Bank, all of which will be considered in estimating the pro forma market value. The appraisal report will include an analysis of the Bank's financial condition and operating results, as well as an assessment of the interest rate, credit, and liquidity risks. The appraisal report will take into consideration the Bank's business strategies, market area, prospects for the future and specified use of proceeds. A peer group analysis relative to certain relatively comparable publicly-traded banking companies will be conducted for the purpose of determining appropriate valuation adjustments for the Bank relative to the peer group's pricing ratios.

We will review pertinent sections of the Stock Holding Company's prospectus and conduct discussions with representatives of the Bank to obtain necessary data and information for the appraisal report, including key deal elements such as dividend policy, use of proceeds, reinvestment rate, tax rate, offering expenses, and characteristics of stock plans.

---

| | |
|:---|:---|
| 1311-A Dolley Madison Blvd. | Direct: (703) 647-6546 |
| Suite 2A | Main: (703) 528-1700 |
| McLean, VA 22101 | Fax: (703) 528-1788 |
| wpommerening@rpfinancial.com | www.rpfinancial.com |

---

*Mr. Kenneth R. Totten*

*July 2, 2025<br> Page 2*

The original appraisal report will establish a midpoint pro forma market value in accordance with the applicable regulatory requirements. The appraisal report may be periodically updated throughout the conversion process, and there will be at least one updated appraisal that would be prepared at the time of the closing of the stock offering to determine the number of shares to be issued in accordance with the conversion regulations. In the event of a syndicated community offering, it will be necessary to file an update in conjunction with the close of the subscription offering and prior to the pricing phase in the syndicated community offering.

RP Financial agrees to deliver the original appraisal report and subsequent updates, in writing, to the Bank at the above address in conjunction with the filing of the regulatory conversion applications and amendments thereto. Subsequent updates will be filed promptly as certain events occur which would warrant the preparation and filing of such appraisal updates pursuant to regulatory guidelines. Further, RP Financial agrees to perform such other services as are necessary or required in connection with the regulatory review of the appraisal and respond to the regulatory comments, if any, regarding the original appraisal and subsequent updates.

In the event of a syndicated community offering phase, RP Financial will participate in the various all hands calls regarding the offering results, pricing discussions and timing.

RP Financial shall formally present the appraisal report, including the appraisal methodology, peer group selection and assumptions, to the Board of Directors for review and consideration. If appropriate, RP Financial will present subsequent updates to the Board. It is understood that this appraisal may be presented either in person or telephonically.

***<u>Fee Structure and Payment Schedule</u>***

The Bank agrees to pay RP Financial fees for preparation and delivery of the original appraisal report and subsequent appraisal updates as shown in the detail below, plus reimbursable expenses. Payment of these fees shall be made according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $10,000 upon execution of this letter of agreement
engaging RP Financial's appraisal services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $65,000 upon delivery of the completed original
appraisal report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $10,000 upon delivery of each subsequent appraisal
update report required in conjunction with the regulatory application and stock offering. It is anticipated that there will be at least
one appraisal update report, specifically the update to be prepared in conjunction with the completion of the stock offering.

The Bank will reimburse RP Financial for reasonable out-of-pocket expenses incurred in preparation of the original appraisal and subsequent updates. Such out-of-pocket expenses will likely include travel (if necessary), printing, shipping, reasonable counsel fees, computer and data services, and will not exceed $7,500 in the aggregate, without the Bank's prior authorization to exceed this level.

In the event the MHC shall, for any reason, discontinue the proposed transaction prior to delivery of the completed original appraisal report or subsequent updates and payment of the

*Mr. Kenneth R. Totten*

*July 2, 2025<br> Page 3*

corresponding fees, the Bank agrees to compensate RP Financial according to RP Financial's standard billing rates for consulting services based on accumulated and verifiable time expenses, not to exceed the respective fee caps noted above, after applying full credit to the initial retainer fee towards such payment, together with reasonable out-of-pocket expenses, subject to the cap on such expenses as set forth above. RP Financial's standard billing rates range from $125 per hour for research associates to $550 per hour for managing directors.

If during the course of the proposed transaction, unforeseen events occur so as to materially change the nature or the work content of the services described in this contract, the terms of said contract shall be subject to renegotiation by the Bank and RP Financial. Such unforeseen events shall include, but not be limited to, material changes to the structure of the transaction such as inclusion of a simultaneous business combination transaction, material changes in the conversion regulations, appraisal guidelines or processing procedures as they relate to conversion appraisals, material changes in management or procedures, operating policies or philosophies, and excessive delays or suspension of processing of conversion applications by the regulators such that completion of the conversion transaction requires the preparation by RP Financial of a new appraisal.

***<u>Covenants, Representations and Warranties</u>***

The Bank and RP Financial agree to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Bank agrees to make available or to supply to RP Financial such information with respect to its business and financial condition as RP Financial may reasonably request in order to provide the aforesaid valuation. Such information heretofore or hereafter supplied or made available to RP Financial shall include: annual financial statements, periodic regulatory filings and material agreements, debt instruments, off balance sheet assets or liabilities, commitments and contingencies, unrealized gains or losses and corporate books and records. All information provided by the Bank to RP Financial shall remain strictly confidential (unless such information is otherwise made available to the public), and if the conversion is not consummated or the services of RP Financial are terminated hereunder, RP Financial shall promptly return to the Bank the original and any copies of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Bank represents and warrants to RP Financial that any information provided to RP Financial does not and will not, to the best of the Bank's knowledge, at the times it is provided to RP Financial, contain any untrue statement of a material fact or in response to informational requests by RP Financial fail to state a material fact necessary to make the statements therein not false or misleading in light of the circumstances under which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Bank agrees that it will indemnify and hold harmless RP Financial, any affiliates of RP Financial, the respective members, officers, agents and employees of RP Financial or their successors and assigns who act for or on behalf of RP Financial in connection with the services called for under this agreement (hereinafter referred to as "RP Financial"), from and against any and all losses, claims, damages and liabilities (including, but not limited to, reasonable attorneys fees, and all losses and expenses in connection with claims under the federal securities laws) attributable to (i) any untrue statement or alleged untrue statement of a material fact contained in the financial statements or other information furnished or otherwise provided by the Bank to RP Financial, either orally or in writing; (ii) the omission or alleged omission of a material fact from the financial statements or other information furnished or otherwise made available by

*Mr. Kenneth R. Totten*

*July 2, 2025<br> Page 4*

the Bank to RP Financial; or (iii) any action or omission to act by the Bank, or the Bank's respective officers, directors, employees or agents, which action or omission is undertaken in bad faith or is negligent. The Bank will be under no obligation to indemnify RP Financial hereunder if a court determines that RP Financial was negligent or acted in bad faith with respect to any actions or omissions of RP Financial related to a matter for which indemnification is sought hereunder. Reasonable time devoted by RP Financial to situations for which RP Financial is deemed entitled to indemnification hereunder, shall be an indemnifiable cost payable by the Bank at the normal hourly professional rate chargeable by such employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) RP Financial shall give written notice to the Bank of such claim or facts within thirty days of the assertion of any claim or discovery of material facts upon which RP Financial intends to base a claim for indemnification hereunder, including the name of counsel that RP Financial intends to engage in connection with any indemnification related matter. In the event the Bank elects, within seven days of the receipt of the original notice thereof, to contest such claim by written notice to RP Financial, the Bank shall not be obligated to make payments under Section 3(c), but RP Financial will be entitled to be paid any amounts payable by the Bank hereunder within five days after the final non-appealable determination of such contest either by written acknowledgement of the Bank or a decision of a court of competent jurisdiction or alternative adjudication forum, unless it is determined in accordance with Section 3(c) hereof that RP Financial is not entitled to indemnity hereunder. If the Bank does not so elect to contest a claim for indemnification by RP Financial hereunder, RP Financial shall (subject to the Bank's receipt of the written statement and undertaking under Section 3(c) hereof) be paid promptly and in any event within thirty days after receipt by the Bank of detailed billing statements or invoices for which RP Financial is entitled to reimbursement under Section 3(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the Bank's right to contest under Section 3(b) hereof, the Bank shall pay for or reimburse the reasonable expenses, including reasonable attorneys' fees, incurred by RP Financial in advance of the final disposition of any proceeding within thirty days of the receipt of such request if RP Financial furnishes the Bank: (1) a written statement of RP Financial's good faith belief that it is entitled to indemnification hereunder; (2) a written undertaking to repay the advance if it ultimately is determined in a final, non-appealable adjudication of such proceeding that it or he is not entitled to such indemnification; and (3) a detailed invoice of the expenses for which reimbursement is sought. It being understood in connection with the foregoing that the Bank shall not be responsible for the fees and expenses of more than one counsel in any matter for which indemnification is sought by RP Financial hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event the Bank does not pay any indemnified loss or make advance reimbursements of expenses in accordance with the terms of this agreement, RP Financial shall have all remedies available at law or in equity to enforce such obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity obligations of the Bank set forth above shall be subject to Section 18(1c) of the Federal Deposit Insurance Act and the regulations promulgated thereunder.

This agreement constitutes the entire understanding of the Bank and RP Financial concerning the subject matter addressed herein, and such contract shall be governed and construed in accordance with the Commonwealth of Virginia. This agreement may not be modified, supplemented or amended except by written agreement executed by both parties.

The Bank and RP Financial are not affiliated, and neither the Bank nor RP Financial has an economic interest in, or is held in common with, the other and has not derived a significant

*Mr. Kenneth R. Totten*

*July 2, 2025<br> Page 5*

portion of its gross revenues, receipts or net income for any period from transactions with the other. RP Financial represents and warrants that it is not aware of any fact or circumstance that would cause it not to be "independent" within the meaning of the conversion regulations of the federal banking agencies or otherwise prohibit or restrict in anyway RP Financial from serving in the role of independent appraiser for the Bank.

\* \* \* \* \* \* \* \* \* \* \*

Please acknowledge your agreement to the foregoing by signing as indicated below and returning to RP Financial a signed copy of this letter, together with the initial retainer fee of $10,000.

---

| |
|:---|
| Sincerely, |
| ![](image_004.jpg) |
| William E. Pommerening |
| Chief Executive Officer and Managing Director |

---

---

| | | |
|:---|:---|:---|
| Agreed to and Accepted by: | Kenneth R. Totten | /s/ Kenneth R. Totten |
|  | Chairman, President and Chief Executive Officer | Chairman, President and Chief Executive Officer |

---

Upon Authorization by the Board of Directors for: United Roosevelt Savings Bank Carteret, New Jersey

Date Executed: July 2, 2025

## Exhibit 99.2

**Exhibit 99.2**

---

| | |
|:---|:---|
| ![](tm2525410d1_ex99-6img001.jpg) | **RP<sup>®</sup> FINANCIAL, LC.** |
| ![](tm2525410d1_ex99-6img001.jpg) | **Advisory \| Planning \| Valuation** |

---

September 10, 2025

Boards of Directors

United Roosevelt MHC

United Roosevelt Bancorp

URSB Bancorp, Inc.

United Roosevelt Savings Bank

11-15 Cooke Avenue

Carteret, New Jersey 07008

Re: Plan of Conversion

United Roosevelt MHC

United Roosevelt Bancorp

<u>United Roosevelt Savings Bank</u>

Members of the Boards of Directors:

All capitalized terms not otherwise defined in this letter have the meanings given such terms in the Plan of Conversion (the "Plan") adopted by the Boards of Directors of United Roosevelt MHC (the "MHC"), United Roosevelt Bancorp and United Roosevelt Savings Bank (the "Bank"). The Plan provides for the conversion of the MHC into the capital stock form of organization. Pursuant to the Plan, a new Maryland stock holding company named URSB Bancorp, Inc. (the "Company") will be organized and will sell shares of common stock in a public offering. When the conversion is completed, all of the capital stock of the Bank will be owned by the Company and all of the common stock of the Company will be owned by public stockholders.

We understand that in accordance with the Plan, subscription rights to purchase shares of common stock in the Company are to be issued to: (1) Eligible Account Holders; (2) Tax-Qualified Plans including the Bank's employee stock ownership plan (the "ESOP"); (3) Supplemental Eligible Account Holders; and (4) Other Depositors. Based solely upon our observation that the subscription rights will be available to such parties without cost, will be legally non-transferable and of short duration, and will afford such parties the right only to purchase shares of common stock at the same price as will be paid by members of the general public in the community and syndicated community offerings but without undertaking any independent investigation of state or federal law or the position of the Internal Revenue Service with respect to this issue, we are of the belief that, as a factual matter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the subscription rights will have no ascertainable market value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the price at which the subscription rights are exercisable will not be more or less than the pro forma
market value of the shares upon issuance.

Changes in the local and national economy, the legislative and regulatory environment, the stock market, interest rates, and other external forces (such as natural disasters or significant world events) may occur from time to time, often with great unpredictability and may materially impact the value of thrift stocks as a whole or the Company's value alone. Accordingly, no assurance can be given that persons who subscribe to shares of common stock in the subscription offering will thereafter be able to buy or sell such shares at the same price paid in the subscription offering.

Sincerely,

![](tm2525410d1_ex99-2img001.jpg)

RP Financial, LC.

---

| | |
|:---|:---|
| **Washington Headquarters** |  |
| 1311-A Dolley Madison Boulevard | Telephone: (703) 528-1700 |
| Suite 2A | Fax No.: (703) 528-1788 |
| McLean, VA 22101 | Toll-Free No.: (866) 723-0594 |
| www.rpfinancial.com | E-Mail: mail@rpfinancial.com |

---

## Exhibit 99.3

**Exhibit 99.3** 

**PRO FORMA VALUATION REPORT**

**STANDARD CONVERSION**

**URSB Bancorp, Inc. │**Carteret, New Jersey

**HOLDING COMPANY FOR:<br> United Roosevelt Savings Bank │**Carteret, New Jersey

**Dated as of August 5, 2025**

![](tm2525410d1_ex99-3img01.jpg)

 ****

1311-A Dolley Madison Boulevard

Suite 2A

McLean, Virginia 22101

703.528.1700 rpfinancial.com

![](tm2525410d1_ex99-3img02.jpg)

August 5, 2025

Boards of Directors

United Roosevelt MHC

United Roosevelt Bancorp<br> URSB Bancorp, Inc.<br> United Roosevelt Savings Bank

11-15 Cooke Avenue

Carteret, New Jersey 07008

Members of the Boards of Directors:

At your request, we have completed and hereby provide an independent appraisal ("Appraisal") of the estimated pro forma market value of the common stock which is to be issued in connection with the mutual-to-stock conversion transaction described below.

This Appraisal is furnished pursuant to the requirements stipulated in the Code of Federal Regulations and has been prepared in accordance with the "Guidelines for Appraisal Reports for the Valuation of Savings and Loan Associations Converting from Mutual to Stock Form of Organization" (the "Valuation Guidelines") of the Office of Thrift Supervision ("OTS") and accepted by the Federal Reserve Board ("FRB"), the Office of the Comptroller of the Currency ("OCC"), the Federal Deposit Insurance Corporation ("FDIC") and the New Jersey Department of Banking and Insurance (the "Department"), and applicable regulatory interpretations thereof.

<u>Description of Plan of Conversion</u>

On September 8, 2025, the Board of Directors of United Roosevelt MHC (the "MHC"), United Roosevelt Bancorp and United Roosevelt Savings Bank (also referred as the "Bank") adopted the plan of conversion whereby the MHC will convert to stock form. As a result of the conversion, United Roosevelt Bancorp, which currently owns all of the issued and outstanding common stock of the Bank will be succeeded by a newly formed Maryland corporation with the name of URSB Bancorp, Inc. ("URSB Bancorp" or the "Company"). Following the conversion, the MHC and United Roosevelt Bancorp will cease to exist and the Bank will be a wholly-owned subsidiary of URSB Bancorp. For purposes of this document, the existing consolidated entity will hereinafter be referred to as URSB Bancorp or the Company, unless otherwise identified as United Roosevelt Bancorp.

URSB Bancorp will offer its common stock in a subscription offering to Eligible Account Holders, Tax-Qualified Plans including United Roosevelt Savings Bank's employee stock ownership plan (the "ESOP"), Supplemental Eligible Account Holders and Other Depositors, as such terms are defined in the Company's prospectus for purposes of applicable federal regulatory guidelines governing mutual-to-stock conversions. To the extent shares remain available for purchase after satisfaction of all subscriptions received in the subscription offering, the shares may be offering for sale to members of the general public in a community offering and a syndicated community

---

| | |
|:---|:---|
| **Washington Headquarters** |  |
| 1311-A Dolley Madison Boulevard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone: (703) 528-1700 |
| Suite 2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax No.: (703) 528-1788 |
| McLean, VA 22101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll-Free No.: (866) 723-0594 |
| www.rpfinancial.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Mail: mail@rpfinancial.com |

---

*Boards of Directors<br> August 5, 2025<br> Page 2* 

offering. A portion of the net proceeds received from the sale of the common stock will be used to purchase all of the then to be issued and outstanding capital stock of United Roosevelt Savings Bank and the balance of the net proceeds will be retained by the Company.

At this time, no other activities are contemplated for the Company other than the ownership of the Bank, a loan to the newly-formed ESOP and reinvestment of the proceeds that are retained by the Company. In the future, URSB Bancorp may acquire or organize other operating subsidiaries, diversify into other banking-related activities, pay dividends or repurchase its stock, although there are no specific plans to undertake such activities at the present time.

The plan of conversion provides for the establishment of a new charitable foundation (the "Foundation"). The Foundation contribution will total $400,000 and will be funded with 20,000 shares of URSB Bancorp common stock and $200,000 in cash. The purpose of the Foundation is to provide financial support to charitable organizations in the communities in which United Roosevelt Savings Bank operates and to enable those communities to share in the Bank's long-term growth. The Foundation will be dedicated completely to community activities and the promotion of charitable causes.

<u>RP<sup>®</sup> Financial, LC.</u>

RP<sup>®</sup> Financial, LC. ("RP Financial") is a financial consulting firm serving the financial services industry nationwide that, among other things, specializes in financial valuations and analyses of business enterprises and securities, including the pro forma valuation for savings institutions converting from mutual-to-stock form. The background and experience of RP Financial is detailed in Exhibit V-1. We believe that, except for the fee we will receive for the Appraisal, we are independent of the Company, the Bank, the MHC and the other parties engaged by the Bank or the Company to assist in the stock conversion process.

<u>Valuation Methodology</u>

In preparing our Appraisal, we have reviewed the regulatory applications of the Company, the Bank and the MHC, including the prospectus as filed with the FRB, the FDIC, the Department and the Securities and Exchange Commission ("SEC"). We have conducted a financial analysis of the Company, the Bank and the MHC that has included a review of audited financial information for the years ended December 31, 2020 through December 31, 2024 and, and a review of various unaudited information and internal financial reports through June 30, 2025, and due diligence related discussions with the Company's management; Wolf & Company, PC, the Company's independent auditor; Luse Gorman, PC, the Company's conversion counsel and Janney Montgomery Scott LLC, the Company's marketing advisor in connection with the stock offering. All assumptions and conclusions set forth in the Appraisal were reached independently from such discussions. In addition, where appropriate, we have considered information based on other available published sources that we believe are reliable. While we believe the information and data gathered from all these sources are reliable, we cannot guarantee the accuracy and completeness of such information.

*Boards of Directors<br> August 5, 2025<br> Page 3* 

We have investigated the competitive environment within which URSB Bancorp operates and have assessed URSB Bancorp's relative strengths and weaknesses. We have kept abreast of the changing regulatory and legislative environment for financial institutions and analyzed the potential impact on URSB Bancorp and the industry as a whole. We have analyzed the potential effects of the stock conversion on URSB Bancorp's operating characteristics and financial performance as they relate to the pro forma market value of URSB Bancorp. We have reviewed the economic and demographic characteristics of the Company's primary market area. We have compared URSB Bancorp's financial performance and condition with selected publicly-traded thrifts in accordance with the Valuation Guidelines, as well as all publicly-traded thrifts and thrift holding companies. We have reviewed the current conditions in the securities markets in general and the market for thrift stocks in particular, including the market for existing thrift issues and initial public offerings by thrifts and thrift holding companies. We have excluded from such analyses thrifts subject to announced or rumored acquisition, and/or institutions that exhibit other unusual characteristics.

The Appraisal is based on URSB Bancorp's representation that the information contained in the regulatory applications and additional information furnished to us by URSB Bancorp and its independent auditor, legal counsel and other authorized agents are truthful, accurate and complete. We did not independently verify the financial statements and other information provided by URSB Bancorp, or its independent auditor, legal counsel and other authorized agents nor did we independently value the assets or liabilities of URSB Bancorp. The valuation considers URSB Bancorp only as a going concern and should not be considered as an indication of URSB Bancorp's liquidation value.

Our appraised value is predicated on a continuation of the current operating environment for URSB Bancorp and for all thrifts and their holding companies. Changes in the local, state and national economy, the legislative and regulatory environment for financial institutions and mutual holding companies, the stock market, interest rates, and other external forces (such as natural disasters or significant world events) may occur from time to time, often with great unpredictability and may materially impact the value of thrift stocks as a whole or the value of URSB Bancorp's stock alone. It is our understanding that there are no current plans for selling control of URSB Bancorp following completion of the conversion. To the extent that such factors can be foreseen, they have been factored into our analysis.

The estimated pro forma market value is defined as the price at which URSB Bancorp's common stock, immediately upon completion of the stock offering, would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

<u>Valuation Conclusion</u>

It is our opinion that, as of August 5, 2025, the estimated aggregate pro forma market value of the shares to be issued immediately following the conversion, including shares to be issued to the Foundation, equaled $17,700,000 at the midpoint, equal to 1,770,000 shares offered at a per share value of $10.00. Pursuant to conversion guidelines, the 15% valuation range indicates a minimum value of $15,075,000 and a maximum value of $20,325,000. Based on the $10.00 per share offering price determined by the Board, this valuation range equates to total shares outstanding of 1,507,500 at the minimum and 2,032,500 at the maximum. In the

*Boards of Directors<br> August 5, 2025<br> Page 4*

event the appraised value is subject to an increase, the aggregate pro forma market value may be increased up to a super maximum value of $23,343,750 without a resolicitation. Based on the $10.00 per share offering price, the super maximum value would result in total shares outstanding of 2,334,375. Based on this valuation range, the offering range is as follows: $14,875,000 at the minimum, $17,500,000 at the midpoint, $20,125,000 at the maximum and $23,143,750 at the super maximum. Based on the $10.00 per share offering price, the number of offering shares is as follows: 1,487,500 at the minimum, 1,750,000 at the midpoint, 2,012,500 at the maximum and 2,314,375 at the super maximum.

<u>Limiting Factors and Considerations</u>

The valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of the common stock. Moreover, because such valuation is determined in accordance with applicable regulatory guidelines and is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of common stock in the conversion offering will thereafter be able to buy or sell such shares at prices related to the foregoing valuation of the estimated pro forma market value thereof. The appraisal reflects only a valuation range as of this date for the pro forma market value of URSB Bancorp immediately upon issuance of the stock and does not take into account any trading activity with respect to the purchase and sale of common stock in the secondary market on the date of issuance of such securities or at anytime thereafter following the completion of the stock offering.

RP Financial's valuation was based on the financial condition, operations and shares outstanding of URSB Bancorp as of June 30, 2025, the date of the financial data included in the prospectus.

RP Financial is not a seller of securities within the meaning of any federal and state securities laws and any report prepared by RP Financial shall not be used as an offer or solicitation with respect to the purchase or sale of any securities. RP Financial maintains a policy which prohibits RP Financial, its principals or employees from purchasing stock of its client institutions.

This valuation will be updated as provided for in the conversion regulations and guidelines. These updates will consider, among other things, any developments or changes in the financial performance and condition of URSB Bancorp, management policies, and current conditions in the equity markets for thrift shares, both existing issues and new issues. These updates may also consider changes in other external factors which impact value including, but not limited to: various changes in the legislative and regulatory environment for financial institutions, the stock market and the market for thrift stocks, and interest rates. Should any such new developments or changes be material, in our opinion, to the valuation of the shares, appropriate adjustments to the estimated pro forma market value will be made. The reasons for any such adjustments will be explained in the update at the date of the release of

*Boards of Directors<br> August 5, 2025<br> Page 5* 

the update. The valuation will also be updated at the completion of URSB Bancorp's stock offering.

---

| |
|:---|
| Respectfully submitted, |
| RP<sup>®</sup> FINANCIAL, LC. |
| ![](tm2525410d1_ex99-3img03.jpg) |
| William E. Pommerening |
| Managing Director |
| ![](tm2525410d1_ex99-3img04.jpg) |
| Gregory E. Dunn |
| Director |

---

---

| |
|:---|
| **RP<sup>®</sup> Financial, LC.** |
| **i** |

---

*****TABLE OF CONTENTS*****

***URSB BANCORP, INC.***

***UNITED ROOSEVELT SAVINGS BANK***

***Carteret, New Jersey***

---

| | | |
|:---|:---|:---|
|  |  | PAGE |
| <u>DESCRIPTION</u> |  | <u>NUMBER</u> |
| <u>CHAPTER ONE</u> | OVERVIEW AND FINANCIAL ANALYSIS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | &nbsp;&nbsp;&nbsp;&nbsp;I.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan of Conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan of Conversion | &nbsp;&nbsp;&nbsp;&nbsp;I.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Overview | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Overview | &nbsp;&nbsp;&nbsp;&nbsp;I.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance Sheet Trends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance Sheet Trends | &nbsp;&nbsp;&nbsp;&nbsp;I.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and Expense Trends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and Expense Trends | &nbsp;&nbsp;&nbsp;&nbsp;I.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk Management | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk Management | &nbsp;&nbsp;&nbsp;&nbsp;I.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending Activities and Strategy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending Activities and Strategy | &nbsp;&nbsp;&nbsp;&nbsp;I.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Quality | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Quality | &nbsp;&nbsp;&nbsp;&nbsp;I.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funding Composition and Strategy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funding Composition and Strategy | &nbsp;&nbsp;&nbsp;&nbsp;I.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Activity | &nbsp;&nbsp;&nbsp;&nbsp;I.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings | &nbsp;&nbsp;&nbsp;&nbsp;I.17 |
| <u>CHAPTER TWO</u> | MARKET AREA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | &nbsp;&nbsp;&nbsp;&nbsp;II.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Economic Factors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Economic Factors | &nbsp;&nbsp;&nbsp;&nbsp;II.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Area Demographics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Area Demographics | &nbsp;&nbsp;&nbsp;&nbsp;II.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Economy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Economy | &nbsp;&nbsp;&nbsp;&nbsp;II.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unemployment Trends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unemployment Trends | &nbsp;&nbsp;&nbsp;&nbsp;II.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Area Deposit Characteristics and Competition | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Area Deposit Characteristics and Competition | &nbsp;&nbsp;&nbsp;&nbsp;II.9 |
| <u>CHAPTER THREE</u> | PEER GROUP ANALYSIS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peer Group Selection | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peer Group Selection | &nbsp;&nbsp;&nbsp;&nbsp;III.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Condition | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Condition | &nbsp;&nbsp;&nbsp;&nbsp;III.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and Expense Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and Expense Components | &nbsp;&nbsp;&nbsp;&nbsp;III.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Composition | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Composition | &nbsp;&nbsp;&nbsp;&nbsp;III.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp;III.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Risk | &nbsp;&nbsp;&nbsp;&nbsp;III.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary | &nbsp;&nbsp;&nbsp;&nbsp;III.14 |

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| |
|:---|
| **RP<sup>®</sup> Financial, LC.** |
| **ii** |

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*****TABLE OF CONTENTS*****

***URSB BANCORP, INC.***

***UNITED ROOSEVELT SAVINGS BANK***

***Carteret, New Jersey***

***(continued)***

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| | | |
|:---|:---|:---|
|  |  | PAGE |
| <u>DESCRIPTION</u> |  | <u>NUMBER</u> |
| <u>CHAPTER FOUR</u> | VALUATION ANALYSIS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | &nbsp;&nbsp;&nbsp;&nbsp;IV.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisal Guidelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisal Guidelines | &nbsp;&nbsp;&nbsp;&nbsp;IV.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RP Financial Approach to the Valuation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RP Financial Approach to the Valuation | &nbsp;&nbsp;&nbsp;&nbsp;IV.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Analysis | &nbsp;&nbsp;&nbsp;&nbsp;IV.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial Condition | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial Condition | &nbsp;&nbsp;&nbsp;&nbsp;IV.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Profitability, Growth and Viability of Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Profitability, Growth and Viability of Earnings | &nbsp;&nbsp;&nbsp;&nbsp;IV.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Asset Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Asset Growth | &nbsp;&nbsp;&nbsp;&nbsp;IV.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Primary Market Area | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Primary Market Area | &nbsp;&nbsp;&nbsp;&nbsp;IV.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Dividends | &nbsp;&nbsp;&nbsp;&nbsp;IV.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Liquidity of the Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Liquidity of the Shares | &nbsp;&nbsp;&nbsp;&nbsp;IV.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Marketing of the Issue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Marketing of the Issue | &nbsp;&nbsp;&nbsp;&nbsp;IV.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Public Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Public Market | &nbsp;&nbsp;&nbsp;&nbsp;IV.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The New Issue Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The New Issue Market | &nbsp;&nbsp;&nbsp;&nbsp;IV.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Acquisition Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Acquisition Market | &nbsp;&nbsp;&nbsp;&nbsp;IV.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Management | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Management | &nbsp;&nbsp;&nbsp;&nbsp;IV.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Effect of Government Regulation and Regulatory Reform | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Effect of Government Regulation and Regulatory Reform | &nbsp;&nbsp;&nbsp;&nbsp;IV.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of Adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of Adjustments | &nbsp;&nbsp;&nbsp;&nbsp;IV.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Approaches | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Approaches | &nbsp;&nbsp;&nbsp;&nbsp;IV.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Price-to-Earnings ("P/E") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Price-to-Earnings ("P/E") | &nbsp;&nbsp;&nbsp;&nbsp;IV.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Price-to-Book ("P/B") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Price-to-Book ("P/B") | &nbsp;&nbsp;&nbsp;&nbsp;IV.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Price-to-Assets ("P/A") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Price-to-Assets ("P/A") | &nbsp;&nbsp;&nbsp;&nbsp;IV.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparison to Recent Offerings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparison to Recent Offerings | &nbsp;&nbsp;&nbsp;&nbsp;IV.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Conclusion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Conclusion | &nbsp;&nbsp;&nbsp;&nbsp;IV.22 |

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|:---|
| **RP<sup>®</sup> Financial, LC.** |
| **iii** |

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***LIST OF TABLES***

***URSB BANCORP, INC.***

***UNITED ROOSEVELT SAVINGS BANK***

***Carteret, New Jersey***

 ****

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| | | |
|:---|:---|:---|
| TABLE |  |  |
| <u>Number</u> | <u>DESCRIPTION</u> | <u>page</u> |
| 1.1 | Historical Balance Sheet Data | &nbsp;&nbsp;I.5 |
| 1.2 | Historical Income Statements | &nbsp;&nbsp;I.9 |
| 2.1 | Summary Demographic/Economic Data | &nbsp;&nbsp;II.7 |
| 2.2 | Primary Market Area Employment Sectors | &nbsp;&nbsp;II.8 |
| 2.3 | Major Employers in Middlesex County | &nbsp;&nbsp;II.9 |
| 2.4 | Unemployment Trends | &nbsp;&nbsp;II.9 |
| 2.5 | Deposit Summary | &nbsp;&nbsp;II.10 |
| 2.6 | Market Area Deposit Competitors | &nbsp;&nbsp;II.11 |
| 3.1 | Peer Group of Publicly-Traded Thrifts | &nbsp;&nbsp;III.3 |
| 3.2 | Balance Sheet Composition and Growth Rates | &nbsp;&nbsp;III.6 |
| 3.3 | Income as a % of Average Assets and Yields, Costs, Spreads | &nbsp;&nbsp;III.9 |
| 3.4 | Loan Portfolio Composition and Related Information | &nbsp;&nbsp;III.12 |
| 3.5 | Interest Rate Risk Measures and Net Interest Income Volatility | &nbsp;&nbsp;III.13 |
| 3.6 | Credit Risk Measures and Related Information | &nbsp;&nbsp;III.15 |
| 4.1 | Market Area Unemployment Rates | &nbsp;&nbsp;IV.7 |
| 4.2 | Pricing Characteristics and After-Market Trends | &nbsp;&nbsp;IV.16 |
| 4.3 | Market Pricing Versus Peer Group | &nbsp;&nbsp;IV.21 |

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.1** |

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**I. Overview and Financial Analysis**

 <u>Introduction</u>

United Roosevelt Savings Bank (also referred to as the "Bank"), established in 1914, is a New Jersey chartered stock savings bank headquartered in Carteret, New Jersey. In 1997, the Bank reorganized into the mutual holding company structure, forming United Roosevelt MHC, a New Jersey mutual holding company (the "MHC"). The MHC owns 100% of the outstanding common stock of United Roosevelt Bancorp, a New Jersey corporation. The Bank is the wholly-owned subsidiary of United Roosevelt Bancorp. The Bank serves north-central New Jersey through the main office and one branch office, which are both located in the borough of Carteret. Carteret is located in Middlesex County. A map of the Bank's branch office locations is provided in Exhibit I-1. The Bank is a member of the Federal Home Loan Bank ("FHLB") system and its deposits are insured up to the maximum allowable amount by the Federal Deposit Insurance Corporation ("FDIC"). As of June 30, 2025, the MHC had consolidated total assets of $325.3 million, total deposits of $254.0 million and total equity of $18.8 million equal to 5.78% of total assets. The MHC's audited financial statements are included by reference as Exhibit I-2.

<u>Plan of Conversion</u>

On September 8, 2025, the Board of Directors of the MHC, United Roosevelt Bancorp and the Bank adopted a plan of conversion, incorporated herein by reference, whereby the MHC will convert to stock form. As a result of the conversion, United Roosevelt Bancorp, which currently owns all of the issued and outstanding common stock of the Bank will be succeeded by URSB Bancorp, Inc. a newly formed Maryland stock holding company ("URSB Bancorp" or the "Company"). Following the conversion, the MHC and United Roosevelt Bancorp will no longer exist. For purposes of this document, the existing consolidated entity will hereinafter also be referred to as URSB Bancorp or the Company, unless otherwise identified as United Roosevelt Bancorp.

URSB Bancorp will offer its common stock in a subscription offering to Eligible Account Holders, Tax-Qualified Employee Benefit Plans including the Bank's employee stock ownership plan (the "ESOP"), Supplemental Eligible Account Holders and Other Depositors, as such terms

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.2** |

---

are defined for purposes of applicable federal regulatory guidelines governing mutual-to-stock conversions. To the extent that shares remain available for purchase after satisfaction of all subscriptions received in the subscription offering, the shares may be offered for sale to members of the general public in a community offering and a syndicated community offering. A portion of the net proceeds received from the sale of the common stock will be used to purchase all of the then to be issued and outstanding capital stock of the Bank and the balance of the net proceeds will be retained by the Company.

At this time, following the conversion no other activities are contemplated for the Company other than the ownership of the Bank, funding a loan to the newly-formed ESOP and reinvestment of the proceeds that are retained by the Company. In the future, URSB Bancorp may acquire or organize other operating subsidiaries, diversify into other banking-related activities, pay dividends or repurchase its stock, although there are no specific plans to undertake such activities at the present time.

The plan of conversion provides for the establishment of a new charitable foundation (the "Foundation"). The Foundation contribution will total $400,000 and will be funded with 20,000 shares of URSB Bancorp common stock and $200,000 in cash. The purpose of the Foundation is to provide financial support to charitable organizations in the communities in which the Bank operates and to enable those communities to share in the Bank's long-term growth. The Foundation will be dedicated completely to community activities and the promotion of charitable causes.

<u>Strategic Overview</u>

URSB Bancorp maintains a community banking emphasis, with a primary strategic objective of meeting the borrowing and savings needs of its local customer base. Historically, the Company has emphasized a 1-4 family lending strategy funded primarily by retail deposits. The Company is pursuing a strategy of strengthening its community bank franchise dedicated to meeting the banking needs of business and retail customers in the communities that are served by the Company. Growth strategies are emphasizing increased lending diversification that is primarily targeting growth of commercial real estate and commercial business loans. To facilitate loan growth and diversification, the Company's lending strategy has been to supplement lending in local markets with loan purchases. Loans purchased by the Company generally consist of 1-4 family loans purchased from local mortgage brokers, commercial business loans purchased from a third party and consumer loans purchased from a third party.

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.3** |

---

Investments serve as a supplement to the Company's lending activities and the investment portfolio is considered to be indicative of a low risk investment strategy. Mortgage-backed securities comprise the largest concentration of the investment portfolio, with the balance of the portfolio distributed among U.S. Government agency securities, Small Business Administration ("SBA") obligations and corporate bonds.

Retail deposits constitute the primary funding source for the Company, with supplemental funding sources consisting of brokered deposits, other wholesale deposits and borrowings. Certificates of deposit ("CDs") constitute the largest portion of the Company's deposit base. The Company's objective is to reduce funding costs through emphasizing growth of lower cost core deposits. Core deposit growth is expected to be in part facilitated by growth of commercial lending relationships, pursuant to which the Company is seeking to establish a full service banking relationship with its commercial loan customers through offering a full range of commercial loan products that can be packaged with lower cost commercial deposit products.

URSB Bancorp's earnings base is largely dependent upon net interest income and operating expense levels. Recent trends show that the net interest margin has stabilized following a period of net interest margin compression that was experienced from 2022 through 2024. Operating expenses and revenues derived from sources of non-interest operating income have been maintained at relatively low levels as percent of average assets, as limited diversification into areas that generate non-interest income revenues and a lending emphasis on generating loan growth through loan purchases have supported containment of the Company's operating expenses while also providing for limited revenues that are generated through sources of non-interest operating income. Credit loss provisions and non-operating gains and losses have generally been relatively minor factors in the Company's earnings during recent years.

The post-offering business plan of the Company is expected to continue to focus on implementing current strategic initiatives to develop and grow a full service community banking franchise. A key component of the Company's business plan is to complete a public stock offering. The Company's strengthened capital position will increase operating flexibility and facilitate implementation of planned growth strategies and management of risk. The capital raised in the stock offering will serve to substantially increase regulatory capital and, thereby, reduce loan concentration levels and better position the Company to pursue desired loan growth through competing for more and larger loan relationships with borrowers, The infusion of stock

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.4** |

---

proceeds will also serve to enhance the Company's liquidity and reduce interest rate risk, particularly through increasing the Company's interest-earning assets/interest-bearing liabilities ("IEA/IBL") ratio. The additional funds realized from the stock offering will serve to raise the level of interest-earning assets funded with equity and, thereby, reduce the ratio of interest-earning assets funded with interest-bearing liabilities as the balance of interest-bearing liabilities will initially remain relatively unchanged following the stock offering, which may facilitate a reduction in URSB Bancorp's funding costs. URSB Bancorp's strengthened capital position will also better position the Company to pursue expansion opportunities. Such expansion could potentially include establishing or acquiring additional branch offices to gain a market presence in nearby markets that are complementary to the Company's existing branch network. Given its strengthened capital position following the stock offering, the Company will also be in a better position to pursue growth through an acquisition of a financial institution and/or other financial service providers. At this time, the Company has no specific plans for expansion through another acquisition, but will evaluate expansion through acquisition as such opportunities arise. The projected uses of proceeds are highlighted below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>URSB Bancorp.</u> The Company is expected to retain up to 50% of the net offering proceeds. At
 present, funds at the Company level, net of the loan to the ESOP and the cash contribution
 to the Foundation, are expected to be invested into a deposit at the Bank. Over time, the
 funds may be utilized for various corporate purposes, possibly including acquisitions, infusing
 additional equity into the Bank, repurchases of common stock and the payment of cash dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>United Roosevelt Savings Bank.</u> Approximately 50% of the net stock proceeds will be infused into
 the Bank in exchange for all of the Bank's stock. Cash proceeds (i.e., net proceeds
 less deposits withdrawn to fund stock purchases) infused into the Bank are anticipated to
 become part of general operating funds and are expected to be primarily utilized to fund
 loan growth over time.

Overall, it is the Company's objective to pursue growth that will serve to increase returns, while, at the same time, growth will not be pursued that could potentially compromise the overall risk associated with URSB Bancorp's operations.

<u>Balance Sheet Trends</u>

Table 1.1 shows the Company's historical balance sheet data from yearend December 31, 2020 through June 30, 2025. From yearend 2020 through June 30, 2025, URSB Bancorp's assets increased at a 14.22% annual rate. Total assets trended higher throughout the past four and one-half years, which was primarily driven by loan growth. Asset growth was primarily

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.5** |

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Table 1.1

URSB Bancorp, Inc.

Historical Balance Sheet Data

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | At June 30, | At June 30, | |
|  | 2020 | 2020 | 2021 | 2021 | 2022 | 2022 | 2023 | 2023 | 2024 | 2024 | 2025 | 2025 | 12/31/20-<br>6/30/25<br>Annual<br>Growth Rate |
|  | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) | Pct |
|  | ($000) | (%) | ($000) | (%) | ($000) | (%) | ($000) | (%) | ($000) | (%) | ($000) | (%) | (%) |
| <u>Total Amount of:</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Assets | $178852 | 100.00% | $195629 | 100.00% | $246252 | 100.00% | $281718 | 100.00% | $315863 | 100.00% | $325301 | 100.00% | 14.22% |
| Cash and cash equivalents/CDs | 21100 | 11.80% | 15023 | 7.68% | 27150 | 11.03% | 11127 | 3.95% | 15023 | 4.76% | 12673 | 3.90% | -10.71% |
| Investment securities | 16640 | 9.30% | 26138 | 13.36% | 33588 | 13.64% | 35902 | 12.74% | 37988 | 12.03% | 36216 | 11.13% | 18.87% |
| Loans receivable, net | 133624 | 74.71% | 144641 | 73.94% | 175746 | 71.37% | 221544 | 78.64% | 248025 | 78.52% | 261070 | 80.25% | 16.05% |
| FHLB/Bankers Bank stock | 822 | 0.46% | 588 | 0.30% | 449 | 0.18% | 1372 | 0.49% | 2021 | 0.64% | 2283 | 0.70% | 25.48% |
| Bank-owned life insurance | 2853 | 1.60% | 3924 | 2.01% | 4508 | 1.83% | 4608 | 1.64% | 5730 | 1.81% | 5806 | 1.78% | 17.10% |
| Deposits | $135743 | 75.90% | $168523 | 86.14% | $220545 | 89.56% | $232156 | 82.41% | $246079 | 77.91% | $254013 | 78.09% | 14.94% |
| Borrowings | 25894 | 14.48% | 8100 | 4.14% |  | 0.00% | 29425 | 10.44% | 49135 | 15.56% | 49897 | 15.34% | 15.69% |
| Equity | $15781 | 8.82% | $17678 | 9.04% | $7450 | 3.03% | $17789 | 6.31% | $18343 | 5.81% | $18788 | 5.78% | 3.95% |
| Tangible equity | 15781 | 8.82% | 17678 | 9.04% | 7450 | 3.03% | 17789 | 6.31% | 18343 | 5.81% | 18788 | 5.78% | 3.95% |
| Loans/Deposits |  | 98.44% |  | 85.83% |  | 79.69% |  | 95.43% |  | 100.79% |  | 102.78% |  |
| Number of Full Service Offices |  | 1 |  | 1 |  | 1 |  | 2 |  | 2 |  | 2 |  |

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(1) Ratios are as a percent of ending assets.

Sources: URSB Bancorp's prospectus, audited financial statements, and RP Financial calculations.

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.6** |

---

funded with deposit growth, with supplement funding provided by borrowings that were added during the past two and one-half years. A summary of URSB Bancorp's key operating ratios for the past two and one-half years is presented in Exhibit I-3.

URSB Bancorp's loans receivable portfolio increased at a 16.05% annual rate from yearend 2020 through June 30, 2025, in which loan growth was sustained throughout the past four and one-half years. Since yearend 2020, the Company's comparatively strong pace of loan growth relative to asset growth provided for an increase in the loans-to-assets ratio from 74.71% at yearend 2020 to 80.25% at June 30, 2025.

Trends in the Company's loan portfolio composition over the past two and one-half years show that the concentration of 1-4 family permanent mortgage loans comprising total loans increased from 39.72% at yearend 2023 to 44.47% at June 30, 2025. Comparatively, commercial real estate loans, which constitute the primary type of lending diversification for the Company, decreased from 27.24% of total loans at yearend 2023 to 24.01% of total loans at June 30, 2025. From yearend 2023 through June 30, 2025, the concentration of commercial business loans, which constitute the second most significant type of lending diversification for the Company, also decreased. A decrease in the concentration of loans purchased from Bankers Healthcare Group, LLC ("BHG") largely accounted for the decline in the ratio of commercial business loans that comprised total loans. From yearend 2023 to June 30, 2025, BHG loans decreased from 17.43% of total loans to 13.72% of total loans and other commercial business loans decreased from 4.22% of total loans to 4.15% of total loans. Other areas of lending diversification for the Company showed the concentration of consumer loans had the largest increase, while there was little change in the loan concentrations for home equity, multi-family and construction loans. As of June 30, 2025, multi-family loans equaled 7.44% of total loans, consumer loans equaled 3.33% of total loans, construction loans equaled 1.50% of total loans and home equity loans and lines of credit equaled 1.38% of total loans.

The intent of the Company's investment policy is to provide adequate liquidity and to generate a favorable return within the context of supporting URSB Bancorp's overall credit and interest rate risk objectives. It is anticipated that proceeds retained at the holding company level will primarily be invested into short-term liquid funds held as a deposit at the Bank. Over the past five and one-half years, the Company's level of cash and investment securities (inclusive of FHLB/Bankers Bank stock) ranged from a low of 15.73% at June 30, 2025 to a high of 24.85% at yearend 2022. Mortgage-backed securities totaling $13.7 million comprised the most

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.7** |

---

significant component of the Company's investment portfolio at June 30, 2025. Other investments held by the Company at June 30, 2025, consisted of U.S. Government agency obligations ($8.6 million), SBA obligations ($5.6 million) and corporate bonds ($8.3 million). As of June 30, 2025, investments maintained as available for sale and held to maturity totaled $21.2 million and $15.1 million, respectively. Investments maintained as available for sale had a net unrealized loss of $890,000 at June 30, 2025. As of June 30, 2025, the Company also held $12.7 million of cash, cash equivalents and CDs, and $2.3 million of FHLB and Bankers Bank stock.

The Company also maintains an investment in bank-owned life insurance ("BOLI") policies, which cover the lives of eligible employees and directors. The purpose of the investment is to provide funding for the benefit plans of the covered individuals. The life insurance policies earn tax-exempt income through cash value accumulation and death proceeds. As of June 30, 2025, the cash surrender value of the Company's BOLI equaled $5.8 million.

Since yearend 2020, URSB Bancorp's funding needs have been addressed through a combination of deposits, borrowings and internal cash flows. From yearend 2020 through June 30, 2025, the Company's deposits increased at a 14.94% annual rate. Deposits growth was sustained throughout the period covered in Table 1.1. Deposits as a percent of assets ranged from a low of 75.90% at yearend 2020 to a high of 89.56% at yearend 2022 and equaled 78.09% of assets at June 30, 2025. Recent trends reflect that deposit growth has primarily consisted of CDs. CDs comprised 48.15% of total deposits at December 31, 2023, versus 64.07% of total deposits at June 30, 2025.

Borrowings serve as an alternative funding source for the Company to address funding needs for growth and to support management of deposit costs and interest rate risk. Additionally, in November 2022, the Company commenced a private offering of senior unsecured notes, in which most of the proceeds were down streamed into the Bank for purposes of increasing regulatory capital. From yearend 2020 through June 30, 2025, borrowings ranged from a low of a zero balance at yearend 2022 to a high of $49.9 million or 15.34% of assets at June 30, 2025. Borrowings held by the Company at June 30, 2025 consisted of $43.1 million of FHLB advances and $6.8 million of senior notes.

The Company's equity increased at a 3.95% annual rate from yearend 2020 through June 30, 2025, which was largely driven by the retention of earnings during the past four and

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.8** |

---

one-half years. Since yearend 2020, a faster pace of asset growth relative to equity growth provided for a decrease in the Company's equity-to-assets ratio from 8.82% at yearend 2020 to 5.78% at June 30, 2035. All of the Company's capital is tangible capital and the Bank maintained capital surpluses relative to all of its regulatory capital requirements at June 30, 2025. The addition of stock proceeds will serve to strengthen the Company's capital position, as well as support growth opportunities. At the same time, the significant increase in USRB Bancorp's pro forma capital position will initially depress its return on equity ("ROE").

<u>Income and Expense Trends</u>

Table 1.2 shows the Company's historical income statements for the past five years and for the twelve months ended June 30, 2025. The Company's reported earnings ranged from $410,000 or 0.25% average assets during 2020 to $1.0 million or 0.56% of average assets during 2021. For the twelve months ended June 30, 2025, the Company reported net income of $512,000 or 0.16% of average assets. Net interest income and operating expenses represent the primary components of the Company's earnings. Non-interest operating income has been a limited source of earnings for the Company, while credit loss provisions have generally not been a significant earnings factor. Non-operating gains and losses have had a small impact on the Company's earnings over the past five and one-half years.

During the period covered in Table 1.2, the Company's net interest income to average assets ratio ranged from a low of 2.44% during the twelve months ended June 30, 2025 to a high of 2.98% during 2021. The decrease in the Company's net interest income ratio during the past three and one-half years was largely due to interest rate spread compression, which was mostly attributable to a more significant increase in the cost of interest-bearing liabilities relative to the yield earned on interest-earning assets. Recent trends show that the Company's interest rate spread is stabilizing, based on interest rate spreads of 2.47% and 2.42% for the six months ended June 30, 2024 and the six months ended June 30, 2025, respectively. The Company's net interest rate spreads and yields and costs for the past two and one-half years are set forth in Exhibits I-3 and I-4.

Non-interest operating income has been a limited contributor to the Company's earnings throughout the period covered in Table 1.2, reflecting the Company's limited diversification into products and services that generate non-interest operating income. For the period covered in Table 1.2, sources of non-interest operating income ranged from a low of $151,000 or 0.09% of average assets during 2020 to a high of $326,000 or 0.10% of average assets during the twelve

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.9** |

---

Table 1.2

URSB Bancorp, Inc.

Historical Income Statements

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the 12 Months | For the 12 Months |
|  | 2020 | 2020 | 2021 | 2021 | 2022 | 2022 | 2023 | 2023 | 2024 | 2024 | Ended 06/30/2025 | Ended 06/30/2025 |
|  | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) | Amount | Pct(1) |
|  | ($000) | (%) | ($000) | (%) | ($000) | (%) | ($000) | (%) | ($000) | (%) | ($000) | (%) |
| Interest income | $5589 | 3.43% | $6664 | 3.56% | $7334 | 3.32% | $11241 | 4.27% | $14781 | 4.91% | $16065 | 5.07% |
| Interest expense | (1219 | -0.75% | (1078 | -0.58% | (1056 | -0.48% | (4109 | -1.56% | (7369 | -2.45% | (8340 | -2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $4370 | 2.68% | $5586 | 2.98% | $6278 | 2.84% | $7132 | 2.71% | $7412 | 2.46% | $7725 | 2.44% |
| Provision for credit losses | (424 | -0.26% | 0 | 0.00% | 0 | 0.00% | (107 | -0.04% | (118 | -0.04% | (232 | -0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provisions | $3946 | 2.42% | $5586 | 2.98% | $6278 | 2.84% | $7025 | 2.67% | $7294 | 2.42% | $7493 | 2.37% |
| Non-interest operating income | $151 | 0.09% | $185 | 0.10% | $287 | 0.13% | $225 | 0.09% | $291 | 0.10% | $326 | 0.10% |
| Operating expense | (3567 | -2.19% | (4343 | -2.32% | (5082 | -2.30% | (6310 | -2.40% | (6765 | -2.25% | (7027 | -2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating income | $530 | 0.33% | $1428 | 0.76% | $1483 | 0.67% | $940 | 0.36% | $820 | 0.27% | $792 | 0.25% |
| <u>Non-Operating Income/(Losses)</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| Gain(loss) on sale of securities | $26 | 0.02% | $0 | 0.00% | $0 | 0.00% | $0 | 0.00% | $(119 | -0.04% | $(130 | -0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net non-operating income(losses) | $26 | 0.02% | $0 | 0.00% | $0 | 0.00% | $0 | 0.00% | $(119) | -0.04% | $(130) | -0.04% |
| Net income before tax | $556 | 0.34% | $1428 | 0.76% | $1483 | 0.67% | $940 | 0.36% | $701 | 0.23% | $662 | 0.21% |
| Income tax provision | (146 | -0.09% | (383 | -0.20% | (443 | -0.20% | (220 | -0.08% | (125 | -0.04% | (150 | -0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $410 | 0.25% | $1045 | 0.56% | $1040 | 0.47% | $720 | 0.27% | $576 | 0.19% | $512 | 0.16% |
| <u>Adjusted Earnings</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income | $410 | 0.25% | $1045 | 0.56% | $1040 | 0.47% | $720 | 0.27% | $576 | 0.19% | $512 | 0.16% |
| Add(Deduct): Non-operating income | (26) | -0.02% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 119 | 0.04% | 130 | 0.04% |
| Tax effect (2) | 7 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | (33 | -0.01% | (36 | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings | $391 | 0.24% | $1045 | 0.56% | $1040 | 0.47% | $720 | 0.27% | $662 | 0.22% | $606 | 0.19% |
| Expense Coverage Ratio (3) | 1.22 |  | 1.28 |  | 1.23 |  | 1.13 |  | 1.09 |  | 1.10 |  |
| Efficiency Ratio (4) | 79.06 |  | 75.32 |  | 77.44 |  | 85.71 |  | 87.89 |  | 87.40 |  |

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(1) Ratios are as a percent of average assets.

(2) Assumes a 28.0% effective tax rate.

(3) Expense coverage ratio calculated as net interest income before provisions for loan losses divided by operating expenses.

(4) Efficiency ratio calculated as operating expenses divided by the sum of net interest income before provisions for loan losses plus non-interest operating income.

Sources: URSB Bancorp's prospectus, audited financial statements and RP Financial calculations.

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.10** |

---

months ended June 30, 2025. Customer fees and service charges and income earned on BOLI constitute the major sources of the Company's non-interest operating revenues.

The Company's limited diversification into products and services that provide sources of non-interest operating income and generation of loan growth through loan purchases has served to limit staffing needs and, in turn, facilitated relatively low operating expenses as a percent of average assets. Over the past five and one-half years, operating expenses have generally trended slightly higher which combined with asset growth has provided for a fairly stable operating expense ratio. Operating expense to average assets ratios ranged from a low of 2.19% during 2020 to a high of 2.40% during 2023 and equaled 2.22% during the twelve months ended June 30, 2025. Upward pressure will be placed on the Company's operating expense ratio following the stock offering, due to expenses associated with operating as a publicly-traded company, including expenses related to the stock benefit plans. At the same time, the increase in capital realized from the stock offering will increase the Company's capacity to leverage operating expenses through implementation of current growth strategies.

Overall, the general trends in the Company's net interest income and operating expense ratios since 2020 reflect a slight decrease in core earnings, as indicated by the Company's expense coverage ratios (net interest income divided by operating expenses). URSB Bancorp's expense coverage ratio equaled 1.22 times during 2020, versus a ratio of 1.10 times during the twelve months ended June 30, 2025. The decrease in the expense coverage ratio since 2020 was primarily due a decrease in the net interest income ratio. Similarly, URSB Bancorp's efficiency ratio (operating expenses as a percent of the sum of net interest income and other operating income) of 79.06% during 2020 was more favorable compared to its efficiency ratio of 87.40% during the twelve months ended June 30, 2025. In terms of recent trends, the Company's expense coverage and efficiency ratios have been relatively stable over the past two and one-half years.

Over the past five and one-half years, credit loss provisions established by the Company have ranged from zero credit loss provisions during 2021 and 2022 to credit loss provisions of $424,000 or 0.26% of average assets during 2020. For the twelve months ended June 30, 2025 credit loss provisions were $232,000 or 0.07% of average assets. The higher credit loss provisions established during 2020 were largely related to the potential negative impact that the Covid-19 pandemic could have had on the Company's credit quality. As of June 30, 2025, the Company maintained an allowance for credit losses of $1.6 million, equal to 0.63% of total loans

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.11** |

---

outstanding and 1,408.55% of non-performing loans. Exhibit I-5 sets forth the Company's allowance for credit losses activity during the past two and one-half years.

Non-operating gains and losses were a minor factor in the Company's earnings during 2020, 2024 and for the twelve months ended June 30, 2025, which consisted of gains and losses on the sale of securities. For the twelve months ended June 30, 2025, the Company recorded a loss on sale of securities of $130,000 or 0.04% of average assets. Overall, the non-operating gains and losses recorded by the Company were viewed as non-recurring income items.

The Company effective tax rate ranged from 17.83% during 2024 to 29.87% during 2022 and equaled 22.66% during the twelve months ended June 30, 2025. As set forth in the prospectus, the Company's effective marginal tax rate is 28.0%.

<u>Interest Rate Risk Management</u>

The Company's balance sheet is liability sensitive in the short-term (less than one year). The Company's interest rate risk analysis as of June 30, 2025 indicates that in the event of an immediate and sustained 200 basis point increase in interest rates, assuming a parallel and immediate shift across the yield curve over such period, net interest income would decrease by 10.29% over a one year period and economic value of equity would decrease by 20.86% (see Exhibit I-6).

The Company pursues a number of strategies to manage interest rate risk, particularly with respect to seeking to limit the repricing mismatch between interest rate sensitive assets and liabilities. The Company manages interest rate risk from the asset side of the balance sheet through maintaining most of the investment portfolio as available for sale, purchasing adjustable rate 1-4 family loans and emphasizing commercial real estate, commercial business and multi-family lending as areas of lending diversification which consists primarily of variable rate or shorter term fixed rate loans. As of June 30, 2025, of the Company's total loans due after June 30, 2026, adjustable rate loans comprised 56.45% of those loans (see Exhibit I-7). On the liability side of the balance sheet, management of interest rate risk has been pursued through extending CD maturities beyond one year and utilizing fixed rate FHLB advances with ladder maturities out to 2035.

The infusion of stock proceeds will serve to further limit the Company's interest rate risk exposure, as most of the net proceeds will be redeployed into interest-earning assets and the

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.12** |

---

increase in the Company's capital position will lessen the proportion of interest rate sensitive liabilities funding assets.

<u>Lending Activities and Strategy</u>

URSB Bancorp's lending activities have emphasized 1-4 family permanent mortgage loans and such loans comprise the largest concentration of the Company's loan portfolio. Beyond 1-4 family loans, lending diversification by the Company has emphasized commercial real estate/multi-family loans followed by commercial business loans. Other areas of lending diversification for the Company include consumer loans, construction loans and home equity loans and lines of credit. Pursuant to the Company's strategic plan, 1-4 family lending will remain as an area of lending emphasis for the Company with lending diversification continuing to emphasize commercial real estate/multi-family loans and commercial business loans as the primary areas of targeted lending diversification. Exhibit I-8 provides historical detail of USRB Bancorp's loan portfolio composition for the past two and one-half years and Exhibit I-9 provides the contractual maturity of the Company's loan portfolio by loan type as of June 30, 2025.

<u>1-4 Family Residential Loans.</u> URSB Bancorp offers fixed rate and adjustable rate 1-4 family permanent mortgage loans with terms of up to 30 years. The 1-4 family loan consists substantially of loans that have been purchased from local mortgage brokers, which are secured by properties located in the Company's primary market area. Adjustable rate 1-4 family loans typically have initial repricing terms of five years and then reprice annually for the balance of the loan term. Adjustable rate loans are generally indexed to the one-year U.S. Treasury rate. As of June 30, 2025, the Company's outstanding balance of 1-4 family loans totaled $116.4 million equal to 44.47% of total loans outstanding.

<u>Commercial Real Estate and Multi-Family Loans.</u> Commercial real estate and multi-family loans consist of loans originated by the Company, as well as purchased participation interests in loans originated by other locally-based financial institutions. Loan participations are subject to the same underwriting criteria and loan approvals as applied to loans originated by the Company. Commercial real estate and muti-family loans are largely secured by properties located in the Company's primary market area. URSB Bancorp generally originates commercial real estate and multi-family loans up to a loan-to-value ("LTV") ratio of 75% and generally requires a minimum debt-coverage ratio of 1.2 times. Commercial real estate and multi-family loans are generally originated with amortization terms of 25 years and with interest rates that reset every five years based on the FHLB 5-year advance rate. Properties securing the

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.13** |

---

commercial real estate and multi-family loan portfolio include shopping centers, single tenant retail properties, light industrial properties and apartment buildings. At June 30, 2025, the Company's largest commercial real estate loan had an outstanding balance of $2.6 million and is secured by various commercial properties and residential rental properties in the Company's primary market area. At June 30, 2025, this loan was performing in accordance with its original terms. At June 30, 2025, the Bank's largest multi-family loan had an outstanding balance of $2.0 million and it was performing in accordance with its original terms. As of June 30, 2025, the Company's outstanding balance of commercial real estate totaled $62.8 million and outstanding balance of multi-family loans totaled $19.5 million, equal to 24.01% and 7.44% of total loans outstanding, respectively.

<u>Commercial Business Loans.</u> The commercial business loan portfolio consist mostly of loans purchased from BHG and BancAlliance. The Company began purchasing commercial business loans from BHG in 2016. BHG originates loans nationwide to licensed or unlicensed or otherwise skilled business professionals for business development, practice improvement, debt consolidation, working capital, equipment purchases, and, occasionally, business purchases. BHG typically originates loans at fixed interest rates and without a prepayment penalty provision. BHG underwrites and funds the loans, which are typically secured by a Uniform Commercial Code blanket lien on the borrowers' business assets. When the Company purchases a loan from BHG, it purchases 100% of the loan and BHG establishes a reserve deposit account with the Company equal to 3% of the loan balance. The borrower services the loan by authorizing the Company to withdraw funds electronically from the borrower's deposit account established at the borrower's financial institution. If a loan becomes delinquent, BHG handles all collection activity and bears all associated costs. During the delinquency period, the Company withdraws funds from the reserve deposit account to service the loan. When a delinquent payment is collected, the collected funds are used to replenish the reserve deposit account. If a loan becomes120 days delinquent, BHG typically repurchases the delinquent loan or replaces it with a performing loan of equal or greater balance (although this is not a contractual obligation of BHG). The Company estimates that the typical loan purchased from BHG has an outstanding balance of approximately $63,000 and a maximum term of 12 years at the time of purchase. At June 30, 2025, the Company's largest BHG purchased loan totaled $616,000 and it was performing according to its original terms.

In November 2023 the Company began purchasing participation interests in syndicated leveraged lending loans from BancAlliance. The Company's board of directors has imposed a $5.0 million limit on total loans purchased from BancAlliance. These loans are unsecured and

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.14** |

---

are made to large middle market businesses (generally with earnings before interest, taxes, depreciation and amortization (EDITDA) of approximately $10-75 million) in varying industries. These loans generally have two-to seven-year terms and fixed interest rates. At June 30, 2025, the Company's largest BancAlliance purchased loan totaled $500,000 and it was performing according to its original terms.

Commercial business loans originated by the Company consist of lines of credit and term loans, which are generally secured by some or all of the business assets of the borrower, including machinery and equipment, inventory and other business assets. Lines of credit are generally variable rate demand loans with maturities of up to two years. Terms loans are generally fully amortizing for a maximum term of two years and have variable interest rates. As of June 30, 2025, the Company's outstanding balance of commercial business loans totaled $46.8 million equal to 17.88% of total loans outstanding, which included $35.9 million of BHG loans and $3.3 million of BancAlliance loans.

<u>Consumer Loans.</u> The consumer loan portfolio consists substantially of loans purchased from third parties, including BHG, LendingClub<sup>®</sup> ("LendingClub") and Woodside Credit. The Company began purchasing consumer loans from BHG in the second quarter of 2025. Consumer loans purchased from BHG are generally unsecured and are made to borrowers with high incomes (typically W-2 incomes exceeding $200,000) and high credit scores (typically credit scores of 780 and above). Loan terms range from three months to 12 years, but are predominately in the range of 10 to 12 years, and generally have variable interest rates. BHG establishes reserve deposit accounts for these loans. When a BHG consumer loan is in default for four months, BHG typically repurchases the delinquent loan or replaces it with a performing loan of equal or greater balance (although this is not a contractual obligation of BHG). The Company estimates that the typical consumer loan purchased from BHG has an outstanding balance of approximately $116,000. At June 30, 2025, the Company's largest BHG-purchased consumer loan totaled $303,000 and it was performing according to its original terms.

The Company began purchasing consumer loans from LendingClub in the first quarter of 2025. Consumer loans purchased from LendingClub are generally short-term (typically up to 24 months), fixed-rate unsecured loans made to borrowers for debt consolidation and other consumer purposes. The Company estimates the typical loan balance to range between $20,000 and $30,000.

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.15** |

---

The Company began purchasing consumer loans from Woodside Credit beginning in the second quarter of 2025. Consumer loans purchased from Woodside Credit are generally made to borrowers with high incomes (typically W-2 incomes exceeding $500,000) and high credit scores (typically credit scores of 740 and above) to finance the purchase of exotic, classic and collector automobiles, such as Ferraris and Aston Martins, among others, and collector automobiles often sold at Barrett-Jackson automobile auctions. Loan terms range up to 15 years, are typically secured by the automobile, and generally have variable interest rates.

As of June 30, 2025, the Company's outstanding balance of consumer loans totaled $8.7 million equal to 3.33% of total loans outstanding, which included $5.5 million of BHG loans, $836,000 of LendingClub loans and $2.2 million of Woodside Credit loans.

<u>Construction Loans.</u> Construction loans originated by the Company generally consist of loans to finance the construction of commercial properties and mixed-used properties. Construction loans are interest only loans during the construction period, which is usually up to 12 months, and are generally offered up to a maximum LTV ratio of 70% of the appraised market value of the completed property. As of June 30, 2025, the Company's outstanding balance of construction loans totaled $3.9 million equal to 1.50% of total loans outstanding.

<u>Home Equity Loans and Lines Credit.</u> The Company's 1-4 family lending activities include home equity loans and lines of credit. Home equity loans are fixed rate loans originated with terms of five, 10 or 15 years. Home equity lines of credit are offered for terms of up to a five year draw period followed by a 10 year repayment period. During the first five years the line of credit revolves with a monthly payment based on a variable interest rate. During the last 10 years the principal balance is fully amortized with the interest rate indexed to the prime rate as published in *The Wall Street Journal*. The Company will generally originate home equity loans and lines of credit up to a maximum LTV ratio of 80%, inclusive of other liens on the property. As of June 30, 2025, the Company's outstanding balance of home equity loans and lines of credit totaled $3.6 million equal to 1.38% of total loans outstanding.

<u>Asset Quality</u>

Over the past two and one-half years, URSB Bancorp's balance of non-performing assets ranged from a zero balance at December 31, 2023 to a high of $868,000 or 0.27% of assets at December 31, 2024 and equaled $117,000 or 0.04% of assets at June 30, 2025. As shown in Exhibit I-10, non-performing assets at June 30, 2025 consisted of $117,000 of non-

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.16** |

---

accruing loans. Non-accruing loans held by the Company at June 30, 2025 consisted of home equity loans and lines of credit and commercial business loans.

To track the Company's asset quality and the adequacy of valuation allowances, URSB Bancorp has established detailed asset classification policies and procedures which are consistent with regulatory guidelines. Classified assets are reviewed on a regular basis by senior management and the Board. Pursuant to these procedures, when needed, the Company establishes additional valuation allowances to cover anticipated losses in classified or non-classified assets. As of June 30, 2025, the Company maintained credit loss allowances of $1.6 million, equal to 0.63% of total loans outstanding and 1,408.55% of non-performing loans.

<u>Funding Composition and Strategy</u>

Deposits have consistently served as the Company's primary funding source and at June 30, 2025 deposits accounted for 83.58% of URSB Bancorp's combined balance of deposits and borrowings. Exhibit I-11 sets forth the Company's deposit composition for the past two and one-half years. Transaction and savings account deposits constituted 35.93% of total deposits at June 30, 2025, as compared to 51.85% of total deposits at December 31, 2023. The decrease in the concentration of core deposits comprising total deposits from yearend 2023 to June 30, 2025 was the result of growth of CDs and a decline in core deposits. As of June 30, 2025, interest-bearing checking accounts comprised the largest concentration of the Company's core deposits, equaling 58.75% of core deposits.

The balance of the Company's deposits consists of CDs, which equaled 64.07% of total deposits at June 30, 2025 compared to 48.15% of total deposits at December 31, 2023. URSB Bancorp's current CD composition reflects a higher concentration of short-term CDs (maturities of one year or less). The CD portfolio totaled $162.7 million at June 30, 2025 and $99.2 million or 60.93% of the CDs were scheduled to mature in one year or less. As of June 30, 2025, brokered CDs totaled $55.8 million or 34.29% of total CDs. At June 30, 2025, the aggregate amount of all uninsured deposits (deposits in excess of the FDIC limit of $250,000 per insured account) was $23.3 million.

Borrowings serve as an alternative funding source for the Company to facilitate management of funding costs and interest rate risk Additionally, the Company issued senior notes, in which most of the funds were down streamed into the Bank to increase regulatory capital. Borrowings totaled $49.9 million at June 30, 2025 and consisted of $43.1 million of

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **OVERVIEW AND FINANCIAL ANALYSIS** |
|  | **I.17** |

---

FHLB advances and $6.8 million of senior notes. At June 30, 2025, the FHLB advances and senior notes had weighted average interest rates of 3.71% and 6.23%, respectively. The FHLB advances have laddered maturities through 2035 and the senior notes have tranches maturing in 2025, 2026 and 2027.

<u>Subsidiary Activity</u>

Upon completion of the conversion, the Bank will be the sole and wholly-owned subsidiary of USRB Bancorp.

United Roosevelt Savings Bank has one wholly-owned subsidiary: United Roosevelt Securities Corp. (the "Investment Corp."). The Investment Corp. is a New Jersey investment company formed primarily to holding investment securities. As a securities corporation under New Jersey law, the income earned on the investment securities owned by Investment Corp is taxed at a lower state income tax rate than the state income tax rate applicable to United Roosevelt Savings Bank.

<u>Legal Proceedings</u>

The Company is not currently party to any pending legal proceedings that the Company's management believes would have a material adverse effect on the Company's financial condition, results of operations or cash flows.

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.1** |

---

**II. MARKET AREA**

 <u>Introduction</u>

URSB Bancorp serves north-central New Jersey through its main office, and one branch office, which are both located in Middlesex County. Middlesex County is part of the New York metropolitan area. Details regarding the Company's office properties are set forth in Exhibit II-1.

With operations in a major metropolitan area, the Company's competitive environment includes a significant number of thrifts, commercial banks and other financial services companies, some of which have a regional or national presence and are larger than the Company in terms of deposits, loans, scope of operations, and number of branches. These institutions also have greater resources at their disposal than the Company. Middlesex County has a highly developed economy, with many of the communities within the county serving as commuter towns to and from New York City. The Middlesex County economy includes a relatively high concentration of highly skilled workers who are employed in a number of different industry clusters including healthcare, financial services, technology and education.

Future growth opportunities for Middlesex County depend on the national economy, the future growth and stability of the local and regional economy, demographic growth trends and the nature and intensity of the competitive environment. These factors have been briefly examined to help determine the growth potential that exists for the Company, the relative economic health of the Company's market area, and the resultant impact on value.

<u>National Economic Factors</u>

The future success of the Company's operations is partially dependent upon various national economic trends. October 2024 manufacturing activity slowed to an index reading of 46.5, while service sector activity for October accelerated to an index reading of 56.0. The unemployment report for October showed the U.S. economy added only 12,000 jobs and the unemployment rate held steady at 4.1%. Retail sales for October were up 0.4%. A short-lived drop in mortgage rates contributed to a 3.4% increase in October existing home sales, which was counter to the 17.3% decline in October new home sales. Manufacturing activity contracted for an eighth straight month in November with an index reading of 48.4, while November serviced sector eased to an index reading of 52.1. The U.S. economy added 227,000 jobs in November and the November unemployment rate ticked up to 4.2%. Retail sales for November increased

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.2** |

---

0.7%. Existing home sales increased for a second consecutive month in November with an increase of 4.5%, while November new home sales rose 5.9%. Manufacturing activity for December picked up slightly with an index reading of 49.3 and service sector activity for December accelerated to an index reading of 54.1. Stronger-than-expected job growth was recorded for December, as the U.S. economy added 256,000 jobs and the December unemployment rate fell to 4.1%. December existing home sales were up 2.2%, while existing home sales for 2024 in total were the lowest since 1995. New home sales for December increased 3.6%. Fourth quarter GDP increased at a 2.3% annual rate, which was less than expected.

For the first time in 26 months, manufacturing activity expanded in January 2025 with an index reading of 50.9. The pace of service sector activity for January slowed to an index reading of 52.8. Job growth slowed in January with the U.S. economy adding 143,000 jobs, while the January unemployment rate fell to 4.0%. Retail sales for January declined 0.9%. Existing and new home sales fell in January, with respective declines of 4.9% and 10.5%. Manufacturing activity for February slowed slightly with an index reading of 50.3%, while February service sector activity accelerated to an index reading of 53.5. The U.S. economy added 151,000 jobs in February and the February unemployment rate ticked up to 4.1%. Sales of existing and new homes for February showed respective increases of 4.2% and 1.8%. Following two months of expansion, manufacturing activity for March contracted with an index reading of 49.0. The pace of service sector activity also slowed in March to an index reading of 50.8. Job growth for March came in stronger-than-forecasted, as the U.S. economy added 228,000 jobs. The U.S. March unemployment rate ticked up to 4.2% Retail sales for March increased 1.4%, as shoppers stocked up on big ticket items before new tariffs started kicking in. March existing home sales dropped 5.9%, which was in contrast to a 7.4% increase in March new home sales. First quarter GDP contracted at a 0.2% annual rate, which was the first time in three years GDP contracted (subsequently revised downward to a 0.5% annualized rate of decline).

Manufacturing activity for April 2025 slowed to an index reading of 48.7, versus service sector activity for April accelerating to an index reading of 51.6. April unemployment data showed 177,000 jobs were added to the U.S. economy, while the unemployment rate held steady at 4.2%. Retail sales for April increased 0.1%. Existing home sales decreased 0.5% in April, as potential buyers faced mounting economic uncertainty and steep housing costs. Comparatively, April new home sales jumped 10,9%, as builders lowered prices to attract buyers. Manufacturing activity for May contracted to an index reading of 48.5 and May service sector activity contracted to an

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.3** |

---

index reading of 49.9, which was the first contraction in service sector activity since June 2024. May's employment report showed that the U.S. economy added 139,000 jobs and the unemployment rate held steady at 4.2%. A 0.9% decrease in May retail sales was more than expected. Existing and new home sales for May reflected a reversal in trends, with existing home sales increasing 0.8% and new home sales falling 13.7%. Manufacturing activity for June improved slightly with an index reading of 49.0%, while service sector activity for June slowed slightly with an index reading of 48.8. The U.S. economy added 147,000 jobs in June and the June unemployment rate decreased to 4.1%. June retail sales increased 0.6%, which was above expectations. Existing home sales fell 2.7% in June, as higher home prices and mortgage rates above 6.5% weighed on sales. New home sales edged up 0.6% in June, which was less than expected. GDP for the second quarter increased at a 3.0% annual rate.

Job growth slowed in July 2025, as the U.S. economy added 73,000 jobs in July and the July unemployment rate increased to 4.2%. Manufacturing activity contracted for a fifth straight month in July with an index reading of 48.0, while service sector activity for July slowed to an index reading of 50.1.

In terms of interest rates trends over the past few quarters, an upward trend in long-term Treasury yields continued through early-October 2024, with the 10-year Treasury yield moving above 4.0% as September's employment report showed stronger-than-expected job growth. A 2.4% increase in September's CPI, which indicated a slight easing in inflation, translated into long-term Treasury yields stabilizing through mid-October. Long-term Treasury yields resumed an upward trend in the second half of October and through the early-November election results. The Federal Reserve concluded its November policy meeting approving a quarter-point rate cut on November 7<sup>th</sup>, but signaled a little more uncertainty over how quickly it would continue to lower rates. After long-term Treasury yields initially eased lower following the rate cut, the 10-year Treasury yield moved back above 4.4% in mid-November as the 2.6% increase in October's CPI indicated that consumer prices edged up in October. Donald Trump's pick for U.S. Treasury Secretary spurred a rally in Treasury bonds in late-November through the first week of December, with the 10-year Treasury yield dipping below 4.2% following the release of November's employment report. November's CPI showing an uptick in inflation and a stronger-than-expected increase in November retail sales translated into long-term Treasury yields trending higher through mid-December. Following the Federal Reserve's December 18<sup>th</sup> quarter-point rate cut, the 10-year Treasury yield spiked above 4.5% and then stabilized at that level for the balance of 2024 as the Federal Reserve signaled a more cautious approach to future interest rate cuts.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.4** |

---

Long-term Treasury yields moved higher at the start of 2025, as better-than-expected economic data fanned fears that inflation would remain stubbornly high and reduced expectations of further rate cuts by the Federal Reserve. December's CPI report showing core inflation slowed sparked a bond market rally, with the 10-year Treasury yield declining from a mid-January high of 4.80% to a late-January low of 4.52%. The Federal Reserve concluded its late-January meeting holding interest rates steady and indicated that it was in a monitoring phase on when to cut rates again. Going into the first week of February, long-term Treasury yields stabilized ahead of the release of January's unemployment report and remained stable until spiking higher in mid-February which was triggered by a 3.0% increase in the January CPI. For the balance of February and into early-March, long-term Treasury yields trended lower with the 10-year Treasury yield declining from a mid-February high of 4.64% to an early-March low of 4.11% ahead of the release of February's employment report. Following February's employment report, long-term Treasury yields edged higher and then remained fairly stable through the end of March. Factors contributing to interest rates stabilizing included February's CPI showing a cooling pace of inflation and the Federal Reserve concluding its mid-March meeting by holding interest rate steady and taking a wait and see approach on any further rate cuts.

Concerns that President Trump's escalating trade war could push the U.S. economy into a recession fueled a bond market rally at the start of the second quarter of 2025, as the 10-year Treasury yield dipped below 4.0%. As the trade war with China escalated, long-term Treasury yields reversed course and moved higher heading into mid-April. Long-term Treasury yields edged lower in the second half of April, with the 10-year Treasury yield dropping to 4.17% at the end of April in reaction to the GDP for the first quarter showing a decline. April's employment report showing stronger-than-expected job growth translated into long-term Treasury yields edging higher in early-May. The Federal Reserve's early-May meeting concluded with no change in interest rates, along with a warning that tariffs were raising risks of higher unemployment and higher inflation. Following the Federal Reserve meeting, long-term Treasury yields moved higher through mid-May notwithstanding April's CPI report showing inflation pressures eased. The 10-year Treasury yield rose above 4.5% going into the second half of May, as Treasury yields increased after Moody's stripped the U.S. of its triple-A credit rating. After edging lower at the end of May, Treasury bonds rallied in early-June based on a weak report for service sector activity which boosted investor confidence that the Federal Reserve would cut interest rates in the coming months. Treasury yields spiked higher on news of a stronger-than-expected employment report for May, which was followed by a downward trend in long-term Treasury yield through the end of June. Factors contributing to the rally in Treasury bonds included the consumer price report for

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.5** |

---

May showing tariffs did not cause prices to spiral up and the Federal Reserve holding interest rates steady at its mid-June meeting, while leaving the door open to cut interest rates in the second half of 2025.

Renewed trade tensions pushed Treasury yields higher at the start of the third quarter of 2025, reflecting concerns that the pending implementation of reciprocal tariffs would lead to higher inflation. An uptick in inflation as indicated by the 2.7% increase in the June CPI sustained the upward trend in long-term Treasury yields through mid-July. Some announced tariff deals with the U.S. and signs of progress with other trade partners provided for slightly lower interest rates in the second half of July. The Federal Reserve concluded its end of July meeting holding interest rates steady. Signs of a slowing economy, as reflected in the July reports for employment and service sector activity, translated into long-term Treasury yields declining in early-August. As of August 5, 2025, the bond equivalent yields for U.S. Treasury bonds with terms of one and ten years equaled 3.92% and 4.22%, respectively, versus comparable year ago yields of 4.34% and 3.78%. Exhibit II-2 provides historical interest rate trends.

Based on the consensus outlook of economists surveyed by The Wall Street Journal in July 2025, GDP was projected to increase 1.0% in 2025 and then increase to a 1.9% annual growth rate in 2026. The U.S. unemployment rate was forecasted to equal 4.5% in December 2025 and remain at 4.5% in June 2026. An average of 74,000 jobs were projected to be added per month over the next four quarters. On average, the economists forecasted the federal funds rate would equal 3.94% in December 2025 and then decrease to 3.48% in June 2026. On average, the economists forecasted that the 10-year Treasury yield would equal 4.31% in December 2025 and then decrease to 4.22% in June 2026.

The July 2025 mortgage finance forecast from the Mortgage Bankers Association (the "MBA") was for 2025 existing home sales to increase by 2.0% from 2024 sales, while 2025 new home sales were forecasted to decrease by 0.3% from sales in 2024. The 2025 median sale prices for existing and new homes were forecasted to increase by 1.2% and decrease by 0.2%, respectively. Total mortgage production was forecasted to increase in 2025 to $2.021 trillion, compared to $1.779 trillion in 2024. The forecasted increase in 2025 originations was based on a 5.4% increase in purchase volume and a 35.2% increase in refinancing volume. Purchase mortgage originations were forecasted to total $1.357 trillion in 2025, versus refinancing volume totaling $664 billion. Housing starts for 2025 were projected to decrease by 1.0% to total 1.354 million.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.6** |

---

<u>Market Area Demographics</u>

Demographic and economic growth trends, measured by changes in population, number of households, age distribution and median household income, provide key insight into the attributes of the Company's market area. Demographic data for Middlesex County, as well as comparative data for New Jersey and the U.S., is provided in Table 2.1.

Middlesex County is the second largest county in New Jersey, with a 2025 population of 867,000. From 2020 to 2025, Middlesex County's population increased at a 0.1% annual rate. Comparatively, over the past five years, annual population growth rates for New Jersey and the U.S. equaled 0.1% and 0.4%, respectively.

For the 2020 to 2025 period, Middlesex County experienced a 0.1% annual increase in households, versus comparative annual growth rates of 0.2% for New Jersey and 0.4% for the U.S. Projected five-year annual growth rates for Middlesex County show population and household growth accelerating to annual growth rates of 0.3%, which matched the comparable New Jersey projected growth rates. Comparatively, projected 5-year annual population and household growth rates for the U.S. both equaled 0.5%.

Income measures show that Middlesex County is a relatively affluent market, with median household and per capita income measures exceeding the comparable New Jersey and U.S. measures. Projected income growth rates for Middlesex County and New Jersey are lower than the comparable projected growth rates for the U.S. Household income distribution measures provide another indication of the relative affluence of Middlesex County, as Middlesex County maintains a relatively high percentage of households with incomes above $100,000 at 52.7% versus 49.7% for New Jersey and 39.3% for the U.S. Age distribution measures for Middlesex County are similar to the New Jersey and U.S. age distribution measures.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.7** |

---

Table 2.1

URSB Bancorp, Inc.

Summary Demographic/Economic Data

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year | Year | Year | Growth Rate | Growth Rate |
|  | 2020 | 2025 | 2030 | 2020-2025 | 2025-2030 |
|  | | | | (%) | (%) |
| **<u>Population (000)</u>** |  |  |  |  |  |
| USA | 331449 | 337644 | 345736 | 0.4% | 0.5% |
| New Jersey | 9289 | 9330 | 9473 | 0.1% | 0.3% |
| Middlesex, NJ | 863 | 867 | 880 | 0.1% | 0.3% |
| **<u>Households (000)</u>** |  |  |  |  |  |
| USA | 126818 | 129687 | 133187 | 0.4% | 0.5% |
| New Jersey | 3426 | 3454 | 3514 | 0.2% | 0.3% |
| Middlesex, NJ | 301 | 302 | 307 | 0.1% | 0.3% |
| **<u>Median Household Income ($)</u>** |  |  |  |  |  |
| USA | NA | 78770 | 85719 | NA | 1.7% |
| New Jersey | NA | 99357 | 106274 | NA | 1.4% |
| Middlesex, NJ | NA | 106408 | 112767 | NA | 1.2% |
| **<u>Per Capita Income ($)</u>** |  |  |  |  |  |
| USA | NA | 44561 | 48539 | NA | 1.7% |
| New Jersey | NA | 54341 | 57968 | NA | 1.3% |
| Middlesex, NJ | NA | 52172 | 55361 | NA | 1.2% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025 Age Distribution (%)** | 0-14 Yrs. | 15-34 Yrs. | 35-54 Yrs. | 55-69 Yrs. | 70+ Yrs. |
| USA | 17.3 | 26.5 | 25.2 | 18.1 | 12.8 |
| New Jersey | 17.2 | 25.1 | 25.7 | 19.2 | 12.8 |
| Middlesex, NJ | 16.8 | 26.0 | 26.8 | 18.4 | 11.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Less Than | $25,000 to | $50,000 to | |
| **2025 HH Income Dist. (%)** | 25000 | 50000 | 100000 | $100,000+ |
| USA | 15.1 | 17.3 | 28.2 | 39.3 |
| New Jersey | 12.1 | 13.6 | 24.6 | 49.7 |
| Middlesex, NJ | 10.9 | 11.8 | 24.6 | 52.7 |

---

Source: S&P Global Market Intelligence.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.8** |

---

<u>Regional Economy</u>

Comparative employment data shown in Table 2.2 shows that employment in services followed by education/healthcare/social services are the largest and second largest employment sectors in Middlesex County, while services are a slightly larger employment sector than education/healthcare/social services for the state of New Jersey. Wholesale/retail trade was the third largest employment sector for Middlesex County and New Jersey. Other noteworthy employment sectors for Middlesex County include manufacturing, finance/insurance/real estate and transportation/utility. Overall, the distribution of employment exhibited in the primary market area is indicative of a diverse economic environment.

Table 2.2

URSB Bancorp, Inc.

Primary Market Area Employment Sectors

(Percent of Labor Force)

---

| | | |
|:---|:---|:---|
|  | | Middlesex |
| Employment Sector | New Jersey | County |
|  | (%) | (%) |
| Services | 25.6% | 24.3% |
| Education,Healthcare, Soc. Serv. | 24.1% | 23.6% |
| Government | 4.5% | 4.5% |
| Wholesale/Retail Trade | 13.5% | 13.8% |
| Finance/Insurance/Real Estate | 8.6% | 8.7% |
| Manufacturing | 8.3% | 9.9% |
| Construction | 6.1% | 4.6% |
| Information | 2.5% | 2.4% |
| Transportation/Utility | 6.5% | 8.2% |
| Agriculture | 0.2% | 0.1% |
|  | 100.0% | 100.0% |

---

Source: S&P Global Market Intelligence.

Table 2.3, which lists the largest employers in Middlesex County, further reveals the economic makeup of the Company's market area. A number of Fortune 500 companies maintain a presence in Middlesex County, with jobs in the healthcare, retail and biopharmaceutical industries constituting some of the largest sources of employment for Middlesex County. Overall, Middlesex County has a highly developed and diversified economy, which facilitates growth opportunities in a highly competitive environment for providers of financial services.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.9** |

---

Table 2.3

URSB Bancorp, Inc.

Major Employers in Middlesex County

---

| | | |
|:---|:---|:---|
| <u>Company/Institution</u> | <u>Employees</u> | <u>Industry</u> |
| Robert Wood Johnson University Hospital | 5000-5249 | Healthcare |
| Novo Nordisk | 4500-4579 | Biopharmaceutical |
| Wakefern Food Corp. | 3500-3749 | Grocery Retail |
| J.F.K. Medical Center | 3000-3369 | Healthcare |
| Bristol-Myers Squibb | 3000-3249 | Biopharmaceutical |
| St. Peter's Healthcare System | 2750-2999 | Healthcare |
| Silverline Building Products | 2250-2299 | Building Products |
| Johnson & Johnson | 2000-2249 | Pharmaceuticals/Medical Devices/Consumer Health |
| Raritan Bay Medical Center | 2000-2249 | Healthcare |
| Home Depot | 1750-1999 | Home Improvement Retail |
| United Parcel Service | 1750-1999 | Transportation & Logistics |

---

Source: Edison Chamber of Commerce (www.edisonchamber.com).

<u>Unemployment Trends</u>

Comparative unemployment rates for Middlesex County, the U.S. and New Jersey are shown in Table 2.4. The unemployment data indicates that Middlesex County's June 2025 unemployment rate of 5.4% was above the comparable New Jersey and U.S. unemployment rates of 5.2% and 4.4%, respectively. Consistent with the U.S., the June 2025 unemployment rates for Middlesex County and New Jersey were higher compared to a year ago.

Table 2.4

URSB Bancorp, Inc.

Unemployment Trends

---

| | | | |
|:---|:---|:---|:---|
|  | Unemployment Rate | Unemployment Rate | |
| Region | June 2024 | June 2025 | Change |
| USA | 4.3% | 4.4% | 0.1% |
| New Jersey | 4.7% | 5.2% | 0.5% |
| Middlesex, NJ | 4.7% | 5.4% | 0.7% |

---

Source: S&P Global Market Intelligence.

<u>Market Area Deposit Characteristics and Competition</u>

The Company's retail deposit base is closely tied to the economic fortunes of north-central New Jersey and, in particular, the markets that are in close proximity to URSB Bancorp's branches. Table 2.5 displays deposit market trends from June 30, 2019 through June 30, 2024 for URSB Bancorp, as well as for all commercial bank and savings institution branches located in

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.10** |

---

Middlesex County and New Jersey. Commercial banks maintained a significantly larger market share of deposits than savings institutions in Middlesex County, as well as in New Jersey. For the five year period covered in Table 2.5, savings institutions experienced a decline in deposit market share in both Middlesex County and New Jersey. Overall, from June 30, 2019 through June 30, 2024, total deposits in Middlesex County and New Jersey increased at annual rates of 6.0% and 4.7%, respectively.

Table 2.5

URSB Bancorp, Inc.

Deposit Summary

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | As of June 30, | As of June 30, | As of June 30, | As of June 30, | As of June 30, | As of June 30, | |
|  | 2019 | 2019 | 2019 | 2024 | 2024 | 2024 | |
|  |<br>Deposits | Market<br>Share | No. of<br>Branches |<br>Deposits | Market<br>Share | No. of<br>Branches |<br>Deposit<br>Growth Rate<br>2019-2024 |
|  | (Dollars in Millions) | (Dollars in Millions) | (Dollars in Millions) | (Dollars in Millions) | (Dollars in Millions) | (Dollars in Millions) | (%) |
| **New Jersey** | $342875 | 100.0% | 2812 | $431462 | 100.0% | 2330 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Banks | $287260 | 83.8% | 2237 | $380883 | 88.3% | 1861 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings Institutions | $55615 | 16.2% | 575 | $50580 | 11.7% | 469 | -1.9% |
| **Middlesex, NJ** | $35927 | 100.0% | 251 | $48159 | 100.0% | 218 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Banks | $30037 | 83.6% | 183 | $41534 | 86.2% | 166 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings Institutions | $5891 | 16.4% | 68 | $6625 | 13.8% | 52 | 2.4% |
| **URSB Bancorp, Inc.** | $113 | 0.3% | 1 | $251 | 0.5% | 2 | 17.4% |

---

Source: S&P Global Market Intelligence.

Based on June 30, 2024 deposit data, URSB Bancorp's $251 million of deposits provided for a 0.5% market share of bank and thrift deposits in Middlesex County. From June 30, 2019 through June 30, 2024, the Company's deposits increased at a 17.4% annual rate and its deposit market share increased from 0.3% to 0.5%. The increase in the Company's deposit market share was in part facilitated by the opening of a second branch during the five year period.

As implied by the Company's very low market share of deposits, competition among financial institutions in the Company's market area is significant. Among the Company's competitors are significantly larger and more diversified institutions, which have greater resources than maintained by URSB Bancorp. Financial institution competitors in the Company's primary market area include several super regional and money center banks. There is a total of 40 banking institutions operating in Middlesex County, with URSB Bancorp holding the 20<sup>th</sup> largest market share of deposits. Table 2.6 lists the Company's largest competitors in Middlesex County, based on deposit market share.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **MARKET AREA** |
|  | **II.11** |

---

Table 2.6

URSB Bancorp, Inc.

Market Area Deposit Competitors

As of June 30, 2024

---

| | | | |
|:---|:---|:---|:---|
| Location | Name | Market Share | Rank |
| Middlesex County | Bank of America Corporation (NC) | 11.70% |  |
|  | Wells Fargo & Co. (CA) | 8.72% |  |
|  | The Toronto-Dominion Bank | 7.85% |  |
|  | JPMorgan Chase & Co. (NY) | 7.47% |  |
|  | Provident Financial Services (NJ) | 7.28% |  |
|  | **United Roosevelt MHC (NJ)** | **0.52%** | **20 out of 40** |

---

Source: S&P Global Market Intelligence.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.1** |

---

**III. PEER GROUP ANALYSIS**

This chapter presents an analysis of URSB Bancorp's operations versus a group of comparable savings institutions (the "Peer Group") selected from the universe of all publicly-traded savings institutions in a manner consistent with the regulatory valuation guidelines. The basis of the pro forma market valuation of URSB Bancorp is derived from the pricing ratios of the Peer Group institutions, incorporating valuation adjustments for key differences in relation to the Peer Group. Since no Peer Group can be exactly comparable to URSB Bancorp, key areas examined for differences are: financial condition; profitability, growth and viability of earnings; asset growth; primary market area; dividends; liquidity of the shares; marketing of the issue; management; and effect of government regulations and regulatory reform.

<u>Peer Group Selection</u>

The Peer Group selection process is governed by the general parameters set forth in the regulatory valuation guidelines. Accordingly, the Peer Group is comprised of only those publicly-traded savings institutions whose common stock is either listed on the NYSE or NASDAQ, since their stock trading activity is regularly reported and generally more frequent than non-publicly traded and closely-held institutions. Institutions that are not listed on the NYSE or NASDAQ are inappropriate, since the trading activity for thinly-traded or closely-held stocks are typically highly irregular in terms of frequency and price and thus may not be a reliable indicator of market value. We have also excluded from the Peer Group those companies under acquisition or subject to rumored acquisition, mutual holding companies and recent conversions, since their pricing ratios are subject to unusual distortion and/or have limited trading history. A recent listing of the universe of all publicly-traded savings institutions is included as Exhibit III-1.

Ideally, the Peer Group, which must have at least 10 members to comply with the regulatory valuation guidelines, should be comprised of locally- or regionally-based institutions with comparable resources, strategies and financial characteristics. There are approximately 39 fully-converted, publicly-traded institutions nationally and, thus, it is typically the case that the Peer Group will be comprised of institutions with relatively comparable characteristics. To the extent that differences exist between the converting institution and the Peer Group, valuation adjustments will be applied to account for the differences. Since URSB Bancorp will be a full public company upon completion of the offering, we considered only full public companies to be

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.2** |

---

viable candidates for inclusion in the Peer Group. From the universe of publicly-traded thrifts, we selected ten institutions with characteristics similar to those of URSB Bancorp. In the selection process, we applied two "screens" to the universe of all public companies that were eligible for consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Screen #1 Mid-Atlantic and New England institutions with assets less than $1.2 billion, tangible equity-to-assets ratios of greater than 7.5% and positive reported and/or core earnings.</u> Four companies met the criteria for Screen #1 and three were
included in the Peer Group: BV Financial, Inc. of Maryland, Magyar Bancorp, Inc. of New Jersey and SR Bancorp, Inc. of
New Jersey. PB Bankshares, Inc. of Pennsylvania met the selection criteria, but was excluded as the result of being the target of
an announced acquisition. Exhibit III-2 provides financial and public market pricing characteristics of all publicly-traded Mid-Atlantic
and New England thrifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Screen #2 Midwest, Southeast and Southwest institutions with assets less than $1.2 billion, tangible equity-to-assets ratios of greater than 7.5% and positive reported and/or core earnings.</u> Seven companies met the criteria for Screen
#2 and all seven were included in the Peer Group: Affinity Bancshares, Inc. of Georgia, Catalyst Bancorp, Inc. of Louisiana,
Central Plains Bancshares, Inc. of Nebraska, Fifth District Bancorp, Inc. of Louisiana, Home Federal Bancorp, Inc. of Louisiana, IF
Bancorp, Inc. of Illinois and Texas Community Bancshares, Inc. of Texas. Exhibit III-3 provides financial and public market
pricing characteristics of all publicly-traded Midwest, Southeast and Southwest thrifts.

Table 3.1 shows the general characteristics of each of the ten Peer Group companies and Exhibit III-4 provides summary demographic and deposit market share data for the primary market areas served by each of the Peer Group companies. While there are expectedly some differences between the Peer Group companies and URSB Bancorp, we believe that the Peer Group companies, on average, provide a good basis for valuation subject to valuation adjustments. The following sections present a comparison of URSB Bancorp's financial condition, income and expense trends, loan composition, interest rate risk and credit risk versus the Peer Group as of the most recent publicly available date. Comparative data for all publicly-traded thrifts has been included in the Chapter III tables as well.

In addition to the selection criteria used to identify the Peer Group companies, a summary description of the key comparable characteristics of each of the Peer Group companies relative to URSB Bancorp's characteristics is detailed below.

o Affinity Bancshares, Inc. of Georgia. Comparable due to similar size of branch network, similar interest-earning
asset composition, similar concentration of deposits funding assets, similar impact of credit loss provisions on earnings, limited earnings
contribution from sources of non-interest operating income and similar degree of commercial business lending diversification.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.3** |

---

Table 3.1

Peer Group of Publicly-Traded Thrifts

As of June 30, 2025 or the Most Recent Date Available

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | |  |  |  |  | As of | As of |
|  |  |  |  |  |  | |  |  |  |  | August 5, 2025 | August 5, 2025 |
|  |  |  |  |  |  | Total |  |  | Fiscal | Conv. | Stock | Market |
| Ticker | Financial Institution | Exchange | Region | City | State | Assets |  | Offices | Mth End | Date | Price | Value |
|  |  |  |  |  |  | ($Mil) |  |  |  |  | ($) | ($Mil) |
| AFBI | Affinity Bancshares, Inc. | NASDAQCM | SE | Covington | GA | $934 |  | 3 | Dec | 4/27/2017 | $18.76 | $118 |
| BVFL | BV Financial, Inc. | NASDAQCM | MA | Baltimore | MD | $908 |  | 14 | Dec | 1/12/2005 | $15.19 | $161 |
| CLST | Catalyst Bancorp, Inc. | NASDAQCM | SW | Opelousas | LA | $274 |  | 6 | Dec | 10/12/2021 | $12.40 | $52 |
| CPBI | Central Plains Bancshares, Inc. | NASDAQCM | MW | Grand Island | NE | $509 | (1) | 9 | Mar | 10/19/2023 | $15.25 | $60 |
| FDSB | Fifth District Bancorp, Inc. | NASDAQCM | SW | New Orleans | LA | $531 | (1) | 7 | Dec | 7/31/2024 | $13.18 | $73 |
| HFBL | Home Federal Bancorp, Inc. of Louisiana | NASDAQCM | SW | Shreveport | LA | $609 |  | 11 | Jun | 1/18/2005 | $13.10 | $39 |
| IROQ | IF Bancorp, Inc. | NASDAQCM | MW | Watseka | IL | $879 | (1) | 8 | Jun | 7/7/2011 | $24.87 | $80 |
| MGYR | Magyar Bancorp, Inc. | NASDAQGM | MA | New Brunswick | NJ | $987 |  | 7 | Sep | 1/23/2006 | $17.18 | $111 |
| SRBK | SR Bancorp, Inc. | NASDAQCM | MA | Bound Brook | NJ | $1083 |  | 14 | Jun | 9/19/2023 | $14.03 | $125 |
| TCBS | Texas Community Bancshares, Inc. | NASDAQCM | SW | Mineola | TX | $444 |  | 7 | Dec | 7/14/2021 | $15.80 | $45 |

---

(1) As of March 31, 2025.

Source: S&P Global Market Intelligence.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.4** |

---

o BV Financial, Inc. of Maryland. Comparable due to similar concentration of loans as a percent of
assets, similar impact of credit loss provisions on earnings and limited earnings contribution from sources of non-interest operating
income.

o Catalyst Bancorp, Inc. of Louisiana. Comparable due to similar asset size and similar combined concentration
of mortgage-backed securities and 1-4 family loans as a percent of assets.

o Central Plains Bancshares, Inc. of Nebraska. Comparable due to similar interest-earning asset composition,
similar concentration of deposits funding assets, similar impact of credit loss provisions on earnings and relatively low ratio of non-performing
assets as a percent of assets.

o Fifth District Bancorp, Inc. of Louisiana. Comparable due to similar concentration of deposits funding
assets, limited earnings contribution from sources of non-interest operating income, similar operating expense to average assets ratio
and relatively low ratio of non-performing assets as a percent of assets.

o Home Federal Bancorp, Inc. of Louisiana. Comparable due to similar interest-earning asset composition,
similar concentration of 1-4 family loans as a percent of assets and similar degree of commercial real estate lending diversification.

o IF Bancorp, Inc. of Illinois. Comparable due to similar concentrations of deposits and borrowings
funding assets, similar operating expense to average assets ratio, similar combined concentration of mortgage-backed securities and 1-4
family loans as a percent of assets, similar degree of commercial real estate lending diversification and relatively low ratio of non-performing
assets as percent of assets.

o Magyar Bancorp, Inc. of New Jersey. Comparable due to overlapping New Jersey market area, similar
concentration of loans as a percent of assets, similar concentration of deposits funding assets, limited earnings contribution from sources
of non-interest operating income, relatively low operating expense to average assets ratio and similar ratio of non-performing assets
as a percent of assets.

o SR Bancorp, Inc. of New Jersey. Comparable due to overlapping New Jersey market area, similar concentration
of deposits funding assets, limited earnings contribution from sources of non-interest operating income, similar concentration of 1-4
family loans as a percent of assets and relatively low ratio of non-performing assets as a percent of assets.

o Texas Community Bancshares, Inc. of Texas. Comparable due to similar asset size, similar concentrations
of deposits and borrowings funding assets, similar impact of credit loss provisions on earnings, similar concentration of 1-4 family loans
as a percent of assets and similar degree of commercial real estate lending diversification.

In aggregate, the Peer Group companies maintained a higher level of tangible equity than the industry average (15.77% of assets versus 13.15% for all public companies), generated higher earnings as a percent of average assets (0.68% core ROAA versus 0.48% for all public companies) and earned a higher ROE (4.90% core ROE versus 3.09% for all public companies). Overall, the Peer Group's average P/TB ratio and average core P/E multiple were lower and higher than the respective averages for all publicly-traded thrifts.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.5** |

---

---

| | | |
|:---|:---|:---|
|  | All<br>Publicly-Traded |<br>Peer Group |
| <u>Financial Characteristics (Averages)</u> |  |  |
| Assets ($Mil) | $6608 | $716 |
| Market capitalization ($Mil) | $623 | $86 |
| Tangible equity/assets (%) | 13.15% | 15.77% |
| Core return on average assets (%) | 0.48 | 0.68 |
| Core return on average equity (%) | 3.09 | 4.90 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | All<br>Publicly-Traded |  |<br>Peer Group |  |
| <u>Pricing Ratios (Averages)(1)</u> |  |  |  |  |
| Core price/earnings (x) | 15.46 | x | 18.03 | x |
| Price/tangible book (%) | 97.14 | % | 84.22 | % |
| Price/assets (%) | 11.10 |  | 12.40 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on market prices as of August 5, 2025.

Ideally, the Peer Group companies would be comparable to URSB Bancorp in terms of all of the selection criteria, but the universe of publicly-traded thrifts does not provide for an appropriate number of such companies. However, in general, the companies selected for the Peer Group were fairly comparable to URSB Bancorp, as will be highlighted in the following comparative analysis. Comparative data for all publicly-traded thrifts has been included in the Chapter III tables as well.

<u>Financial Condition</u>

Table 3.2 shows comparative balance sheet measures for URSB Bancorp and the Peer Group, reflecting the expected similarities and some differences given the selection procedures outlined above. The Company's and the Peer Group's ratios reflect balances as of June 30, 2025, unless as footnoted otherwise for the Peer Group companies. URSB Bancorp's equity-to-assets ratio of 5.78% was well below the Peer Group's average net worth ratio of 16.44%. The Company's pro forma capital position will increase with the addition of stock proceeds, although the Company's equity-to-assets ratio will remain below the Peer Group's ratio. Tangible equity-to-assets ratios for the Company and the Peer Group equaled 5.78% and 15.77%, respectively. The increase in URSB Bancorp's pro forma capital position will be favorable from a risk perspective and in terms of future earnings potential that could be realized through leverage and lower funding costs. At the same time, the Company's higher pro forma capitalization will initially depress return on equity. Both URSB Bancorp's and the Peer Group's capital ratios reflected capital surpluses with respect to the regulatory capital requirements.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.6** |

---

Table 3.2

Balance Sheet Composition and Growth Rates

Comparable Institution Analysis

As of June 30, 2025

---

| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet as a Percent of Assets | Balance Sheet Annual Growth Rates | Balance Sheet Annual Growth Rates | Balance Sheet Annual Growth Rates | Balance Sheet Annual Growth Rates | Balance Sheet Annual Growth Rates | Balance Sheet Annual Growth Rates | Balance Sheet Annual Growth Rates | Regulatory Capital | Regulatory Capital | Regulatory Capital |
|  |  |  |  | Cash &<br>Equival. | MBS &<br>Invest | <br>BOLI | Net<br>Loans (1) | <br>Deposits | Borrowed<br>Funds | Sub.<br>Debt | Total<br>Equity | Goodwill<br>& Intang | Tangible<br>Equity | <br>Assets | MBS, Cash<br>Invests | <br>Loans | <br>Deposits | Borrows.<br>&Subdebt | Total<br>Equity | Tangible<br>Equity | Tier 1<br>Leverage | Tier 1<br>Risk-Based | Risk-Based<br>Capital |
| **<u>URSB Bancorp, Inc.</u>** | **<u>URSB Bancorp, Inc.</u>** |  | NJ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 |  |  | 3.90% | 11.83% | 1.78% | 80.25% | 78.09% | 13.26% | 2.08% | 5.78% | 0.00% | 5.78% | 9.98% | 2.42% | 11.46% | 9.47% | 40.83% | 3.70% | 3.70% | 7.90% | 11.90% | 12.70% |
| <u>All Non-MHC Public Thrifts</u> | <u>All Non-MHC Public Thrifts</u> | <u>All Non-MHC Public Thrifts</u> | <u>All Non-MHC Public Thrifts</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 5.45% | 13.16% | 1.69% | 75.51% | 75.36% | 9.08% | 0.35% | 13.93% | 0.90% | 13.15% | 1.41% | -0.97% | 3.97% | 5.35% | -11.41% | 2.65% | 2.70% | 10.97% | 14.68% | 16.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 4.30% | 14.12% | 1.39% | 76.46% | 75.91% | 7.00% | 0.00% | 11.84% | 0.04% | 11.01% | 1.24% | 0.27% | 3.24% | 4.82% | -11.14% | 2.49% | 2.52% | 10.72% | 14.07% | 15.55% |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 5.81% | 14.10% | 2.16% | 74.12% | 78.04% | 4.36% | 0.00% | 16.44% | 0.68% | 15.77% | 2.17% | -5.04% | 5.76% | 3.09% | -19.45% | 8.60% | 8.71% | 14.97% | 23.77% | 24.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 5.65% | 14.57% | 1.91% | 74.76% | 77.96% | 3.59% | 0.00% | 14.84% | 0.03% | 13.59% | 2.91% | -10.76% | 6.49% | 3.40% | -19.47% | 3.33% | 3.95% | 12.54% | 16.64% | 17.89% |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. |  | GA | 9.60% | 7.64% | 1.79% | 77.38% | 80.25% | 5.78% | 0.00% | 13.29% | 1.94% | 11.35% | 6.89% | 17.18% | 5.62% | 8.65% | 4.17% | -0.77% | -0.72% | 10.55% | 11.66% | 12.79% |
| BVFL | BV Financial, Inc. |  | MD | 6.20% | 4.65% | 2.23% | 81.73% | 72.54% | 3.85% | 0.00% | 21.80% | 1.67% | 20.13% | 1.24% | -26.70% | 7.00% | 2.90% | -2.55% | -3.64% | -3.84% | 19.75% | 24.45% | 25.70% |
| CLST | Catalyst Bancorp, Inc. |  | LA | 14.63% | 16.46% | 5.38% | 60.32% | 66.55% | 3.52% | 0.00% | 29.51% | 0.00% | 29.51% | -7.30% | -29.40% | 9.33% | 1.19% | -68.12% | -0.26% | -0.26% | 27.56% | 43.72% | 44.98% |
| CPBI | Central Plains Bancshares, Inc. | (2) | NE | 5.64% | 11.83% | 0.20% | 77.99% | 81.82% | 0.05% | 0.00% | 16.38% | 0.00% | 16.38% | 9.80% | 22.26% | 5.97% | 10.94% | -19.47% | 6.46% | 6.46% | 13.76% | 16.64% | 17.89% |
| FDSB | Fifth District Bancorp, Inc. | (2) | LA | 5.67% | 18.29% | 2.03% | 70.85% | 74.26% | 0.00% | 0.00% | 23.96% | 0.00% | 23.96% | 9.35% | 39.39% | 2.97% | -1.50% | 0.00% | 65.34% | 65.34% | 21.00% | 41.68% | 42.31% |
| HFBL | Home Federal Bancorp, Inc. of Louisiana |  | LA | 2.85% | 15.79% | 1.14% | 75.89% | 89.63% | 0.66% | 0.00% | 9.06% | 0.64% | 8.42% | -4.40% | -13.23% | -2.12% | -4.83% | -49.12% | 4.55% | 5.53% | 9.40% | 13.57% | 14.64% |
| IROQ | IF Bancorp, Inc. | (2) | IL | 1.04% | 21.65% | 1.73% | 72.59% | 77.80% | 11.93% | 0.00% | 8.98% | 0.00% | 8.98% | -2.86% | -8.28% | -0.80% | 0.32% | -24.79% | 9.06% | 9.06% | 10.04% | NA | NA |
| MGYR | Magyar Bancorp, Inc. |  | NJ | 0.72% | 9.51% | 2.09% | 84.65% | 83.04% | 3.65% | 0.00% | 11.78% | 0.04% | 11.74% | 4.57% | -30.74% | 11.21% | 3.90% | 15.72% | 6.68% | 6.44% | 10.97% | 14.64% | 15.71% |
| SRBK | SR Bancorp, Inc. |  | NJ | 5.34% | 13.34% | 3.52% | 73.62% | 78.12% | 3.07% | 0.00% | 17.76% | 2.47% | 15.30% | 6.09% | -0.51% | 8.95% | 4.82% | NM | -3.56% | -3.30% | 15.38% | NA | NA |
| TCBS | Texas Community Bancshares, Inc. |  | TX | 6.44% | 21.80% | 1.45% | 66.21% | 76.38% | 11.09% | 0.00% | 11.91% | 0.01% | 11.89% | -1.66% | -20.38% | 9.43% | 4.50% | -30.86% | 2.11% | 2.38% | 11.32% | NA | NA |

---

(1) Includes loans held for sale.

(2) As of March 31, 2025.

Source: S&P Global Market Intelligence and RP<sup>®</sup> Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP<sup>®</sup> Financial, LC.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.7** |

---

The interest-earning asset compositions for the Company and the Peer Group were somewhat similar, with loans constituting the largest concentration of interest-earning assets for both URSB Bancorp and the Peer Group. The Company's loans-to-assets ratio of 80.25% was higher than the comparable Peer Group ratio of 74.12%. Comparatively, the Company's cash and investments-to-assets ratio of 15.73% was lower than the comparable Peer Group ratio of 19.91%. Overall, URSB Bancorp's interest-earning assets amounted to 95.98% of assets, which exceeded the comparable Peer Group ratio of 94.03%. The Peer Group's non-interest earning assets included bank-owned life insurance ("BOLI") equal to 2.16% of assets and goodwill/intangibles equal to 0.68% of assets, while the Company maintained BOLI equal to 1.78% of assets and a zero balance of goodwill/intangibles.

URSB Bancorp's funding liabilities reflected a funding composition that was somewhat similar to that of the Peer Group's funding composition. The Company's deposits equaled 78.09% of assets, which approximated the Peer Group's ratio of 78.04%. Comparatively, the Company maintained a higher level of borrowings than the Peer Group, based on borrowings-to-assets ratios of 15.34% and 4.36% for the Company and the Peer Group, respectively. Total deposits and borrowings maintained by the Company and the Peer Group, as a percent of assets, equaled 93.43% and 82.40%, respectively.

A key measure of balance sheet strength for a thrift institution is its IEA/IBL ratio. Presently, the Company's IEA/IBL ratio is lower than the Peer Group's ratio, based on IEA/IBL ratios of 102.73% and 114.11%, respectively. The additional capital realized from stock proceeds will provide URSB Bancorp with an IEA/IBL ratio that will be more comparable to the Peer Group's ratio, as the increase in capital provided by the infusion of stock proceeds will serve to lower the level of interest-bearing liabilities funding assets and will be primarily deployed into interest-earning assets.

The growth rate section of Table 3.2 shows annual growth rates for key balance sheet items. URSB Bancorp's growth rates are annualized growth rates for the eighteen months ended June 30, 2025, while the Peer Group's growth rates are based on annual growth for the twelve months ended June 30, 2025 or the twelve months ended March 31, 2025. URSB Bancorp recorded a 9.98% increase in assets, versus asset growth of 2.17% recorded by the Peer Group. Asset growth for URSB Bancorp was driven by an 11.46% increase in loans, which was supplemented with a 2.42% increase in cash and investments. Asset growth for the Peer Group was driven by a 5.76% increase in loans, which was in part funded by a 5.04% reduction in cash and investments.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.8** |

---

Asset growth for the Company was funded by a 9.47% increase in deposits and a 40.83% increase in borrowings. Comparatively, asset growth for the Peer Group was primarily funded through deposit growth of 3.09%, which also funded a 19.45% reduction in borrowings. The Company's tangible capital increased 3.70%, which was less than the Peer Group's tangible growth rate of 8.71%. The Peer Group's comparatively high tangible capital growth rate was in a large part attributable to the high capital growth rate posted by Fifth District Bancorp, Inc. which reflects the impact of the capital raised in its standard conversion offering that was completed during the twelve month period. The Company's post-conversion capital growth rate will initially be constrained by maintenance of a higher pro forma capital position. Additionally, implementation of any stock repurchases and dividend payments, pursuant to regulatory limitations and guidelines, could also slow the Company's capital growth rate in the longer term following the stock offering.

<u>Income and Expense Components</u>

Table 3.3 displays statements of operations for the Company and the Peer Group. The Company's and the Peer Group's ratios are based on earnings for the twelve months ended June 30, 2025 or the twelve months ended March 31, 2025 as footnoted for the Peer Group companies. URSB Bancorp and the Peer Group recorded net income to average assets ratios of 0.16% and 0.64%, respectively. Higher ratios of net interest income and non-interest operating income, and lower ratios for non-operating losses, credit loss provisions and effective tax rate represented earnings advantages for the Peer Group, while a lower ratio of operating expenses was an earnings advantages for the Company.

The Peer Group's higher net interest income to average assets ratio was realized through a lower interest expense ratio, which was partially offset by the Company's higher interest income ratio. A lower cost of interest-bearing liabilities (2.66% versus 2.86% for the Company) and a lower concentration of interest-bearing liabilities as a percent of assets facilitated the Peer Group's lower interest expense ratio. Comparatively, the Company's higher interest income ratio was facilitated by a higher concentration of assets maintained in interest-earning assets, which was partially offset by the Peer Group's higher yield earned on interest-earning assets (5.25% versus 5.15% for the Company). Overall, URSB Bancorp and the Peer Group reported net interest income to average assets ratios of 2.44% and 3.05%, respectively.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.9** |

---

Table 3.3

Income as Percent of Average Assets and Yields, Costs, Spreads

Comparable Institution Analysis

For the 12 Months Ended June 30, 2025 or the Most Recent 12 Months Available

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | Net Interest Income | Net Interest Income | Net Interest Income | Net Interest Income | | Non-Interest Income | Non-Interest Income | | NonOp Items | NonOp Items | | Yields, Costs, and Spreads | Yields, Costs, and Spreads | Yields, Costs, and Spreads | | |
|  |  |  |  | <br>Net<br>Income | <br>Income | <br>Expense | <br>NII | Loss<br>Provis.<br>on IEA | <br>NII<br>After<br>Provis. | Gain<br>on Sale of<br>Loans | Other<br>Non-Int<br>Income | <br>Total<br>Non-Int<br>Expense | <br>Net Gains/<br>Losses (1) | <br>Extrao.<br>Items | <br>Provision<br>for<br>Taxes | <br>Yield<br>On IEA | <br>Cost<br>Of IBL | <br>Yld-Cost<br>Spread |<br>MEMO:<br>Assets/<br>FTE Emp. | <br>MEMO:<br>Effective<br>Tax Rate |
|  |  |  |  | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | ($000) | (%) |
| **<u>URSB Bancorp, Inc.</u>** | **<u>URSB Bancorp, Inc.</u>** |  | NJ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 |  |  | 0.16% | 5.07% | 2.63% | 2.44% | 0.07% | 2.37% | 0.00% | 0.10% | 2.22% | -0.04% | 0.00% | 0.05% | 5.15% | 2.86% | 2.29% | $11217 | 22.66% |
| <u>All Non-MHC Public Thrifts</u> | <u>All Non-MHC Public Thrifts</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 0.49% | 5.04% | 2.13% | 2.91% | 0.08% | 2.79% | 0.08% | 0.40% | 2.70% | 0.02% | 0.00% | 0.19% | 5.31% | 2.99% | 2.39% | $11008 | 23.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 0.55% | 4.95% | 2.14% | 2.72% | 0.04% | 2.60% | 0.01% | 0.29% | 2.47% | 0.00% | 0.00% | 0.16% | 5.12% | 2.91% | 2.20% | $8566 | 24.07% |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 0.64% | 4.97% | 1.92% | 3.05% | 0.01% | 3.04% | 0.03% | 0.35% | 2.57% | -0.02% | 0.00% | 0.19% | 5.25% | 2.66% | 2.59% | $8344 | 16.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 0.69% | 5.10% | 1.85% | 3.06% | 0.03% | 3.06% | 0.00% | 0.30% | 2.59% | 0.00% | 0.00% | 0.16% | 5.37% | 2.65% | 2.57% | $8426 | 20.40% |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. |  | GA | 0.79% | 5.53% | 2.18% | 3.35% | 0.04% | 3.31% | 0.00% | 0.24% | 2.46% | -0.08% | 0.00% | 0.23% | 5.84% | 3.26% | 2.58% | $10854 | 22.61% |
| BVFL | BV Financial, Inc. |  | MD | 1.19% | 5.35% | 1.34% | 4.01% | 0.04% | 3.96% | 0.00% | 0.29% | 2.62% | 0.00% | 0.00% | 0.44% | 5.77% | 1.99% | 3.78% | $8387 | 27.25% |
| CLST | Catalyst Bancorp, Inc. |  | LA | 0.80% | 5.13% | 1.53% | 3.60% | 0.16% | 3.44% | 0.00% | 0.50% | 3.16% | 0.17% | 0.00% | 0.18% | 5.51% | 2.50% | 3.01% | $5474 | 18.66% |
| CPBI | Central Plains Bancshares, Inc. | (2) | NE | 0.76% | 5.13% | 1.70% | 3.42% | 0.04% | 3.38% | 0.04% | 0.50% | 2.98% | 0.00% | 0.00% | 0.18% | 5.34% | 2.57% | 2.77% | $7481 | 19.21% |
| FDSB | Fifth District Bancorp, Inc. | (2) | LA | 0.03% | 3.91% | 1.79% | 2.12% | -0.19% | 2.31% | 0.00% | 0.19% | 2.26% | -0.24% | 0.00% | -0.01% | 4.10% | 2.22% | 1.88% | $8047 | -37.50% |
| HFBL | Home Federal Bancorp, Inc. of Louisiana |  | LA | 0.63% | 4.92% | 1.90% | 3.02% | -0.02% | 3.04% | 0.06% | 0.31% | 2.65% | 0.00% | 0.00% | 0.12% | 5.28% | 2.73% | 2.55% | $8465 | 16.46% |
| IROQ | IF Bancorp, Inc. | (2) | IL | 0.37% | 4.87% | 2.67% | 2.20% | -0.06% | 2.26% | 0.03% | 0.54% | 2.33% | -0.01% | 0.00% | 0.13% | 5.07% | 3.18% | 1.89% | $8535 | 26.06% |
| MGYR | Magyar Bancorp, Inc. |  | NJ | 0.99% | 5.40% | 2.30% | 3.10% | 0.02% | 3.07% | 0.11% | 0.22% | 1.99% | -0.01% | 0.00% | 0.46% | 5.62% | 3.11% | 2.51% | $10280 | 31.49% |
| SRBK | SR Bancorp, Inc. |  | NJ | 0.35% | 4.38% | 1.58% | 2.79% | 0.00% | 2.80% | 0.00% | 0.20% | 2.56% | 0.00% | 0.00% | 0.10% | 4.59% | 2.24% | 2.35% | $9025 | 21.58% |
| TCBS | Texas Community Bancshares, Inc. |  | TX | 0.53% | 5.07% | 2.16% | 2.91% | 0.09% | 2.82% | 0.00% | 0.47% | 2.68% | 0.01% | 0.00% | 0.10% | 5.39% | 2.80% | 2.59% | $6894 | 15.51% |

---

(1) Net gains/losses includes gain/loss on sale of securities and nonrecurring income and expense.

(2) For the twelve months ended March 31, 2025.

Source: S&P Global Market Intelligence and RP<sup>®</sup> Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP<sup>®</sup> Financial, LC.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.10** |

---

In another key area of core earnings strength, the Company maintained a lower level of operating expenses than the Peer Group. For the period covered in Table 3.3, the Company and the Peer Group reported operating expense to average assets ratios of 2.22% and 2.57%, respectively. The Company's lower operating expense ratio was consistent with its comparatively lower number of employees relative to its asset size. Assets per full time equivalent employee equaled $11.217 million for the Company, versus $8.344 million for the Peer Group.

When viewed together, net interest income and operating expenses provide considerable insight into a thrift's earnings strength, since those sources of income and expenses are typically the most prominent components of earnings and are generally more predictable than losses and gains realized from the sale of assets or other non-recurring activities. In this regard, as measured by their expense coverage ratios (net interest income divided by operating expenses), the Company's earnings were less favorable than the Peer Group's earnings. Expense coverage ratios for URSB Bancorp and the Peer Group equaled 1.10x and 1.19x, respectively.

Sources of non-interest operating income provided a larger contribution to the Peer Group's earnings, with such income amounting to 0.10% and 0.38% of URSB Bancorp's and the Peer Group's average assets, respectively. Taking non-interest operating income into account in comparing the Company's and the Peer Group's earnings, URSB Bancorp's efficiency ratio (operating expenses, as a percent of the sum of non-interest operating income and net interest income) of 87.40% was less favorable than the Peer Group's efficiency ratio of 74.93%.

Credit loss provisions had a slightly larger impact on the Company's earnings, as credit loss provisions established by the Company and the Peer Group equaled 0.07% and 0.01% of average assets, respectively.

The Company recorded a net non-operating loss equal to 0.04% of average assets, versus a net non-operating loss equal to 0.02% of average assets for the Peer Group. Typically, gains and losses generated from the sale of assets and other non-operating activities are viewed as earnings with a relatively high degree of volatility, and, thus, are not considered to be part of an institution's core earnings. Extraordinary items were not a factor in either the Company's or the Peer Group's earnings.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.11** |

---

The Company recorded an effective tax rate of 22.66% compared to an effective tax rate of 16.13% for the Peer Group. As indicated in the prospectus, the Company's effective marginal tax rate is equal to 28.0%.

<u>Loan Composition</u>

Table 3.4 presents data related to the Company's and the Peer Group's loan portfolio compositions (including the investment in mortgage-backed securities). In comparison to the Peer Group, the Company's loan portfolio composition reflected a similar combined concentration of 1-4 family permanent mortgage loans and mortgage-backed securities (41.09% of assets versus 41.39% for the Peer Group), as the Company maintained a higher concentration of 1-4 family loans which was offset by the Peer Group's higher concentration of mortgage-backed securities. Loan servicing intangibles constituted a more significant balance sheet item for the Peer Group, equal to an average of $168,000 for the Peer Group compared to a zero balance for the Company.

Diversification into higher risk and higher yielding types of lending was similar for the Company and the Peer Group. The Peer Group's loan portfolio composition reflected higher concentrations of commercial real estate loans (23.44% of assets versus 19.31% of assets for the Company), multi-family loans (6.17% of assets versus 5.98% of assets for the Company) and construction/land loans (5.74% of assets versus 1.21% of assets for the Company), while the Company maintained higher concentrations of commercial business loans (14.38% of assets versus 4.58% of assets for the Peer Group) and consumer loans (2.68% of assets versus 2.12% of assets for the Peer Group). In total, construction/land, commercial real estate, multi-family, commercial business and consumer loans comprised 43.56% and 42.05% of the Company's and the Peer Group's assets, respectively. Overall, the Company's asset composition provided for a slightly lower risk weighted assets-to-assets ratio of 67.41% compared to 72.91% for the Peer Group.

<u>Interest Rate Risk</u>

Table 3.5 reflects various key ratios highlighting the relative interest rate risk exposure of the Company versus the Peer Group. In terms of balance sheet composition, URSB Bancorp's interest rate risk characteristics implied a higher degree of interest rate risk exposure relative to the comparable measures for the Peer Group. In particular, the Company's tangible equity-to-assets ratio and IEA/IBL ratios were lower than the respective Peer Group ratios, which were

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.12** |

---

---

| |
|:---|
| &nbsp;&nbsp;Table 3.4 |
| &nbsp;&nbsp;Loan Portfolio Composition and Related Information |
| &nbsp;&nbsp;Comparable Institution Analysis |
| &nbsp;&nbsp;As of June 30, 2025 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets | Portfolio Composition as a Percent of Assets |
| | |  |  | <br>MBS | 1-4<br>Family | Constr.<br>& Land | Multi-<br>Family | <br>Comm RE | Commerc.<br>Business | <br>Consumer | RWA/<br>Assets | Servicing<br>Assets |
|  |  |  |  | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | ($000) |
| **<u>URSB Bancorp, Inc.</u>** | **<u>URSB Bancorp, Inc.</u>** |  | NJ |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 |  |  | 4.22% | 36.87% | 1.21% | 5.98% | 19.31% | 14.38% | 2.68% | 67.41% | $0 |
| <u>All Non-MHC Public Thrifts</u> | <u>All Non-MHC Public Thrifts</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 8.46% | 25.44% | 6.90% | 13.97% | 19.21% | 6.92% | 2.02% | 78.97% | $1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 7.20% | 23.53% | 3.50% | 8.20% | 15.17% | 3.87% | 0.20% | 78.32% | $123 |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 10.91% | 30.48% | 5.74% | 6.17% | 23.44% | 4.58% | 2.12% | 72.91% | $168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 11.57% | 28.91% | 4.76% | 3.57% | 23.13% | 2.77% | 0.72% | 78.25% | $0 |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. |  | GA | 1.82% | 5.60% | 7.67% | 0.48% | 34.23% | 15.96% | 13.29% | 88.20% | $0 |
| BVFL | BV Financial, Inc. |  | MD | 1.83% | 26.29% | 3.96% | 3.07% | 43.90% | 3.60% | 1.77% | 79.50% | $0 |
| CLST | Catalyst Bancorp, Inc. |  | LA | 9.24% | 29.96% | 11.70% | 0.92% | 8.07% | 9.29% | 0.71% | 62.31% | $0 |
| CPBI | Central Plains Bancshares, Inc. | (1) | NE | 10.78% | 23.98% | 5.30% | 8.21% | 29.90% | 0.00% | 2.79% | 82.85% | $0 |
| FDSB | Fifth District Bancorp, Inc. | (1) | LA | 16.09% | 63.94% | 2.73% | 0.00% | 0.40% | 0.00% | 0.74% | 50.72% | $0 |
| HFBL | Home Federal Bancorp, Inc. of Louisiana |  | LA | 15.41% | 32.78% | 6.53% | 4.06% | 23.77% | 0.00% | 0.16% | 68.57% | $0 |
| IROQ | IF Bancorp, Inc. | (1) | IL | 18.89% | 21.21% | 4.23% | 14.10% | 22.48% | 10.68% | 0.70% | NA | $1452 |
| MGYR | Magyar Bancorp, Inc. |  | NJ | 6.43% | 27.86% | 2.62% | 8.20% | 44.67% | 1.94% | 0.17% | 78.25% | $0 |
| SRBK | SR Bancorp, Inc. |  | NJ | 12.36% | 40.87% | 0.00% | 20.31% | 11.79% | 0.00% | 0.01% | NA | $0 |
| TCBS | Texas Community Bancshares, Inc. |  | TX | 16.24% | 32.34% | 12.68% | 2.36% | 15.17% | 4.36% | 0.82% | NA | $228 |

---

(1) As of March 31, 2025.

Source: S&P Global Market Intelligence and RP<sup>®</sup> Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP<sup>®</sup> Financial, LC.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.13** |

---

Table 3.5

Interest Rate Risk Measures and Net Interest Income Volatility<br> Comparable Institution Analysis <br> As of June 30, 2025 or the Most Recent Date Available

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Balance Sheet Measures | Balance Sheet Measures | Balance Sheet Measures |  |  |  |  |  |  |
|  |  |  |  | | | | Quarterly Change in Net Interest Income | Quarterly Change in Net Interest Income | Quarterly Change in Net Interest Income | Quarterly Change in Net Interest Income | Quarterly Change in Net Interest Income | Quarterly Change in Net Interest Income |
| | |  |  | Tangible<br> Equity/<br>Assets | IEA/<br>IBL | Non-Earn.<br> Assets/<br>Assets | 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 |
|  |  |  |  | (%) | (%) | (%) | (change in net interest income is annualized in basis points) | (change in net interest income is annualized in basis points) | (change in net interest income is annualized in basis points) | (change in net interest income is annualized in basis points) | (change in net interest income is annualized in basis points) | (change in net interest income is annualized in basis points) |
| **<u>URSB Bancorp, Inc.</u>** | **<u>URSB Bancorp, Inc.</u>** |  | NJ |  |  |  |  |  |  |  |  |  |
| June 30, 2025 | June 30, 2025 |  |  | 5.8% | 102.7% | 4.0% | -8 | 16 | -7 | -15 | 11 | -16 |
| <u>All Non-MHC Public Thrifts</u> | <u>All Non-MHC Public Thrifts</u> |  |  |  |  |  |  |  |  |  |  |  |
| Average | Average |  |  | 13.3% | 111.0% | 5.9% | 8 | 5 | -3 | 5 | 3 | -8 |
| Median | Median |  |  | 11.0% | 114.4% | 5.1% | 7 | 4 | 2 | 5 | 3 | -6 |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |
| Average | Average |  |  | 15.8% | 114.8% | 6.0% | 7 | 0 | 0 | 9 | 16 | -13 |
| Median | Median |  |  | 13.6% | 111.8% | 5.4% | 8 | 4 | 1 | 10 | 14 | -10 |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. |  | GA | 11.4% | 110.0% | 5.4% | 9 | -10 | 4 | -13 | 32 | 2 |
| BVFL | BV Financial, Inc. |  | MD | 20.1% | 121.2% | 7.4% | 26 | -27 | -13 | 18 | 39 | -35 |
| CLST | Catalyst Bancorp, Inc. |  | LA | 29.5% | 130.4% | 8.6% | 12 | -10 | 4 | 16 | 51 | -5 |
| CPBI | Central Plains Bancshares, Inc. | (1) | NE | 16.4% | 116.6% | 4.5% | 0 | 8 | -3 | 2 | 1 | 8 |
| FDSB | Fifth District Bancorp, Inc. | (1) | LA | 24.0% | 127.7% | 5.2% | 0 | 6 | -3 | 33 | 16 | NA |
| HFBL | Home Federal Bancorp, Inc. of Louisiana |  | LA | 8.4% | 104.7% | 5.5% | 17 | 11 | 14 | 9 | 3 | -27 |
| IROQ | IF Bancorp, Inc. | (1) | IL | 9.0% | 106.2% | 4.7% | 0 | 11 | 10 | 16 | 13 | -10 |
| MGYR | Magyar Bancorp, Inc. |  | NJ | 11.7% | 109.5% | 5.1% | 16 | 3 | 11 | 10 | -10 | -18 |
| SRBK | SR Bancorp, Inc. |  | NJ | 15.3% | 113.7% | 7.7% | 7 | -5 | -18 | -13 | -1 | -27 |
| TCBS | Texas Community Bancshares, Inc. |  | TX | 11.9% | 108.0% | 5.5% | -16 | 15 | -2 | 10 | 17 | -3 |

---

NA=Change is greater than 100 basis points during the quarter.

(1) As of March 31, 2025.

Source: S&P Global Market Intelligence and RP<sup>®</sup> Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP<sup>®</sup> Financial, LC.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.14** |

---

partially negated by the Company's lower ratio of non-interest earning assets as a percent of assets. On a pro forma basis, the infusion of stock proceeds should serve to strengthen the Company's balance sheet interest rate risk characteristics, given the increases that will be realized in Company's tangible equity-to-assets and IEA/IBL ratios.

To analyze interest rate risk associated with the net interest margin, we reviewed quarterly changes in net interest income as a percent of average assets for URSB Bancorp and the Peer Group. In general, the comparative fluctuations in the Company's and the Peer Group's net interest income ratios implied that a similar degree of interest rate risk was associated with the Company's and the Peer Group's net interest margins, based on the interest rate environment that prevailed during the period covered in Table 3.5. The stability of the Company's net interest margin should be enhanced by the infusion of stock proceeds, as interest rate sensitive liabilities will be funding a lower portion of URSB Bancorp's assets and the proceeds will be substantially deployed into interest-earning assets.

<u>Credit Risk</u>

Overall, based on a comparison of credit risk measures, the Company's implied credit risk exposure was viewed to be slightly less than to the Peer Group's implied credit risk exposure. As shown in Table 3.6, the Company's ratios for non-performing/assets and non-performing loans/loans equaled 0.29% and 0.36%, respectively, versus comparable measures of 0.57% and 0.70% for the Peer Group. These ratios include troubled debt restructurings that are in compliance with their modified terms. The Company's and Peer Group's loss reserves as a percent of non-performing loans equaled 173.66% and 138.78%, respectively. Loss reserves maintained as percent of loans receivable equaled 0.63% for the Company, versus 1.03% for the Peer Group. Net loan charge-offs were a larger factor for the Peer Group, as net loan charge-offs for the Peer Group equaled 0.04% of loans compared to zero net charge-offs for the Company.

<u>Summary</u>

Based on the above analysis, RP Financial concluded that the Peer Group forms a reasonable basis for determining the pro forma market value of the Company. Such general characteristics as asset size, capital position, interest-earning asset composition, funding composition, core earnings measures, loan composition, credit quality and exposure to interest rate risk all tend to support the reasonability of the Peer Group from a financial standpoint.

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.15** |

---

Table 3.6<br> Credit Risk Measures and Related Information <br> Comparable Institution Analysis<br> As of June 30, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  |  | <br>REO/<br>Assets | NPAs &<br>90+Del/<br>Assets (1) | <br>NPLs/<br>Loans (2) | <br>Rsrves/<br>Loans HFI | <br>Rsrves/<br>NPLs (2) | Rsrves/<br>NPAs &<br>90+Del (1) |<br>Net Loan<br>Chargeoffs (3) | <br>NLCs/<br>Loans |
|  |  |  |  | (%) | (%) | (%) | (%) | (%) | (%) | ($000) | (%) |
| **<u>URSB Bancorp, Inc.</u>** | **<u>URSB Bancorp, Inc.</u>** |  | NJ |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 |  |  | 0.00% | 0.29% | 0.36% | 0.63% | 173.66% | 173.66% | $0 | 0.00% |
| <u>All Non-MHC Public Thrifts</u> | <u>All Non-MHC Public Thrifts</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 0.02% | 0.57% | 0.83% | 0.98% | 203.44% | 250.62% | $24549 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 0.00% | 0.26% | 0.56% | 0.97% | 175.32% | 234.27% | $185 | 0.02% |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | 0.06% | 0.57% | 0.70% | 1.03% | 138.78% | 221.89% | $100 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | 0.02% | 0.41% | 0.45% | 1.06% | 158.88% | 145.71% | $62 | 0.02% |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. |  | GA | 0.00% | 0.51% | 0.66% | 1.17% | 178.42% | 178.42% | $269 | 0.04% |
| BVFL | BV Financial, Inc. |  | MD | 0.02% | 0.62% | 0.72% | 1.22% | 169.71% | 164.91% | $-207 | -0.03% |
| CLST | Catalyst Bancorp, Inc. |  | LA | 0.03% | 0.72% | 0.98% | 1.45% | 148.05% | 125.50% | $214 | 0.13% |
| CPBI | Central Plains Bancshares, Inc. | (4) | NE | 0.01% | 0.14% | 0.10% | 1.32% | NM | 772.59% | $619 | 0.15% |
| FDSB | Fifth District Bancorp, Inc. | (4) | LA | 0.01% | 0.25% | 0.33% | 0.45% | 133.99% | 126.51% | $0 | 0.00% |
| HFBL | Home Federal Bancorp, Inc. of Louisiana |  | LA | 0.16% | 0.63% | 0.56% | 0.96% | 172.53% | 117.35% | $-36 | -0.01% |
| IROQ | IF Bancorp, Inc. | (4) | IL | 0.02% | 0.02% | 0.00% | 1.04% | NM | NM | $123 | 0.03% |
| MGYR | Magyar Bancorp, Inc. |  | NJ | 0.22% | 0.31% | 0.07% | 0.95% | NM | 261.06% | $-112 | -0.01% |
| SRBK | SR Bancorp, Inc. |  | NJ | 0.00% | 0.00% | 0.00% | 0.65% | NM | NM | $0 | 0.00% |
| TCBS | Texas Community Bancshares, Inc. |  | TX | 0.10% | 2.53% | 3.62% | 1.09% | 29.99% | 28.80% | $132 | 0.05% |

---

(1) NPAs are defined as nonaccrual loans, accruing loans 90 days or more past due, performing TDRs, and OREO.

(2) NPLs are defined as nonaccrual loans, accruing loans 90 days or more past due and performing TDRs.

(3) Net loan chargeoffs are shown on a last twelve month basis.

(4) As of March 31, 2025.

Source: S&P Global Market Intelligence and RP<sup>®</sup> Financial, LC. calculations. The information provided in this table has been obrained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP<sup>®</sup> Financial, LC.

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **PEER GROUP ANALYSIS** |
|  | **III.16** |

---

Those areas where differences exist will be addressed in the form of valuation adjustments to the extent necessary.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.1** |

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**IV. VALUATION ANALYSIS**

<u>Introduction</u>

This chapter presents the valuation analysis and methodology prepared pursuant to the regulatory valuation guidelines, and valuation adjustments and assumptions used to determine the estimated pro forma market value of the common stock to be issued in conjunction with the Company's conversion transaction.

<u>Appraisal Guidelines</u>

The federal regulatory appraisal guidelines required by the FRB, the FDIC and the Department specify the pro forma market value methodology for estimating the pro forma market value of a converting thrift. Pursuant to this methodology: (1) a peer group of comparable publicly-traded institutions is selected; (2) a financial and operational comparison of the subject company to the peer group is conducted to discern key differences; and (3) a valuation analysis in which the pro forma market value of the subject company is determined based on the market pricing of the peer group as of the date of valuation, incorporating valuation adjustments for key differences. In addition, the pricing characteristics of recent conversions, both at conversion and in the aftermarket, must be considered.

<u>RP Financial Approach to the Valuation</u>

The valuation analysis herein complies with such regulatory approved guidelines. Accordingly, the valuation incorporates a detailed analysis based on the Peer Group, discussed in Chapter III, which constitutes "fundamental analysis" techniques. Additionally, the valuation incorporates a "technical analysis" of recently completed stock conversions, including closing pricing and aftermarket trading of such offerings. It should be noted that these valuation analyses cannot possibly fully account for all the market forces which impact trading activity and pricing characteristics of a particular stock on a given day.

The pro forma market value determined herein is a preliminary value for the Company's to-be-issued stock. Throughout the conversion process, RP Financial will: (1) review changes in URSB Bancorp's operations and financial condition; (2) monitor URSB Bancorp's operations and financial condition relative to the Peer Group to identify any fundamental changes; (3)

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.2** |

---

monitor the external factors affecting value including, but not limited to, local and national economic conditions, interest rates, and the stock market environment, including the market for thrift stocks; and (4) monitor pending conversion offerings (including those in the offering phase), both regionally and nationally. If material changes should occur during the conversion process, RP Financial will evaluate if updated valuation reports should be prepared reflecting such changes and their related impact on value, if any. RP Financial will also prepare a final valuation update at the closing of the offering to determine if the prepared valuation analysis and resulting range of value continues to be appropriate.

The appraised value determined herein is based on the current market and operating environment for the Company and for all thrifts. Subsequent changes in the local and national economy, the legislative and regulatory environment, the stock market, interest rates, and other external forces (such as natural disasters or major world events), which may occur from time to time (often with great unpredictability) may materially impact the market value of all thrift stocks, including URSB Bancorp's value, or URSB Bancorp's value alone. To the extent a change in factors impacting the Company's value can be reasonably anticipated and/or quantified, RP Financial has incorporated the estimated impact into the analysis.

<u>Valuation Analysis</u>

A fundamental analysis discussing similarities and differences relative to the Peer Group was presented in Chapter III. The following sections summarize the key differences between the Company and the Peer Group and how those differences affect the pro forma valuation. Emphasis is placed on the specific strengths and weaknesses of the Company relative to the Peer Group in such key areas as financial condition, profitability, growth and viability of earnings, asset growth, primary market area, dividends, liquidity of the shares, marketing of the issue, management, and the effect of government regulations and/or regulatory reform. We have also considered the market for thrift stocks, in particular new issues, to assess the impact on value of the Company coming to market at this time.

1. <u>Financial Condition</u>

The financial condition of an institution is an important determinant in pro forma market value because investors typically look to such factors as liquidity, capital, asset composition and quality, and funding sources in assessing investment attractiveness. The similarities and differences in the Company's and the Peer Group's financial strengths are noted as follows:

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.3** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Overall A/L Composition</u>. In comparison to the Peer Group, the Company's interest-earning
 asset composition showed a higher concentration of loans and a lower concentration of cash
 and investments. The Company's and the Peer Group's loan portfolio compositions
 as a percent of assets reflected a similar degree of diversification into higher risk and
 higher yielding types of loans. Overall, in comparison to the Peer Group, the Company's
 interest-earning asset composition provided for a slightly lower yield earned on interest-earning
 assets. URSB Bancorp's funding composition reflected a similar level of deposits and
 a higher level of borrowings relative to the comparable Peer Group ratios, which translated
 into a higher cost of funds for the Company. Overall, as a percent of assets, the Company
 maintained higher levels of interest-earning assets and interest-bearing liabilities compared
 to the Peer Group's ratios, which resulted in a higher IEA/IBL ratio for the Peer Group.
 After factoring in the impact of the net stock proceeds, the Company's IEA/IBL ratio
 will be more comparable to the Peer Group's ratio. On balance, RP Financial concluded
 that asset/liability composition was a neutral factor in our adjustment for financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Credit Quality.</u> The Company's ratios for non-performing assets and non-performing loans
 were slightly lower than the comparable Peer Group ratios. The Company maintained a higher
 level of loss reserves as a percent of non-performing loans, while the Peer Group maintained
 a higher level of loss reserves as a percent of loans. Net loan charge-offs were a slightly
 larger factor for the Peer Group. Overall, RP Financial concluded that credit quality was
 a slightly positive factor in our adjustment for financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Balance Sheet Liquidity</u>. The Company maintained a lower level of cash and investment securities
 relative to the Peer Group (15.73% of assets versus 19.91% for the Peer Group). Following
 the infusion of stock proceeds, the Company's cash and investments ratio is expected
 to increase as the proceeds retained at the holding company level will be initially deployed
 into investments. The Company's future borrowing capacity was considered to be less
 than the Peer Group's borrowing capacity, based on the Company's current higher
 level of borrowings relative to the Peer Group's level of borrowings. Overall, RP Financial
 concluded that balance sheet liquidity was a slightly negative factor in our adjustment for
 financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Funding Liabilities</u>. The Company's interest-bearing funding composition reflected a similar
 level of deposits and a higher level of borrowings relative to the comparable Peer Group
 ratios, which translated into a higher cost of funds for the Company. Total interest-bearing
 liabilities as a percent of assets were higher for the Company. Following the stock offering,
 the increase in the Company's capital position will reduce the level of interest-bearing
 liabilities funding the Company's assets, but will continue to remain higher than the
 ratio of interest-bearing liabilities funding the Peer Group's assets. Overall, RP
 Financial concluded that funding liabilities were a slightly negative factor in our adjustment
 for financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Capital</u>.
 The Company currently operates with a lower equity-to-assets ratio than the Peer Group. Following
 the stock offering, the difference between URSB Bancorp's and the Peer Group's
 equity-to-assets ratio will narrow, but URSB Bancorp's pro forma capital position will
 remain lower than the Peer Group's equity-to-assets ratio. The increase in the Company's
 pro forma capital position will result in greater leverage potential and reduce the level
 of interest-bearing liabilities utilized to fund assets. At the same time, the Company's
 more significant capital surplus will likely

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.4** |

---

result in a lower ROE. On balance, RP Financial concluded that capital strength was a slightly negative factor in our adjustment for financial condition.

On balance, URSB Bancorp's balance sheet strength was considered to be not as favorable as the Peer Group's balance sheet strength and, thus, a slight downward adjustment was applied for the Company's financial condition.

2. <u>Profitability, Growth and Viability of Earnings</u>

Earnings are a key factor in determining pro forma market value, as the level and risk characteristics of an institution's earnings stream and the prospects and ability to generate future earnings heavily influence the multiple that the investment community will pay for earnings. The major factors considered in the valuation are described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Reported Earnings</u>. The Company's reported earnings were lower than the Peer Group's
 on a ROAA basis (0.16% versus 0.64% for the Peer Group). The Company maintained a more favorable
 ratio for operating expenses, while the Peer Group maintained more favorable ratios for net
 interest income, non-interest operating income, non-operating income, credit loss provisions
 and effective tax rate. Reinvestment of stock proceeds into interest-earning assets will
 serve to increase the Company's earnings, with the benefit of reinvesting proceeds
 expected to be somewhat offset by higher operating expenses associated with operating as
 a publicly-traded company and the implementation of stock benefit plans. Overall, the Company's
 pro forma reported earnings were viewed as not as strong as the Peer Group's earnings
 and, thus, RP Financial concluded that reported earnings were a moderately negative factor
 in our adjustment for profitability, growth and viability of earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Core Earnings</u>. Net interest income, operating expenses, non-interest operating income and
 credit loss provisions were reviewed in assessing the relative strengths and weaknesses of
 the Company's and the Peer Group's core earnings. In these measures, the Company
 operated with a lower net interest income ratio, a lower operating expense ratio, a lower
 level of non-interest operating income and a higher level of credit loss provisions. The
 Company's ratios for net interest income and operating expenses translated into a lower
 expense coverage ratio in comparison to the Peer Group's ratio (equal to 1.10x versus
 1.19X for the Peer Group). Likewise, the Company's efficiency ratio of 87.40% was less
 favorable than the Peer Group's efficiency ratio of 74.93%. Credit loss provisions
 had a slightly larger impact on the Company's earnings. Overall, these measures, as
 well as the expected earnings benefits the Company should realize from the redeployment of
 stock proceeds into interest-earning assets and leveraging of post-conversion capital, which
 will be somewhat negated by expenses associated with the stock benefit plans and operating
 as a publicly-traded company, indicate that the Company's pro forma core earnings will
 be less favorable than the Peer Group's core earnings. Therefore, RP Financial concluded
 that this was a moderately negative factor in our adjustment for profitability, growth and
 viability of earnings.

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.5** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Interest Rate Risk</u>. Quarterly changes in the Company's and the Peer Group's net interest
 income to average assets ratios indicated a similar degree of volatility was associated with
 the Company's and the Peer Group's net interest margins. Other measures of interest
 rate risk, such as tangible equity/assets, IEA/IBL and non-interest earning assets/assets
 ratios were generally more favorable for the Peer Group. On a pro forma basis, the infusion
 of stock proceeds can be expected to provide the Company with tangible equity-to-assets and
 IEA/ILB ratios that will narrow the differences between the Company's and the Peer
 Group's ratios, as well as enhance the stability of the Company's net interest
 margin through the reinvestment of stock proceeds into interest-earning assets. On balance,
 RP Financial concluded that interest rate risk was a slightly negative factor in our adjustment
 for profitability, growth and viability of earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Credit Risk</u>. Credit loss provisions were a slightly larger factor in the Company's earnings
 (0.07% of average assets versus 0.01% of average assets for the Peer Group). In terms of
 future exposure to credit quality related losses, the Company maintained a higher concentration
 of assets in loans and exhibited a similar degree of lending diversification into higher
 risk types of loans as the Peer Group. Credit quality measures for non-performing assets,
 net loan charge-offs and loss reserves as a percent of non-performing loans implied lower
 credit risk for the Company, while the Peer Group maintained a higher level of reserves as
 a percent of loans. Overall, RP Financial concluded that credit risk was a slightly positive
 factor in our adjustment for profitability, growth and viability of earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Earnings Growth Potential</u>. Several factors were considered in assessing earnings growth potential.
 First, the Peer Group maintained a higher net interest income to average assets ratio than
 the Company, which would tend to facilitate the Peer Group continuing to maintain a stronger
 net interest margins going forward. Second, following the infusion of stock proceeds into
 the Company's capital, the Company's growth potential through leverage will remain
 less than currently maintained by the Peer Group. Third, the Peer Group's higher ratio
 of non-interest operating income and the Company's lower operating expense ratio were
 viewed as respective advantages for the Peer Group and the Company to sustain earnings growth
 during periods when net interest margins come under pressure as the result of adverse changes
 in interest rates. Overall, earnings growth potential was considered to be a slightly negative
 factor in our adjustment for profitability, growth and viability of earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Return on Equity</u>. Currently, the Company's core ROE is lower than the Peer Group's
 core ROE. Accordingly, as the result of the significant increase in capital that will be
 realized from the infusion of net stock proceeds into the Company's equity, the Company's
 pro forma return on equity on a core earnings basis will continue to be less than the Peer
 Group's return on equity ratio. Accordingly, this was a slightly negative factor in
 the adjustment for profitability, growth and viability of earnings.

On balance, URSB Bancorp's pro forma earnings strength was considered to be less favorable than the Peer Group's and, thus, a slight downward adjustment was applied for profitability, growth and viability of earnings.

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.6** |

---

3. <u>Asset Growth</u>

The Company recorded a 9.98% increase in assets, versus a 2.17% increase in assets recorded by the Peer Group. Asset growth for the Company was primarily driven by an increase in loans, which was supplemented with a lower growth rate in cash and investments. Likewise, the Peer Group's asset growth was primarily sustained by loan growth, which was in part funded by a reduction in cash and investments. On a pro forma basis, the Company's tangible equity-to-assets ratio will remain lower than the Peer Group's tangible equity-to-assets ratio, indicating a continuation of greater leverage capacity for the Peer Group. On balance, no adjustment was applied for asset growth.

4. <u>Primary Market Area</u>

The general condition of an institution's market area has an impact on value, as future success is in part dependent upon opportunities for profitable activities in the local market served. URSB Bancorp serves north-central New Jersey through two full service branch locations. Operating in a densely populated market area provides the Company with growth opportunities, but such growth must be achieved in a highly competitive market environment. The Company competes against significantly larger institutions that provide a larger array of services and have significantly larger branch networks than maintained by URSB Bancorp. The competitiveness of the market area is highlighted by the Company's very low market share of deposits in Middlesex County.

With the exception of Magyar Bancorp of New Jersey, which is also headquartered in Middlesex County, and BV Financial, Inc. of Maryland, all of the Peer Group companies operate in markets with smaller populations compared to Middlesex County. Population growth for the primary market area counties served by the Peer Group companies reflect a range of growth rates, but overall population growth rates in the markets served by the Peer Group companies were, on average, slightly lower compared to Middlesex County's 0.1% annual population growth rate during the past five years. Over the next five years, Middlesex County's population growth is projected to remain higher than the Peer Group's average projected population growth rate. Middlesex County has a higher per capita income compared to the Peer Group's average per capita income and, on average, the Peer Group's primary market area counties were similarly affluent markets within their respective states compared to Middlesex County's per capita income as a percent of New Jersey's per capita income (94.3% for the Peer Group versus 96.0% for Middlesex County). The average and median deposit market shares

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.7** |

---

maintained by the Peer Group companies were well above the Company's market share of deposits in Middlesex County. Overall, the degree of competition faced by the Peer Group companies was viewed as less than faced by the Company, while the growth potential in the markets served by the Peer Group companies was for the most part viewed to be slightly less than the growth potential in the Company's primary market area. Summary demographic and deposit market share data for the Company and the Peer Group companies is provided in Exhibit III-4. As shown in Table 4.1, the average unemployment rate for the primary market area counties served by the Peer Group companies was lower than the unemployment rate reflected for Middlesex County. On balance, we concluded that no adjustment was appropriate for the Company's market area.

Table 4.1<br> Market Area Unemployment Rates<br> URSB Bancorp, Inc. and the Peer Group Companies(1)

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| | | |
|:---|:---|:---|
|  | County | June 2025 <br> Unemployment |
| URSB Bancorp - NJ | Middlesex | 5.4% |
| <u>Peer Group Average</u> |  | 4.8% |
| Affinity Bancshares, Inc. – GA | Newton | 4.4% |
| BV Financial, Inc. – MD | Baltimore | 3.7 |
| Catalyst Bancorp, Inc. – LA | St. Landry | 6.0 |
| Central Plains Bancshares, Inc. – NE | Hall | 4.8 |
| Fifth District Bancorp, Inc. – LA | Orleans | 5.7 |
| Home Federal Bancorp, Inc. – LA | Caddo | 5.2 |
| IF Bancorp, Inc. - IL | Iroquois | 3.7 |
| Magyar Bancorp, Inc. – NJ | Middlesex | 5.4 |
| SR Bancorp, Inc. – NJ | Somerset | 4.6 |
| Texas Community Bancshares, Inc. - TX | Wood | 4.6 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unemployment rates are not seasonally adjusted.

Source: U.S. Bureau of Labor Statistics.

5. <u>Dividends</u>

At this time the Company has not established a dividend policy. Future declarations of dividends by the Board of Directors will depend upon a number of factors, including investment opportunities, growth objectives, financial condition, profitability, tax considerations, minimum

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.8** |

---

capital requirements, regulatory limitations, stock market characteristics and general economic conditions.

Six out of the ten Peer Group companies show payment of cash dividends, with implied dividend yields ranging from 1.01% to 8.00%. The average dividend yield on the stocks of the Peer Group institutions equaled 1.80% as of August 5, 2025. Comparatively, as of August 5, 2025, the average dividend yield on the stocks of all fully-converted publicly-traded thrifts equaled 2.76%.

While the Company has not established a definitive dividend policy prior to converting, the Company's dividend paying capacity is viewed to be less than Peer Group's capacity to pay dividends, based on the Company's lower pro forma capital as a percent of assets and lower pro forma core earnings return on average assets. On balance, we concluded that a slight downward adjustment was warranted for this factor.

6. <u>Liquidity of the Shares</u>

The Peer Group is by definition composed of companies that are traded in the public markets. All ten of the Peer Group members trade on the NASDAQ. Typically, the number of shares outstanding and market capitalization provides an indication of how much liquidity there will be in a particular stock. The market capitalization of the Peer Group companies ranged from $39.4 million to $160.9 million as of August 5, 2025, with average and median market values of $86.5 million and $76.8 million, respectively. The shares issued and outstanding of the Peer Group companies ranged from 3.0 million to 10.6 million, with average and median shares outstanding of 5.8 million and 5.6 million, respectively. The Company's stock offering is expected to provide for a pro forma market value and shares outstanding that will be less than the low end of Peer Group's range of market values and shares outstanding. Following the conversion stock offering, the Company's stock will be quoted on the OTCQB Marketplace. Overall, we anticipate that the Company's stock will have a less liquid trading market than the Peer Group companies on average and, therefore, concluded that a slight downward adjustment was necessary for this factor.

7. <u>Marketing of the Issue</u>

We believe that three separate markets exist for thrift stocks, including those coming to market such as URSB Bancorp: (1) the after-market for public companies, in which trading

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.9** |

---

activity is regular and investment decisions are made based upon financial condition, earnings, capital, ROE, dividends and future prospects; (2) the new issue market in which converting thrifts are evaluated on the basis of the same factors, but on a pro forma basis without the benefit of prior operations as a fully-converted publicly-held company and stock trading history; and (3) the acquisition market for bank and thrift franchises in New Jersey. All three of these markets were considered in the valuation of the Company's to-be-issued stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>The Public Market</u>

The value of publicly-traded thrift stocks is easily measurable, and is tracked by most investment houses and related organizations. Exhibit IV-1 provides pricing and financial data on all publicly-traded thrifts. In general, thrift stock values react to market stimuli such as interest rates, inflation, perceived industry health, projected rates of economic growth, regulatory issues and stock market conditions in general. Exhibit IV-2 displays historical stock market trends for various indices and includes historical stock price index values for thrifts and commercial banks. Exhibit IV-3 displays various stock price indices as of August 5, 2025.

In terms of assessing general stock market conditions, the performance of the overall stock market has generally shown a positive trend in recent quarters. Stocks traded mixed at the start of the fourth quarter of 2024, as investors weighed the prospect of a widening war in the Middle East and higher oil prices against stronger-than-expected job growth reported for September. The Dow Jones Industrial Average ("DJIA") and S&P 500 climbed to fresh record highs heading into mid-October, with some large banks starting the third quarter earnings season posting earnings that beat expectations. Mixed earnings reports pulled the DJIA and S&P 500 down off of record highs in the second half of October, while advances in tech shares led the NASDAQ to a record high close heading into late-October. Stocks closed out October trading lower, which was led by a downturn in tech shares as some big tech companies posted disappointing earnings. The weaker than expected jobs report for October translated into stock market gains at the start of November. A broad-based rally pushed stocks higher on Election Day, which was followed by Donald Trump's election victory powering major U.S. stock indexes to record highs. Following the Federal Reserve's November 7<sup>th</sup> rate cut, investor optimism of tax cuts and reduced regulation under a unified Republican government sustained the stock market rally heading into mid-November. The generally positive trend for stocks continued through the second half of November, with U.S. stocks posting their biggest monthly gains for 2024. A batch of better-than-expected earnings posted by some technology companies boosted all three

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.10** |

---

of the major U.S. stock indexes to record highs in early-December, which included the DJIA closing above 45000 for the first time. Following November's employment report stocks traded mixed heading into mid-December, as the Dow retreated slightly while a rally in AI stocks led the NASDAQ to a record high close above the 20000 mark. Stocks plummeted following the Federal Reserve's rate cut on December 18<sup>th</sup>, as investors reacted to the Federal Reserve's statement signaling greater doubts about future interest rate cuts. A less-than-expected increase in a measure of inflation favored by the Federal Reserve sparked a stock market rally heading into the final trading days of 2024, which was followed by the major U.S. stock indexes declining in a year end selloff led by a pullback in technology stocks. Overall, the DJIA closed at 42544.22 on the last day of trading in 2024, an increase of 12.9% for 2024, while the S&P 500 and the NASDAQ Composite ended 2024 with respective increases of 23.3% and 28.6%.

The broader stock market was somewhat trendless at the start of 2025, which was followed by a sharp selloff with the release of the stronger-than-expected December jobs report dampening expectations of further interest rate cuts by the Federal Reserve. Stocks spiked higher in mid-January, as investors cheered December's CPI report that indicated underlying price pressures were easing. A strong start to the fourth quarter earnings season and President Trump's support for tax cuts and deregulation helped the DJIA and S&P post new highs for 2025 going into late-January. Technology shares plunged in late-January after the emergence of a Chinese company posed a new threat to the U.S. artificial industry, while the broader stock market closed out January trading in narrow range. Stocks edged lower at the start of February, after President Trump placed new tariffs on China and agreed to delay imposing tariffs on Mexico and Canada. Mixed earnings reports, January's employment report showing lower than forecasted job growth, inflation data reigniting worries that interest rates might not come down and growing optimism for a resolution to the war in Ukraine translated into a largely trendless market for stocks through mid-February 2025, with the S&P 500 closing at a record high heading into the second half of February. Signs of a weakening economy provided for a two-day selloff in the broader stock market in the second half of February, which was followed by mixed market trends with technology shares underperforming the broader stock market. All three of the major U.S. stock indexes posted losses for the month of February. Trade tensions weighed on stocks at the start of March, as new U.S. tariffs placed on the U.S.'s top three trading partners sparked counter moves from China, Canada and Mexico. Global trade tensions sustained the stock market downturn going into mid-March, with the S&P 500 and NASDAQ sliding into correction territory amid concerns of inflation intensifying and

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|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.11** |

---

economic growth slowing as the result of the new tariffs. The threat of a U.S. government shutdown receding, the Federal Reserve's outlook for slower growth following its decision to hold interest rate steady, an easing of planned tariff initiatives and some solid economic data contributed to a stock market rally heading into the second half of March. A turbulent first quarter for stocks concluded with worries about tariffs and the economy sending the S&P 500 and NASDAQ to their worst quarterly performances since 2022. The S&P 500 and the NASDAQ showed respective first quarter losses of 4.6% and 10.4% during the first quarter, while the DJIA posted a first quarter decline of 1.3%.

U.S. stocks plunged at the start of the second quarter of 2025, as the new tariffs unveiled by President Trump were more severe than expected and, in turn, ignited an escalating trade war with China. On April 9<sup>th</sup>, major U.S. stock indexes staged a historic rally after President Trump paused steep tariffs on most countries and signaled a willingness to negotiate on trade. Following the one-day rally, volatility prevailed in the broader stock market going into the second half of April amid uncertainty over U.S. trade policy and mounting tensions between the Trump administration and the Federal Reserve. A broader stock market selloff was followed by stocks surging higher in the last week of April, as stocks were buoyed by President Trump's softer stance on the trade war with China and his statement that he didn't plan to replace the Federal Reserve Chairman. April's employment report showing better-than-expected job growth and more signs of a potential thaw between Washington and China extended the multi-day climb in the stock market at the beginning of May, with the DJIA and S&P 500 posting gains for nine consecutive sessions before declining on May 5<sup>th</sup>. A de-escalation in the U.S.-China trade war powered a stock market surge heading into mid-May 2025, as the U.S. and China agreed to slash tariffs for 90 days pending more negotiations. Stocks gyrated in the second half of May, based on varied reports regarding the progress of tariff negotiations with China and Europe. For the month of May overall, the broader stock market posted its best month since late-2023 with major U.S. stock indexes closing slightly above where they were at the beginning of 2025. Employment data showing better-than-expected job growth in May and signs of progress in the trade talks between the U.S. and China spurred a positive trend for stocks during the first 10 days of June. The outbreak of attacks between Israel and Iraq provided for a choppy market in mid-June, based on day-to-day fluctuations in investor sentiment on how quickly the conflict would de-escalate. Heading into the close of the second quarter, oil prices retreated and stocks rallied after Iran's retaliation against the U.S. avoided striking critical infrastructure and a cease-fire between Israel and Iran appeared to take hold. Fueled by robust corporate earnings and

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.12** |

---

solid economic data, a volatile second quarter ended with the S&P 500 and NASDAQ closing at fresh highs.

Stocks traded unevenly at the start of the third quarter of 2025, as trade tensions moved to the forefront with President Trump setting an August 1 deadline for targeted nations to avoid the U.S. imposing reciprocal tariffs. NASDAQ closed at a record high in the second week of July, which was facilitated by Nividia becoming the first company to reach a market value of $4 trillion. New tariff threats and June's CPI showing an acceleration of inflation pressured stocks lower in mid-July. The S&P 500 and the NASDAQ closed at record highs going into the second half of July, as upbeat earnings reports from some major companies lifted investors' optimism that corporate earnings could weather uncertainty in the market regarding U.S. tariff negotiations. A U.S.-Japan tariff deal and signs of progress with other trade partners lifted stocks heading into the final week of July, with the S&P 500 and NASDAQ extending a run of record high closes into the last week of July. Stocks ended July closing lower and started August with a sharp one-day selloff, as investors reacted to July's employment report showing lower-than-expected job growth and the signing of an executive order that would raise tariffs on many nations beginning on August 7<sup>th</sup>. The one-day selloff was followed by stocks rebounding to start the first full week of Augst, as worries about the economy gave way to growing optimism that the Federal Reserve would cut rates in September. On August 5, 2025, the DJIA closed at 44111.74, an increase of 13.1% from one year ago and an increase of 3.7% year-to-date, and the NASDAQ closed at 20916.55, an increase of 27.8% from one year ago and an increase of 8.3% year-to-date. The S&P 500 Index closed at 6299.19 on August 5, 2025, an increase of 20.2% from one year ago and an increase of 7.1% year-to-date.

The market for financial institution stocks has also experienced varied trends in recent quarters. After edging lower at the beginning of October 2024, strong job growth reflected in September's employment report and better-than-expected third quarter earnings reported by some large banks served as a catalyst to financial shares trading higher through mid-October. As long-term Treasury yields trended higher, bank and thrift shares traded in a narrow range through the second half of October and then dipped slightly lower in early-November after October's employment report showed meager job growth. Bank shares were among the strongest performers that led a post-election stock market rally on optimism that Donald Trump's second term would lead to reduced regulation and a revival in deal making. Following the post-election rally, bank stocks traded in a narrow range over the next month, edging up slightly in late-November and then pulling back slightly in early-December.

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| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.13** |

---

November's CPI showing a slight uptick in inflation provided for a slight pullback in financial shares ahead of the Federal Reserve's December meeting, which was followed by a sharp downturn in bank stocks after the Federal Reserve cast doubts on future rate cuts at the conclusion of its December policy meeting. Following the one-day selloff, bank shares edged higher in the final trading days of 2024. For 2024 overall, the S&P U.S. BMI Banks Index was up 30.0%.

Bank shares paralleled movements in the broader stock market during the first couple weeks of 2025, retreating when the December jobs report showed stronger-than-expected growth and then rallying in mid-January when the December CPI showed a slow down in core inflation. A slight upward trend in financial stocks was sustained going into the second half of January, as bank shares were buoyed by generally healthy fourth quarter earnings coming out of the banking sector. As the fourth quarter earnings season progressed, bank shares traded in a narrow range at the end of January and into early-February. Recession fears and worries about a trade war were noteworthy factors that contributed to a month's long slide in bank stocks that extended into mid-March 2025. News of the U.S. government avoiding a shutdown, the Federal Reserve holding interest rates steady and some favorable economic data served as catalysts for bank shares following the broader stock market higher heading into the final two weeks of the first quarter. Worsening consumer sentiment, hotter-than-expected inflation and President Trump's tariff announcements were factors that contributed to bank shares trading lower to close out the first quarter. For the first quarter overall, the S&P U.S. BMI Banks Index was down 2.07%.

Concerns that President Trump's new tariff plan would result in an economic slowdown served as the basis for bank shares selling off at the beginning of the second quarter of 2025, with the large banks experiencing more significant declines. Bank shares participated in the broader stock market rally on April 9<sup>th</sup> and then gave back some of those gains heading into mid-April at the start of the second quarter earnings season. Easing trade tensions and first quarter earnings that generally met expectations provided for a generally positive trend in bank shares through the second half of April, with the favorable employment report for April helping to extend the advance in bank stocks into early-May. Positive developments in the U.S-China trade war translated into bank stocks advancing along with the broader stock market heading into mid-May 2025. The mid-May rally was followed by a pullback in interest rate sensitive issues, as a weak auction for 20-year Treasury bonds exacerbated worries about the rising U.S. debt. For the balance of May and into-early June, banks shares edged higher and continued to

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.14** |

---

advance going into the second week of June in consideration of May's employment report showing favorable job growth and signs that the U.S. and China were making progress in their trade negotiations. The escalating conflict between Israel and Iran translated into bank shares retreating slightly in mid-June, which was followed by bank shares rebounding in late-June as markets were calmed by the cease-fire between Israel and Iran.

The positive trend in bank shares continued at the start of the third quarter of 2025, which was followed by a slight pullback in bank shares ahead of the start of the second quarter earnings season on news that inflation accelerated in June. Bank shares edged higher going into the second half of July, as second quarter earnings posted by some of the big banks were viewed as generally favorable. Announcements of some tariff deals getting done contributed to bank shares trading higher heading into late-July, which was followed by bank shares retreating at the start of 'August pursuant to the employment report for July triggering concerns that the U.S. economy was beginning to weaken. Banks shares edged higher following the August 1 selloff, as investors weighed the growing likelihood that the Federal Reserve would cut interest rates in September against more signs that the economy was cooling. On August 5 2025, the S&P U.S. BMI Banks Index closed at 222.9, an increase of 32.4% from one year ago and an increase of 9.7% year-to-date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>The New Issue Market</u>

In addition to thrift stock market conditions in general, the new issue market for converting thrifts is also an important consideration in determining the Company's pro forma market value. The new issue market is separate and distinct from the market for seasoned thrift stocks in that the pricing ratios for converting issues are computed on a pro forma basis, specifically: (1) the numerator and denominator are both impacted by the conversion offering amount, unlike existing stock issues in which price change affects only the numerator; and (2) the pro forma pricing ratio incorporates assumptions regarding source and use of proceeds, effective tax rates, stock plan purchases, etc. which impact pro forma financials, whereas pricing for existing issues are based on reported financials. The distinction between pricing of converting and existing issues is perhaps no clearer than in the case of the price/book ("P/B") ratio in that the P/B ratio of a converting thrift will typically result in a discount to book value whereas in the current market for existing thrifts the P/B ratio may reflect a premium to book value. Therefore, it is appropriate to also consider the market for new issues, both at the time of the conversion and in the aftermarket.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.15** |

---

As shown in Table 4.2, six standard conversion offerings, two second-step offerings and one mutual holding company offering have been completed during the past twelve months through August 5, 2025. The average closing pro forma price/tangible book ratio of the six standard conversion offerings completed during the past twelve months equaled 49.7%. On average, the six standard conversion offerings reflected price appreciation of 21.7% after the first week of trading. As of August 5, 2025, the six standard conversion offerings reflected a 23.1% increase in price on average from their IPO prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>The Acquisition Market</u>

Also considered in the valuation was the potential impact on URSB Bancorp's pro forma market value of recently completed and pending acquisitions of other thrifts and banks operating in New Jersey. As shown in Exhibit IV-4, there were five New Jersey bank and thrift acquisitions completed from the beginning of 2022 through August 5, 2025 and there are currently no acquisitions pending for a New Jersey financial institution. The recent acquisition activity involving New Jersey financial institutions may imply a certain degree of acquisition speculation for the Company's stock. To the extent that acquisition speculation may impact the Company's offering, we have largely taken this into account in selecting companies for the Peer Group which operate in markets that have experienced a comparable level of acquisition activity as the Company's market and, thus, are subject to the same type of acquisition speculation that may influence URSB Bancorp's stock. However, since converting thrifts are subject to a three-year regulatory moratorium from being acquired, acquisition speculation in URSB Bancorp's stock would tend to be less compared to the stocks of the Peer Group companies.

\* \* \* \* \* \* \* \* \* \* \*

In determining our valuation adjustment for marketing of the issue, we considered trends in both the overall thrift market, the new issue market including the new issue market for thrift conversions and the local acquisition market for thrift stocks. Taking these factors and trends into account, RP Financial concluded that no adjustment was appropriate in the valuation analysis for purposes of marketing of the issue.

8. <u>Management</u>

URSB Bancorp's management team appears to have experience and expertise in all of the key areas of the Company's operations. Exhibit IV-5 provides summary resumes of URSB

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.16** |

---

**Table 4.2** **<br> Pricing Characteristics and After-Market Trends** **<br> Conversions Completed Twelve Months Ended August 5, 2025**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Institutional Information | Institutional Information | Institutional Information | Pre-Conversion Data | Pre-Conversion Data | Pre-Conversion Data | Pre-Conversion Data | Offering Information | Offering Information | Offering Information | Offering Information | Contribution to | Contribution to | Insider Purchases | Insider Purchases | Insider Purchases | Insider Purchases |  | Pro Forma Data | Pro Forma Data | Pro Forma Data | Pro Forma Data | Pro Forma Data | Pro Forma Data |  | Post-IPO Pricing Trends | Post-IPO Pricing Trends | Post-IPO Pricing Trends | Post-IPO Pricing Trends | Post-IPO Pricing Trends | Post-IPO Pricing Trends | Post-IPO Pricing Trends | Post-IPO Pricing Trends |
|  |  |  | Financial<br> Info. | Financial<br> Info. | Asset Quality | Asset Quality |  |  |  |  | Char. Found. | Char. Found. | % Off Incl. Fdn.+<br> Merger Shares | % Off Incl. Fdn.+<br> Merger Shares | % Off Incl. Fdn.+<br> Merger Shares | % Off Incl. Fdn.+<br> Merger Shares |  | Pricing Ratios(2)(5) | Pricing Ratios(2)(5) | Pricing Ratios(2)(5) | Financial Charac. | Financial Charac. | Financial Charac. |  | Closing Price: | Closing Price: | Closing Price: | Closing Price: | Closing Price: | Closing Price: | Closing Price: | Closing Price: |
|  |  |  |  |  |  |  | Excluding Foundation | Excluding Foundation | Excluding Foundation | Excluding Foundation |  | % of | Benefit Plans | Benefit Plans | Benefit Plans |  | Initial |  |  |  |  |  |  |  | First |  | After |  | After |  |  |  |
|  | Conversion |  |  | Equity/ | NPAs/ | Res. | Gross | % | % of | Exp./ |  | Public Off. |  | Recog. | Stk | Mgmt.& | Div. |  | Core |  | Core |  | Core | IPO | Trading | % | First | % | First | % | **Thru** | % |
| Institution | Date | Ticker | Assets | Assets | Assets | Cov. | Proc. | Offer | Mid. | Proc. | Form | Inc. Fdn. | ESOP | Plans | Option | Dirs. | Yield | P/TB | P/E | P/A | ROA | TE/A | ROE | Price | Day | Chg | Week(3) | Chg | Month(4) | Chg | **8/5/2025** | Chg |
|  |  |  | ($Mil) | (%) | (%) | (%) | ($Mil.) | (%) | (%) | (%) |  | (%) | (%) | (%) | (%) | (%)(1) | (%) | (%) | (x) | (%) | (%) | (%) | (%) | ($) | ($) | (%) | ($) | (%) | ($) | (%) | **($)** | (%) |
| **<u>Standard Conversions</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Security Midwest Bancorp, Inc., IL** | 8/1/25 | SBMW-OTCQB | $218 | 6.41% | 0.40% | 129% | $8.9 | 100% | 89% | 15.2% | **N.A.** | **N.A.** | 7.0% | 3.0% | 10.0% | 13.5% | 0.00% | 45.4% | 9.0 x | 4.0% | 0.4% | 8.8% | 5.1% | $10.00 | $11.40 | 14.0% | $11.50 | 15.0% | $11.50 | 15.0% | $11.50 | 15.0% |
| Avidia Bancorp, Inc., MA\* | 8/1/25 | AVBC-NYSE | $2707 | 6.87% | 0.44% | 184% | $191.8 | 100% | 132% | 3.0% | **C/S** | $**1,000/4.48%** | 8.0% | 4.0% | 10.0% | 3.4% | 0.00% | 59.5% | 14.2 x | 7.0% | 0.5% | 11.8% | 4.1% | $10.00 | $14.64 | 46.4% | $14.46 | 44.6% | $14.46 | 44.6% | $14.46 | 44.6% |
| Magnolia Bancorp, Inc., LA\* | 1/15/25 | MGNO-OTCQB | $35 | 39.76% | 0.11% | NM | $8.3 | 100% | 115% | 16.4% | **N.A.** | **N.A.** | 8.0% | 4.0% | 10.0% | 6.4% | 0.00% | 41.8% | NM | 20.3% | 0.0% | 48.5% | -0.1% | $10.00 | $11.12 | 11.2% | $11.01 | 10.1% | $11.20 | 12.0% | $11.27 | 12.7% |
| **Monroe Federal Bancorp, Inc., OH** | 10/24/24 | MFBI-OTCQB | $147 | 5.65% | 0.02% | 3054% | $5.3 | 100% | 88% | 26.6% | **N.A.** | **N.A.** | 7.0% | 3.0% | 10.0% | 27.1% | 0.00% | 45.1% | NM | 3.5% | 0.0% | 7.7% | -0.4% | $10.00 | $11.35 | 13.5% | $13.75 | 37.5% | $12.50 | 25.0% | $16.90 | 69.0% |
| **FB Bancorp, Inc. , LA** | 10/23/24 | FBLA-NASDAQ | $1172 | 13.29% | 1.07% | 59% | $198.4 | 100% | 132% | 1.8% | **N.A.** | **N.A.** | 8.0% | 4.0% | 10.0% | 2.2% | 0.00% | 60.0% | 33.0 x | 14.7% | 0.4% | 24.6% | 1.8% | $10.00 | $11.86 | 18.6% | $11.82 | 18.2% | $11.93 | 19.3% | $11.29 | 12.9% |
| **EWSB Bancorp, Inc., WI** | 9/26/24 | EWSB-OTCQB | $267 | 4.21% | 0.04% | 628% | $7.5 | 100% | 86% | 23.5% | **N.A.** | **N.A.** | 7.0% | 3.0% | 10.0% | 15.6% | 0.00% | 46.4% | NM | 2.8% | NM | 6.0% | NM | $10.00 | $10.50 | 5.0% | $10.50 | 5.0% | $11.50 | 15.0% | $8.45 | -15.5% |
| **Averages - Standard Conversions:** | **Averages - Standard Conversions:** | **Averages - Standard Conversions:** | $**758** | **12.70%** | **0.35%** | **811%** | $**70.0** | **100%** | **107%** | **14.4%** | **N.A.** | **N.A.** | **7.5%** | **3.5%** | **10.0%** | **11.4%** | **0.00%** | **49.7%** | **18.7** **x** | **8.7%** | **0.3%** | **17.9%** | **2.1%** | $**10.00** | $**11.81** | **18.1%** | $**12.17** | **21.7%** | $**12.18** | **21.8%** | $**12.31** | **23.1%** |
| **Medians - Standard Conversions:** | **Medians - Standard Conversions:** | **Medians - Standard Conversions:** | $**243** | **6.64%** | **0.26%** | **184%** | $**8.6** | **100%** | **102%** | **15.8%** | **N.A.** | **N.A.** | **7.5%** | **3.5%** | **10.0%** | **10.0%** | **0.00%** | **45.9%** | **14.2** **x** | **5.5%** | **0.4%** | **10.3%** | **1.8%** | $**10.00** | $**11.38** | **13.8%** | $**11.66** | **16.6%** | $**11.72** | **17.2%** | $**11.40** | **14.0%** |
| **<u>Second Step Conversions</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lake Shore Bancorp, Inc., NY\* | 7/21/25 | LSBK-NASDAQ | $689 | 13.16% | 0.66% | 114% | $49.5 | 63% | 99% | 4.4% | **N.A.** | **N.A.** | 8.0% | 4.0% | 10.0% | 5.3% | 0.00% | 59.2% | 14.4 x | 10.7% | 0.7% | 18.1% | 4.1% | $10.00 | $11.95 | 19.5% | $12.11 | 21.1% | $12.33 | 23.3% | $12.33 | 23.3% |
| Marathon Bancorp, Inc., WI\* | 4/22/25 | MBBC-NASDAQ | $218 | 14.58% | 0.66% | 124% | $16.9 | 58% | 103% | 9.5% | **N.A.** | **N.A.** | 8.0% | 4.0% | 10.0% | 1.9% | 0.00% | 65.3% | 42.8 x | 12.7% | 0.3% | 19.5% | 1.5% | $10.00 | $9.95 | -0.5% | $10.20 | 2.0% | $10.02 | 0.2% | $10.06 | 0.6% |
| **Averages - Second Step Conversions:** | **Averages - Second Step Conversions:** | **Averages - Second Step Conversions:** | $**454** | **13.87%** | **0.66%** | **119%** | $**33.2** | **61%** | **101%** | **7.0%** | **N.A.** | **N.A.** | **8.0%** | **4.0%** | **10.0%** | **3.6%** | **0.00%** | **62.3%** | **28.6** **x** | **11.7%** | **0.5%** | **18.8%** | **2.8%** | $**10.00** | $**10.95** | **9.5%** | $**11.16** | **11.6%** | $**11.18** | **11.8%** | $**11.20** | **12.0%** |
| **Medians - Second Step Conversions:** | **Medians - Second Step Conversions:** | **Medians - Second Step Conversions:** | $**454** | **13.87%** | **0.66%** | **119%** | $**33.2** | **61%** | **101%** | **7.0%** | **N.A.** | **N.A.** | **8.0%** | **4.0%** | **10.0%** | **3.6%** | **0.00%** | **62.3%** | **28.6** **x** | **11.7%** | **0.5%** | **18.8%** | **2.8%** | $**10.00** | $**10.95** | **9.5%** | $**11.16** | **11.6%** | $**11.18** | **11.8%** | $**11.20** | **12.0%** |
| **<u>Mutual Holding Companies</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Winchester Bancorp, Inc., MA\* | 5/2/25 | WSBK-NASDAQ | $894 | 8.98% | 0.22% | 188% | $40 | 43% | 130% | 4.5% | **C/S** | $**400/4.65%** | 8.0% | 4.0% | 10.0% | 13.6% | 0.00% | 59.0% | NM | 9.6% | 0.0% | 12.2% | -0.2% | $10.00 | $9.30 | -7.0% | $9.33 | -6.7% | $9.35 | -6.5% | $9.64 | -3.6% |
| **Averages - MHC Conversions:** | **Averages - MHC Conversions:** | **Averages - MHC Conversions:** | $**894** | **8.98%** | **0.22%** | **188%** | $**40.0** | **43%** | **130%** | **4.5%** | **N.A.** | **N.A.** | **8.0%** | **4.0%** | **10.0%** | **13.6%** | **0.00%** | **59.0%** | **NM** | **9.6%** | **0.0%** | **12.2%** | **-0.2%** | $**10.00** | $**9.30** | **-7.0%** | $**9.33** | **-6.7%** | $**9.35** | **-6.5%** | $**9.64** | **-3.6%** |
| **Medians - MHC Conversions:** | **Medians - MHC Conversions:** | **Medians - MHC Conversions:** | $**894** | **8.98%** | **0.22%** | **188%** | $**40.0** | **43%** | **130%** | **4.5%** | **N.A.** | **N.A.** | **8.0%** | **4.0%** | **10.0%** | **13.6%** | **0.00%** | **59.0%** | **NM** | **9.6%** | **0.0%** | **12.2%** | **-0.2%** | $**10.00** | $**9.30** | **-7.0%** | $**9.33** | **-6.7%** | $**9.35** | **-6.5%** | $**9.64** | **-3.6%** |
| **Averages - All Conversions:** | **Averages - All Conversions:** | **Averages - All Conversions:** | $**705** | **12.55%** | **0.40%** | **560%** | $**58.5** | **85%** | **108%** | **11.7%** | **N.A.** | **N.A.** | **7.7%** | **3.7%** | **10.0%** | **9.9%** | **0.00%** | **53.5%** | **22.7** **x** | **9.5%** | **0.3%** | **17.5%** | **2.0%** | $**10.00** | $**11.34** | **13.4%** | $**11.63** | **16.3%** | $**11.64** | **16.4%** | $**11.77** | **17.7%** |
| **Medians - All Conversions:** | **Medians - All Conversions:** | **Medians - All Conversions:** | $**267** | **8.98%** | **0.40%** | **157%** | $**16.9** | **100%** | **103%** | **9.5%** | **N.A.** | **N.A.** | **8.0%** | **4.0%** | **10.0%** | **6.4%** | **0.00%** | **59.0%** | **14.4** **x** | **9.6%** | **0.4%** | **12.2%** | **1.7%** | $**10.00** | $**11.35** | **13.5%** | $**11.50** | **15.0%** | $**11.50** | **15.0%** | $**11.29** | **12.9%** |

---

Note: \* - Appraisal performed by RP Financial; BOLD = RP Financial assisted in the business plan preparation, "NT" - Not Traded; "NA" - Not Applicable, Not Available; C/S-Cash/Stock.

(1) As a percent of MHC offering for MHC transactions.

(2) Does not take into account the adoption of SOP 93-6.

(3) Latest price if offering is less than one week old.

(4) Latest price if offering is more than one week but less than one month old.

(5) Mutual holding company pro forma data on full conversion basis.

(6) Simultaneously completed acquisition of another financial institution.

(7) Simultaneously converted to a commercial bank charter.

(8) Former credit union.

8/5/2025

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.17** |

---

Bancorp's Board of Directors and senior management. While the Company does not have the resources to develop a great deal of management depth, given its asset size and the impact it would have on operating expenses, management and the Board have been effective in implementing an operating strategy that can be well managed by the Company's present organizational structure. URSB Bancorp currently does not have any executive management positions that are vacant.

Similarly, the returns, equity positions and other operating measures of the Peer Group companies are indicative of well-managed financial institutions, which have Boards and management teams that have been effective in implementing competitive operating strategies. Therefore, on balance, we concluded no valuation adjustment relative to the Peer Group was appropriate for this factor.

9. <u>Effect of Government Regulation and Regulatory Reform</u>

In summary, as a fully-converted, FDIC insured institution, URSB Bancorp will operate in substantially the same regulatory environment as the Peer Group members -- all of whom are adequately capitalized institutions and are operating with no apparent restrictions. Exhibit IV-6 reflects United Roosevelt Savings Bank's pro forma regulatory capital ratios. On balance, no adjustment has been applied for the effect of government regulation and regulatory reform.

<u>Summary of Adjustments</u>

Overall, based on the factors discussed above, we concluded that the Company's pro forma market value should reflect the following valuation adjustments relative to the Peer Group:

---

| | |
|:---|:---|
| <u>Key Valuation Parameters:</u> | <u>Valuation Adjustment</u> |
| Financial Condition | Slight Downward |
| Profitability, Growth and Viability of Earnings | Slight Downward |
| Asset Growth | No Adjustment |
| Primary Market Area | No Adjustment |
| Dividends | Slight Downward |
| Liquidity of the Shares | Slight Downward |
| Marketing of the Issue | No Adjustment |
| Management | No Adjustment |
| Effect of Govt. Regulations and Regulatory Reform | No Adjustment |

---

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.18** |

---

<u>Valuation Approaches</u>

In applying the accepted valuation methodology promulgated by the FRB and the Department i.e., the pro forma market value approach, we considered the three key pricing ratios in valuing the Company's to-be-issued stock – price/earnings ("P/E"), price/book ("P/B"), and price/assets ("P/A") approaches – all performed on a pro forma basis including the effects of the stock proceeds. In computing the pro forma impact of the conversion and the related pricing ratios, we have incorporated the valuation parameters disclosed in the Company's prospectus for reinvestment rate, effective tax rate, stock benefit plan assumptions and expenses (summarized in Exhibits IV-7 and IV-8).

In our estimate of value, we assessed the relationship of the pro forma pricing ratios relative to the Peer Group and recent conversion offerings.

RP Financial's valuation placed an emphasis on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>P/E Approach</u>. The P/E approach is generally
the best indicator of long-term value for a stock. Given certain similarities between the Company's and the Peer Group's earnings
composition and overall financial condition, the P/E approach was carefully considered in this valuation. At the same time, recognizing
that (1) the earnings multiples will be evaluated on a pro forma basis for the Company; and (2) the Peer Group companies have
had the opportunity to realize the benefit of reinvesting and leveraging their offering proceeds, we also gave weight to the other valuation
approaches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>P/B Approach</u>. P/B ratios have generally
served as a useful benchmark in the valuation of thrift stocks, particularly in the context of an initial public offering, as the earnings
approach involves assumptions regarding the use of proceeds. RP Financial considered the P/B approach to be a useful indicator of pro
forma value, taking into account the pricing ratios under the P/E approach and the P/A approach. We have also modified the P/B approach
to exclude the impact of intangible assets (i.e., price/tangible book value or "P/TB"), in that the investment community frequently
makes this adjustment in its evaluation of this pricing approach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>P/A Approach</u>. P/A ratios are generally
a less reliable indicator of market value, as investors typically assign less weight to assets and attribute greater weight to book value
and earnings. Furthermore, this approach as set forth in the regulatory valuation guidelines does not take into account the amount of
stock purchases funded by deposit withdrawals, thus understating the pro forma P/A ratio. At the same time, the P/A ratio is an indicator
of franchise value, and, in the case of highly capitalized institutions, high P/A ratios may limit the investment community's willingness
to pay market multiples for earnings or book value when ROE is expected to be low.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.19** |

---

The Company will adopt "Employers' Accounting for Employee Stock Ownership Plans" ("ASC 718-40"), which will cause earnings per share computations to be based on shares issued and outstanding excluding unreleased ESOP shares. For purposes of preparing the pro forma pricing analyses, we have reflected all shares issued in the offering, including all ESOP shares, to capture the full dilutive impact, particularly since the ESOP shares are economically dilutive, receive dividends and can be voted. However, we did consider the impact of the adoption of ASC 718-40 in the valuation.

Based on the application of the three valuation approaches, taking into consideration the valuation adjustments discussed above and the dilutive impact of the stock contribution to the Foundation, RP Financial concluded that, as of August 5, 2025, the pro forma market value of URSB Bancorp's conversion stock was $17,700,000 at the midpoint, equal to 1,770,000 shares at $10.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Price-to-Earnings ("P/E")</u>. The application of the P/E valuation method requires calculating the Company's pro forma market value by applying a valuation P/E multiple to the pro forma earnings base. In applying this technique, we considered both reported earnings and a recurring earnings base, that is, earnings adjusted to exclude any one-time non-operating items, plus the estimated after-tax earnings benefit of the reinvestment of the net proceeds. The Company's reported earnings equaled $512,000 for the twelve months ended June 30, 2025. In deriving United Roosevelt Bancorp's core earnings, the only adjustment made to reported earnings was to eliminate the loss on sale of securities equal to $130,000. As shown below, on a tax effected basis, assuming an effective marginal tax rate of 28.0% for the earnings adjustment, the Company's core earnings were determined to equal $606,000 for the twelve months ended June 30, 2025.

---

| | |
|:---|:---|
| Amount |  |
|  | ($000) |
| Net income | $512 |
| Add: Loss on sale of securities (1) | 94 |
| &nbsp;&nbsp;&nbsp;Core earnings estimate | $606 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Tax effected at 28.0%.

Based on the Company's reported earnings and incorporating the impact of the pro forma assumptions discussed previously, the Company's pro forma reported and core P/E

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.20** |

---

multiples at the $17.7 million midpoint value equaled 30.83x and 26.49x, respectively, indicating premiums of 65.66% and 46.92% relative to the Peer Group's average reported and core earnings multiples of 18.61x and 18.03x, respectively (see Table 4.3). In comparison to the Peer Group's median reported and core earnings multiples of 17.53x and 15.96x, respectively, the Company's pro forma reported and core P/E multiples at the midpoint value indicated premiums of 75.87% and 65.98%, respectively. The Company's pro forma P/E ratios based on reported earnings at the minimum and the super maximum equaled 27.07x and 38.18x, respectively, and based on core earnings at the minimum and the super maximum equaled 23.16x and 33.09x, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Price-to-Book ("P/B")</u>. The application of the P/B valuation method requires calculating the Company's pro forma market value by applying a valuation P/B ratio, as derived from the Peer Group's P/B ratio, to the Company's pro forma book value. Based on the $17.7 million midpoint valuation, the Company's pro forma P/B and P/TB ratio both equaled 54.53%. In comparison to the average P/B and P/TB ratios for the Peer Group of 80.29% and 84.22%, the Company's ratios reflected a discount of 32.08% on a P/B basis and a discount of 35.25% on a P/TB basis. In comparison to the Peer Group's median P/B and P/TB ratios of 78.12% and 82.25%, respectively, the Company's pro forma P/B and P/TB ratios at the midpoint value reflected discounts of 30.20% and 33.70%, respectively. At the top of the super maximum, the Company's P/B and P/TB ratios both equaled 62.34%. In comparison to the Peer Group's average P/B and P/TB ratios, the Company's P/B and P/TB ratios at the top of the super maximum reflected discounts of 22.36% and 25.98%, respectively. In comparison to the Peer Group's median P/B and P/TB ratios, the Company's P/B and P/TB ratios at the top of the super maximum reflected discounts of 20.20% and 24.21%, respectively. RP Financial considered the discounts under the P/B approach to be reasonable, given the nature of the calculation of the P/B ratio which mathematically results in a ratio discounted to book value. The discounts reflected under the P/B approach were also supported by the premiums reflected in the Company's reported and core P/E multiples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Price-to-Assets ("P/A")</u>. The P/A valuation methodology determines market value by applying a valuation P/A ratio to the Company's pro forma asset base, conservatively assuming no deposit withdrawals are made to fund stock purchases. In all likelihood there will be deposit withdrawals, which results in understating the pro forma P/A ratio which is computed herein. At the $17.7 million midpoint of the valuation range, the Company's value equaled

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.21** |

---

Table 4.3 <br> Market Pricing Versus Peer Group <br> URSB Bancorp, Inc. <br> As of August 5, 2025

---

| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Market | Market | Per Share Data | Per Share Data |  |  |  |  |  | |  |  | |  |  |  |  |  |  |  | |
|  |  |  | Capitalization | Capitalization | | |  |  |  |  |  | Dividends(3) | Dividends(3) | Dividends(3) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | |
|  |  |  | | | | | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | | | | | | | | Reported | Reported | Core | Core |<br>Offering<br>Size |
| | |  | Price/<br>Share | Market<br>Value | Core<br>12 Month<br>EPS(1) | Book<br>Value/<br>Share | P/E | P/B | P/A | P/TB | P/Core | Amount/<br>Share | <br>Yield | Payout<br>Ratio(4) | Total<br>Assets | Equity/<br>Assets | Tang. Eq./<br>T. Assets | NPAs/<br>Assets | ROAA | ROAE | ROAA | ROAE | ($Mil) |
|  |  |  | ($) | ($Mil) | ($) | ($) | (x) | (%) | (%) | (%) | (x) | ($) | (%) | (%) | ($Mil) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | |
| **<u>URSB Bancorp, Inc.</u>** | **<u>URSB Bancorp, Inc.</u>** | NJ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Maximum | &nbsp;&nbsp;&nbsp;&nbsp;Super Maximum |  | $10.00 | $23.34 | $0.30 | $16.04 | 38.18 x | 62.34% | 6.79% | 62.34% | 33.09 x | $0.00 | 0.00% | 0.00% | $344 | 10.89% | 10.89% | 0.28% | 0.18% | 1.63% | 0.21% | 1.88% | $23.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum | &nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $10.00 | $20.33 | $0.34 | $17.11 | 34.36 x | 58.45% | 5.96% | 58.45% | 29.65 x | $0.00 | 0.00% | 0.00% | $341 | 10.19% | 10.19% | 0.28% | 0.17% | 1.70% | 0.20% | 1.97% | $20.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midpoint | &nbsp;&nbsp;&nbsp;&nbsp;Midpoint |  | $10.00 | $17.70 | $0.38 | $18.34 | 30.83 x | 54.53% | 5.22% | 54.53% | 26.49 x | $0.00 | 0.00% | 0.00% | $339 | 9.58% | 9.58% | 0.28% | 0.17% | 1.77% | 0.20% | 2.06% | $17.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minimum | &nbsp;&nbsp;&nbsp;&nbsp;Minimum |  | $10.00 | $15.08 | $0.43 | $20.01 | 27.07 x | 49.98% | 4.48% | 49.98% | 23.16 x | $0.00 | 0.00% | 0.00% | $337 | 8.96% | 8.96% | 0.28% | 0.17% | 1.85% | 0.19% | 2.16% | $14.88 |
| <u>All Non-MHC Public Thrifts(6)</u> | <u>All Non-MHC Public Thrifts(6)</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  | $25.46 | $622.89 | $1.39 | $25.88 | 15.39 x | 86.80% | 11.10% | 97.14% | 15.46 x | $0.56 | 2.76% | 48.24% | $6608 | 13.93% | 13.25% | 0.65% | 0.49% | 3.33% | 0.48% | 3.09% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Median | &nbsp;&nbsp;&nbsp;&nbsp;Median |  | $14.05 | $165.06 | $0.80 | $18.81 | 14.10 x | 83.21% | 9.86% | 85.68% | 13.73 x | $0.42 | 2.69% | 41.67% | $1737 | 11.84% | 11.01% | 0.30% | 0.55% | 4.86% | 0.55% | 4.64% |  |
| <u>All Non-MHC State of NJ(6)</u> | <u>All Non-MHC State of NJ(6)</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  | $12.45 | $601.18 | $0.84 | $17.31 | 15.93 x | 70.05% | 9.00% | 80.17% | 14.23 x | $0.49 | 4.17% | 52.11% | $7028 | 12.97% | 12.49% | 0.38% | 0.45% | 4.08% | 0.48% | 4.30% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  | $12.39 | $269.82 | $0.68 | $17.51 | 12.49 x | 63.98% | 9.22% | 71.13% | 13.48 x | $0.44 | 4.84% | 54.24% | $3903 | 12.14% | 11.87% | 0.36% | 0.49% | 4.25% | 0.52% | 4.08% |  |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages | &nbsp;&nbsp;&nbsp;&nbsp;Averages |  | $15.98 | $86.46 | $0.90 | $19.99 | 18.61 x | 80.29% | 12.40% | 84.22% | 18.03 x | $0.31 | 1.80% | 28.24% | $716 | 16.44% | 15.87% | 0.54% | 0.64% | 4.66% | 0.68% | 4.90% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians | &nbsp;&nbsp;&nbsp;&nbsp;Medians |  | $15.22 | $76.82 | $1.00 | $19.61 | 17.53 x | 78.12% | 12.06% | 82.25% | 15.96 x | $0.18 | 1.22% | 19.30% | $744 | 14.84% | 13.79% | 0.39% | 0.69% | 5.12% | 0.67% | 5.24% |  |
| <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. | GA | $18.76 | $118.10 | $1.18 | $19.71 | 17.53 x | 95.17% | 12.65% | 111.39% | 15.96 x | $1.50 | 8.00% | 140.19% | $934 | 13.29% | 11.58% | 0.51% | 0.79% | 5.54% | 0.87% | 6.09% |  |
| BVFL | BV Financial, Inc. | MD | $15.19 | $160.92 | $1.04 | $19.19 | 14.75 x | 79.16% | 17.26% | 85.73% | 14.55 x | $0.00 | 0.00% | 0.00% | $908 | 21.80% | 20.47% | 0.50% | 1.19% | 5.32% | 1.20% | 5.39% |  |
| CLST | Catalyst Bancorp, Inc. | LA | $12.40 | $52.14 | $0.48 | $19.50 | 21.75 x | 63.58% | 18.76% | 63.58% | 25.99 x | $0.00 | 0.00% | 0.00% | $274 | 29.51% | 29.51% | 0.56% | 0.80% | 2.70% | 0.67% | 2.25% |  |
| CPBI | Central Plains Bancshares, Inc. | NE | $15.25 | $59.81 | $0.96 | $19.79 | 15.89 x | 77.08% | 12.63% | 77.08% | 15.89 x | $0.00 | 0.00% | 0.00% | $509 | 16.38% | 16.38% | 0.26% | 0.76% | 5.73% | 0.76% | 5.73% |  |
| FDSB | Fifth District Bancorp, Inc. | LA | $13.18 | $73.27 | $0.02 | $22.89 | NM | 57.58% | 13.80% | 57.58% | NM | $0.00 | 0.00% | 0.00% | $531 | 23.96% | 23.96% | 0.15% | 0.03% | 0.12% | 0.22% | 1.03% |  |
| HFBL | Home Federal Bancorp, Inc. of Louisiana | LA | $13.10 | $39.35 | $1.33 | $17.90 | 10.40 x | 73.20% | 6.63% | 78.77% | 9.82 x | $0.54 | 4.12% | 41.67% | $609 | 9.06% | 8.47% | 0.63% | 0.63% | 7.30% | 0.67% | 7.73% |  |
| IROQ | IF Bancorp, Inc. | IL | $24.87 | $80.36 | $1.04 | $23.55 | 24.38 x | 105.59% | 9.48% | 105.59% | 23.97 x | $0.40 | 1.61% | 39.22% | $879 | 8.98% | 8.98% | 0.01% | 0.37% | 4.33% | 0.38% | 4.40% |  |
| MGYR | Magyar Bancorp, Inc. | NJ | $17.18 | $111.17 | $1.60 | $18.03 | 10.87 x | 95.29% | 11.22% | 95.59% | 10.76 x | $0.32 | 1.86% | 18.35% | $987 | 11.78% | 11.75% | 0.28% | 0.99% | 8.70% | 1.00% | 8.79% |  |
| SRBK | SR Bancorp, Inc. | NJ | $14.03 | $124.52 | $0.57 | $21.68 | 31.89 x | 64.72% | 11.50% | 75.15% | 24.54 x | $0.20 | 1.43% | 22.73% | $1083 | 17.76% | 15.69% | 0.00% | 0.35% | 1.95% | 0.46% | 2.53% |  |
| TCBS | Texas Community Bancshares, Inc. | TX | $15.80 | $44.90 | $0.76 | $17.62 | 20.00 x | 91.55% | 10.11% | 91.72% | 20.79 x | $0.16 | 1.01% | 20.25% | $444 | 11.91% | 11.89% | 2.53% | 0.53% | 4.93% | 0.55% | 5.10% |  |

---

(1) Core income, on a diluted per-share basis. Core income is net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest, gain on the sale of securities, amortization of intangibles, goodwill and nonrecurring items.

(2) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/Core = Price to core earnings. P/E and P/Core =NM if the ratio is negative or above 35x.

(3) Indicated 12 month dividend, based on last quarterly dividend declared.

(4) Indicated 12 month dividend as a percent of trailing 12 month earnings.

(5) Equity and tangible equity equal common equity and tangible common equity, respectively. ROAA (return on average assets) and ROAE (return on average equity) are indicated ratios based on trailing 12 month earnings and average equity and assets balances.

(6) Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source: S&P Global Market Intelligence and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP® Financial, LC.

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.22** |

---

5.22% of pro forma assets. Comparatively, the Peer Group companies exhibited an average P/A ratio of 12.40%, which implies a discount of 57.90% has been applied to the Company's pro forma P/A ratio. In comparison to the Peer Group's median P/A ratio of 12.06%, the Company's pro forma P/A ratio at the midpoint value reflects a discount of 56.72%.

<u>Comparison to Recent Offerings</u>

As indicated at the beginning of this chapter, RP Financial's analysis of recent conversion offering pricing characteristics at closing and in the aftermarket has been limited to a "technical" analysis and, thus, the pricing characteristics of recent conversion offerings cannot be a primary determinate of value. Particular focus was placed on the P/TB approach in this analysis, since the P/E multiples do not reflect the actual impact of reinvestment and the source of the stock proceeds (i.e., external funds vs. deposit withdrawals). In comparison to the 49.70% average closing forma P/TB ratio of the six standard conversion offerings completed during the past twelve months, the Company's P/TB ratio of 54.53% at the midpoint value reflects an implied premium of 9.72%. At the top of the super maximum, the Company's P/TB ratio of 62.34% reflects an implied premium of 25.43% relative to the average closing pro forma P/TB ratio of the six standard conversion offerings completed during the past twelve months.

<u>Valuation Conclusion</u>

Based on the foregoing, it is our opinion that, as of August 5, 2025, the estimated aggregate pro forma market value of the shares to be issued immediately following the conversion, including shares to be issued to the Foundation, equaled $17,700,000 at the midpoint, equal to 1,770,000 shares offered at a per share value of $10.00. Pursuant to conversion guidelines, the 15% valuation range indicates a minimum value of $15,075,000 and a maximum value of $20,325,000. Based on the $10.00 per share offering price determined by the Board, this valuation range equates to total shares outstanding of 1,507,500 at the minimum and 2,032,500 at the maximum. In the event the appraised value is subject to an increase, the aggregate pro forma market value may be increased up to a super maximum value of $23,343,750 without a resolicitation. Based on the $10.00 per share offering price, the super maximum value would result in total shares outstanding of 2,334,375. Based on this valuation range, the offering range is as follows: $14,875,000 at the minimum, $17,500,000 at the midpoint, $20,125,000 at the maximum and $23,143,750 at the super maximum. Based on the $10.00 per share offering price, the number of offering shares is as follows: 1,487,500 at the

---

| | |
|:---|:---|
| **RP<sup>®</sup> Financial, LC.** | **VALUATION ANALYSIS** |
|  | **IV.23** |

---

minimum, 1,750,000 at the midpoint, 2,012,500 at the maximum and 2,314,375 at the super maximum. The pro forma valuation calculations relative to the Peer Group are shown in Table 4.3 and are detailed in Exhibit IV-7 and Exhibit IV-8.

**EXHIBITS**

***LIST OF EXHIBITS***

---

| | |
|:---|:---|
| Exhibit |  |
| <u>Number</u> | <u>Description</u> |
| I-1 | Map of Office Locations |
| I-2 | Audited Financial Statements |
| I-3 | Key Operating Ratios |
| I-4 | Yields and Costs |
| I-5 | Credit Loss Allowance Activity |
| I-6 | Interest Rate Risk Analysis |
| I-7 | Fixed and Adjustable Rate Loans |
| I-8 | Loan Portfolio Composition |
| I-9 | Contractual Maturity by Loan Type |
| I-10 | Non-Performing Assets |
| I-11 | Deposit Composition |
| II-1 | Description of Office Properties |
| II-2 | Historical Interest Rates |
| III-1 | Characteristics of Publicly-Traded Thrifts |
| III-2 | Public Market Pricing of Mid-Atlantic and New England Thrifts |
| III-3 | Public Market Pricing of Midwest, Southeast and Southwest Thrifts |
| III-4 | Peer Group Market Area Comparative Analysis |

---

**LIST OF EXHIBITS (continued)**

---

| | |
|:---|:---|
| Exhibit |  |
| <u>Number</u> | <u>Description</u> |
| IV-1 | Stock Prices: As of August 5, 2025 |
| IV-2 | Historical Stock Price Indices |
| IV-3 | Stock Price Indices as of August 5, 2025 |
| IV-4 | New Jersey Bank and Thrift Acquisitions 2022 - Present |
| IV-5 | Director and Senior Management Summary Resumes |
| IV-6 | Pro Forma Regulatory Capital Ratios |
| IV-7 | Pro Forma Analysis Sheet |
| IV-8 | Pro Forma Effect of Conversion Proceeds |
| V-1 | Firm Qualifications Statement |

---

**EXHIBIT I-1**

**URSB Bancorp, Inc.** 

**Map of Office Locations**

Exhibit I-1<br> URSB Bancorp, Inc.<br> Map of Office Locations

![](tm2525410d1_ex99-3img05.jpg)

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| | |
|:---|:---|
| ![](tm2525410d1_ex99-3sp6img001.jpg) | U.S. Branches: Current Ownership (3) |

---

**EXHIBIT I-2**

**URSB Bancorp, Inc.** 

**Audited Financial Statements**

**[Incorporated by Reference]**

**EXHIBIT I-3**

**URSB Bancorp, Inc.<br> Key Operating Ratios**

Exhibit I-3<br> URSB Bancorp, Inc.<br> Key Operating Ratios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At or For the Six Months <br> Ended June 30,** | **At or For the Six Months <br> Ended June 30,** | **At or For the Years <br> Ended December 31,** | **At or For the Years <br> Ended December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
| **Performance Ratios <sup>(1)</sup>:** |  |  |  |  |
| Return on average assets | 0.13% | 0.18% | 0.19% | 0.27% |
| Return on average equity | 2.31% | 2.96% | 3.15% | 4.16% |
| Interest rate spread <sup>(2)</sup> | 2.42% | 2.47% | 2.40% | 2.71% |
| Net interest margin <sup>(3)</sup> | 2.56% | 2.60% | 2.54% | 2.80% |
| Noninterest expense as a percentage of average assets | 2.21% | 2.27% | 2.24% | 2.38% |
| Efficiency ratio <sup>(4)</sup> | 88.62% | 89.61% | 89.20% | 85.77% |
| Average interest-earning assets as a percentage of average interest-bearing liabilities | 105.02% | 105.55% | 105.41% | 105.37% |
| **Capital Ratios (United Roosevelt Savings Bank only):** |  |  |  |  |
| Average equity as a percentage of average assets | 5.46% | 6.20% | 6.07% | 6.57% |
| Total capital as a percentage of risk-weighted assets | 12.70% | 12.77% | 12.58% | 13.32% |
| Tier 1 capital as a percentage of risk-weighted assets | 11.90% | 12.03% | 11.87% | 12.55% |
| Common equity Tier 1 capital as a percentage of risk-weighted assets | 11.90% | 12.03% | 11.87% | 12.55% |
| Tier 1 capital as a percentage of average assets | 7.90% | 8.31% | 8.10% | 8.72% |
| **Asset Quality Ratios:** |  |  |  |  |
| Allowance for credit losses as a percentage of total loans | 0.63% | 0.56% | 0.55% | 0.66% |
| Allowance for credit losses as a percentage of non-performing loans | 1408.55% | 598.18% | 157.03% | —% |
| Allowance for credit losses as a percentage of non-accrual loans | 1408.55% | 598.18% | 156.85% | —% |
| Non-accrual loans as a percentage of total loans | 0.04% | 0.09% | 0.35% | —% |
| Net recoveries (charge-offs) as a percentage of average outstanding loans | 0.04% | —% | (0.04)% | —% |
| Non-performing loans as a percentage of total loans | 0.04% | 0.09% | 0.35% | —% |
| Non-performing loans as a percentage of total assets | 0.04% | 0.07% | 0.28% | —% |
| Total non-performing assets as a percentage of total assets | 0.04% | 0.07% | 0.28% | —% |
| **Other Data:** |  |  |  |  |
| Number of offices | 2 | 2 | 2 | 2 |
| Number of full-time employees | 28 | 27 | 27 | 22 |
| Number of part-time employees | 2 | 1 | 1 | 4 |

---

(1) Interim period data is annualized, where appropriate.

(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing
liabilities.

(3) Represents net interest income as a percentage of average interest-earning assets.

(4) Represents noninterest expenses divided by the sum of net interest income and noninterest income.

Source: URSB Bancorp's prospectus.

**EXHIBIT I-4**

**URSB Bancorp, Inc.<br> Yields and Costs**

Exhibit I-4<br> URSB Bancorp, Inc.<br> Yields and Costs

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **At June 30,**<br>**2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Weighted<br> Average<br> Yield/Rate** | **Average<br> Outstanding<br> Balance** | **Interest** | **Average<br> Yield/Rate** | **Average<br> Outstanding<br> Balance** | **Interest** | **Average<br> Yield/Rate** |
|  | | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents | 4.29% | $15184 | $331 | 4.36% | $17366 | $444 | 5.11% |
| Investment in certificates of deposit | 5.22 | 3971 | 103 | 5.19 | 1704 | 46 | 5.40 |
| Securities available-for-sale | 4.00 | 18174 | 323 | 3.55 | 11292 | 120 | 2.13 |
| Securities held-to-maturity | 3.15 | 17470 | 261 | 2.99 | 24782 | 392 | 3.16 |
| Loans receivable, net | 5.68 | 254332 | 7140 | 5.61 | 225847 | 5911 | 5.23 |
| Other interest-earning assets | 7.39 | 2162 | 88 | 8.14 | 1112 | 49 | 8.81 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 5.37 | 311293 | 8246 | 5.30 | 282103 | 6962 | 4.94 |
| Noninterest-earning assets |  | 10295 |  |  | 3497 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets |  | $321588 |  |  | $290600 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |
| Interest-bearing checking accounts | 1.21% | $61460 | 430 | 1.40% | $74778 | 524 | 1.40% |
| Money market accounts | 1.85 | 17200 | 173 | 2.01 | 23246 | 251 | 2.16 |
| Savings and club accounts | 0.10 | 22540 | 50 | 0.44 | 24821 | 12 | 0.10 |
| Brokered certificates of deposit | 3.72 | 58125 | 1092 | 3.76 | 42719 | 787 | 3.68 |
| Non-brokered certificates of deposit | 3.19 | 88344 | 1557 | 3.52 | 78011 | 1165 | 2.99 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2.57 | 247669 | 3302 | 2.67 | 243575 | 2739 | 2.25 |
| Senior notes | 6.23 | 6649 | 207 | 6.23 | 5553 | 172 | 6.19 |
| Federal Home Loan Bank advances | 3.53 | 40800 | 729 | 3.57 | 18134 | 386 | 4.26 |
| Federal Reserve Bank advances |  | 1295 | 30 | 4.63 |  |  |  |
| Other interest-bearing liabilities | 3.90 | 48744 | 966 | 3.96 | 23687 | 558 | 4.71 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2.94 | 296413 | 4268 | 2.88 | 267262 | 3297 | 2.47 |
| Noninterest-bearing demand deposits |  | 6693 |  |  | 4436 |  |  |
| Other noninterest-bearing liabilities |  | 923 |  |  | 880 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities |  | 304029 |  |  | 272578 |  |  |
| Total equity |  | 17559 |  |  | 18022 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity |  | 321588 |  |  | 290600 |  |  |
| Net interest income |  |  | $3978 |  |  | $3665 |  |
| Net interest rate spread <sup>(1)</sup> | 2.43% |  |  | 2.42% |  |  | 2.47% |
| Net interest-earning assets <sup>(2)</sup> |  | $14880 |  |  | $14841 |  |  |
| Net interest margin <sup>(3)</sup> | 2.61% |  |  | 2.56% |  |  | 2.60% |
| Average interest-earning assets to interest-bearing liabilities | 105.01% |  |  | 105.02% |  |  | 105.55% |

---

(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average total interest-earning assets.

Exhibit I-4 (continued)<br> URSB Bancorp, Inc.<br> Yields and Costs

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Average<br> Outstanding<br> Balance** | **Interest** | **Average<br> Yield/Rate** | **Average<br> Outstanding<br> Balance** | **Interest** | **Average<br> Yield/Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Cash and cash equivalents | $14823 | $751 | 5.07% | $15348 | $711 | 4.63% |
| Investment in certificates of deposit | 3048 | 163 | 5.35 | 1869 | 93 | 4.98 |
| Securities available-for-sale | 13543 | 381 | 2.81 | 14030 | 259 | 1.85 |
| Securities held-to-maturity | 24100 | 779 | 3.23 | 26125 | 810 | 3.10 |
| Loans receivable, net | 234867 | 12578 | 5.36 | 197007 | 9298 | 4.72 |
| Other interest-earning assets | 1449 | 129 | 8.90 | 782 | 70 | 8.95 |
| Total interest-earning assets | 291830 | 14781 | 5.06 | 255161 | 11241 | 4.41 |
| Noninterest-earning assets | 9497 |  |  | 8242 |  |  |
| Total assets | $301327 |  |  | $263403 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest-bearing checking <br>accounts | $72275 | 1054 | 1.46% | $75772 | 726 | 0.96% |
| Money market accounts | 22301 | 497 | 2.23 | 20659 | 307 | 1.49 |
| Savings and club accounts | 23816 | 44 | 0.18 | 31814 | 179 | 0.56 |
| Brokered certificates of deposit | 47895 | 1817 | 3.79 | 28473 | 919 | 3.23 |
| Non-brokered certificates of deposit | 79454 | 2564 | 3.23 | 69660 | 1306 | 1.87 |
| Total interest-bearing deposits | 245741 | 5976 | 2.43 | 226378 | 3437 | 1.52 |
| Senior notes | 5635 | 348 | 6.18 | 4485 | 271 | 6.04 |
| Federal Home Loan Bank advances | 25442 | 1044 | 4.10 | 11293 | 401 | 3.55 |
| Federal Reserve Bank advances | 38 | 1 | 2.63 |  |  |  |
| Other interest-bearing liabilities | 31115 | 1383 | 4.48 | 15778 | 672 | 4.26 |
| Total interest-bearing liabilities | 276856 | 7369 | 2.66 | 242156 | 4109 | 1.70 |
| Noninterest-bearing demand deposits | 5348 |  |  | 2240 |  |  |
| Other noninterest-bearing liabilities | 823 |  |  | 1695 |  |  |
| Total liabilities | 283027 |  |  | 246091 |  |  |
| Total equity | 18300 |  |  | 17312 |  |  |
| Total liabilities and equity | 301327 |  |  | 263403 |  |  |
| Net interest income |  | $7412 |  |  | $7132 |  |
| Net interest rate spread <sup>(1)</sup> |  |  | 2.40% |  |  | 2.71% |
| Net interest-earning assets <sup>(2)</sup> | $14974 |  |  | $13005 |  |  |
| Net interest margin <sup>(3)</sup> |  |  | 2.54% |  |  | 2.80% |
| Average interest-earning assets to interest-bearing liabilities |  |  | 105.41% |  |  | 105.37% |

---

(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average total interest-earning assets.

Source: URSB Bancorp's prospectus.

**EXHIBIT I-5**

**URSB Bancorp, Inc.<br> Credit Loss Allowance Activity**

Exhibit I-5<br> URSB Bancorp, Inc.<br> Credit Loss Allowance Activity

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At or For the Six Months <br> Ended June 30,** | **At or For the Six Months <br> Ended June 30,** | **At or For the Years <br> Ended December 31,** | **At or For the Years <br> Ended December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Allowance for credit losses at beginning of period | $1363 | $1478 | $1478 | $1184 |
| Provision (credit) for credit losses | 195 | (162) | (25) | 107 |
| Impact of adoption of CECL |  |  |  | 187 |
| Charge-offs: |  |  |  |  |
| Real estate loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |
| Commercial and industrial loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial |  |  | 90 |  |
| Consumer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs |  |  | 90 |  |
| Recoveries: |  |  |  |  |
| Real estate loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |  |
| Commercial and industrial loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 90 |  |  |  |
| Consumer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 90 |  |  |  |
| Net (charge-offs) recoveries | 90 |  | (90) |  |
| Allowance for credit losses at end of period | $1648 | $1316 | $1363 | $1478 |
| Allowance for credit losses as a percentage of non-performing loans at end of period | 1408.55% | 598.18% | 157.03% | —% |
| Allowance for credit losses as a percentage of total loans outstanding at end of period | 0.63% | 0.56% | 0.55% | 0.66% |
| Net (charge-offs) recoveries as a percentage of average loans outstanding during period | 0.04% | —% | (0.04)% | —% |

---

Source: URSB Bancorp's prospectus.

**EXHIBIT I-6**

**URSB Bancorp, Inc.<br> Interest Rate Risk Analysis**

Exhibit I-6<br> URSB Bancorp, Inc.<br> Interest Rate Risk Analysis

---

| | | |
|:---|:---|:---|
| **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** |
| &nbsp;&nbsp;**Change in Interest Rates<br> (basis points) <sup>(1)</sup>** | **Net Interest Income Year 1 <br> Forecast** | **Year 1 Change from Level** |
|  | **(Dollars in thousands)** |  |
| &nbsp;&nbsp;400 | $7228 | (21.46)% |
| &nbsp;&nbsp;300 | 7744 | (15.84)% |
| &nbsp;&nbsp;200 | 8255 | (10.29)% |
| &nbsp;&nbsp;100 | 8744 | (4.99)% |
| &nbsp;&nbsp;Level | 9203 |  |
| &nbsp;&nbsp;(100) | 9598 | 4.30% |
| &nbsp;&nbsp;(200) | 9718 | 5.60% |
| &nbsp;&nbsp;(300) | 9155 | (0.51)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** |
| | | **Estimated Increase (Decrease)<br> in EVE** | **Estimated Increase (Decrease)<br> in EVE** | **EVE as a Percentage of Present<br> Value of Assets <sup>(3)</sup>** | **EVE as a Percentage of Present<br> Value of Assets <sup>(3)</sup>** |
| <br>**Change in Interest <br> Rates (basis points) <sup>(1)</sup>** |<br>**Estimated <br> EVE <sup>(2)</sup>** | **Amount** | **Percent** | **EVE Ratio <sup>(4)</sup>** | **Increase<br> (Decrease)<br> (basis points)** |
|  | | **(Dollars in thousands)** | **(Dollars in thousands)** | | |
| &nbsp;&nbsp;400 | $18498 | $(13753) | (42.64)% | 6.28% | (373) |
| &nbsp;&nbsp;300 | 22090 | (10161) | (31.51)% | 7.33% | (268) |
| &nbsp;&nbsp;200 | 25525 | (6726) | (20.86)% | 8.28% | (173) |
| &nbsp;&nbsp;100 | 28991 | (3260) | (10.11)% | 9.20% | (81) |
| &nbsp;&nbsp;Level | 32251 |  | —% | 10.01% |  |
| &nbsp;&nbsp;(100) | 34992 | 2741 | 8.50% | 10.62% | 61 |
| &nbsp;&nbsp;(200) | 36037 | 3786 | 11.74% | 10.73% | 72 |
| &nbsp;&nbsp;(300) | 32727 | 476 | 1.48% | 9.58% | (43) |

---

(1) Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.

(2) EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3) Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.

(4) EVE Ratio represents EVE divided by the present value of assets.

Source: URSB Bancorp's prospectus.

**EXHIBIT I-7**

**URSB Bancorp, Inc.<br> Fixed and Adjustable Rate Loans**

Exhibit I-7<br> URSB Bancorp, Inc.<br> Fixed and Adjustable Rate Loans

---

| | | | |
|:---|:---|:---|:---|
|  | **Due After June 30, 2026** | **Due After June 30, 2026** | **Due After June 30, 2026** |
|  | **Fixed** | **Adjustable** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Real estate loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $55069 | $61241 | $116310 |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage | 1314 | 2288 | 3602 |
| &nbsp;&nbsp;&nbsp;Multi-family | 300 | 19093 | 19393 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 5757 | 55915 | 61672 |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |
| Commercial and industrial: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans | 35675 |  | 35675 |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 3302 | 4128 | 7430 |
| Consumer | 8633 |  | 8633 |
| &nbsp;&nbsp;&nbsp;Total loans | $110050 | $142665 | $252715 |

---

Source: URSB Bancorp's prospectus.

**EXHIBIT I-8**

**URSB Bancorp, Inc.<br> Loan Portfolio Composition**

Exhibit I-8<br> URSB Bancorp, Inc.<br> Loan Portfolio Composition

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **At June 30, 2025** | **At June 30, 2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real estate loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $116352 | 44.47% | $108226 | 43.55% | $88303 | 39.72% |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage | 3602 | 1.38 | 3330 | 1.34 | 2465 | 1.11 |
| &nbsp;&nbsp;&nbsp;Multi-family | 19457 | 7.44 | 20215 | 8.13 | 18528 | 8.33 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 62831 | 24.01 | 60542 | 24.36 | 60573 | 27.24 |
| &nbsp;&nbsp;&nbsp;Construction | 3927 | 1.50 | 6119 | 2.46 | 4270 | 1.92 |
| Commercial and industrial: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans | 35912 | 13.72 | 39073 | 15.72 | 38758 | 17.43 |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 10864 | 4.15 | 10890 | 4.38 | 9378 | 4.22 |
| Consumer | 8721 | 3.33 | 137 | 0.06 | 68 | 0.03 |
|  | 261666 | 100.00% | 248532 | 100.00% | 222343 | 100.00% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | (1648) |  | (1363) |  | (1478) |  |
| &nbsp;&nbsp;&nbsp;Premiums on loans purchased | 98 |  | 23 |  | 23 |  |
| &nbsp;&nbsp;&nbsp;Deferred loan fees, net | 954 |  | 833 |  | 656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | $261070 |  | $248025 |  | $221544 |  |

---

Source: URSB Bancorp's prospectus.

**EXHIBIT I-9**

**URSB Bancorp, Inc.<br> Contractual Maturity by Loan Type**

Exhibit I-9<br> URSB Bancorp, Inc.<br> Contractual Maturity by Loan Type

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **One- to<br> Four-Family<br> Residential** | **Home Equity <br> and Second<br> Mortgage** | **Multi-Family** | **Commercial<br> Real Estate** | **Construction** | **Bankers<br> Healthcare<br> Group** | **Other<br> Commercial<br> and<br> Industrial** | **Consumer** | **Total** |
|  | | | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Amounts due in: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One year or less | $42 |  | $64 | $1159 | $3927 | $237 | $3434 | $88 | $8951 |
| &nbsp;&nbsp;&nbsp;&nbsp;After one year through two years | 181 | 15 | 300 | 48 |  | 640 | 2171 |  | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;After two years through three years | 300 | 5 |  | 94 |  | 1472 | 632 | 355 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;After three years through five years | 914 | 19 | 1129 | 1984 |  | 7609 | 2037 | 1062 | 14754 |
| &nbsp;&nbsp;&nbsp;&nbsp;After five years through 10 years | 4570 | 700 | 726 | 5310 |  | 14096 | 1038 | 5480 | 31920 |
| &nbsp;&nbsp;&nbsp;&nbsp;After 10 years through 15 years | 6043 | 2863 | 1390 | 5917 |  | 11858 | 1234 | 1736 | 31041 |
| &nbsp;&nbsp;&nbsp;&nbsp;After 15 years | 104302 |  | 15848 | 48319 |  |  | 318 |  | 168787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $116352 | $3602 | $19457 | $62831 | $3927 | $35912 | $10864 | $8721 | $261666 |

---

Source: URSB Bancorp's prospectus.

**EXHIBIT I-10**

**URSB Bancorp, Inc.<br> Non-Performing Assets**

Exhibit I-10<br> URSB Bancorp, Inc.<br> Non-Performing Assets

---

| | | | |
|:---|:---|:---|:---|
|  | | **At December 31,** | **At December 31,** |
|  | **At June 30,**<br>**2025** | **2024** | **2023** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Non-accrual loans: |  |  |  |
| Real estate loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $— | $789 | $— |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage | 45 |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |
| Commercial and industrial loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankers Healthcare Group loans |  |  |  |
| &nbsp;&nbsp;&nbsp;Other commercial and industrial | 72 | 79 |  |
| Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-accrual loans | $117 | $868 |  |
| Accruing loans past due 90 days or more |  |  |  |
| Real estate owned: |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity and second mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate owned |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $117 | $868 | $— |
| Total accruing modified loans | $832 | $796 | $— |
| Total non-performing loans to total loans | 0.04% | 0.35% | —% |
| Total non-accruing loans to total loans | 0.04% | 0.35% | —% |
| Total non-performing assets to total assets | 0.04% | 0.27% | —% |

---

Source: URSB Bancorp's prospectus.

**EXHIBIT I-11**

**URSB Bancorp, Inc.<br> Deposit Composition**

Exhibit I-11<br> URSB Bancorp, Inc.<br> Deposit Composition

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** |
|  | **At or For the Six Months Ended<br> June 30, 2025** | **At or For the Six Months Ended<br> June 30, 2025** | **At or For the Six Months Ended<br> June 30, 2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Amount** | **Percent** | **Average<br> Rate** | **Amount** | **Percent** | **Average<br> Rate** | **Amount** | **Percent** | **Average<br> Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Non-interest bearing checking accounts | $5888 | 2.32% | —% | $5734 | 2.33% | —% | $2902 | 1.25% | —% |
| Interest-bearing checking accounts | 53617 | 21.11 | 1.40 | 65629 | 26.67 | 1.46 | 71413 | 30.76 | 0.963 |
| Money market accounts | 11449 | 4.51 | 2.01 | 17389 | 7.07 | 2.32 | 19914 | 8.58 | 1.49 |
| Savings and club accounts | 20310 | 8.00 | 0.10 | 25965 | 10.55 | 0.18 | 26153 | 11.27 | 0.56 |
| Brokered certificates of deposit | 55802 | 21.97 | 3.76 | 55547 | 22.57 | 3.79 | 42150 | 18.16 | 3.23 |
| Non-brokered certificates of deposit | 106947 | 42.09 | 3.52 | 75815 | 30.81 | 3.23 | 69624 | 29.98 | 1.87 |
| Total | $254013 | 100.00% | 2.67% | $246079 | 100.00% | 2.43% | $232156 | 100.00% | 1.52% |

---

Source: URSB Bancorp's prospectus.

**EXHIBIT II-1**

**Description of Office Properties**

Exhibit II-1<br> URSB Bancorp, Inc.<br> Description of Office Properties

***Properties***

In addition to its owned main office at 11-15 Cooke Avenue, Carteret, New Jersey, United Roosevelt Savings Bank also operates a leased branch office located at 803 Roosevelt Avenue, Carteret, New Jersey. At June 30, 2025, the net book value of our premises and equipment was $2.6 million. See note 6 to notes to consolidated financial statements.

Source: URSB Bancorp's prospectus.

**EXHIBIT II-2**

**Historical Interest Rates**

Exhibit II-2

Historical Interest Rates(1)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Prime | 90 Day | One Year | 10 Year |
| Year/Qtr. Ended | Year/Qtr. Ended | Rate | T-Note | T-Note | T-Note |
| 2015: | Quarter 1 | 3.25% | 0.03% | 0.26% | 1.94% |
|  | Quarter 2 | 3.25% | 0.01% | 0.28% | 2.35% |
|  | Quarter 3 | 3.25% | 0.00% | 0.33% | 2.06% |
|  | Quarter 4 | 3.50% | 0.16% | 0.65% | 2.27% |
| 2016: | Quarter 1 | 3.50% | 0.21% | 0.59% | 1.78% |
|  | Quarter 2 | 3.50% | 0.26% | 0.45% | 1.49% |
|  | Quarter 3 | 3.50% | 0.29% | 0.59% | 1.60% |
|  | Quarter 4 | 3.75% | 0.51% | 0.85% | 2.45% |
| 2017: | Quarter 1 | 4.00% | 0.76% | 1.03% | 2.40% |
|  | Quarter 2 | 4.25% | 1.03% | 1.24% | 2.31% |
|  | Quarter 3 | 4.25% | 1.06% | 1.31% | 2.33% |
|  | Quarter 4 | 4.50% | 1.39% | 1.76% | 2.40% |
| 2018: | Quarter 1 | 4.75% | 1.73% | 2.09% | 2.74% |
|  | Quarter 2 | 5.00% | 1.93% | 2.33% | 2.85% |
|  | Quarter 3 | 5.25% | 2.19% | 2.59% | 3.05% |
|  | Quarter 4 | 5.50% | 2.45% | 2.63% | 2.69% |
| 2019: | Quarter 1 | 5.50% | 2.40% | 2.40% | 2.41% |
|  | Quarter 2 | 5.00% | 2.12% | 1.92% | 2.00% |
|  | Quarter 3 | 4.75% | 1.88% | 1.75% | 1.68% |
|  | Quarter 4 | 4.75% | 1.55% | 1.59% | 1.92% |
| 2020: | Quarter 1 | 3.25% | 0.11% | 0.17% | 0.70% |
|  | Quarter 2 | 3.25% | 0.16% | 0.16% | 0.66% |
|  | Quarter 3 | 3.25% | 0.10% | 0.12% | 0.69% |
|  | Quarter 4 | 3.25% | 0.09% | 0.10% | 0.93% |
| 2021: | Quarter 1 | 3.25% | 0.03% | 0.07% | 1.74% |
|  | Quarter 2 | 3.25% | 0.05% | 0.08% | 1.44% |
|  | Quarter 3 | 3.25% | 0.04% | 0.09% | 1.52% |
|  | Quarter 4 | 3.25% | 0.06% | 0.39% | 1.52% |
| 2022: | Quarter 1 | 3.50% | 0.52% | 1.63% | 2.32% |
|  | Quarter 2 | 4.75% | 1.72% | 2.80% | 2.98% |
|  | Quarter 3 | 6.25% | 3.33% | 4.05% | 3.83% |
|  | Quarter 4 | 7.50% | 4.42% | 4.73% | 3.88% |
| 2023: | Quarter 1 | 8.00% | 4.85% | 4.64% | 3.48% |
|  | Quarter 2 | 8.25% | 5.43% | 5.40% | 3.81% |
|  | Quarter 3 | 8.50% | 5.55% | 5.46% | 4.59% |
|  | Quarter 4 | 8.50% | 5.40% | 4.79% | 3.88% |
| 2024: | Quarter 1 | 8.50% | 5.46% | 5.03% | 4.20% |
|  | Quarter 2 | 8.50% | 5.48% | 5.09% | 4.36% |
|  | Quarter 3 | 8.00% | 4.73% | 3.98% | 3.81% |
|  | Quarter 4 | 7.50% | 4.37% | 4.16% | 4.58% |
| 2025: | Quarter 1 | 7.50% | 4.32% | 4.03% | 4.23% |
|  | Quarter 2 | 7.50% | 4.41% | 3.96% | 4.24% |
| &nbsp;&nbsp;&nbsp;As of August 5, 2025 | &nbsp;&nbsp;&nbsp;As of August 5, 2025 | 7.50% | 4.34% | 3.92% | 4.22% |

---

(1) End of period data.

Sources: Federal Reserve and The Wall Street Journal.

**EXHIBIT III-1**

**Characteristics of Publicly-Traded Thrifts**

Exhibit III-1

Characteristics of Publicly-Traded Thrifts

August 5, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | | |  |  | As of | As of |
|  |  |  |  |  |  | | |  |  | August 5, 2025 | August 5, 2025 |
| Ticker | Financial Institution | Exchange | Region | City | State | Total<br> Assets | Offices | Fiscal<br> Mth End | Conv.<br> Date | Stock<br> Price | Market<br> Value |
|  |  |  |  |  |  | ($Mil) |  |  |  | ($) | ($Mil) |
| AFBI | Affinity Bancshares, Inc. | NASDAQCM | SE | Covington | GA | $934 | 3 | Dec | 4/27/17 | $18.76 | $118 |
| AX | Axos Financial, Inc. | NYSE | WE | Las Vegas | NV | $24783 | 2 | Jun | 3/14/05 | $85.90 | $4842 |
| BLFY | Blue Foundry Bancorp | NASDAQGS | MA | Rutherford | NJ | $2128 | 21 | Dec | 7/15/21 | $8.60 | $169 |
| BYFC | Broadway Financial Corporation | NASDAQCM | WE | Los Angeles | CA | $1227 | 4 | Dec | 1/8/96 | $8.05 | $46 |
| BVFL | BV Financial, Inc. | NASDAQCM | MA | Baltimore | MD | $908 | 13 | Dec | 1/12/05 | $15.19 | $161 |
| CFFN | Capitol Federal Financial, Inc. | NASDAQGS | MW | Topeka | KS | $9693 | 47 | Sep | 3/31/99 | $5.82 | $757 |
| CARV | Carver Bancorp, Inc. | NASDAQCM | MA | New York | NY | $730 | 7 | Mar | 10/24/94 | $1.96 | $10 |
| CLST | Catalyst Bancorp, Inc. | NASDAQCM | SW | Opelousas | LA | $274 | 6 | Dec | 10/12/21 | $12.40 | $52 |
| CPBI | Central Plains Bancshares, Inc. | NASDAQCM | MW | Grand Island | NE | $509 | 9 | Mar | 10/19/23 | $15.25 | $60 |
| ECBK | ECB Bancorp, Inc. | NASDAQCM | NE | Everett | MA | $1515 | 3 | Dec | 7/27/22 | $15.77 | $141 |
| FBLA | FB Bancorp, Inc. | NASDAQCM | SW | New Orleans | LA | $1238 | 20 | Dec | 10/22/24 | $11.29 | $207 |
| FDSB | Fifth District Bancorp, Inc. | NASDAQCM | SW | New Orleans | LA | $531 | 7 | Dec | 7/31/24 | $13.18 | $73 |
| FNWB | First Northwest Bancorp | NASDAQGM | WE | Port Angeles | WA | $2195 | 15 | Dec | 1/29/15 | $7.83 | $69 |
| FSEA | First Seacoast Bancorp, Inc. | NASDAQCM | NE | Dover | NH | $593 | 5 | Dec | 7/16/19 | $11.58 | $55 |
| FLG | Flagstar Financial, Inc. | NYSE | MA | Hicksville | NY | $92237 | 340 | Dec | 11/23/93 | $11.19 | $4645 |
| FSBW | FS Bancorp, Inc. | NASDAQCM | WE | Mountlake Terrace | WA | $3176 | 38 | Dec | 7/9/12 | $39.07 | $294 |
| HIFS | Hingham Institution for Savings | NASDAQGM | NE | Hingham | MA | $4539 | 10 | Dec | 12/13/88 | $248.48 | $542 |
| HFBL | Home Federal Bancorp, Inc. of Louisiana | NASDAQCM | SW | Shreveport | LA | $609 | 11 | Jun | 1/18/05 | $13.10 | $39 |
| IROQ | IF Bancorp, Inc. | NASDAQCM | MW | Watseka | IL | $879 | 8 | Jun | 7/7/11 | $24.87 | $80 |
| KRNY | Kearny Financial Corp. | NASDAQGS | MA | Fairfield | NJ | $7740 | 43 | Jun | 2/23/05 | $5.92 | $370 |
| MGYR | Magyar Bancorp, Inc. | NASDAQGM | MA | New Brunswick | NJ | $987 | 7 | Sep | 1/23/06 | $17.18 | $111 |
| NECB | Northeast Community Bancorp, Inc. | NASDAQCM | MA | White Plains | NY | $1974 | 12 | Dec | 7/5/06 | $20.57 | $241 |
| NFBK | Northfield Bancorp, Inc. (Staten Island, NY) | NASDAQGS | MA | Woodbridge | NJ | $5679 | 37 | Dec | 11/7/07 | $10.74 | $449 |
| NSTS | NSTS Bancorp, Inc. | NASDAQCM | MW | Waukegan | IL | $283 | 3 | Dec | 1/18/22 | $12.19 | $60 |
| PDLB | Ponce Financial Group, Inc. | NASDAQGM | MA | Bronx | NY | $3154 | 14 | Dec | 9/29/17 | $14.06 | $319 |
| PROV | Provident Financial Holdings, Inc. | NASDAQGS | WE | Riverside | CA | $1246 | 14 | Jun | 6/27/96 | $15.35 | $102 |
| PFS | Provident Financial Services, Inc. | NYSE | MA | Jersey City | NJ | $24547 | 144 | Dec | 1/15/03 | $18.24 | $2383 |
| RVSB | Riverview Bancorp, Inc. | NASDAQGS | WE | Vancouver | WA | $1517 | 17 | Mar | 10/26/93 | $4.90 | $103 |
| SRBK | SR Bancorp, Inc. | NASDAQCM | MA | Bound Brook | NJ | $1083 | 14 | Jun | 9/19/23 | $14.03 | $125 |
| TCBS | Texas Community Bancshares, Inc. | NASDAQCM | SW | Mineola | TX | $444 | 7 | Dec | 7/14/21 | $15.80 | $45 |
| TSBK | Timberland Bancorp, Inc. | NASDAQGM | WE | Hoquiam | WA | $1957 | 23 | Sep | 1/12/98 | $31.38 | $247 |
| TFIN | Triumph Financial, Inc. | NASDAQGS | SW | Dallas | TX | $6495 | 63 | Dec | 11/6/14 | $55.65 | $1321 |
| TRST | TrustCo Bank Corp NY | NASDAQGS | MA | Glenville | NY | $6348 | 136 | Dec |  | $33.21 | $626 |
| WSBF | Waterstone Financial, Inc. | NASDAQGS | MW | Wauwatosa | WI | $2257 | 16 | Dec | 10/4/05 | $13.47 | $257 |
| WNEB | Western New England Bancorp, Inc. | NASDAQGS | NE | Westfield | MA | $2711 | 27 | Dec | 12/27/01 | $11.13 | $226 |
| WSFS | WSFS Financial Corporation | NASDAQGS | MA | Wilmington | DE | $20763 | 94 | Dec | 11/26/86 | $54.60 | $3056 |
| BSBK | Bogota Financial Corp. | NASDAQCM | MA | Teaneck | NJ | $922 | 10 | Dec | 1/15/20 | $8.42 | $106 |
| CLBK | Columbia Financial, Inc. | NASDAQGS | MA | Fair Lawn | NJ | $10739 | 70 | Dec | 4/19/18 | $14.33 | $1504 |
| GCBC | Greene County Bancorp, Inc. | NASDAQCM | MA | Catskill | NY | $3041 | 21 | Jun | 12/30/98 | $23.53 | $401 |
| KFFB | Kentucky First Federal Bancorp | NASDAQGM | MW | Hazard | KY | $381 | 7 | Jun | 3/2/05 | $3.06 | $25 |
| LSBK | Lake Shore Bancorp, Inc. | NASDAQGM | MA | Dunkirk | NY | $735 | 11 | Dec | 4/3/06 | $12.33 | $70 |
| PBFS | Pioneer Bancorp, Inc. | NASDAQCM | MA | Albany | NY | $2096 | 21 | Dec | 7/17/19 | $12.35 | $311 |
| RBKB | Rhinebeck Bancorp, Inc. | NASDAQCM | MA | Poughkeepsie | NY | $1274 | 17 | Dec | 1/16/19 | $12.53 | $135 |
| TFSL | TFS Financial Corporation | NASDAQGS | MW | Cleveland | OH | $17376 | 37 | Sep | 4/20/07 | $12.86 | $3585 |

---

Source: S&P Global Market Intelligence.

**EXHIBIT III-2**

**Public Market Pricing of Mid-Atlantic and New England Thrifts**

Exhibit III-2

Public Market Pricing of Mid-Atlantic and New England

As of August 5, 2025

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Market | Market | Per Share Data | Per Share Data | | | | | | | | | | | | | | | | |
|  |  |  | Capitalization | Capitalization | | | | | | | | Dividends(3) | Dividends(3) | Dividends(3) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) |
|  |  |  | | | | | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | | | | | | | | Reported | Reported | Core | Core |
| | |  | Price/<br>Share | Market<br>Value | Core<br>12 Month<br>EPS(1) | Book<br>Value/<br>Share | P/E | P/B | P/A | P/TB | P/Core | Amount/<br>Share |<br>Yield | Payout<br>Ratio(4) | Total<br>Assets | Equity/<br>Assets | Tang. Eq./<br>T. Assets | NPAs/<br>Assets | ROAA | ROAE | ROAA | ROAE |
|  |  |  | ($) | ($Mil) | ($) | ($) | (x) | (%) | (%) | (%) | (x) | ($) | (%) | (%) | ($Mil) | (%) | (%) | (%) | (%) | (%) | (%) | (%) |
| <u>All Non-MHC Public Thrifts(6)</u> | <u>All Non-MHC Public Thrifts(6)</u> | <u>All Non-MHC Public Thrifts(6)</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Averages | Averages | Averages | $25.46 | $622.89 | $1.39 | $25.88 | 15.39 x | 86.80% | 11.10% | 97.14% | 15.46 x | $0.56 | 2.76% | 48.24% | $6608 | 13.93% | 13.25% | 0.65% | 0.49% | 3.33% | 0.48% | 3.09% |
| Median | Median | Median | $14.05 | $165.06 | $0.80 | $18.81 | 14.10 x | 83.21% | 9.86% | 85.68% | 13.73 x | $0.42 | 2.69% | 41.67% | $1737 | 11.84% | 11.01% | 0.30% | 0.55% | 4.86% | 0.55% | 4.64% |
| <u>Comparable Group</u> | <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Averages | Averages | Averages | $30.14 | $801.67 | $1.41 | $30.08 | 15.67 x | 87.49% | 9.85% | 95.86% | 15.71 x | $0.64 | 2.63% | 41.55% | $10449 | 12.35% | 11.75% | 0.83% | 0.47% | 2.21% | 0.46% | 2.04% |
| Medians | Medians | Medians | $14.06 | $240.50 | $0.72 | $18.28 | 14.10 x | 88.00% | 9.71% | 89.78% | 13.98 x | $0.44 | 1.86% | 36.61% | $2711 | 11.11% | 11.01% | 0.37% | 0.57% | 5.01% | 0.49% | 4.64% |
| <u>Comparable Group</u> | <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BLFY | Blue Foundry Bancorp | NJ | $8.60 | $169.21 | 0.55) | $14.88 | NM | 57.79% | 8.73% | 57.82% | NM | NA | NA | NA | $2128 | 15.10% | 15.10% | NA | -0.55% | -3.40% | -0.55% | -3.40% |
| BVFL | BV Financial, Inc. | MD | $15.19 | $160.92 | $1.04 | $19.19 | 14.75 x | 79.16% | 17.26% | 85.73% | 14.55 x | $0.13 | 0.00% | NA | $908 | 21.80% | 20.47% | 0.50% | 1.19% | 5.32% | 1.20% | 5.39% |
| CARV | Carver Bancorp, Inc. | NY | $1.96 | $9.95 | 2.65) | $1.48 | NM | 132.02% | 1.46% | 132.02% | NM | $0.00 | 0.00% | NA | $730 | 4.05% | 4.05% | 3.38% | -1.85% | -36.10% | -1.85% | -36.10% |
| ECBK | ECB Bancorp, Inc. | MA | $15.77 | $141.09 | $0.64 | $18.81 | 24.64 x | 83.85% | 9.31% | 83.85% | 24.64 x | NA | NA | NA | $1515 | 11.11% | 11.11% | NA | 0.38% | 3.16% | 0.38% | 3.16% |
| FSEA | First Seacoast Bancorp, Inc. | NH | $11.58 | $54.78 | 0.44) | $12.94 | NM | 89.48% | 9.24% | 89.78% | NM | NA | NA | NA | $593 | 10.33% | 10.30% | 0.00% | 0.01% | 0.06% | -0.33% | -3.04% |
| FLG | Flagstar Financial, Inc. | NY | $11.19 | $4645.25 | 1.44) | $18.28 | NM | 61.22% | 5.07% | 64.92% | NM | $0.04 | 0.36% | NA | $92237 | 8.78% | 8.35% | 3.46% | -0.60% | -7.60% | -0.50% | -6.37% |
| HIFS | Hingham Institution for Savings | MA | $248.48 | $541.75 | $9.69 | $204.36 | 16.20 x | 121.59% | 11.94% | 121.59% | 25.64 x | $2.52 | 1.01% | 16.43% | $4539 | 9.82% | 9.82% | NA | 0.77% | 7.76% | 0.49% | 4.90% |
| KRNY | Kearny Financial Corp. | NJ | $5.92 | $370.43 | $0.42 | $11.55 | 14.10 x | 51.25% | 4.94% | 60.40% | 13.98 x | $0.44 | 7.43% | 104.76% | $7740 | 9.64% | NA | 0.59% | 0.34% | 3.49% | 0.34% | 3.52% |
| MGYR | Magyar Bancorp, Inc. | NJ | $17.18 | $111.17 | $1.60 | $18.03 | 10.87 x | 95.29% | 11.22% | 95.59% | 10.76 x | $0.32 | 1.86% | 18.35% | $987 | 11.78% | 11.75% | 0.28% | 0.99% | 8.70% | 1.00% | 8.79% |
| NECB | Northeast Community Bancorp, Inc. | NY | $20.57 | $240.50 | $3.28 | $24.01 | 6.23 x | 85.68% | 14.61% | 85.68% | 6.27 x | $0.80 | 3.89% | 25.76% | $1974 | 17.06% | 17.06% | 0.04% | 2.26% | 13.90% | 2.25% | 13.82% |
| NFBK | Northfield Bancorp, Inc. (Staten Island, NY) | NJ | $10.74 | $449.15 | $0.80 | $16.98 | 12.49 x | 63.24% | 7.91% | 67.12% | 13.48 x | $0.52 | 4.84% | 60.47% | $5679 | 12.51% | 11.87% | 0.23% | 0.62% | 5.01% | 0.57% | 4.64% |
| PDLB | Ponce Financial Group, Inc. | NY | $14.06 | $319.39 | $0.72 | $12.34 | 19.53 x | 113.89% | 11.51% | 113.89% | 19.61 x | NA | NA | NA | $3154 | 16.52% | 16.52% | NA | 0.57% | 3.42% | 0.57% | 3.41% |
| PFS | Provident Financial Services, Inc. | NJ | $18.24 | $2382.59 | $2.17 | $20.73 | 10.31 x | 88.00% | 9.71% | 124.92% | 8.40 x | $0.96 | 5.26% | 54.24% | $24547 | 11.03% | 8.03% | 0.44% | 0.96% | 8.71% | 1.07% | 9.75% |
| SRBK | SR Bancorp, Inc. | NJ | $14.03 | $124.52 | $0.57 | $21.68 | 31.89 x | 64.72% | 11.50% | 75.15% | 24.54 x | $0.20 | 1.43% | 22.73% | $1083 | 17.76% | 15.69% | NA | 0.35% | 1.95% | 0.46% | 2.53% |
| TRST | TrustCo Bank Corp NY | NY | $33.21 | $626.04 | $2.81 | $36.75 | 11.82 x | 90.36% | 9.86% | 90.44% | 11.82 x | $1.44 | 4.34% | 51.25% | $6348 | 10.91% | 10.91% | 0.30% | 0.86% | 7.91% | 0.86% | 7.91% |
| WNEB | Western New England Bancorp, Inc. | MA | $11.13 | $225.65 | $0.58 | $11.68 | 18.86 x | 95.27% | 8.41% | 101.07% | 19.11 x | $0.28 | 2.52% | 47.46% | $2711 | 8.83% | 8.37% | 0.21% | 0.45% | 5.09% | 0.45% | 5.02% |
| WSFS | WSFS Financial Corporation | DE | $54.60 | $3055.92 | $4.80 | $47.71 | 11.97 x | 114.45% | 14.78% | 179.58% | 11.37 x | $0.68 | 1.25% | 14.04% | $20763 | 12.87% | 8.59% | 0.51% | 1.27% | 10.19% | 1.34% | 10.69% |
| **<u>MHCs</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BSBK | Bogota Financial Corp. | NJ | $8.42 | $106.47 | 0.06) | $10.64 | NM | 79.16% | 11.89% | 79.23% | NM | NA | NA | NA | $922 | 15.02% | 15.01% | NA | -0.04% | -0.25% | -0.08% | -0.58% |
| CLBK | Columbia Financial, Inc. | NJ | $14.33 | $1503.61 | $0.33 | $10.68 | NM | 134.17% | 14.00% | 150.05% | NM | NA | NA | NA | $10739 | 10.44% | 9.44% | 0.37% | 0.06% | 0.57% | 0.32% | 3.10% |
| GCBC | Greene County Bancorp, Inc. | NY | $23.53 | $400.64 | $1.83 | $14.03 | 12.86 x | 167.75% | 13.18% | 167.75% | 12.84 x | $0.40 | 1.70% | 20.22% | $3041 | 7.85% | 7.85% | NA | 1.09% | 14.07% | 1.09% | 14.09% |
| LSBK | Lake Shore Bancorp, Inc. | NY | $12.33 | $69.93 | NA | $16.13 | 11.97 x | 76.45% | 9.66% | 76.45% | NM | $0.00 | 0.00% | 43.69% | $735 | 12.64% | 12.64% | NA | 0.83% | 6.40% | NA | NA |
| PBFS | Pioneer Bancorp, Inc. | NY | $12.35 | $310.64 | NA | NA | 14.20 x | 102.76% | NA | 107.42% | NM | NA | NA | NA | $2096 | 14.99% | NA | NA | 1.09% | 7.13% | NA | NA |
| RBKB | Rhinebeck Bancorp, Inc. | NY | $12.53 | $135.30 | NA | $11.61 | NM | 107.90% | 10.92% | 109.92% | NM | NA | NA | NA | $1274 | 10.12% | 9.95% | NA | -0.45% | -4.62% | NA | NA |

---

(1) Core income, on a diluted per-share
basis. Core income is net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest,
gain on the sale of securities, amortization of intangibles, goodwill and nonrecurring items. Assumed tax rate is 35%.

(2) P/E = Price to earnings; P/B =
Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/Core = Price to core earnings. P/E and P/Core
=NM if the ratio is negative or above 35x.

(3) Indicated 12 month dividend, based
on last quarterly dividend declared.

(4) Indicated 12 month dividend as
a percent of trailing 12 month earnings.

(5) Equity and tangible equity equal
common equity and tangible common equity, respectively. ROAA (return on average assets) and ROAE (return on average equity)
are indicated ratios based on trailing 12 month earnings and average equity and assets balances.

(6) Excludes from averages and medians
those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source: S&P Global Market Intelligence and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP® Financial, LC.

**EXHIBIT III-3**

**Public Market Pricing of Midwest, Southeast and Southwest Thrifts**

Exhibit III-3

Public Market Pricing of Midwest, Southeast and Southwest Institutions

As of August 5, 2025

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Market | Market | Per Share Data | Per Share Data | | | | | | | | | | | | | | | | |
|  |  |  | Capitalization | Capitalization | | | | | | | | Dividends(3) | Dividends(3) | Dividends(3) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) | Financial Characteristics(5) |
|  |  |  | | | | | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | Pricing Ratios(2) | | | | | | | | Reported | Reported | Core | Core |
| | |  | Price/<br>Share | Market<br>Value | Core<br>12 Month<br>EPS(1) | Book<br>Value/<br>Share | P/E | P/B | P/A | P/TB | P/Core | Amount/<br>Share |<br>Yield | Payout<br>Ratio(4) | Total<br>Assets | Equity/<br>Assets | Tang. Eq./<br>T. Assets | NPAs/<br>Assets | ROAA | ROAE | ROAA | ROAE |
|  |  |  | ($) | ($Mil) | ($) | ($) | (x) | (%) | (%) | (%) | (x) | ($) | (%) | (%) | ($Mil) | (%) | (%) | (%) | (%) | (%) | (%) | (%) |
| <u>All Non-MHC Public Thrifts(6)</u> | <u>All Non-MHC Public Thrifts(6)</u> | <u>All Non-MHC Public Thrifts(6)</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | $17.65 | $255.73 | $0.80 | $19.77 | 16.31 x | 84.51% | 14.03% | 99.86% | 16.55 x | $0.41 | 3.41% | 69.21% | $2012 | 17.27% | 17.43% | 0.47% | 0.42% | 3.42% | 0.47% | 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Median |  |  | $13.33 | $76.82 | $0.96 | $19.50 | 15.89 x | 75.57% | 12.65% | 78.77% | 15.89 x | $0.40 | 4.12% | 52.63% | $744 | 14.59% | 11.89% | 0.38% | 0.58% | 4.63% | 0.59% | 4.75% |
| <u>Comparable Group</u> | <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Averages |  |  | $17.65 | $255.73 | $0.80 | $19.77 | 16.31 x | 84.51% | 14.03% | 99.86% | 16.55 x | $0.41 | 3.41% | 69.21% | $2012 | 17.27% | 17.43% | 0.47% | 0.42% | 3.42% | 0.47% | 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medians |  |  | $13.33 | $76.82 | $0.96 | $19.50 | 15.89 x | 75.57% | 12.65% | 78.77% | 15.89 x | $0.40 | 4.12% | 52.63% | $744 | 14.59% | 11.89% | 0.38% | 0.58% | 4.63% | 0.59% | 4.75% |
| <u>Comparable Group</u> | <u>Comparable Group</u> | <u>Comparable Group</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. | GA | $18.76 | $118.10 | $1.18 | $19.71 | 17.53 x | 95.17% | 12.65% | 111.39% | 15.96 x | NA | NA | 140.19% | $934 | 13.29% | 11.58% | NA | 0.79% | 5.54% | 0.87% | 6.09% |
| CFFN | Capitol Federal Financial, Inc. | KS | $5.82 | $756.57 | $0.47 | $7.88 | 12.38 x | 73.88% | 7.97% | 75.23% | 12.31 x | $0.34 | 5.84% | 72.34% | $9693 | 10.79% | NA | 0.50% | 0.64% | 5.92% | 0.64% | 5.92% |
| CLST | Catalyst Bancorp, Inc. | LA | $12.40 | $52.14 | $0.48 | $19.50 | 21.75 x | 63.58% | 18.76% | 63.58% | 25.99 x | NA | NA | NA | $274 | 29.51% | 29.51% | 0.56% | 0.80% | 2.70% | 0.67% | 2.25% |
| CPBI | Central Plains Bancshares, Inc. | NE | $15.25 | $59.81 | $0.96 | $19.79 | 15.89 x | 77.08% | 12.63% | NA | 15.89 x | NA | NA | NA | $509 | 16.38% | NA | 0.26% | 0.76% | 5.73% | 0.76% | 5.73% |
| FBLA | FB Bancorp, Inc. | LA | $11.29 | $206.94 | NA | $16.71 | NM | 67.58% | 18.09% | 67.58% | NM | NA | NA | NA | $1238 | 26.77% | 26.77% | 1.30% | -0.39% | -2.01% | -0.03% | -0.14% |
| FDSB | Fifth District Bancorp, Inc. | LA | $13.18 | $73.27 | NA | $22.89 | NM | 57.58% | 13.80% | 57.58% | NM | NA | NA | NA | $531 | 23.96% | 23.96% | 0.15% | 0.03% | 0.12% | 0.22% | 1.03% |
| HFBL | Home Federal Bancorp, Inc. of Louisiana | LA | $13.10 | $39.35 | $1.33 | $17.90 | 10.40 x | 73.20% | 6.63% | 78.77% | 9.82 x | $0.54 | 4.12% | 41.67% | $609 | 9.06% | 8.47% | NA | 0.63% | 7.30% | 0.67% | 7.73% |
| IROQ | IF Bancorp, Inc. | IL | $24.87 | $80.36 | $1.04 | $23.55 | 24.38 x | 105.59% | 9.48% | 105.59% | 23.97 x | $0.40 | 1.61% | 39.22% | $879 | 8.98% | 8.98% | 0.01% | 0.37% | 4.33% | 0.38% | 4.40% |
| NSTS | NSTS Bancorp, Inc. | IL | $12.19 | $59.56 | 0.19) | $14.76 | NM | 82.58% | 22.63% | 82.58% | NM | NA | NA | NA | $283 | 27.40% | 27.40% | 0.09% | -0.32% | -1.13% | -0.34% | -1.20% |
| TCBS | Texas Community Bancshares, Inc. | TX | $15.80 | $44.90 | NA | NA | NM | 91.55% | NA | 91.72% | NM | $0.16 | 1.01% | NA | $444 | 11.91% | 11.89% | NA | 0.53% | 4.93% | 0.55% | 5.10% |
| TFIN | Triumph Financial, Inc. | TX | $55.65 | $1320.80 | $0.81 | $36.56 | NM | 152.23% | 20.47% | 288.16% | NM | NA | NA | NA | $6495 | 14.05% | 8.27% | 0.87% | 0.23% | 1.51% | 0.37% | 2.51% |
| WSBF | Waterstone Financial, Inc. | WI | $13.47 | $256.95 | $1.13 | $18.19 | 11.82 x | 74.06% | 11.21% | 76.24% | 11.93 x | $0.60 | 4.45% | 52.63% | $2257 | 15.13% | NA | NA | 0.93% | 6.06% | 0.92% | 6.00% |
| **<u>MHC</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| KFFB | Kentucky First Federal Bancorp | KY | $3.06 | $24.70 | 0.04) | $5.95 | NM | 51.31% | 6.49% | 51.31% | NM | $0.00 | 0.00% | NA | $381 | 12.65% | 12.65% | 0.88% | -0.29% | -2.22% | -0.09% | -0.67% |
| TFSL | TFS Financial Corporation | OH | $12.86 | $3585.09 | $0.29 | $6.72 | NM | 191.25% | 20.78% | 192.24% | NM | $1.13 | 8.79% | 389.66% | $17376 | 10.87% | 10.82% | 0.22% | 0.49% | 4.34% | 0.49% | 4.34% |

---

(1) Core income, on a diluted per-share
basis. Core income is net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest,
gain on the sale of securities, amortization of intangibles, goodwill and nonrecurring items. Assumed tax rate is 35%.

(2) P/E = Price to earnings; P/B =
Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/Core = Price to core earnings. P/E and P/Core
=NM if the ratio is negative or above 35x.

(3) Indicated 12 month dividend, based
on last quarterly dividend declared.

(4) Indicated 12 month dividend as
a percent of trailing 12 month earnings.

(5) Equity and tangible equity equal
common equity and tangible common equity, respectively. ROAA (return on average assets) and ROAE (return on average equity)
are indicated ratios based on trailing 12 month earnings and average equity and assets balances.

(6) Excludes from averages and medians
those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source: S&P Global Market Intelligence and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP® Financial, LC.

**EXHIBIT III-4**

**Peer Group Market Area Comparative Analysis**

Exhibit III-4

Peer Group Market Area Comparative Analysis

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | | Per Capita Income | Per Capita Income | Deposit |
|  |  | Population | Population | Proj.<br>Pop. | 2020-2025 | 2025-2030 | 2025 | % State | Market |
| Institution | County | 2020 | 2025 | 2030 | % Change | % Change | Amount | Average | Share(1) |
| Affinity Bancshares, Inc. | Newton, GA | 112483 | 123931 | 133477 | 2.0% | 1.5% | 33109 | 80.4% | 19.83% |
| BV Financial, Inc. | Baltimore, MD | 854535 | 842688 | 841188 | -0.3% | 0.0% | 48541 | 90.2% | 0.83% |
| Catalyst Bancorp, Inc. | Saint Landry, LA | 82540 | 81160 | 80849 | -0.3% | -0.1% | 25020 | 72.2% | 9.01% |
| Central Plains Bancshares, Inc. | Hall, NE | 62895 | 62291 | 62769 | -0.2% | 0.2% | 34848 | 83.2% | 10.35% |
| Fifth District Bancorp, Inc. | Orleans, LA | 383997 | 355592 | 335522 | -1.5% | -1.2% | 41197 | 119.0% | 0.99% |
| Home Federal Bancorp, Inc. of Louisiana | Caddo, LA | 237848 | 222206 | 212000 | -1.4% | -0.9% | 31411 | 90.7% | 7.17% |
| IF Bancorp, Inc. | Iroquois, IL | 27077 | 25701 | 24769 | -1.0% | -0.7% | 38150 | 83.4% | 21.47% |
| Magyar Bancorp, Inc. | Middlesex, NJ | 863162 | 866972 | 880040 | 0.1% | 0.3% | 52172 | 96.0% | 1.52% |
| SR Bancorp, Inc. | Somerset, NJ | 345361 | 351557 | 360777 | 0.4% | 0.5% | 72678 | 133.7% | 2.02% |
| Texas Community Bancshares, Inc. | Wood, TX | 44843 | 50165 | 55131 | 2.3% | 1.9% | 38162 | 94.0% | 19.94% |
|  | **Averages:** | **301474** | **298226** | **298652** | **0.0%** | **0.1%** | **41529** | **94.3%** | **9.31%** |
|  | **Medians:** | **175166** | **173069** | **172739** | **-0.2%** | **0.1%** | **38156** | **90.4%** | **8.09%** |
| **United Roosevelt Bancorp** | **Middlesex, NJ** | **863162** | **866972** | **880040** | **0.1%** | **0.3%** | **52172** | **96.0%** | **0.52%** |

---

(1) Total institution deposits in headquarters county as percent of total county deposits as of June 30, 2024.

Sources: S&P Global Market Intelligence and FDIC.

**EXHIBIT IV-1**

**Stock Prices:**

**As of August 5, 2025**

***RP <sup>®</sup> Financial, LC.***

Exhibit IV-1A

Weekly Thrift Market Line - Part One

Prices As of August 5, 2025

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Market Capitalization | Market Capitalization | Market Capitalization | Price Change Data | Price Change Data | Price Change Data | Price Change Data | Price Change Data | Price Change Data | Current Per Share Financials | Current Per Share Financials | Current Per Share Financials | Current Per Share Financials | Current Per Share Financials |
|  |  |  | | | | 52 Week (1) | 52 Week (1) | | % Change From | % Change From | % Change From | | | | | |
| | |  | Price/<br>Share(1) | Shares<br>Outstanding | Market<br>Capitalization | High | Low |<br>Last Wk | Last Wk | 52 Wks (2) | MRY (2) | LTM<br>EPS (3) | LTM Core<br>EPS (3) | BV/<br>Share | TBV/<br>Share (4) | Assets/<br>Share |
|  |  |  | ($) | (000) | ($Mil) | ($) | ($) | ($) | (%) | (%) | (%) | ($) | ($) | ($) | ($) | ($) |
| **<u>Companies</u>** | **<u>Companies</u>** | **<u>Companies</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. | SE | 18.76 | 6295 | 118.1 | 22.50 | 17.00 | 19.28 | -2.69 | -11.01 | 7.20 | 1.07 | 1.18 | 19.71 | 16.84 | 148.33 |
| AX | Axos Financial, Inc. | WE | 85.90 | 56484 | 4842.4 | 88.46 | 54.46 | 85.60 | 0.35 | 32.13 | 22.98 | 7.43 | 7.50 | 47.46 | 45.08 | 438.77 |
| BLFY | Blue Foundry Bancorp | MA | 8.60 | 19675 | 169.2 | 11.38 | 8.24 | 8.82 | -2.49 | -14.94 | -12.33 | -0.55 | -0.55 | 14.88 | 14.87 | 108.13 |
| BYFC | Broadway Financial Corporation | WE | 8.05 | 8774 | 70.6 | 9.46 | 4.86 | 7.86 | 2.42 | 58.78 | 17.52 | -0.29 | -0.26 | 14.74 | 11.75 | 139.88 |
| BVFL | BV Financial, Inc. | MA | 15.19 | 10594 | 160.9 | 18.19 | 13.01 | 15.90 | -4.47 | 8.50 | -11.79 | 1.03 | 1.04 | 19.19 | 17.72 | 85.74 |
| CFFN | Capitol Federal Financial, Inc. | MW | 5.82 | 129995 | 756.6 | 7.20 | 4.90 | 6.19 | -5.98 | 3.01 | -1.52 | 0.47 | 0.47 | 7.88 | NA | 74.56 |
| CARV | Carver Bancorp, Inc. | MA | 1.96 | 5074 | 9.9 | 3.20 | 1.30 | 2.12 | -7.55 | 9.50 | 6.52 | -2.65 | -2.65 | 1.48 | 1.48 | 143.86 |
| CLST | Catalyst Bancorp, Inc. | SW | 12.40 | 4205 | 52.1 | 14.23 | 10.67 | 12.49 | -0.72 | 5.08 | 5.35 | 0.57 | 0.48 | 19.50 | 19.50 | 65.11 |
| CPBI | Central Plains Bancshares, Inc. | MW | 15.25 | 3922 | 59.8 | 15.50 | 10.69 | 15.06 | 1.26 | 37.02 | 1.94 | 0.96 | 0.96 | 19.79 | NA | 129.70 |
| ECBK | ECB Bancorp, Inc. | NE | 15.77 | 8947 | 141.1 | 16.99 | 12.50 | 16.11 | -2.11 | 21.31 | 6.27 | 0.64 | 0.64 | 18.81 | 18.81 | 169.33 |
| FBLA | FB Bancorp, Inc. | SW | 11.29 | 18330 | 206.9 | 12.74 | 9.81 | 11.90 | -5.13 | -4.81 | -5.29 | NA | NA | 16.71 | 16.71 | 67.53 |
| FDSB | Fifth District Bancorp, Inc. | SW | 13.18 | 5559 | 73.3 | 14.50 | 9.91 | 13.40 | -1.64 | 31.67 | 4.44 | NA | NA | 22.89 | 22.89 | 95.53 |
| FNWB | First Northwest Bancorp | WE | 7.83 | 8774 | 68.7 | 12.10 | 6.05 | 7.84 | -0.13 | -21.86 | -23.24 | -1.16 | -1.44 | 15.85 | 15.74 | 250.22 |
| FSEA | First Seacoast Bancorp, Inc. | NE | 11.58 | 4731 | 54.8 | 11.80 | 8.90 | 11.56 | 0.15 | 24.12 | 15.34 | -0.03 | -0.44 | 12.94 | 12.90 | 125.27 |
| FLG | Flagstar Financial, Inc. | MA | 11.19 | 415125 | 4645.3 | 13.35 | 8.56 | 11.82 | -5.33 | 11.01 | 19.94 | -1.71 | -1.44 | 18.28 | 17.24 | 222.19 |
| FSBW | FS Bancorp, Inc. | WE | 39.07 | 7515 | 293.6 | 49.15 | 34.61 | 40.38 | -3.24 | -1.04 | -4.85 | 4.21 | 4.55 | 39.01 | 36.95 | 422.60 |
| HIFS | Hingham Institution for Savings | NE | 248.48 | 2180 | 541.7 | 300.00 | 209.71 | 246.26 | 0.90 | 8.32 | -2.23 | 15.34 | 9.69 | 204.36 | 204.36 | 2081.94 |
| HFBL | Home Federal Bancorp, Inc. of Louisiana | SW | 13.10 | 3004 | 39.3 | 14.25 | 11.75 | 13.75 | -4.73 | 6.51 | 4.38 | 1.26 | 1.33 | 17.90 | 16.63 | 202.91 |
| IROQ | IF Bancorp, Inc. | MW | 24.87 | 3231 | 80.4 | 25.76 | 16.82 | 25.00 | -0.52 | 44.17 | 6.74 | 1.02 | 1.04 | 23.55 | 23.55 | 272.08 |
| KRNY | Kearny Financial Corp. | MA | 5.92 | 62573 | 370.4 | 8.59 | 5.45 | 6.13 | -3.43 | -8.36 | -16.38 | 0.42 | 0.42 | 11.55 | NA | 123.70 |
| MGYR | Magyar Bancorp, Inc. | MA | 17.18 | 6471 | 111.2 | 19.04 | 12.10 | 16.93 | 1.48 | 38.66 | 17.67 | 1.58 | 1.60 | 18.03 | 17.97 | 152.60 |
| NECB | Northeast Community Bancorp, Inc. | MA | 20.57 | 12728 | 240.5 | 31.72 | 19.75 | 21.55 | -4.55 | -0.87 | -15.90 | 3.30 | 3.28 | 24.01 | 24.01 | 155.08 |
| NFBK | Northfield Bancorp, Inc. (Staten Island, NY) | MA | 10.74 | 41820 | 449.1 | 14.39 | 9.40 | 10.96 | -2.01 | -3.76 | -7.57 | 0.86 | 0.80 | 16.98 | 16.00 | 135.80 |
| NSTS | NSTS Bancorp, Inc. | MW | 12.19 | 4886 | 59.6 | 13.32 | 9.37 | 12.01 | 1.50 | 23.01 | 3.31 | -0.18 | -0.19 | 14.76 | 14.76 | 57.86 |
| PDLB | Ponce Financial Group, Inc. | MA | 14.06 | 22716 | 319.4 | 14.59 | 9.05 | 14.45 | -2.70 | 50.54 | 8.15 | 0.72 | 0.72 | 12.34 | 12.34 | 138.84 |
| PROV | Provident Financial Holdings, Inc. | WE | 15.35 | 6578 | 101.6 | 16.70 | 12.91 | 15.16 | 1.25 | 16.73 | -3.52 | 0.93 | NA | 19.54 | 19.54 | 189.37 |
| PFS | Provident Financial Services, Inc. | MA | 18.24 | 130624 | 2382.6 | 22.24 | 14.34 | 18.97 | -3.85 | 8.90 | -3.34 | 1.77 | 2.17 | 20.73 | 14.60 | 187.92 |
| RVSB | Riverview Bancorp, Inc. | WE | 4.90 | 20976 | 102.8 | 6.59 | 4.31 | 5.40 | -9.26 | 8.17 | -14.63 | 0.24 | NA | 7.72 | 6.43 | 72.30 |
| SRBK | SR Bancorp, Inc. | MA | 14.03 | 8875 | 124.5 | 14.96 | 9.50 | 14.12 | -0.64 | 45.69 | 17.80 | 0.44 | 0.57 | 21.68 | 18.67 | 122.03 |
| TCBS | Texas Community Bancshares, Inc. | SW | 15.80 | 2842 | 44.9 | 19.40 | 13.52 | 16.00 | -1.25 | 14.83 | 3.61 | NA | NA | NA | NA | 156.25 |
| TSBK | Timberland Bancorp, Inc. | WE | 31.38 | 7877 | 247.2 | 34.95 | 26.09 | 32.15 | -2.40 | 18.19 | 2.85 | 3.40 | NA | 32.58 | 30.62 | 248.47 |
| TFIN | Triumph Financial, Inc. | SW | 55.65 | 23734 | 1320.8 | 110.58 | 42.90 | 60.79 | -8.46 | -31.54 | -38.77 | 0.44 | 0.81 | 36.56 | 19.31 | 273.65 |
| TRST | TrustCo Bank Corp NY | MA | 33.21 | 18851 | 626 | 38.89 | 27.18 | 34.30 | -3.18 | 3.04 | -0.30 | 2.81 | 2.81 | 36.75 | 36.72 | 336.77 |
| WSBF | Waterstone Financial, Inc. | MW | 13.47 | 19076 | 256.9 | 16.86 | 11.61 | 13.68 | -1.54 | -2.67 | 0.22 | 1.14 | 1.13 | 18.19 | NA | 118.30 |
| WNEB | Western New England Bancorp, Inc. | NE | 11.13 | 20274 | 225.7 | 11.68 | 7.38 | 11.05 | 0.72 | 46.25 | 20.98 | 0.59 | 0.58 | 11.68 | 11.01 | 133.72 |
| WSFS | WSFS Financial Corporation | MA | 54.60 | 55969 | 3055.9 | 62.75 | 42.44 | 56.51 | -3.38 | 9.31 | 2.77 | 4.56 | 4.80 | 47.71 | 30.40 | 370.98 |
| **<u>MHCs</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BSBK | Bogota Financial Corp. | MA | 8.42 | 12639 | 106.5 | 8.99 | 6.59 | 8.15 | 3.37 | 18.65 | 12.33 | -0.02 | -0.06 | 10.64 | 10.63 | 72.94 |
| CLBK | Columbia Financial, Inc. | MA | 14.33 | 104927 | 1503.6 | 19.28 | 12.64 | 14.02 | 2.21 | -13.62 | -9.36 | 0.06 | 0.33 | 10.68 | 9.55 | 102.35 |
| GCBC | Greene County Bancorp, Inc. | MA | 23.53 | 17027 | 400.6 | 35.34 | 20.00 | 24.14 | -2.53 | -22.62 | -15.12 | 1.83 | 1.83 | 14.03 | 14.03 | 178.58 |
| KFFB | Kentucky First Federal Bancorp | MW | 3.06 | 8087 | 24.7 | 3.62 | 1.96 | 3.25 | -6.00 | -8.26 | 2.38 | -0.13 | -0.04 | 5.95 | 5.95 | 47.08 |
| LSBK | Lake Shore Bancorp, Inc. | MA | 12.33 | 5672 | 69.9 | 16.95 | 11.50 | 12.03 | 2.49 | -1.04 | -10.28 | 1.03 | NA | 16.13 | 16.13 | 129.56 |
| PBFS | Pioneer Bancorp, Inc. | MA | 12.35 | 25153 | 310.6 | 12.65 | 10.07 | 12.22 | 1.06 | 17.40 | 7.20 | 0.87 | NA | NA | NA | 83.35 |
| RBKB | Rhinebeck Bancorp, Inc. | MA | 12.53 | 10789 | 135.3 | 13.06 | 7.30 | 13.03 | -3.84 | 47.93 | 29.58 | -0.54 | NA | 11.61 | 11.40 | 118.10 |
| TFSL | TFS Financial Corporation | MW | 12.86 | 278779 | 3585.1 | 15.00 | 11.29 | 12.75 | 0.86 | -0.92 | 2.39 | 0.29 | 0.29 | 6.72 | 6.69 | 62.33 |
| **<u>Under Acquisition</u>** | **<u>Under Acquisition</u>** | **<u>Under Acquisition</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CFSB | CFSB Bancorp, Inc. | NE | 13.88 | 6242 | 86.6 | 13.98 | 6.34 | 13.90 | -0.14 | 103.07 | 105.33 | 0.00 | 0.00 | 11.56 | 11.56 | 58.67 |
| HONE | HarborOne Bancorp, Inc. | NE | 11.77 | 40594 | 477.8 | 13.73 | 8.89 | 12.03 | -2.16 | -1.26 | -0.51 | 0.65 | 0.70 | 13.47 | 12.09 | 138.17 |
| PBBK | PB Bankshares, Inc. | MA | 18.19 | 2375 | 43.2 | 19.12 | 14.05 | 18.40 | -1.14 | 21.02 | 19.04 | 0.94 | 0.77 | 19.73 | 19.73 | 195.46 |
| PVBC | Provident Bancorp, Inc. | NE | 12.24 | 17595 | 205.8 | 13.02 | 9.67 | 12.48 | -1.92 | 20.71 | 7.37 | 0.63 | 0.62 | 13.35 | 13.35 | 87.57 |

---

(1) Average of High/Low or Bid/Ask price per share.

(2) Or since offering price if converted of first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized.

(3) EPS (earnings per share) is based on actual trailing 12 month data and is not shown on a pro forma basis.

(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).

(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing 12 month common earnings and average common equity and total assets balances.

(6) Annualized based on last regular quarterly cash dividend announcement.

(7) Indicated dividend as a percent of trailing 12 month earnings.

(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.

(9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.

Source: S&P Global Market Intelligence and RP<sup>®</sup> Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP<sup>®</sup> Financial, LC.

***RP <sup>®</sup> Financial, LC.***

Exhibit IV-1B

Weekly Thrift Market Line - Part Two

Prices As of August 5, 2025

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Key Financial Ratios | Key Financial Ratios | Key Financial Ratios | Key Financial Ratios | Key Financial Ratios | Key Financial Ratios | Asset Quality Ratios | Asset Quality Ratios | Pricing Ratios | Pricing Ratios | Pricing Ratios | Pricing Ratios | Pricing Ratios | Dividend Data (6) | Dividend Data (6) | Dividend Data (6) |
|  |  |  | | | Reported Earnings | Reported Earnings | Core Earnings | Core Earnings | | | | | | | | | | |
| | |  | Equity/<br>Assets(1) | Tang Equity/<br>Assets(1) | ROA(5) | ROE(5) | ROA(5) | ROE(5) | NPAs/<br>Assets | Rsvs/<br>NPLs | Price/<br>Earnings | Price/<br>Book | Price/<br>Assets | Price/<br>Tang Book | Price/<br>Core Earnings | Div/<br>Share | Dividend<br>Yield | Payout<br>Ratio (7) |
|  |  |  | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (x) | (%) | (%) | (%) | (x) | ($) | (%) | (%) |
| **<u>Companies</u>** | **<u>Companies</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFBI | Affinity Bancshares, Inc. | SE | 13.29 | 11.58 | 0.79 | 5.54 | 0.87 | 6.09 | NA | NA | 17.53 | 95.17 | 12.65 | 111.39 | 15.96 | NA | NA | 140.19 |
| AX | Axos Financial, Inc. | WE | 10.82 | 10.33 | 1.82 | 17.30 | 1.84 | 17.48 | NA | 170.62 | 11.56 | 181.00 | 19.58 | 190.56 | 11.45 | NA | NA | NM |
| BLFY | Blue Foundry Bancorp | MA | 15.10 | 15.10 | -0.55 | -3.40 | -0.55 | -3.40 | NA | NA | NM | 57.79 | 8.73 | 57.82 | NM | NA | NA | NM |
| BYFC | Broadway Financial Corporation | WE | 23.28 | 21.52 | 0.05 | 0.21 | 0.06 | 0.29 | NA | 214.55 | NM | 54.61 | 6.87 | 68.50 | NM | 0.00 | 0.00 | NM |
| BVFL | BV Financial, Inc. | MA | 21.80 | 20.47 | 1.19 | 5.32 | 1.20 | 5.39 | 0.50 | 207.69 | 14.75 | 79.16 | 17.26 | 85.73 | 14.55 | 0.13 | 0.00 | NM |
| CFFN | Capitol Federal Financial, Inc. | MW | 10.79 | NA | 0.64 | 5.92 | 0.64 | 5.92 | 0.50 | 47.07 | 12.38 | 73.88 | 7.97 | 75.23 | 12.31 | 0.34 | 5.84 | 72.34 |
| CARV | Carver Bancorp, Inc. | MA | 4.05 | 4.05 | -1.85 | -36.10 | -1.85 | -36.10 | 3.38 | 25.77 | NM | 132.02 | 1.46 | 132.02 | NM | 0.00 | 0.00 | NM |
| CLST | Catalyst Bancorp, Inc. | SW | 29.51 | 29.51 | 0.80 | 2.70 | 0.67 | 2.25 | 0.56 | 167.08 | 21.75 | 63.58 | 18.76 | 63.58 | 25.99 | NA | NA | NM |
| CPBI | Central Plains Bancshares, Inc. | MW | 16.38 | NA | 0.76 | 5.73 | 0.76 | 5.73 | 0.26 | 409.41 | 15.89 | 77.08 | 12.63 | NA | 15.89 | NA | NA | NM |
| ECBK | ECB Bancorp, Inc. | NE | 11.11 | 11.11 | 0.38 | 3.16 | 0.38 | 3.16 | NA | NA | 24.64 | 83.85 | 9.31 | 83.85 | 24.64 | NA | NA | NM |
| FBLA | FB Bancorp, Inc. | SW | 26.77 | 26.77 | -0.39 | -2.01 | -0.03 | -0.14 | 1.30 | 40.10 | NA | 67.58 | 18.09 | 67.58 | NA | NA | NA | NA |
| FDSB | Fifth District Bancorp, Inc. | SW | 23.96 | 23.96 | 0.03 | 0.12 | 0.22 | 1.03 | 0.15 | 224.14 | NA | 57.58 | 13.80 | 57.58 | NA | NA | NA | NA |
| FNWB | First Northwest Bancorp | WE | 6.82 | 6.77 | -0.46 | -6.50 | -0.58 | -8.07 | 0.99 | 90.08 | NM | 49.39 | 3.37 | 49.75 | NM | 0.28 | 3.58 | NM |
| FSEA | First Seacoast Bancorp, Inc. | NE | 10.33 | 10.30 | 0.01 | 0.06 | -0.33 | -3.04 | 0.00 | NM | NM | 89.48 | 9.24 | 89.78 | NM | NA | NA | NM |
| FLG | Flagstar Financial, Inc. | MA | 8.78 | 8.35 | -0.60 | -7.60 | -0.50 | -6.37 | 3.46 | 34.78 | NM | 61.22 | 5.07 | 64.92 | NM | 0.04 | 0.36 | NM |
| FSBW | FS Bancorp, Inc. | WE | 9.36 | 8.91 | 1.10 | 11.38 | 1.19 | 12.30 | NA | 169.45 | 9.28 | 100.15 | 9.37 | 105.72 | 8.58 | 1.12 | 2.87 | 31.59 |
| HIFS | Hingham Institution for Savings | NE | 9.82 | 9.82 | 0.77 | 7.76 | 0.49 | 4.90 | NA | NA | 16.20 | 121.59 | 11.94 | 121.59 | 25.64 | 2.52 | 1.01 | 16.43 |
| HFBL | Home Federal Bancorp, Inc. of Louisiana | SW | 9.06 | 8.47 | 0.63 | 7.30 | 0.67 | 7.73 | NA | NA | 10.40 | 73.20 | 6.63 | 78.77 | 9.82 | 0.54 | 4.12 | 41.67 |
| IROQ | IF Bancorp, Inc. | MW | 8.98 | 8.98 | 0.37 | 4.33 | 0.38 | 4.40 | 0.01 | NM | 24.38 | 105.59 | 9.48 | 105.59 | 23.97 | 0.40 | 1.61 | 39.22 |
| KRNY | Kearny Financial Corp. | MA | 9.64 | NA | 0.34 | 3.49 | 0.34 | 3.52 | 0.59 | 101.30 | 14.10 | 51.25 | 4.94 | 60.40 | 13.98 | 0.44 | 7.43 | 104.76 |
| MGYR | Magyar Bancorp, Inc. | MA | 11.78 | 11.75 | 0.99 | 8.70 | 1.00 | 8.79 | 0.28 | NM | 10.87 | 95.29 | 11.22 | 95.59 | 10.76 | 0.32 | 1.86 | 18.35 |
| NECB | Northeast Community Bancorp, Inc. | MA | 17.06 | 17.06 | 2.26 | 13.90 | 2.25 | 13.82 | 0.04 | NM | 6.23 | 85.68 | 14.61 | 85.68 | 6.27 | 0.80 | 3.89 | 25.76 |
| NFBK | Northfield Bancorp, Inc. (Staten Island, NY) | MA | 12.51 | 11.87 | 0.62 | 5.01 | 0.57 | 4.64 | 0.23 | 280.94 | 12.49 | 63.24 | 7.91 | 67.12 | 13.48 | 0.52 | 4.84 | 60.47 |
| NSTS | NSTS Bancorp, Inc. | MW | 27.40 | 27.40 | -0.32 | -1.13 | -0.34 | -1.20 | 0.09 | 439.54 | NM | 82.58 | 22.63 | 82.58 | NM | NA | NA | NM |
| PDLB | Ponce Financial Group, Inc. | MA | 16.52 | 16.52 | 0.57 | 3.42 | 0.57 | 3.41 | NA | 84.54 | 19.53 | 113.89 | 11.51 | 113.89 | 19.61 | NA | NA | NM |
| PROV | Provident Financial Holdings, Inc. | WE | 10.32 | 10.32 | 0.50 | 4.79 | NA | NA | 0.11 | 454.31 | 16.51 | 78.55 | 8.11 | 78.55 | NA | 0.56 | 3.65 | 60.22 |
| PFS | Provident Financial Services, Inc. | MA | 11.03 | 8.03 | 0.96 | 8.71 | 1.07 | 9.75 | 0.44 | 175.32 | 10.31 | 88.00 | 9.71 | 124.92 | 8.40 | 0.96 | 5.26 | 54.24 |
| RVSB | Riverview Bancorp, Inc. | WE | 10.68 | 9.05 | 0.34 | 3.22 | NA | NA | NA | NA | 20.42 | 63.45 | 6.78 | 76.26 | NA | 0.08 | 1.63 | 33.33 |
| SRBK | SR Bancorp, Inc. | MA | 17.76 | 15.69 | 0.35 | 1.95 | 0.46 | 2.53 | NA | NM | 31.89 | 64.72 | 11.50 | 75.15 | 24.54 | 0.20 | 1.43 | 22.73 |
| TCBS | Texas Community Bancshares, Inc. | SW | 11.91 | 11.89 | 0.53 | 4.93 | 0.55 | 5.10 | NA | NA | NA | 91.55 | NA | 91.72 | NA | 0.16 | 1.01 | NA |
| TSBK | Timberland Bancorp, Inc. | WE | 13.11 | 12.42 | 1.40 | 10.91 | NA | NA | 0.21 | 465.21 | 9.23 | 96.30 | 12.63 | 102.47 | NA | 1.04 | 3.31 | 30.00 |
| TFIN | Triumph Financial, Inc. | SW | 14.05 | 8.27 | 0.23 | 1.51 | 0.37 | 2.51 | 0.87 | 70.84 | 126.48 | 152.23 | 20.47 | 288.16 | 69.03 | NA | NA | NM |
| TRST | TrustCo Bank Corp NY | MA | 10.91 | 10.91 | 0.86 | 7.91 | 0.86 | 7.91 | 0.30 | 286.24 | 11.82 | 90.36 | 9.86 | 90.44 | 11.82 | 1.44 | 4.34 | 51.25 |
| WSBF | Waterstone Financial, Inc. | MW | 15.13 | NA | 0.93 | 6.06 | 0.92 | 6.00 | NA | NA | 11.82 | 74.06 | 11.21 | 76.24 | 11.93 | 0.60 | 4.45 | 52.63 |
| WNEB | Western New England Bancorp, Inc. | NE | 8.83 | 8.37 | 0.45 | 5.09 | 0.45 | 5.02 | 0.21 | 343.06 | 18.86 | 95.27 | 8.41 | 101.07 | 19.11 | 0.28 | 2.52 | 47.46 |
| WSFS | WSFS Financial Corporation | MA | 12.87 | 8.59 | 1.27 | 10.19 | 1.34 | 10.69 | 0.51 | 177.03 | 11.97 | 114.45 | 14.78 | 179.58 | 11.37 | 0.68 | 1.25 | 14.04 |
| **<u>MHCs</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BSBK | Bogota Financial Corp. | MA | 15.02 | 15.01 | -0.04 | -0.25 | -0.08 | -0.58 | NA | NA | NM | 79.16 | 11.89 | 79.23 | NM | NA | NA | NM |
| CLBK | Columbia Financial, Inc. | MA | 10.44 | 9.44 | 0.06 | 0.57 | 0.32 | 3.10 | 0.37 | 163.02 | 238.83 | 134.17 | 14.00 | 150.05 | 43.26 | NA | NA | NM |
| GCBC | Greene County Bancorp, Inc. | MA | 7.85 | 7.85 | 1.09 | 14.07 | 1.09 | 14.09 | NA | NA | 12.86 | 167.75 | 13.18 | 167.75 | 12.84 | 0.40 | 1.70 | 20.22 |
| KFFB | Kentucky First Federal Bancorp | MW | 12.65 | 12.65 | -0.29 | -2.22 | -0.09 | -0.67 | 0.88 | 65.03 | NM | 51.31 | 6.49 | 51.31 | NM | 0.00 | 0.00 | NM |
| LSBK | Lake Shore Bancorp, Inc. | MA | 12.64 | 12.64 | 0.83 | 6.40 | NA | NA | NA | NA | 11.97 | 76.45 | 9.66 | 76.45 | NA | 0.00 | 0.00 | 43.69 |
| PBFS | Pioneer Bancorp, Inc. | MA | 14.99 | NA | 1.09 | 7.13 | NA | NA | NA | NA | 14.20 | 102.76 | NA | 107.42 | NA | NA | NA | NM |
| RBKB | Rhinebeck Bancorp, Inc. | MA | 10.12 | 9.95 | -0.45 | -4.62 | NA | NA | NA | NA | NM | 107.90 | 10.92 | 109.92 | NA | NA | NA | NM |
| TFSL | TFS Financial Corporation | MW | 10.87 | 10.82 | 0.49 | 4.34 | 0.49 | 4.34 | 0.22 | 194.48 | 44.34 | 191.25 | 20.78 | 192.24 | 44.34 | 1.13 | 8.79 | 389.66 |
| **<u>Under Acquisition</u>** | **<u>Under Acquisition</u>** | **<u>Under Acquisition</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CFSB | CFSB Bancorp, Inc. | NE | 20.68 | 20.68 | 0.00 | -0.01 | 0.00 | -0.01 | NA | NM | NM | 120.05 | 24.82 | 120.05 | NM | NA | NA | NM |
| HONE | HarborOne Bancorp, Inc. | NE | 10.34 | 9.38 | 0.46 | 4.53 | 0.50 | 4.87 | NA | 146.67 | 18.11 | 87.39 | 9.04 | 97.36 | 16.86 | 0.36 | 3.06 | 66.15 |
| PBBK | PB Bankshares, Inc. | MA | 10.85 | 10.85 | 0.48 | 4.52 | 0.40 | 3.69 | NA | NA | 19.35 | 92.22 | 10.00 | 92.22 | 23.71 | NA | NA | NM |
| PVBC | Provident Bancorp, Inc. | NE | 15.40 | 15.40 | 0.68 | 4.58 | 0.67 | 4.51 | 2.24 | 60.38 | 19.43 | 91.71 | 14.13 | 91.71 | 19.73 | 0.00 | 0.00 | NM |

---

(1) Average of High/Low or Bid/Ask price per share.

(2) Or since offering price if converted of first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized.

(3) EPS (earnings per share) is based on actual trailing 12 month data and is not shown on a pro forma basis.

(4) Exludes intangibles (such as goodwill, value of core deposits, etc.).

(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing 12 month common earnings and average common equity and total assets balances.

(6) Annualized based on last regular quarterly cash dividend announcement.

(7) Indicated dividend as a percent of trailing 12 month earnings.

(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.

(9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.

Source: S&P Global Market Intelligence and RP<sup>®</sup> Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2025 by RP<sup>®</sup> Financial, LC.

**EXHIBIT IV-2**

**Historical Stock Price Indices**

Exhibit IV-2

Historical Stock Price Indices(1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | S&P U.S. | KBW NASDAQ |
|  |  | | | NASDAQ | BMI Banks | Regional Bank |
| Year/Qtr. Ended | Year/Qtr. Ended | DJIA | S&P 500 | Composite | Index | Index |
| 2015: | Quarter 1 | 17776.1 | 2067.9 | 4900.9 | 102.0 | 79.9 |
|  | Quarter 2 | 17619.5 | 2063.1 | 4986.9 | 109.1 | 87.5 |
|  | Quarter 3 | 16284.7 | 1920.0 | 4620.2 | 100.1 | 81.2 |
|  | Quarter 4 | 17425.0 | 2043.9 | 5007.4 | 105.4 | 82.0 |
| 2016: | Quarter 1 | 17685.1 | 2059.7 | 4869.9 | 92.8 | 77.6 |
|  | Quarter 2 | 17930.0 | 2098.9 | 4842.7 | 93.9 | 80.0 |
|  | Quarter 3 | 18308.2 | 2168.3 | 5312.0 | 100.7 | 86.5 |
|  | Quarter 4 | 19762.6 | 2238.8 | 5383.1 | 130.4 | 111.2 |
| 2017: | Quarter 1 | 20663.2 | 2362.7 | 5911.7 | 131.2 | 106.7 |
|  | Quarter 2 | 21349.6 | 2423.4 | 6140.4 | 134.9 | 106.6 |
|  | Quarter 3 | 22405.1 | 2519.4 | 6496.0 | 140.4 | 109.0 |
|  | Quarter 4 | 24719.2 | 2673..6 | 6903.4 | 151.0 | 110.9 |
| 2018: | Quarter 1 | 24103.1 | 2640.9 | 7063.5 | 148.9 | 111.9 |
|  | Quarter 2 | 24271.4 | 2718.4 | 7510.3 | 146.2 | 113.9 |
|  | Quarter 3 | 26458.3 | 2914.0 | 8046.4 | 149.1 | 110.7 |
|  | Quarter 4 | 23327.5 | 2506.9 | 6635.3 | 123.4 | 89.4 |
| 2019: | Quarter 1 | 25928.7 | 2834.4 | 7729.3 | 133.9 | 97.1 |
|  | Quarter 2 | 26600.0 | 2941.8 | 8006.2 | 142.2 | 100.2 |
|  | Quarter 3 | 26916.8 | 2976.7 | 7999.3 | 145.3 | 98.8 |
|  | Quarter 4 | 28538.4 | 3230.8 | 8972.6 | 164.6 | 107.6 |
| 2020: | Quarter 1 | 21917.2 | 2584.6 | 7700.1 | 97.1 | 63.6 |
|  | Quarter 2 | 25812.9 | 3100.3 | 10058.8 | 106.3 | 72.2 |
|  | Quarter 3 | 27781.7 | 3363.0 | 11167.5 | 103.1 | 64.1 |
|  | Quarter 4 | 30606.5 | 3756.1 | 12888.3 | 138.9 | 94.6 |
| 2021: | Quarter 1 | 32981.6 | 3972.9 | 13246.9 | 171.3 | 121.9 |
|  | Quarter 2 | 34502.5 | 4297.5 | 14504.0 | 176.0 | 119.4 |
|  | Quarter 3 | 33843.9 | 4307.5 | 14448.6 | 182.7 | 122.5 |
|  | Quarter 4 | 36338.3 | 4766.2 | 15645.0 | 184.0 | 126.0 |
| 2022: | Quarter 1 | 34678.4 | 4530.4 | 14220.5 | 171.0 | 122.5 |
|  | Quarter 2 | 30775.4 | 3785.4 | 11028.7 | 141.2 | 107.1 |
|  | Quarter 3 | 28725.5 | 3585.6 | 10575.6 | 136.7 | 110.5 |
|  | Quarter 4 | 33147.3 | 3839.5 | 10466.5 | 148.4 | 114.1 |
| 2023: | Quarter 1 | 33274.2 | 4109.3 | 12221.9 | 128.0 | 92.9 |
|  | Quarter 2 | 34407.6 | 4450.4 | 13787.9 | 130.4 | 86.7 |
|  | Quarter 3 | 33507.5 | 4288.1 | 13219.3 | 128.0 | 87.9 |
|  | Quarter 4 | 37689.5 | 4769.8 | 15011.4 | 156.2 | 109.5 |
| 2024: | Quarter 1 | 39807.4 | 5254.4 | 16379.5 | 172.2 | 102.2 |
|  | Quarter 2 | 39118.9 | 5460.5 | 17732.6 | 172.5 | 98.6 |
|  | Quarter 3 | 42330.2 | 5762.5 | 18189.2 | 182.8 | 113.2 |
|  | Quarter 4 | 42544.2 | 5881.6 | 19310.8 | 203.1 | 120.0 |
| 2025: | Quarter 1 | 42001.8 | 5611.9 | 17299.3 | 198.4 | 112.6 |
|  | Quarter 2 | 44094.8 | 6205.0 | 20369.7 | 222.9 | 116.5 |
|  | As of August 5, 2025 | 44111.7 | 6299.2 | 20916.6 | 222.9 | 115.5 |

---

(1) End of period data.

Sources: S&P Global Market Intelligence and The Wall Street Journal.

**EXHIBIT IV-3**

**Stock Price Indices as of August 5, 2025**

![](tm2525410d1_ex99-3sp9img001.jpg)

**Index Summary (Current Data)**

Industry Banking

Geography All

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Index Name** | **Current Value** | **As Of** | **Day's Change** | **Day's Change <br> (%)** |
| **Banking Indexes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P United States BMI Banks | 222.86 | 8/5/2025 | (0.82) | (0.36) |
| &nbsp;&nbsp;&nbsp;KBW Nasdaq Bank Index | 140.97 | 8/5/2025 | (0.44) | (0.31) |
| &nbsp;&nbsp;&nbsp;KBW Nasdaq Regional Bank Index | 115.54 | 8/5/2025 | 0.63 | 0.55 |
| &nbsp;&nbsp;&nbsp;S&P 500 Bank | 532.39 | 8/5/2025 | (2.81) | (0.52) |
| &nbsp;&nbsp;&nbsp;NASDAQ Bank | 4285.28 | 8/5/2025 | 12.02 | 0.28 |
| &nbsp;&nbsp;&nbsp;S&P 500 Commercial Banks | 760.61 | 8/5/2025 | (4.01) | (0.52) |
| &nbsp;&nbsp;&nbsp;S&P 500 Diversified Banks | 1013.04 | 8/5/2025 | (5.67) | (0.56) |
| &nbsp;&nbsp;&nbsp;S&P 500 Regional Banks | 106.70 | 8/5/2025 | (0.17) | (0.16) |
| **Market Cap Indexes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dow Jones U.S. MicroCap Banks | 32868.63 | 8/5/2025 | 79.30 | 0.24 |
| &nbsp;&nbsp;&nbsp;S&P U.S. SmallCap Banks | 253.70 | 8/5/2025 | 0.89 | 0.35 |
| &nbsp;&nbsp;&nbsp;S&P U.S. MidCap Banks | 594.70 | 8/5/2025 | (1.38) | (0.23) |
| &nbsp;&nbsp;&nbsp;S&P U.S. LargeCap Banks | 651.75 | 8/5/2025 | (3.71) | (0.57) |
| &nbsp;&nbsp;&nbsp;S&P United States Between USD1 Billion and USD5 Billion Banks (Industry Group) | 737.88 | 8/5/2025 | 3.52 | 0.48 |
| &nbsp;&nbsp;&nbsp;S&P United States Over USD5 Billion Banks | 666.29 | 8/5/2025 | (3.09) | (0.46) |
| &nbsp;&nbsp;&nbsp;S&P United States Between USD250 Million and USD1 Billion Banks (Industry Group) | 1523.69 | 8/5/2025 | 2.52 | 0.17 |
| &nbsp;&nbsp;&nbsp;S&P United States Under USD250 Million Banks (Industry Group) | 1319.04 | 8/5/2025 | (0.32) | (0.02) |
| **Geographic Indexes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P U.S. BMI Banks - Mid-Atlantic Region | 1122.86 | 8/5/2025 | (8.77) | (0.77) |
| &nbsp;&nbsp;&nbsp;S&P U.S. BMI Banks - Midwest Region | 693.77 | 8/5/2025 | 1.06 | 0.15 |
| &nbsp;&nbsp;&nbsp;S&P U.S. BMI Banks - New England Region | 594.53 | 8/5/2025 | (0.54) | (0.09) |
| &nbsp;&nbsp;&nbsp;S&P U.S. BMI Banks - Southeast Region | 537.91 | 8/5/2025 | (1.53) | (0.28) |
| &nbsp;&nbsp;&nbsp;S&P U.S. BMI Banks - Southwest Region | 1332.26 | 8/5/2025 | 0.72 | 0.05 |
| &nbsp;&nbsp;&nbsp;S&P U.S. BMI Banks - Western Region | 1676.66 | 8/5/2025 | 8.71 | 0.52 |
| **Broad Market Indexes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DJIA | 44111.74 | 8/5/2025 | (61.90) | (0.14) |
| &nbsp;&nbsp;&nbsp;S&P 500 | 6299.19 | 8/5/2025 | (30.75) | (0.49) |
| &nbsp;&nbsp;&nbsp;S&P 400 Mid Cap | 3141.37 | 8/5/2025 | (1.19) | (0.04) |
| &nbsp;&nbsp;&nbsp;S&P 500 Financials | 859.28 | 8/5/2025 | (3.42) | (0.40) |
| &nbsp;&nbsp;&nbsp;MSCI US IMI Financials | 3072.31 | 8/5/2025 | (11.49) | (0.37) |
| &nbsp;&nbsp;&nbsp;NASDAQ | 20916.55 | 8/5/2025 | (137.03) | (0.65) |
| &nbsp;&nbsp;&nbsp;NASDAQ Finl | 7300.19 | 8/5/2025 | (48.12) | (0.65) |
| &nbsp;&nbsp;&nbsp;NYSE | 20457.10 | 8/5/2025 | (31.76) | (0.16) |
| &nbsp;&nbsp;&nbsp;Russell 1000 | 3446.93 | 8/5/2025 | (16.44) | (0.47) |
| &nbsp;&nbsp;&nbsp;Russell 2000 | 2225.67 | 8/5/2025 | 13.37 | 0.60 |
| &nbsp;&nbsp;&nbsp;Russell 3000 | 3580.91 | 8/5/2025 | (15.46) | (0.43) |
| &nbsp;&nbsp;&nbsp;S&P TSX Composite | 27570.08 | 8/5/2025 | 549.65 | 2.03 |

---

Intraday data is available for certain exchanges. In all cases, the data is at least 15 minutes delayed.

\* - Intraday data is not currently available. Data is as of the previous close.

\*\* - Non-publicly traded institutions and institutions outside of your current subscription are not included in custom indexes. Data is as of the previous close.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products.

**EXHIBIT IV-4**

**New Jersey Bank and Thrift Acquisitions 2022 - Present**

Exhibit IV-4

New Jersey Bank and Thrift Acquisitions 2022-Present

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Target Financials at Announcement | Target Financials at Announcement | Target Financials at Announcement | Target Financials at Announcement | Target Financials at Announcement | Target Financials at Announcement | Target Financials at Announcement | Deal Terms and Pricing at Announcement | Deal Terms and Pricing at Announcement | Deal Terms and Pricing at Announcement | Deal Terms and Pricing at Announcement | Deal Terms and Pricing at Announcement | Deal Terms and Pricing at Announcement | Deal Terms and Pricing at Announcement |
|  |  |  |  |  | Total |  |  |  |  | NPAs/ | Rsrvs/ | Deal | Value/ |  |  |  |  | Prem/ |
| Announce | Complete |  |  |  | Assets | E/A | TE/A | ROAA | ROAE | Assets | NPLs | Value | Share | P/B | P/TB | P/E | P/A | Cdeps |
| Date | Date | Buyer Name |  | Target Name | ($000) | (%) | (%) | (%) | (%) | (%) | (%) | ($M) | ($) | (%) | (%) | (x) | (%) | (%) |
| 05/23/2024 | 04/29/2025 | Ion Financial MHC | CT | NVE Bancorp, MHC NJ | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 01/18/2024 | 08/23/2024 | Princeton Bancorp | NJ | Cornerstone Financial Corporation NJ | 321175 | 8.42 | 8.42 | 0.08 | 0.93 | 0.14 | 676.94 | 17.9 | 8.160 | 75.44 | 75.44 | 68.99 | 5.58 | -2.30 |
| 09/27/2022 | 05/15/2024 | Provident Financial Services | NJ | Lakeland Bancorp, Inc. NJ | 10374178 | 10.51 | 8.01 | 0.97 | 9.38 | 0.24 | 271.54 | 1263.1 | 19.267 | 114.51 | 154.49 | 12.43 | 12.18 | NA |
| 07/25/2022 | 09/19/2023 | SR Bancorp | NJ | Regal Bancorp, Inc. NJ | 491935 | 11.85 | 11.66 | 0.70 | 6.36 | 0.11 | NM | 69.5 | 23.000 | 141.35 | 144.54 | 22.46 | 14.13 | 6.28 |
| 12/20/2022 | 05/19/2023 | Mid Penn Bancorp Inc. | PA | Brunswick Bancorp NJ | 381631 | 11.29 | 11.29 | 1.08 | 9.23 | NA | NA | 53.9 | 18.254 | 120.31 | 120.31 | 13.13 | 14.12 | 5.39 |
|  |  |  |  | Average: | 2892230 | 10.52 | 9.85 | 0.71 | 6.48 | 0.16 | 474.24 |  |  | 112.90 | 123.70 | 29.25 | 11.50 | 3.12 |
|  |  |  |  | Median: | 436783 | 10.90 | 9.86 | 0.84 | 7.80 | 0.14 | 474.24 |  |  | 117.41 | 132.43 | 17.80 | 13.15 | 5.39 |

---

Source: S&P Global Market Intelligence.

**EXHIBIT IV-5**

**URSB Bancorp, Inc.**

**Director and Senior Management Summary Resumes**

Exhibit IV-5<br> URSB Bancorp, Inc.<br> Director and Senior Management Summary Resumes

***Directors of URSB Bancorp and United Roosevelt Savings Bank***

***Patrick J. DeBlasio*** is a seasoned financial executive with over 40 years of experience serving as a Chief Financial Officer for several municipalities across New Jersey. He has overseen the financial operations, providing leadership in budgeting, financial reporting, debt management, and long-term fiscal planning. He holds a Bachelor of Science degree in Accounting from Seton Hall University and has maintained multiple professional certifications throughout his career. He is a licensed Certified Public Accountant, Certified Municipal Finance Officer, Certified Government Financial Manager, and Certified Tax Collector. His extensive financial management experience provides the board of directors with valuable knowledge in connection with the financial aspects of United Roosevelt Savings Bank's business.

***John F. Kwasnik*** is the Managing Partner of the law firm of Mezzacca and Kwasnik, LLC, Edison, New Jersey. He concentrates his practice in the areas of municipal law, real estate, trust and estate, community association law, land use, civil litigation, construction defect litigation, commercial transactions, and corporate law. Mr. Kwasnik also has served for over 25 years as a special advocate in various municipalities throughout the State of New Jersey. He serves as Public Defender for the Edison Township, Special County Counsel for Middlesex County, Conflict Public Defender in such towns as Manalapan and Woodbridge, as well as General Counsel for the Carteret Business Partnership. Mr. Kwasnik is a member of the New Jersey, Pennsylvania, Connecticut, and District of Columbia Bars, as well as the District Courts of New Jersey and New York. He is a frequent author and lecturer on real estate, estate and community association law issues. He is a member of the American Bar Association, New Jersey State Bar Association and the Middlesex County Bar Association. His extensive legal experience provides the board of directors with valuable knowledge regarding many of the legal aspects of United Roosevelt Savings Bank's business.

***Daniel J. Reiman*** has served as the Mayor of Carteret, New Jersey, since 2002 As Mayor, he serves full-time as the town's Chief Executive Officer, oversees over 200 employees and an annual budget of approximately $100 million, and is the chief administrator of 13 departments including Personnel, Finance, and Economic and Community Development, among others. He belongs to several civic, professional and volunteer organizations in the New Jersey Conference of Mayors, New Jersey League of Municipalities, New Jersey Redevelopment Authority and Carteret Planning Board, among others. His extensive managerial and financial experience provides the board of directors with valuable knowledge across multiple disciplines of United Roosevelt Savings Bank's business.

***Kenneth R. Totten*** has served as the President and Chief Executive Officer of United Roosevelt Savings Bank since 2015 and as Chairman of the Board of Directors since 2019. He is a graduate of Glassboro State College and has served in various banking roles since 1984. Before joining United Roosevelt Savings Bank, Mr. Totten served as Senior Vice President and Chief Lending Officer of Metuchen Savings Bank and RSI Savings Bank. He has a deep appreciation for serving communities, serving as Fire Commissioner of Old Bridge, New Jersey, since 1999. His extensive senior management experience in community banking provides the board of directors with valuable knowledge of United Roosevelt Savings Bank's business.

***Timothy D. Touhey*** has served as the Chief Executive Officer of Atlys Global Finance, LLC, a leading $1 billion national lending platform dedicated serving contractors supporting states and communities impacted by natural disasters, since 2018. Before joining Atlys Global Finance he served as Team Leader for Commercial Real Estate Lending at Investors Bank from April 2013 to September 2018, where he launched and expanded the Commercial Real Estate Finance Group in Robbinsville, New Jersey. From 2007 to 2013, he was the Chief Executive Officer of the New Jersey Builders Association. Earlier in his career, Mr. Touhey served as Lead Director of Fannie Mae's Northeast Community Business Center in New Brunswick, NJ, where he oversaw initiatives to enhance housing opportunities and economic development. He also has held advisory roles for several New Jersey governors, including Chris Christie, Jon Corzine, Richard Codey, and Christine Todd Whitman. Mr. Touhey holds a Bachelor of Arts degree from Mount Mercy College in Cedar Rapids, Iowa, and a Master's degree in Policy and Administration from Rutgers University. His extensive experience in lending and finance provides the board of directors with valuable knowledge of these aspects of United Roosevelt Savings Bank's business.

Exhibit IV-5 (continued)<br> URSB Bancorp, Inc.<br> Director and Senior Management Summary Resumes

**Business Background of Executive Officers Who are Not Directors**

***David Van Steyn*** joined United Roosevelt Savings Bank in 2019 as Vice President and Chief Risk Officer. He was named the Executive Vice President of United Roosevelt Savings Bank in 2022 and Chief Financial Officer of United Roosevelt Savings Bank in 2024. He is a graduate of Montclair State University and has held various banking roles since 2008. Before joining United Roosevelt Savings Bank, he served as a manager for the consulting firm, GRC Risk Solutions, assisting community banks with risk management, strategic planning, and mergers and acquisitions, and before that served as Executive Vice President and Chief Operating Officer of Lincoln Park Savings Bank.

Source: URSB Bancorp's prospectus.

**EXHIBIT IV-6**

**URSB Bancorp, Inc.**

**Pro Forma Regulatory Capital Ratios**

Exhibit IV-6<br> URSB Bancorp, Inc.<br> Pro Forma Regulatory Capital Ratios

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United Roosevelt<br> Savings Bank at June** | **United Roosevelt<br> Savings Bank at June** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** | **United Roosevelt Savings Bank Pro Forma at June 30, 2025, Based on the Sale in the Stock Offering of: <sup>(1)</sup>** |
|  | **30, 2025** | **30, 2025** | **1,487,500 Shares** | **1,487,500 Shares** | **1,750,000 Shares** | **1,750,000 Shares** | **2,012,500 Shares** | **2,012,500 Shares** | **2,314,375 Shares <sup>(2)</sup>** | **2,314,375 Shares <sup>(2)</sup>** |
|  | **Amount** | **Percent of<br> Assets** | **Amount** | **Percent of<br> Assets** | **Amount** | **Percent of<br> Assets** | **Amount** | **Percent of<br> Assets** | **Amount** | **Percent of<br> Assets** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Total equity capital | $24711 | 7.60% | $29540 | 8.90% | $30537 | 9.17% | $31535 | 9.43% | $32681 | 9.73% |
| Tier 1 leverage capital <sup>(3) (4)</sup> | $26087 | 7.90% | $30916 | 9.18% | $31.913 | 9.44% | $32911 | 9.69% | $34057 | 9.99% |
| Tier 1 leverage capital requirement | 16510 | 5.00 | 16842 | 5.00 | 16908 | 5.00 | 16973 | 5.00 | 17049 | 5.00 |
| Excess | $9577 | 2.90% | $14074 | 4.18% | $15005 | 4.44% | $15938 | 4.69% | $17008 | 4.99% |
| Tier 1 risk-based capital <sup>(3) (4)</sup> | $26087 | 11.90% | $30916 | 14.02% | $31913 | 14.45% | $32911 | 14.89% | $34057 | 15.38% |
| Tier 1 risk-based capital requirement | 17537 | 8.00 | 17643 | 8.00 | 17664 | 8.00 | 17685 | 8.00 | 17709 | 8.00 |
| Excess | $8550 | 3.90% | $13273 | 6.02% | $14249 | 6.45% | $15226 | 6.89% | $16348 | 7.38% |
| Common equity Tier 1 risk-based capital <sup>(3) (4)</sup> | $26087 | 11.90% | $30916 | 14.02% | $31913 | 14.45% | $32911 | 14.89% | $34057 | 15.38% |
| Common equity Tier 1 risk-based capital requirement | 14249 | 6.50 | 14335 | 6.50 | 14352 | 6.50 | 14369 | 6.50 | 14389 | 6.50 |
| Excess | $11838 | 5.40% | $16581 | 7.52% | $17561 | 7.95% | $18542 | 8.39% | $19668 | 8.88% |
| Total risk-based capital <sup>(3) (4)</sup> | $27842 | 12.70% | $32671 | 14.81% | $33668 | 15.25% | $34666 | 15.68% | $35812 | 16.18% |
| Total risk-based capital requirement | 21921 | 10.00 | 22054 | 10.00 | 22080 | 10.00 | 22106 | 10.00 | 22137 | 10.00 |
| Excess | $5921 | 2.70% | $10617 | 4.81% | $11588 | 5.25% | $12560 | 5.68% | $13675 | 6.18% |
| Reconciliation of capital infused into United Roosevelt Savings: | Reconciliation of capital infused into United Roosevelt Savings: | Reconciliation of capital infused into United Roosevelt Savings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds to United Roosevelt Savings Bank | &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds to United Roosevelt Savings Bank | &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds to United Roosevelt Savings Bank | $6638 |  | $7950 |  | $9263 |  | $10772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by ESOP | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by ESOP | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by ESOP | (1206) |  | (1416) |  | (1626) |  | (1868) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based incentive plan | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based incentive plan | &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based incentive plan | (603) |  | (708) |  | (813) |  | (934) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma increase | &nbsp;&nbsp;&nbsp;&nbsp;Pro forma increase | &nbsp;&nbsp;&nbsp;&nbsp;Pro forma increase | $4829 |  | $5826 |  | $6824 |  | $7970 |  |

---

(1) Pro forma capital levels assume that the
 ESOP purchases 8% of the sum of the shares of common stock sold in the stock offering and
 contributed to the charitable foundation with funds to be lent by URSB Bancorp and that the
 stock-based equity plan provides for shares subject to restricted stock awards equal to 4%
 of the sum of the number of shares of common stock sold in the stock offering and contributed
 to the charitable foundation. Pro forma capital calculated under U.S. generally accepted
 accounting principles ("U.S. GAAP") and regulatory capital have been reduced
 by the amount required to fund these plans. See "Management" for a discussion
 of the ESOP. The grant of options under the stock-based incentive plan does not require a
 capital funding adjustment. No effect has been given to the issuance of additional shares
 of URSB Bancorp common stock pursuant to the exercise of options under a stock-based benefit
 plan.

(2) As adjusted to give effect to an increase
 in the number of shares which could occur due to a 15% increase in the offering range to
 reflect demand for the shares or changes in market conditions following the commencement
 of the stock offering.

(3) Tier 1 leverage capital levels are shown
 as a percentage of total average assets. Risk-based capital levels are shown as a percentage
 of risk-weighted assets.

(4) Pro forma dollar amounts and percentages
 assume net proceeds are invested in assets with a 20% risk weighting.

Source: URSB Bancorp's prospectus.

**EXHIBIT IV-7**

**URSB Bancorp, Inc.**

**Pro Forma Analysis Sheet**

Exhibit IV-7

PRO FORMA ANALYSIS SHEET

URSB Bancorp, Inc.

Prices as of August 5, 2025

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Peer Group | Peer Group |  | New Jersey Companies | New Jersey Companies | New Jersey Companies |  | All Publicly-Traded | All Publicly-Traded | All Publicly-Traded |  |
| Price Multiple | Symbol | Subject (1) |  | Average | Median |  | Average |  | Median |  | Average |  | Median |  |
| Price-earnings ratio (x) | P/E | 30.83 | x | 18.61 x | 17.53 | x | 15.93 | x | 12.49 | x | 15.39 | x | 14.10 | x |
| Price-core earnings ratio (x) | P/Core | 26.49 | x | 18.03 x | 15.96 | x | 14.23 | x | 13.48 | x | 15.46 | x | 13.73 | x |
| Price-book ratio (%) | P/B | 54.53 | % | 80.29 x | 78.12 | % | 70.05 | % | 63.98 | % | 86.80 | % | 83.21 | % |
| Price-tangible book ratio (%) | P/TB | 54.53 | % | 84.22 x | 82.25 | % | 80.17 | % | 71.13 | % | 97.14 | % | 85.68 | % |
| Price-assets ratio (%) | P/A | 5.22 | % | 12.40 x | 12.06 | % | 9.00 | % | 9.22 | % | 11.10 | % | 9.86 | % |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Valuation Parameters |  |  |  |  |  |
| Pre-Conversion Earnings (Y) | $512000.0 | ESOP Stock Purchases (E) | 8.00 | % | (5) |
| Pre-Conversion Earnings (CY) | $606000.0 | Cost of ESOP Borrowings (S) | 0.00 | % | (4) |
| Pre-Conversion Book Value (B) | $18788000.0 | ESOP Amortization (T) | 20.00 years |  |  |
| Pre-Conv. Tang. Book Val. (TB) | $18788000.0 | RRP Amount (M) | 4.00 | % |  |
| Pre-Conversion Assets (2) | $325301000.0 | RRP Vesting (N) | 5.00 years | (5) |  |
| Reinvestment Rate (2)(R) | 3.79% | Foundation (F) | 2.29 | % |  |
| Est. Conversion Expenses (3)(X) | 9.43% | Tax Benefit (Z) | 112000 |  |  |
| Tax Rate (TAX) | 28.0% | Percentage Sold (PCT) | 100.00 | % |  |
| Shares Tax | $0.0 | Option (O1) | 10.00 | % | (6) |
|  |  | Estimated Option Value (O2) | 47.20 | % | (6) |
|  |  | Option vesting (O3) | 5.00 | (6) |  |
|  |  | Option pct taxable (O4) | 25.00 | % | (6) |

---

---

| | | | |
|:---|:---|:---|:---|
| Calculation of Pro Forma Value After Conversion | Calculation of Pro Forma Value After Conversion |  |  |
| 1. V= | P/E \* (Y) | V= | $17700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1 - P/E \* PCT \* ((1-X-E-M-F)\*R\*(1-TAX) - (1-TAX)\*E/T - (1-TAX)\*M/N) - (1-(TAX\*O4))\*(O1\*O2)/O3) |  |  |
| 2. V= | P/Core \* (Y) | V= | $17700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1 - P/core \* PCT \* ((1-X-E-M-F)\*R\*(1-TAX) - (1-TAX)\*E/T - (1-TAX)\*M/N) - (1-(TAX\*O4))\*(O1\*O2)/O3) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| 3. V= | P/B \* (B+Z) | V= | $17700000.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1 - P/B \* PCT \* (1-X-E-M-F) |  |  |
| 4. V= | P/TB \* (TB+Z) | V= | $17700000.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1 - P/TB \* PCT \* (1-X-E-M-F) |  |  |
| 5. V= | P/A \* (A+Z) | V= | $17700000.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1 - P/A \* PCT \* (1-X-E-M-F) |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Shares | | Aggregate |
|  | Shares Issued | Price Per | Gross Offering | Issued To | Total Shares | Market Value |
| Conclusion | To the Public | Share | Proceeds | Foundation | Issued | of Shares Issued |
| Supermaximum | 2314375 | 10.00 | $23143750 | 20000 | 2334375 | $23343750 |
| Maximum | 2012500 | 10.00 | 20125000 | 20000 | 2032500 | 20325000 |
| Midpoint | 1750000 | 10.00 | 17500000 | 20000 | 1770000 | 17700000 |
| Minimum | 1487500 | 10.00 | 14875000 | 20000 | 1507500 | 15075000 |

---

(1) Pricing ratios shown reflect the midpoint value.

(2) Net return reflects a reinvestment rate of 3.79 percent and
a tax rate of 28.0 percent.

(3) Offering expenses shown at estimated midpoint value.

(4) No cost is applicable since holding company will fund the ESOP
loan.

(5) ESOP and MRP amortize over 20 years and 5 years, respectively;
amortization expenses tax effected at 28.0 percent.

(6) 10 percent option plan with an estimated Black-Scholes valuation
of 47.20 percent of the exercise price, including a 5 year vesting with 25 percent of the options (granted to directors) tax effected
at 28.0 percent.

**EXHIBIT IV-8**

**URSB Bancorp, Inc.**

**Pro Forma Effect of Conversion Proceeds**

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

URSB Bancorp, Inc.

At the Minimum

---

| | | |
|:---|:---|:---|
| 1. | Pro Forma Market Capitalization | $15075000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Foundation Shares | 200000 |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp;Offering Proceeds | $14875000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated Offering Expenses | 1600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net Conversion Proceeds | $13275000 |
| 3. | Estimated Additional Income from Conversion Proceeds |  |
|  | Net Conversion Proceeds | $13275000 |
|  | Less: Cash Contribution to Foundation | 200000 |
|  | Less: Non-Cash Stock Purchases (1) | 1809000 |
|  | Net Proceeds Reinvested | $11266000 |
|  | Estimated net incremental rate of return | 2.73% |
|  | Reinvestment Income | $307427 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Shares Tax | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated cost of ESOP borrowings (2) | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of ESOP borrowings (3) | 43416 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of Options (4) | 132346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Recognition Plan Vesting (5) | 86832 |
|  | Net Earnings Impact | $44832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | | Net | |
|  |  | Before | Earnings | After |
| 4. | Pro Forma Earnings | Conversion | Increase | Conversion |
|  | 12 Months ended June 30, 2025 (reported) | $512000 | $44832 | $556832 |
|  | 12 Months ended June 30, 2025 (core) | $606000 | $44832 | $650832 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 5. | Pro Forma Net Worth | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $18788000 | $11266000 | $112000 | $30166000 |
|  | June 30, 2025 (Tangible) | $18788000 | $11266000 | $112000 | $30166000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 6. | Pro Forma Assets | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $325301000 | $11266000 | $112000 | $336679000 |

---

(1) Includes ESOP and RRP stock purchases equal to 8.0 and 4.0 percent of total shares issued, respectively.

(2) ESOP stock purchases are internally financed by a loan from the holding company.

(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 28.0 percent rate.

(4) Option valuation based on Black-Scholes model, 5 year vesting, and assumes 25 percent is taxable.

(5) RRP is amortized over 5 years, and amortization expense is tax effected at 28.0 percent.

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

URSB Bancorp, Inc.

At the Midpoint

---

| | | |
|:---|:---|:---|
| 1. | Pro Forma Market Capitalization | $17700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Foundation Shares | 200000 |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp;Offering Proceeds | $17500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated Offering Expenses | 1600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net Conversion Proceeds | $15900000 |
| 3. | Estimated Additional Income from Conversion Proceeds |  |
|  | Net Conversion Proceeds | $15900000 |
|  | Less: Cash Contribution to Foundation | 200000 |
|  | Less: Non-Cash Stock Purchases (1) | 2124000 |
|  | Net Proceeds Reinvested | $13576000 |
|  | Estimated net incremental rate of return | 2.73% |
|  | Reinvestment Income | $370462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Shares Tax | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated cost of ESOP borrowings (2) | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of ESOP borrowings (3) | 50976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of Options (4) | 155392 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Recognition Plan Vesting (5) | 101952 |
|  | Net Earnings Impact | $62142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Net |  |
|  |  | Before | Earnings | After |
| 4. | Pro Forma Earnings | Conversion | Increase | Conversion |
|  | 12 Months ended June 30, 2025 (reported) | $512000 | $62142 | $574142 |
|  | 12 Months ended June 30, 2025 (core) | $606000 | $62142 | $668142 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 5. | Pro Forma Net Worth | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $18788000 | $13576000 | $112000 | $32476000 |
|  | June 30, 2025 (Tangible) | $18788000 | $13576000 | $112000 | $32476000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 6. | Pro Forma Assets | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $325301000 | $13576000 | $112000 | $338989000 |

---

(1) Includes ESOP and RRP stock purchases equal to 8.0 and 4.0 percent of total shares issued, respectively.

(2) ESOP stock purchases are internally financed by a loan from the holding company.

(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 28.0 percent rate.

(4) Option valuation based on Black-Scholes model, 5 year vesting, and assumes 25 percent is taxable.

(5) RRP is amortized over 5 years, and amortization expense is tax effected at 28.0 percent.

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

URSB Bancorp, Inc.

At the Maximum Value

---

| | | |
|:---|:---|:---|
| 1. | Pro Forma Market Capitalization | $20325000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Foundation Shares | 200000 |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp;Offering Proceeds | $20125000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated Offering Expenses | 1600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net Conversion Proceeds | $18525000 |
| 3. | Estimated Additional Income from Conversion Proceeds |  |
|  | Net Conversion Proceeds | $18525000 |
|  | Less: Cash Contribution to Foundation | 200000 |
|  | Less: Non-Cash Stock Purchases (1) | 2439000 |
|  | Net Proceeds Reinvested | $15886000 |
|  | Estimated net incremental rate of return | 2.73% |
|  | Reinvestment Income | $433497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Shares Tax | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated cost of ESOP borrowings (2) | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of ESOP borrowings (3) | 58536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of Options (4) | 178437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Recognition Plan Vesting (5) | 117072 |
|  | Net Earnings Impact | $79452 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Net |  |
|  |  | Before | Earnings | After |
| 4. | Pro Forma Earnings | Conversion | Increase | Conversion |
|  | 12 Months ended June 30, 2025 (reported) | $512000 | $79452 | $591452 |
|  | 12 Months ended June 30, 2025 (core) | $606000 | $79452 | $685452 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 5. | Pro Forma Net Worth | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $18788000 | $15886000 | $112000 | $34786000 |
|  | June 30, 2025 (Tangible) | $18788000 | $15886000 | $112000 | $34786000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 6. | Pro Forma Assets | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $325301000 | $15886000 | $112000 | $341299000 |

---

(1) Includes ESOP and RRP stock purchases equal to 8.0 and 4.0 percent of total shares issued, respectively.

(2) ESOP stock purchases are internally financed by a loan from the holding company.

(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 28.0 percent rate.

(4) Option valuation based on Black-Scholes model, 5 year vesting, and assumes 25 percent is taxable.

(5) RRP is amortized over 5 years, and amortization expense is tax effected at 28.0 percent.

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

URSB Bancorp, Inc.

At the Super Maximum Value

---

| | | |
|:---|:---|:---|
| 1. | Pro Forma Market Capitalization | $23343750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Foundation Shares | 200000 |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp;Offering Proceeds | $23143750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated Offering Expenses | 1600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net Conversion Proceeds | $21543750 |
| 3. | Estimated Additional Income from Conversion Proceeds |  |
|  | Net Conversion Proceeds | $21543750 |
|  | Less: Cash Contribution to Foundation | 200000 |
|  | Less: Non-Cash Stock Purchases (1) | 2801250 |
|  | Net Proceeds Reinvested | $18542500 |
|  | Estimated net incremental rate of return | 2.73% |
|  | Reinvestment Income | $505988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Shares Tax | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Estimated cost of ESOP borrowings (2) | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of ESOP borrowings (3) | 67230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of Options (4) | 204939 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Recognition Plan Vesting (5) | 134460 |
|  | Net Earnings Impact | $99358 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Net |  |
|  |  | Before | Earnings | After |
| 4. | Pro Forma Earnings | Conversion | Increase | Conversion |
|  | 12 Months ended June 30, 2025 (reported) | $512000 | $99358 | $611358 |
|  | 12 Months ended June 30, 2025 (core) | $606000 | $99358 | $705358 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 5. | Pro Forma Net Worth | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $18788000 | $18542500 | $112000 | $37442500 |
|  | June 30, 2025 (Tangible) | $18788000 | $18542500 | $112000 | $37442500 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Before | Net Cash | Tax Benefit | After |
| 6. | Pro Forma Assets | Conversion | Proceeds | Of Contribution | Conversion |
|  | June 30, 2025 | $325301000 | $18542500 | $112000 | $343955500 |

---

(1) Includes ESOP and RRP stock purchases equal to 8.0 and 4.0 percent of total shares issued, respectively.

(2) ESOP stock purchases are internally financed by a loan from the holding company.

(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 28.0 percent rate.

(4) Option valuation based on Black-Scholes model, 5 year vesting, and assumes 25 percent is taxable.

(5) RRP is amortized over 5 years, and amortization expense is tax effected at 28.0 percent.

**EXHIBIT V-1**

**RP<sup>®</sup> Financial, LC.<br> Firm Qualifications Statement**

![](tm2525410d1_ex99-3sp11img001.jpg)

**FIRM QUALIFICATION STATEMENT**

RP<sup>®</sup> Financial ("RP<sup>®</sup>) provides financial and management consulting, merger advisory and valuation services to the financial services industry nationwide. We offer a broad array of services, high quality and prompt service, hands-on involvement by principals and senior staff, careful structuring of strategic initiatives and sophisticated valuation and other analyses consistent with industry practices and regulatory requirements. Our staff maintains extensive background in financial and management consulting, valuation and investment banking. Our clients include commercial banks, thrifts, credit unions, mortgage companies, insurance companies and other financial services companies.

***STRATEGIC PLANNING SERVICES***

RP<sup>®</sup>'s strategic planning services are designed to provide effective feasible plans with quantifiable results. We analyze strategic options to enhance shareholder value, achieve regulatory approval or realize other objectives. Such services involve conducting situation analyses; establishing mission/vision statements, developing strategic goals and objectives; and identifying strategies to enhance franchise and/or market value, capital management, earnings enhancement, operational matters and organizational issues. Strategic recommendations typically focus on: capital formation and management, asset/liability targets, profitability, return on equity and stock pricing. Our proprietary financial simulation models provide the basis for evaluating the impact of various strategies and assessing their feasibility and compatibility with regulations.

***MERGER ADVISORY SERVICES***

RP<sup>®</sup>'s merger advisory services include targeting potential buyers and sellers, assessing acquisition merit, conducting due diligence, negotiating and structuring merger transactions, preparing merger business plans and financial simulations, rendering fairness opinions, preparing mark-to-market analyses, valuing intangible assets and supporting the implementation of post-acquisition strategies. Our merger advisory services involve transactions of financially healthy companies and failed bank deals. RP<sup>®</sup> is also expert in de novo charters and shelf charters. Through financial simulations, comprehensive data bases, valuation proficiency and regulatory familiarity, RP<sup>®</sup>'s merger advisory services center on enhancing shareholder returns.

***VALUATION SERVICES***

RP<sup>®</sup>'s extensive valuation practice includes bank and thrift mergers, thrift mutual-to-stock conversions, goodwill impairment, insurance company demutualizations, ESOPs, subsidiary companies, merger accounting and other purposes. We are highly experienced in performing appraisals which conform to regulatory guidelines and appraisal standards. RP<sup>®</sup> is the nation's leading valuation firm for thrift mutual-to-stock conversions, with appraised values ranging up to $4 billion.

***OTHER CONSULTING SERVICES***

RP<sup>®</sup> offers other consulting services including evaluating the impact of regulatory changes (TARP, etc.), branching and diversification strategies, feasibility studies and special research. We assist banks/thrifts in preparing CRA plans and evaluating wealth management activities on a de novo or merger basis. Our other consulting services are facilitated by proprietary valuation and financial simulation models.

***KEY PERSONNEL (Years of Relevant Experience & Contact Information)***

---

| | | |
|:---|:---|:---|
| Ronald S. Riggins, Managing Director (44) | (703) 647-6543 | rriggins@rpfinancial.com |
| William E. Pommerening, Managing Director (40) | (703) 647-6546 | wpommerening@rpfinancial.com |
| Gregory E. Dunn, Director (41) | (703) 647-6548 | gdunn@rpfinancial.com |
| James P. Hennessey, Director (37) | (703) 647-6544 | jhennessey@rpfinancial.com |
| James J. Oren, Director (37) | (703) 647-6549 | joren@rpfinancial.com |

---

---

| | |
|:---|:---|
| **Washington Headquarters** |  |
| 1311-A Dolley Madison Boulevard | Telephone: (703) 528-1700 |
| Suite 2A | Fax No.: (703) 528-1788 |
| McLean, VA 22101 | Toll-Free No.: (866) 723-0594 |
| www.rpfinancial.com | E-Mail: mail@rpfinancial.com |

---

## Exhibit 99.4

**Exhibit 99.4**

![](tm2525410d1-ex99x4_001.jpg)

Dear Valued Customer: I am pleased to tell you about an investment opportunity and, just as importantly, to request your vote. Pursuant to a plan o f c onversion (the "Plan"), United Roosevelt, MHC, the mutual holding company of United Roosevelt Savings Bank, will convert from the mutual (me ani ng no stockholders) to the stock form of ownership. To accomplish the conversion, URSB Bancorp, Inc., a newly formed Maryland corpo rat ion that will become the stock holding company for United Roosevelt Savings Bank, is conducting an offering of its shares of common stock. Enc losed you will find a Prospectus, Proxy Materials and a Questions and Answers Brochure describing the Plan and the conversion and stock of fering. In connection with the conversion and stock offering and to further our commitment to the communities we serve, we intend to est ablish a new charitable foundation, to be named the URSB Charitable Foundation, Inc., and contribute to it $200,000 in cash and 20,000 sha res of common stock of URSB Bancorp, Inc., for a total contribution valued at $400,000. The charitable foundation will be dedicated to prom oti ng community activities and charitable causes in the communities we serve. THE PROXY VOTE: Your vote is extremely important for us to complete the conversion and stock offering. Although we have received conditional regulatory approval to implement the Plan, we must receive the vote of United Roosevelt Savings Bank's depositors in favor of the Plan. NOT VOTING YOUR ENCLOSED PROXY CARD(S) WILL HAVE THE SAME EFFECT AS VOTING "AGAINST" THE PLAN AND "AGAINST" THE ESTABLISHMENT AND FUNDING OF THE CHARITABLE FOUNDATION. Note that you may receive more than one Proxy Card, depending on the ownership structure of your accounts at United Roosevelt Savings Bank. Please vote all the Proxy Cards you receive — none are duplicates! To cast your vote, please sign and date each Proxy Card and return the card(s) in the Proxy Reply Envelope provided. Alternatively, you may vote by telephone or Internet by following the simple instructions on the Proxy Card. OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE " FOR " THE PLAN AND " FOR " THE ESTABLISHMENT AND FUNDING OF THE CHARITABLE FOUNDATION. Please note: • The proceeds resulting from the sale of stock by URSB Bancorp, Inc. will support our business strategy. • There will be no change to account numbers, interest rates or other terms of your deposit accounts or loans at United Roose vel t Savings Bank. • Deposit accounts at United Roosevelt Savings Bank will not be converted to stock. Your deposit accounts will continue to be in sured by the FDIC, up to the maximum legal limits and without interruption. • You will continue to enjoy the same services with the same board of directors, management and staff. • Voting does not obligate you to purchase shares of common stock in our stock offering. THE STOCK OFFERING: As an eligible depositor of United Roosevelt Savings Bank, you have non - transferable rights, but no obligation, to subscribe for shares of common stock during the Subscription Offering before any shares are offered for sale to the general public. The common stock is being offered for sale at $10.00 per share, and there will be no sales commission charged. The enclosed Prospectus d esc ribes the offering in more detail. Please read the Prospectus carefully before making an investment decision. If you are interested in ordering shares of common stock, please complete the enclosed Stock Order Form and return it, with f ull payment, by overnight delivery to the indicated address on the Stock Order Form, by hand - delivery to United Roosevelt Savings Bank's main office located at 11 - 15 Cooke Ave Carteret, NJ, or by mail using the Stock Order Reply Envelope provided . Stock Order Forms and full payment must be received (not postmarked) before 4:00 p.m., Eastern Time, on [ ]. If you are considering purchasing stock with funds you have in an IRA or other retirement account, please call our Stock Information Center promptly for guidance, because these orders require additional processing time. I invite you to consider this opportunity to share in our future as a URSB Bancorp, Inc. stockholder. Thank you for your cont inu ed support as a United Roosevelt Savings Bank customer. Sincerely, Kenneth R. Totten, Chairman, President & CEO This letter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offer is made only by th e Prospectus when accompanied by a stock order form. The shares of common stock being offered by the Prospectus are not deposit s or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government ag enc y. URSB - M QUESTIONS? Call our Information Center at [ ], from 10:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays.

![](tm2525410d1-ex99x4_002.jpg)

Dear Customer: Pursuant to a plan of conversion (the "Plan"), United Roosevelt, MHC, the mutual holding company of United Roosevelt Savings Bank, will be converting from the mutual (meaning no stockholders) to the stock form of ownership. To accomplish the conversi on, URSB Bancorp, Inc., a newly formed Maryland corporation that will become the stock holding company for United Roosevelt Savin gs Bank, is conducting an offering of its shares of common stock. Enclosed you will find a Prospectus, Proxy Materials and a Que sti ons and Answers Brochure describing the Plan and the conversion and stock offering. We are asking you to help us in this endeavor , b y voting to approve our Plan. In connection with the conversion and stock offering and to further our commitment to the communities we serve, we intend to est ablish a new charitable foundation, to be named the URSB Charitable Foundation, Inc., and contribute to it $200,000 in cash and 20,0 00 shares of common stock of URSB Bancorp, Inc., for a total contribution valued at $400,000. The charitable foundation will be ded icated to promoting community activities and charitable causes in the communities we serve. THE PROXY VOTE: OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE " FOR " THE PLAN AND " FOR " THE ESTABLISHMENT AND FUNDING OF THE CHARITABLE FOUNDATION. Your vot e is e x tr eme l y i m p o rt an t fo r u s t o c o m p le te t h e co nv e rsi o n. A l thoug h w e have rece i ved con d iti o na l re g ul a tor y app r o v a l to i mple me nt the P l a n , w e mu s t r ec e ive th e v ot e o f U ni t ed Ro o seve l t S av i n g s B a n k 's dep o s i tor s i n favor of t h e Pl a n . N OT V OT I N G YOUR E N CLO S E D PR O XY CA RD (S) WI L L H AVE TH E SA M E E F F EC T A S V O T I N G " A GAIN S T " T HE P L A N AN D " A G A INST " T HE E STA BL IS H ME N T A N D FUN D ING O F T HE CHA R I T A B LE FO U N DA TION. N ot e that you may rece i ve more tha n one P rox y C ard , d e p e n d i ng o n th e ow n er s h ip s tr uc t u r e o f y o u r a cc o un t s at U nited R oosev e lt S avin g s B ank. Pl ease vote a ll th e P ro x y Ca r d s you re c e i v e — no n e a r e du pl ic a t es ! To c a s t y ou r v o t e , p l e a s e sig n a n d da t e eac h P roxy Car d an d r e tu r n th e c ard(s) i n th e Proxy R e p l y E n ve l o p e pro v i de d. A l t e r n a t i v el y , yo u may v o te by t e l e p h on e o r I n t e rn e t b y fol l o w i n g th e s imp l e i n stru c t i o n s o n t h e P r oxy C a r d. Please note: • The proceeds resulting from the sale of stock by URSB Bancorp, Inc. will support our business strategy. • There will be no change to account numbers, interest rates or other terms of your deposit accounts or loans at United Roose vel t Savings Bank. • Deposit accounts at United Roosevelt Savings Bank will not be converted to stock. Your deposit accounts will continue to be insured by the FDIC, up to the maximum legal limits and without interruption. • You will continue to enjoy the same services with the same board of directors, management and staff. THE STOCK OFFERING: Unfortunately, URSB Bancorp, Inc. is unable to either offer or sell its common stock to you, because the small number of elig ibl e subscribers in your jurisdiction makes registration or qualification of the common stock under the securities or other laws o f y our jurisdiction impractical for reasons of cost or otherwise . Accordingly, this letter and the enclosures is not an offer to sell or a solicitation of an offer to buy the common stock of URSB Bancorp, Inc. Thank you for your continued support as a United Roosevelt Savings Bank customer. Sincerely, Kenneth R. Totten, Chairman, President & CEO This letter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offer is made only by the Prospectus when accompanied by a stock order form. The shares of common stock being offered by the Prospectus are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. URSB - B QUESTIONS? Call our Information Center at [ ], from 10:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays.

![](tm2525410d1-ex99x4_003.jpg)

Dear Friend: I am pleased to tell you about an investment opportunity. URSB Bancorp, Inc., a newly formed Maryland corporation that will serve as the stock holding company of United Roosevelt Savings Bank, is offering shares of its common stock for sale at a pri ce of $10.00 per share. No sales commission will be charged to purchasers. The stock offering is being conducted pursuant to a plan of conversion that provides for the conversion of United Roosevelt, MHC, the mutual holding company of United Roosevelt Savings Bank, from the mutual (meaning no stockholders) to the stock form of ownership. Ou r re co rd s i n d i c a t e th at y ou wer e a d e po si to r o f U n i te d R o os e vel t S aving s B ank as o f the close of business on June 30 , 2 0 24 o r [ ], wh o se acc oun t (s) w a s / we r e clo s ed the r ea f ter . A s su c h, you have non - transferable rights, but no o bliga t ion, t o subscribe fo r s ha re s o f c o m m on s to ck du ri ng t h e Subs c r i p t io n Offeri n g b efore an y share s are o f fered for s ale to the g eneral public . The enclo s e d P r osp ec tus d es cr ib e s th e s t o c k off e ring in m o re d e ta il. Pl e ase read it c a refull y before mak i n g an in v estmen t decis i on. If you are interested in ordering shares of common stock, please complete the enclosed Stock Order Form and return it, with f ull payment, by overnight delivery to the indicated address on the Stock Order Form, by hand - delivery to United Roosevelt Savings Bank's main office located at 11 - 15 Cooke Ave Carteret, NJ, or by mail using the Stock Order Reply Envelope provided . Stock Order Forms and full payment must be received (not postmarked) before 4:00 p.m., Eastern Time, on [ ]. If you are considering purchasing stock with funds you have in an IRA or other retirement account, please call our Stock Information Center promptly for guidance, because these orders require additional processing tim e. If you have questions about the stock offering, please refer to the enclosed Prospectus or call our Stock Information Center at the number shown below. I invite you to consider this opportunity to share in our future as a URSB Bancorp, Inc. stockholder. Sincerely, Kenneth R. Totten, Chairman, President & CEO This letter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offer is made only by the Prospectus when accompanied by a stock order form. The shares of common stock being offered by the Prospectus are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. URSB - F QUESTIONS? Call our Information Center at [ ], from 10:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays. B A N C O R P , I N C .

![](tm2525410d1-ex99x4_004.jpg)

Dear Potential Investor: I am pleased to tell you about an investment opportunity. URSB Bancorp, Inc., a newly formed Maryland corporation that will s erv e as the stock holding company of United Roosevelt Savings Bank, is offering shares of its common stock for sale at a price of $10 .00 per share. No sales commission will be charged to purchasers. The stock offering is being conducted pursuant to a plan of convers ion that provides for the conversion of United Roosevelt, MHC, the mutual holding company o f United Roosevelt Savings Bank, from the mutual (meaning no stockholders) to the stock form of ownership. Please read the enclosed Prospectus carefully before making an investment decision. If you are interested in ordering shares of common stock, please complete the enclosed Stock Order Form and return it, with full payment, by overnight delivery to the indicated address on the Stock Order Form, by hand - delivery to United Roosevelt Savings Bank's main office located at 11 - 15 Cooke Ave Carteret, NJ, or by mail using the Stock Order Reply Envelope provided . Stock Order Forms and full payment must be received (not postmarked) before 4:00 p.m., Eastern Time, on [ ]. If you are considering purchasing stock with funds you have in an IRA or other retirement account, please call our Stock Information Center promptly for guidance, because these orders require additional processing time. If you have questions about the stock offering, please refer to the enclosed Prospectus or call our Stock Information Center at the number shown below. I invite you to consider this opportunity to share in our future as a URSB Bancorp, Inc. stockholder. Sincerely, Kenneth R. Totten, Chairman, President & CEO This letter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offer is made only by the Prospectus when accompanied by a stock order form. The shares of common stock being offered by the Prospectus are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. URSB - C QUESTIONS? Call our Information Center at [ ], from 10:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays. B A N C O R P , I N C .

![](tm2525410d1-ex99x4_005.jpg)

Janney Montgomery Scott LLC Dear Prospective Investor: J anne y M on t go m e ry Sc o tt, LLC ha s been r e t ained b y Uni t ed Roo s e v el t S a v ing s B an k an d its proposed holding company, URSB Bancorp , Inc ., as marke t ing agen t in connec t io n with the offering of URSB Bancorp, Inc. common stock. At t he r equ es t o f Uni t ed Roosevel t Savings Bank and URSB Banco r p, Inc., we a r e enclosing a Prospectus and Stock Order Form regarding the stock offering of shares o f URSB Banco r p, Inc. common stock. We encourage you to read the Prospectus carefull y before making an investment decision. If you have questions after reading the enclose d material, please call the Stock Information Center at [ ], from 10:00 a.m. to 5:00 p.m. , Eastern Time, Monday through Friday, and ask for a Janney Montgomery Scott, LL C representative . We have been asked to forward these documents to you in view of certain requirements of the securities laws of your jurisdiction. This is not a recommendation or solicitation for any action by you with regard to the enclosed material . Sincerely, Janney Montgomery Scott LLC This letter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offer is made only by the Prospectus when accompanied by a stock order form. The shares of common stock being offered by the Prospectus are not savings accounts or deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Janney Montgomery Scott, LLC is a member of FINRA and SIPC. URSB - BD

![](tm2525410d1-ex99x4_006.jpg)

REVOCABLE PROXY 1. The approval of a Plan of Conversion whereby United Roosevelt, MHC will convert from the mutua l form of organization to the stoc k form of organization and United Roosevelt Savings Bank will become the wholly owned subsidiary of a new stock holding company to be known as URSB Bancorp, Inc., as described in more detail in the accompanying proxy statement. This proxy is revocable and will be voted as directed, but if n o inst r u c ti on s a re specifie d , this p r o x y will b e vot e d " FO R" t h e proposals, only if signed and dated . If any other business is presente d at the Special Meeting of Depositors (the "Meeting"), including whethe r or not to adjourn the Meeting, this proxy will be voted by the proxies in their best judgment. At the present time, the board of directors knows of no other business to be presented at the Meeting. This proxy also confers discretionary authority on the board of directors to vote with respect to any other business that may come before the Meeting or an y adjournment of the Meeting. The undersigned acknowledges receipt from United Roosevelt Saving s Bank, before the execution of this proxy, of both Notice of the Specia l Meeting of Depositors and a Proxy Statement for the Meeting. S ign a t u re : __ _ __ __ _ __ _ _ _ __ _ __ _ __ _ _____ _ ____ _ _________ _ ____ _ __ _ __________ _ D a te : ________ _ ________ _ _ , [ 2 0 2 5] NOTE: Only one signature is required in the case of a joint account. Please sign exactly as your name appears on this proxy card. When signing as attorney, executor, administrator, trustee or guardian, please give your full title. Corporations or partnership proxies should be signed by an authorized officer. YOUR PROMPT VOTE IS IMPORTANT! Phone or Internet voting is a quick and simple way to vote, available through 1:59 p.m., Eastern Time, on [ ]   FOLD AND DETACH THE PROXY CARD HERE  FOR AGAINST CONTROL NUMBER Please vote by marking one of the boxes as shown. If you vote by Phone or Internet you do NOT need to return your Proxy Card by mail. NOT VOTING HAS THE SAME EFFECT AS VOTING "AGAINST " THE PLAN OF CONVERSION AND "AGAINST" THE ES T ABLISHMEN T AND FUNDING OF THE CHARI T ABLE FOUND A TION. PLEASE VOTE ALL PROXY CARDS RECEIVED. NONE ARE DUPLICATES. [Web address to come] Use the Internet to vote your proxy. Have your Proxy Card in hand when you access the website. You will be prompted to enter online your 10 digit control number, located in the shaded box above. Each Proxy Card has a unique control numbe r . [Phone # to come] Use the telephone to vote your proxy. Have your Proxy Card in hand when you access the telephone voting line. You will be prompted to enter online your 10 digit control number, located in the shaded box above. Each Proxy Card has a unique control number. VOTE BY PHONE VOTE BY INTERNET  Mark, sign and date your Proxy Card and return it in the postage - paid Proxy Reply Envelope provided. VOTE BY MAIL OR OR URSB - PC 2. The approval of the establishment and funding of the URSB Charitable Foundation, Inc. FOR AGAINST

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REVOCABLE PROXY UNITED ROOSEVE L T S A VINGS BANK SPECIAL MEETING OF DEPOSI T ORS T O BE HELD ON [ ] T HI S PRO X Y I S SOLICITED ON BE H ALF OF THE B O A R D O F D I RE CT O R S OF U N I T E D R O O SEVE L T S A V I NG S B A NK F O R USE AT A S PE CI A L M E E T I N G O F D E P O S I T OR S TO B E H E LD O N [ ], A N D A N Y A D JOU R NMENT S OR P O S T P O N EM E NTS OF THE SP E CIA L M E E T IN G, F OR T HE PUR PO SES SE T F OR T H I N T H E A CCO M P ANY I N G N OTI C E OF S P EC I A L MEE TI N G. YO U R B OAR D OF D IRE C TORS U N A N I M O U SL Y RE C O M M EN DS TH A T YOU VOT E " FOR " APP R O V AL OF T HE PLA N OF C O NV E R SIO N AN D " FOR " A PP R O VA L OF T H E ES T AB LIS HM E N T AN D FUNDING OF THE CHARI T ABLE FOUND A TION. The above - signed being a d e p o s i t o r of U ni t e d R o o s e v e lt S a v i ng s B ank hereby authorizes the full Board of Directors, and each of them, with full powers of substitution, to represent the above - signed at the Special Meeting of D e p o si t o r s (the "Meeting") to be held on [ ] , at 2:00 p.m., Eastern Time, at t h e [ ] , and at any adjournment or postponement of the Meeting, to act with respect to all votes that the undersigned would be entitled to cast if then personally present, as set forth above. A n y d e p o s i t o r g i vi n g a p r o x y m a y r e v o k e i t a t a n y t i m e b e f o r e i t i s v o t e d b y d e l i v e r i n g t o t h e S e c r e t a r y o f U n it e d R oo s e v e l t S a vi n g s B a n k e i t h e r a w r i t t e n r e v o c a t i o n o f t h e p r o x y , o r a d u l y e x e c u t e d p r o x y b e a r i n g a l a t e r d a t e , o r b y v o t i n g i n p e r s o n a t t h e M e e t i n g. (CONTINUED ON REVERSE SIDE) THE BOARD OF DIRECTORS RECOMMENDS A VOTE " FOR " THE PLAN OF CONVERSION AND " FOR " THE ES T ABLISHMENT AND FUNDING OF THE CHARI T ABLE FOUND A TION. NOT VOTING IS THE EQUIVALENT OF VOTING "AGAINST" THE PLAN OF CONVERSION AND "AGAINST" THE ES T ABLISHMENT AND FUNDING OF THE CHARI T ABLE FOUND A TION. PLEASE VOTE ALL CARDS THAT YOU RECEIVE. NONE ARE DUPLICATES. VOTING DOES NOT REQUIRE YOU TO PURCHASE SHARES O F URSB BANCOR P , INC. COMMON STOCK IN THE S T OCK OFFERING.   FOLD AND DETACH THE PROXY CARD HERE  URSB - PC

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REVOCABLE PROXY   FOLD AND DETACH THE PROXY CARD HERE  CONTROL NUMBER Please vote by marking one of the boxes as shown. URSB - BRANCH N A M E A D D RE SS 1 A D D RE SS 2 CIT Y S T AT E ZIP EM A IL 1. The approval of a Plan of Conversion whereby United Roosevelt, MHC will convert from the mutual form of organization to the stock form of organization and United Roosevelt Savings Bank will become the wholly owned subsidiary of a new stock holding company to be known as URSB Bancorp, Inc., as described in more detail in the accompanying proxy statement. 2. The approval of the establishment and funding of the URSB Charitable Foundation, Inc. This proxy is revocable and will be voted as directed, but if n o instructions are speci f ied, this proxy will be voted "FOR" th e proposa l s, only if signed and dated . If any other business i s presented at the Special Meeting of Depositors (the "Meeting") , including whether or not to adjourn the Meeting, this proxy will be voted by the proxies in their best judgment. At the present time, the board of directors knows of no other business to be presente d at the Meeting. This proxy also confers discretionary authority on the board of directors to vote with respect to any other business that may come before the Meeting or any adjournment of th e Meeting. The undersigned acknowledges receipt from United Roosevelt Saving s Bank, before the execution of this proxy, of both Notice of the Special Meeting of Depositors and a Proxy Statement for the Meeting. S ign a t u re : __ _ __ __ _ __ _ _ _ __ _ __ _ __ _ _____ _ ____ _ _________ _ ____ _ __ _ __________ _ D a te : ________ _ ________ _ _ _, 2 0 25 NOTE: Only one signature is required in the case of a joint account. Please sign exactly as your name appears on this proxy card. When signing as attorney, executor, administrator, trustee or guardian, please give your full title. Corporations or partnership proxies should be signed by an authorized officer. FOR AGAINST FOR AGAINST

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URSB - BRANCH   FOLD AND DETACH THE PROXY CARD HERE  REVOCABLE PROXY UNITED ROOSEVE L T S A VINGS BANK SPECIAL MEETING OF DEPOSI T ORS T O BE HELD ON [ ] THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF UNITED ROOSEVE L T S A VINGS BANK F O R US E A T A S PECI AL ME E T I N G O F D E P O S I T ORS T O BE H E L D O N [ ], AND ANY ADJ O URNMEN T S O R POSTPONEMENTS OF THE SPECIAL MEETING, FOR THE PURPOSES SET FORTH IN THE ACCOMPANYING NOTICE OF SPE CI A L M EE T IN G . Y O UR BOA RD OF DI R E C TOR S UN A N I M OU S L Y R E C O M MEN D S T HA T Y O U V O T E " F O R " APPROVAL OF THE PLAN OF CONVERSION AND " FOR " APPRO V A L OF THE ES T ABLISHMENT AND FUNDING OF THE CHARI T ABLE FOUND A TION. The above - signed being a depositor of United Roosevelt Savings Bank hereby authorizes the full Board of Directors, and each of them, with full powers of substitution, to represent the above - signed at the Special Meeting of Depositors (the "Meeting") to be held on [ ], Eastern T ime, at t h e [ ] , and at any adjournment or postponement of the Meeting, to act with respect to all votes that the undersigned would be entitled to cast if then personally present, as set forth above. A n y de po s i t o r g ivi n g a p ro x y m ay r e vok e it a t any ti me befo re it is vo t ed by d el i v e ri n g to the S ec r e t ar y of U nit e d Roosevelt Savings Bank either a written revocation of the proxy, or a duly executed proxy bearing a later date, or by voting in person at the Meeting. (CONTINUED ON REVERSE SIDE)

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URSB - QA Questions Questions & Answers Answers about our conversion and stock offering about our conversion and stock offering B A N C O R P , I N C .

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GENERAL — THE CONVERSION Our board of directors has determined that the conversio n is in the best interests of our organization, our customers and the communities we serve. Q. What is the conversion? A. Unde r our pla n o f c on v e rsi on (the "Pl a n"), Un i ted R o os e ve l t , MHC, the mutual holding company of United Roosevel t Savings Bank, will convert from the mutual (meaning n o stockholders) to the stock form of ownership, through the s a le of s h ares of U RS B Ban c o rp , Inc. c o mm o n s to c k. U po n completion of the conversion and stock offering, 100% of th e c o mmon stock of U R SB Ba n corp, Inc. w i l l b e o w n ed b y stockholders, a n d U RS B B a n c or p , I n c. w i ll own 1 0 0 % o f United Roosevel t S a vi n gs Ba n k. Q. What are the reasons for the conversion and stoc k offering? A. Our primary reasons f or converting and raising addi t iona l capital through the stock offering are to: ● increase capital to support future growth and profitability; ● support and enhance United Roosevelt Savings Bank ' s charitable giving in its local community; ● retain and attract quali f ied personnel by establishing stock - based bene f i t pla ns f or m ana g emen t a n d emp l oyees ; and ● offer our customers and employees an opportunity t o purchase an equity interest in United Roosevelt Savings B an k by pu r chasing share s o f c o m mon st ock o f URS B Bancorp, Inc. Q. I s U nit e d R oo s e v elt Savings B an k c onside r ed "well - capitalized" for regulatory purposes? A. Yes. As of June 30, 2025, United Roosevelt Savings Bank was considered "well - capitalized" for regulatory purposes. Q. Will customers notice any change in United Roosevelt Savin g s Bank day - to - day act i v i t i es as a resu l t o f t h e conversion and stock offering? A. No . It will be business as usual . T he conversion an d stock offering is an internal change in our corporat e structure. There will be no change to our board of directors, manage m en t, and s t a ff as a resul t o f t he conve r sion an d stock offering. United Roosevelt Savings Bank will continue to operate as an independent savings bank. Q. Will the conversion and stock offering affect customers ' deposit accounts or loans? A. No. The conversion and stock offering will not affect th e balance or terms of deposits or loans, and deposits wil l continue to be federally insured by the Federal Deposi t I nsurance Corpo r a t ion up t o t he maxi m um legal li m i t s a n d wi t h o u t i nterr up t i o n . D epo s it a cc ount s will not b e converted to stock. THE PROXY VOTE A lthough w e ha ve rece i ve d c ondition a l re gul a to r y approval, the Plan is also subject to approval by Unite d Roosevelt Savings Bank's depositors. Q. Why should I vote " FO R " the Plan and " FO R " th e Charitable Foundation? A . Your vote " FOR " the Plan and " FOR " the Charitabl e Foundation is extremely important to us. Each United Roo s e v el t S a v ing s B an k depo s i t o r a s o f t he c lo s e o f b usiness o n [ ] r e c ei ve d a Pr ox y C a r d a t t a c h e d t o a Stock Or de r F or m. T he s e pack a g e s a l so i n c lu d ed a Proxy Statement describing the Plan and the Charitabl e Foundation, which cannot be implemented without th e approval of the depositors of United Roosevelt Savings Bank. Voting does not obligate you to purchase shares o f common stock in the stock offering. Q. What happens if I don't vote? A. Your vote is very important. Proxy Cards not voted wil l have the same effect as voting ''Against'' both proposals. Without sufficient favorable votes, we cannot complete the conversion and stock offering. Q. How do I vote? A. You may vote by Internet or telephone by following the instructions on the proxy card . Internet and telephon e voting is available 24 hours a day, and your vote will b e recorded immediately. Alternatively, you may mark you r vote, sign, date and mail the proxy card(s) in the enclosed proxy reply envelope today. Regardless of how you choose to cast your vote, please vote today. Not voting has the same effect as voting "Against" both proposals. Q. How many votes are available to me? A. Depositors of United Roosevelt Savings Bank at the close of business on [ ] are entitled to one vote for each $100 or fraction thereof on deposit at United Roosevelt Savings Bank. However, no depositor may cast more than 1,00 0 votes. Proxy Cards are n o t imprinte d with yo u r n um b e r of votes; however, votes will be automatically tallied b y computer. Q. Why did I receive more than one Proxy Card? A. If you had more than one deposit account at Unite d Roosevelt Savings Bank at the close of business o n [ ], you may have received more than one Proxy Card, d ependi n g o n th e o w ne rs h i p st ru ct ur e of yo ur a c co un ts . There are no duplicate cards — please promptly vote all the Proxy Cards sent to you. UR S B Ba n c o r p, In c . i s o ffer ing s h ares o f it s c o mm on st o ck f o r sa l e on a b est e f f o r t s b as i s in c onn ect ion wi t h t h e conversion of United Roosevelt, MHC from the mutual to the stock form of organization. This pamphlet answers questions about our conversion and stock offering. Investing in shares of common stock involves certain risks. Before making an investment decision, please read the enclosed Prospectus carefully, including the "Risk Factors" section.

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Q. More than one name appears on my Proxy Card. Who must sign? A. The name(s) re f lect the title of your account. Proxy Card s for joint accounts require the signature of only one of th e account holders. Proxy Cards for trust or custodian account s must be signed by the trustee or the custodian, not the liste d beneficiary. THE STOCK OFFERING AND PURCHASING SHARES Q. How many shares are being offered and at what price? A. URSB Bancorp, Inc. is offering for sale between 1,487,500 and 2,012,500 shares o f common stock (subject to increase t o 2 , 3 1 4 , 3 7 5 s h ar e s) at $10 .0 0 p er s h ar e . N o s a l e s commission will be charged to purchasers. Q. Who is eligible to purchase stock during the stock offering? A. Pursuant to the Plan, non - transferable rights to subscrib e for shares of URSB Bancorp, Inc. common stock in th e Subscription Offering have been granted in the following descending order of priority: Priority #1 — Depositors of United Roosevelt Savings Bank with aggregate balances of $50 or more at th e close of business on June 30, 2024; Priority #2 — Our tax - qualified employee benefit plans; Priority #3 — Depositors of United Roosevelt Savings Bank with aggregate balances of $50 or more at th e close of business on September 30, 2025; and Priority #4 — Depositors of United Roosevelt Savings Bank at the close of business on [ ]. Sh a r e s not s o l d in the Sub s cription Off e rin g may b e o ff e r ed f o r s ale t o t he publi c in a C o mm unit y Off er in g , wi t h a preference given to natural persons and trusts of natural persons residing in Middlesex, NJ. Shares not sold in the Subscription and Community Offering s may be offered for sale to the general public through a Syndicated Community Offering . Q. I am eligible to subscribe for shares of common stock in t h e S ub scr ip t io n O ffer ing b ut am no t in tereste d i n investing. May I allow someone else to use my Stoc k Order Form to take advantage of my priority as a n eligible account holder? A. No. Subscription rights are non - transferable! Only thos e eligible to subscribe for common stock in the Subscription Offering, as listed above, may subscribe for shares in the Subscription Offering. To preserve subscription rights, th e shares may only be registered in the name(s) of eligibl e account holder(s). On occasion, unscrupulous peopl e attempt to persuade account holders to transfer subscriptio n rights, or to subscribe shares in the offering based o n an understanding that the shares will be subsequentl y transferred to others. Participation in such scheme s is against the law and may subject involved parties t o prosecution. If you become aware of any such activities , please notify our Stock Information Center promptly s o that we can take the necessary steps to protect our eligible account holders' subscription rights in the Subscriptio n Offering. Q. How may I order shares during the Subscriptio n Offering and any Community Offering? A. Shares can be ordered by completing a Stock Order Form and returning it, with full payment, so that it is received (not postmarked) before the offering deadline. You may submit your Stock Order Form by overnight delivery to th e indicated address on the Stock Order Form, by hand - d el i very t o U n ite d R oos e ve lt S a v ing s Ban k ' s ma in of f i c e located at 11 - 15 Cooke Ave Carteret, NJ, or by mail using the Stock Order Reply Envelope provided. Q. What is the deadline for ordering shares? A. To order shares in the Subscription Offering, you mus t deliver a properl y c om p l e t ed , si g n e d S to c k O rder Form, w it h full payment, so that it is received (not postmarked) befor e 4:00 p.m., E as te r n T im e, o n [ ]. A ccep t able metho d s fo r delivery of S tock O rd e r Fo r ms a re descr i be d abov e. Q. How may I pay for the shares? A. Payment for shares can be remitted in three ways: (1) By perso nal c h eck, b an k che ck or m on e y or d er , m a d e payable t o URSB Bancorp , I nc . T hese will be deposi t e d u po n r eceip t. We can n ot ac c ept wi r e s o r th i rd p a r ty c h e c ks . (2) By authorized deposit account withdrawa l of fund s from y ou r Uni t e d Ro os e v el t Savi ng s Ba n k d ep os i t a c c o u nt(s). The St o ck Ord e r For m s e ct io n t i tl e d "Me t h o d of P a yment — Dep o sit Acco un t W it h d r a wa l" al lo w s y ou t o list the account number(s) and amount(s) to be withdrawn . Fun d s designa te d f or d ir ec t w ith dra w al mu s t be i n th e a c c o u nt(s) a t the tim e t he St o c k O rd e r Fo r m is r e cei v ed . IR A o r other retirement a c c ou n ts h el d at Un i t e d R oo s ev el t S a v i n gs B ank may n o t b e l ist e d fo r d i r e c t w i t hd r a wal . S e e i nfor m at i on on r e tir e me n t ac c o u nt s be l o w. (3) By cas h . Please do not mail cash! Q. Will I earn interest on my funds? A. Yes. If you pay by cash, personal check, bank check o r money order, you will earn interest at United Roosevel t Savings Bank's statement savings rate, which is subject to change at any time and is currently 0.10% per annum, from the date we process your payment until the completion o f the conversion and stock offering. At that time, you will be issued a check f or in t eres t earned on t hese f unds . If yo u pay for shares by authorizing a direct withdrawal from your Uni t ed Roosevel t Savings Bank depo s i t a c coun t (s) , you r funds will continue earning interest within the account a t the contract rate. The interest will remain in your account(s) when the designated withdrawa l is made, upon completion of the conversion and stock offering. Q. Are there limits to how many shares I can order? A. Y e s. T he m ini m u m o r de r i s 25 s ha r e s ($250). T he m a x i m u m nu m be r o f s ha r e s t ha t m a y be pu rc ha s ed by a per s on o r group of persons exercising subscription rights throug h a single deposit account held join t ly is 20,000 share s ($200,000). Additionally, no person or entity, togethe r wi t h any a ss o c ia t e o r g r oup o f pe rs on s a ct ing in c on c e rt , may purchase more than 50,000 shares ($500,000) in al l categories of the stock offering combined. More detail on purchase limits, including the de f inition o f "associate" and "acting in concert", can be found in th e Prospectus section entitled "The Conversion and Stoc k Offering — Limitations on Common Stock Purchases".

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Q. May I use my U n ited Ro o sevelt Savi n gs Bank i n d i vi d ua l retirement account ("IRA") to purchase shares? A. It's possible to use funds currently held in retiremen t accounts with United Roosevelt Savings Bank. However , before you place your stock order, the funds you wish to us e must be transferred to a self - directed retirement accoun t main t ained by an independen t t rus t ee or c us t odian , s uc h as a brokerage f irm. If you are interested in using IRA o r any other retirement funds held at United Roosevelt Saving s Bank or elsewhere, please call our Stock Information Cente r for guidance as soon as possible but in no event late r than two weeks before the [ ] offering deadline. You r ability to use such funds for this purchase may depend on time constraints, because this type of purchase require s additional processing time, and may be subject to limitation s imposed by the institution where the funds are held. Q. May I use a loan from United Roosevelt Savings Bank to pay for shares? A. No. United Roosevelt Savings Bank, by regulation, ma y not extend a loan for the purchase of URSB Bancorp, Inc. common stock in the stock offering. Similarly, you may not use existing United Roosevelt Savings Bank line of credit checks to purchase stock in the stock offering. Q. May I change my mind after I place an order to subscrib e for stock? A. No. Af t er receip t , your execu t ed Stock O rder Form canno t be modified or revoked without our consent or unless the offering is terminated or is extended beyond [ ] or the number of shares of common stock to be sold is increase d to more than 2,314,375 shares or decreased to less than 1,487, 5 00 s hares. Q. Are directors and executive of f icers of United Roosevel t Savings Bank planning to purchase stock? A. Yes! Directors and executive of f icers, together with thei r associates, are expected to subscribe for an aggregate of [ ] shares ([ ]) or approximately [ ] of the shares to be sold in the stock offering at the minimum of the offerin g range. Q. Will the common stock be insured? A. No . Like any common s t ock , URSB Bancorp , I nc . 's commo n stock will not be insured by the Federal Deposit Insurance Corporation or any other government agency. Q. Will dividends be paid on the stock? A. Following completion of the conversion and stock offering, URSB Bancorp, Inc.'s board o f direc t ors will have th e authority to declare dividends on the common stock . However , no decision has been made wi t h respec t t o t h e payment of dividends. The payment and amount of an y dividend payments will depend upon a number of factors , i ncl ud i ng t h e f oll o win g: re g u la t o ry c ap ita l r eq u i r e m e nts ; our financial condition and results of operations; ta x considera t ions ; s t a t u t ory and regulatory limi t a t ions ; an d general economic conditions. Q. How will the shares of URSB Bancorp, Inc. trade? A. We anticipate that the common stock will be quoted on th e OT C Q B Marke t . Once the shares have begun trading, yo u m a y c o ntac t a f irm o f f e ring inve s t m e nt se r vi ce s i n o r der t o b u y o r se l l URS B Bancorp , I n c . co m mo n s t o c k. Q. If I purchase shares in the stock offering, when will I receive my shares? A. All s h ar e s o f URSB Bancor p, I n c. c om m on st o ck s o l d i n the stock offering will be issued in book - entry form on th e books of our transfer agent, through the Direct Registration System. Paper stock certificates will not be issued. As soon as practicable after completion of the conversion and stock offering, our transfer agent will send, by f irst class mail, a statement evidencing your stock ownership. WHERE TO GET MORE INFORMATION Q. How can I get more information? A. For more information, refer to the enclosed Prospectus o r call our Stock Information Center, at [ ] , from 10:00 a.m. t o 5 : 00 p .m., E as t e r n T i m e , Monda y t h r ough F rida y. T h e Stock Information Center will be closed on bank holidays. Thi s b r o c hu re i s n e i t h er a n o ffer t o se ll no r a s oli c i tat ion o f an offer to buy shares of common stock. The offer is made only by the Prospectus when accompanied by a stoc k order form. The shares of common stock being offere d by the Prospectus are not deposits or savings account s and are not insured by the Federal Deposit Insuranc e Corporation or any other government agency.

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IMPORTANT NOTICE THIS PACKAGE INCLUDES PROXY CARD(S) REQUIRING YOUR PROMPT VOTE. IF MORE THAN ONE PROXY CARD IS ENCLOSED, PLEASE VOTE EACH CARD. THERE ARE NO DUPLICATE CARDS! THANK YOU! URSB - PF

## Exhibit 99.5

**Exhibit 99.5**

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ORDER DEADLINE & DELIVERY: A Stock Order Form, properly completed and with full payment, must be received (not postmarked) before 4:00 p.m., Eastern Time, on [ ]. Subscription rights will become void after the deadline. Stock Order Forms can be delivered by overnight delivery to the Stock Information Center address on this form , by hand - delivery to United Roosevelt Savings Bank's main office located at 11 - 15 Cooke Ave Carteret, NJ, or by using the Stock Order Reply Envelope provided. Faxes or copies of this form will not be accepted. STOCK ORDER FORM SEND OVERNIGHT PACKAGES TO: URSB Stock Center c/o Janney Montgomery Scott Two Alliance Center 3560 Lenox Road NE Atlanta, GA 30326 For Internal Use Only BATCH #_____________ ORDER #____________ PRIORITY #_____________ REC'D__________________________________ C _______________________ P LE A SE P R I N T CL E A R L Y AN D C O M PL E TE A LL AP P LICAB L E S H A D E D AREA S. READ TH E EN C LOSED S TOCK O RDER F ORM I NS TRUCTIO NS (BLUE SH EE T) AS Y OU COMPL E T E T H IS FO RM. SUBSCRIPTION (1) NUMBER OF SHARES PRICE PER SHARE (2) TOTAL PAYMENT DUE X $10.00 = (4) METHOD OF PAYMENT – DEPOSIT ACCOUNT WITHDRAWAL The undersigned authorizes withdrawal from the United Roosevelt Savings Ban k deposit account(s) listed below. There will be no early withdrawal penalty applicable for funds authorized on this form. Funds designated for withdrawal must be i n the listed account(s) at the time this form is received. IRA and other retiremen t accounts held at United Roosevelt Savings Bank may NOT be listed for direct withdrawal below. (3) METHOD OF PAYMENT – CASH, CHECK OR MONEY ORDER Enclosed is cash, or a personal check, bank check or money order made payable to URSB Bancorp, Inc. in the amount of: Wire transfers and third party checks will not be accepted for this purchase. Checks and money orders will be cashe d upon receipt. United Roosevelt Savings Bank line of credit checks may not be remitted as payment . Do not remit cash by mail. Cash accepted only by hand delivery to United Roosevelt Savings Bank's main of f ice. (6) MANAGEMENT Check if you are a URSB Bancorp, Inc. or United Roosevelt Savings Bank: Director Officer Employee Immediate family member, as defined in the Stock Order Form Instructions (7) MAXIMUM PURCHASER IDENTIFICATION Check here if you, individually or together with others (see Section 8), are subscribing in the Subscription Offering for the maximum purchase allowed and are interested in purchasing more shares if the maximum purchase limitation(s) is/are increased. If you do not check the box, you will not be contacted and resolicited in the event the maximum purchase limitations are increased. (8) ASSOCIATES/ACTING IN CONCERT Check here if you, or any associate or persons acting in concert with you, have submitted other orders for shares in the Subs cri ption Offering. If you check the box, list below all other orders submitted by you or your associates or by persons acting in concert with you . (continued on reverse side of this form) (9) STOCK REGISTRATION The name(s) and address that you provide below will be reflected on your stock ownership statement, and will be used for othe r communications related to this order. Please PRINT clearly and use full first and last name(s), not initials. If purchasing in the Subscript ion Offering, you cannot add the names of others for joint stock registration unless they are also named on the qualifing deposit or loan account. See Stock Order Form Instructions for fu rther guidance. Individual Tenants in Common Uniform Transfers to Minors Act (for reporting SSN, use minor's) FOR TRUSTEE/BROKER USE ONLY: Joint Tenants Corporation Partnership Trust – Under Agreement Dated___________ Other ___________ IRA (SSN of Beneficial Owner) ____ - ____ - ____ (10) ACKNOWLEDGMENT AND SIGNATURE(S) I understand that, to be effective, this form, properly completed, together with full payment, must be received (not postmark ed) before 4:00 p.m., Eastern Time, on [ ] , otherwise this form and all subscription rights will be void. (continued on reverse side of this form)   ORDER NOT VALID UNLESS SIGNED   ONE SIGNATURE REQUIRED, UNLESS SECTION 4 OF THIS FORM INCLUDES ACCOUNTS REQUIRING MORE THAN ONE SIGNATURE TO AUTHORIZE WITHDRAWAL. IF SIGNING AS A CUSTODIAN, TRUSTEE, CORPORATE OFFICER, ETC., PLEASE INCLUDE YOUR FULL TITLE. Signature (title, if applicable) Date Signature (title, if applicable) Date Minimum Number of Shares: 25 ($250). Maximum Number of Shares: Individual – 20,000 shares ($200,000) Group – 50,000 shares ($500,000). S e e St ock O rd e r F or m In s t r u c ti ons f or more i nform a tio n re g ar d ing maxim u m n u mber o f s h a r es. $.00 $.00 For Internal Use Only United Roosevelt Savings Bank Deposit Account Number Withdrawal Amount(s) $.00 $.00 Total Withdrawal Amount $.00 ATTACH A SEPARATE PAGE IF ADDITIONAL SPACE IS NEEDED. (5) PURCHASER INFORMATION Su b scri p ti on O ff eri n g . Che c k the one box that applies, as of the ea r lies t eligibility d a t e , to the pur c ha s er(s) l is ted in S e ct i on 9: a. Depo sitor of Un i ted Roose v el t S a vi n gs B a nk wit h a g gregate ba l an c es o f a t l ea s t $50 at t h e c lo s e o f b u sin e s s o n June 30, 20 2 4. b . Depo sitor of Un i ted Roose v el t S a vi n gs B a nk wit h a g gregate ba l an c es o f a t l ea s t $50 at t h e c lo s e o f b u sin e s s o n Se p te m be r 3 0 , 2 02 5 . c . Deposit o r a n d /or el i g ib le b o r r ow er o f U ni te d R o o se vel t S a vin gs B ank a t t h e c lo se of bus i ne s s o n [ ]. C o mm u ni t y O f f e r ing . If (a) , (b) o r (c) above do not apply to the pu r chase r (s) li s te d i n S ection 9, c h e ck t h e f i r st bo x t h a t appl i e s to t his o rder : d . Y ou a r e a r e s i dent of M i dd l esex County, NJ . e . Y ou a r e pla c ing an o r de r in the Co m mun i t y Offe r ing, but (d) a b ov e d o e s no t a p pl y. ACCOUNT INFORMATION – SUBSCRIPTION OFFERING If you checked box (a), (b) or (c) under ''Subscription Offering,'' please provide the following information as of the eligibility date under which purchaser(s) listed in Section 9 below qualify in the Subscription Offering: NOTE: NOT LISTING ALL ELIGIBLE A C CO U NTS, OR PROVI D ING IN C OR R E C T O R INCOMPLETE INFORMATION, COULD RESULT IN THE LOSS OF ALL OR PART OF AN Y SHARE ALLOCATION. ATTACH A SEPARATE PAGE IF ADDITIONAL SPACE IS NEEDED. Deposit Account Title (Name(s) on Account) United Roosevelt Savings Bank Deposit Account Number Name(s) listed in Section 9 on other Stock Order Forms Number of shares Name(s) listed in Section 9 on other Stock Order Forms Number of shares First Name, Middle Initial, Last Name Reporting SSN/Tax ID No. First Name, Middle Initial, Last Name SSN/Tax ID No. Street Daytime Phone # City State Zip County (Important) Evening Phone # URSB - SOF (over) B A N C O R P , I N C .

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(8) ASSOCIATES/ACTING IN CONCERT (continued from front of Stock Order Form) Associate – The term "associate" of a person means: (1) any corporation or organization (other than URSB Bancorp, Inc., United Roosevelt, MHC, United Roosevelt Bancorp, United Roose vel t Savings Bank or a majority - owned subsidiary of these entities) of which the person is a senior officer, partner or, directly or indirectly, the be neficial owner of 10% or more of any class of equity securities; (2) any trust or other estate in which the person has a substantial beneficial interest or serves as a trustee or in a similar fi duc iary capacity; and (3) any person who is related by blood or marriage to such person and who either lives in the same home as such person or who is a d irector or officer of URSB Bancorp, Inc., United Roosevelt, MHC, United Roosevelt Bancorp, or United Roosevelt Savings Bank. Acting in concert – The term "acting in concert" means: (1) knowing participation in a joint activity or parallel action towards a common goal whether or not pursuant to an express agre eme nt; or (2) a combination or pooling of voting or other interests in the securities of an issuer for a common purpose pursuant to any contract, understanding, relationship, agreement or other arrangement, whether written or otherwise. In general, a person or company that acts in concert with another person or company ("other party") shall also be deemed to b e a cting in concert with any person or company who i s also acting in concert with that other party. Our directors are not treated as associates of each other solely because of the ir membership on the board of directors. We have the right t o determine, in our sole discretion, whether purchasers are associates or acting in concert. Persons having the same address or ex ercising subscription rights through qualifying account s registered to the same address generally will be assumed to be associates of, and acting in concert with, each other. See the Prospectus section entitled "The Conversion and Stock Offering – Limitations on Common Stock Purchases" for more informa tion on purchase limitations. (10) ACKNOWLEDGMENT AND SIGNATURE(S) (continued from front of Stock Order Form) I agree that, after receipt by URSB Bancorp, Inc., this Stock Order Form may not be modified or canceled without URSB Bancorp , I nc.'s consent, and that if withdrawal from a deposit account has been authorized, the authorized amount will not otherwise be available for withdrawal. Under penalty of perjury, I c ertify that (1) the Social Security Number or Tax ID information and all other information provided hereon are true, correct and complete, (2) I am purchasing shares solely for my own account and that there is no agreement or understanding regarding the sale or transfer of such shares, or my right to subscribe for shares , and (3) I am not subject to backup withholding tax [cross out (3) if you have been notified by the IRS that you are subject to backup withholding]. I acknowledge that my order does not conflict with the overa ll purchase limitation of [ ] in all categories of the stock offering combined, for any person or entity, together with any associate or group of persons acting in concert, as set forth in the plan of conversion and the Prospectus dated [ ]. Subscription rights pertain to those eligible to subscribe in the Subscription Offering. Subscription rights are only exercis abl e by completing and submitting a Stock Order Form, with full payment for the shares subscribed for. Federal regulations prohibit any person from transferring or entering int o any agreement directly or indirectly to transfer the legal or beneficial ownership of subscription rights, or the underlying securities, to the account of another. I ACKNOWLEDGE THAT THE SHARES OF COMMON STOCK ARE NOT DEPOSITS OR SAVINGS ACCOUNTS AND ARE NOT INSURED OR GUARANTEED BY UNITED ROOSEVELT SAVINGS BANK, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. If anyone asserts that the shares of common stock are federally insured or guaranteed, or are as safe as an insured deposit, I s hould call the Of f ice of the Comptroller of the Currency. I further certify that, before subscribing for shares of the common stock of URSB Bancorp, Inc., I received the Prospectus da ted [ ], and I have read the terms and conditions described in the Prospectus, including disclosure concerning the nature of the security being offered and the risks involved in the investment, described by URSB Bancorp, Inc. in the "Risk Factors" section, beginning on page [ ]. Risks include, but are not limited to the following: Risks Related to Our Lending Activities 1. Our commercial and industrial loans involve credit risks that could adversely affect our financial condition and results of o per ations. 2. Our commercial real estate loans and multi - family mortgage loans involve credit risks that could adversely affect our financial condition and results of operations. 3. Our construction loans involve credit risks that could adversely affect our financial condition and results of operations. 4. A substantial portion of our consumer loan portfolio is unsecured. 5. A substantial portion of our consumer loan portfolio is unseasoned. 6. Our historical emphasis on one - to four - family residential mortgage loans exposes us to lending risks. 7. The geographic concentration of our loan portfolio and lending activities makes us vulnerable to a downturn in the local econ omy . 8. If our allowance for credit losses is not sufficient to cover actual credit losses, our earnings could decrease. 9. Environmental liability associated with our lending activities could result in losses. Risks Related to Market Interest Rates 10. Prevailing high market interest rates have reduced our profits and asset values. Risks Related to Economic Conditions 11. Inflation can have an adverse impact on our business and on our customers. 12. A worsening of economic conditions in our market area could reduce demand for our products and services and/or result in incr eas es in our level of non - performing loans, which could adversely affect our operations, financial condition and earnings. 13. The soundness of other financial institutions could adversely affect us. Risks Related to Our Funding 14. Our inability to generate core deposits may cause us to rely more heavily on wholesale funding strategies for funding and liq uid ity needs, which could have an adverse effect on our profitability. 15. Our funding sources may prove insufficient to replace deposits at maturity and support our future growth. Risks Related to Laws and Regulations 16. Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our ope rations and/or increase our costs of operations. 17. Non - compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions. 18. Monetary policies and regulations of the Federal Reserve Board could adversely affect our business, financial condition and r esu lts of operations. 19. We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure req uirements applicable to emerging growth companies could make our common stock less attractive to investors. 20. We are also a smaller reporting company, and even if we no longer qualify as an emerging growth company, any decision on our par t to comply only with certain reduced reporting and disclosure requirements applicable to smaller reporting companies could make our common stock less attractive to investor s. Risks Related to Competitive Matters 21. Strong competition within our market area may limit our growth and profitability. Risks Related to Operational Matters 22. We depend on our management team to implement our business strategy and execute successful operations and we could be harmed by the loss of their services. 23. We face significant operational risks because of our reliance on technology. Our information technology systems may be subjec t t o failure, interruption or security breaches. 24. We outsource critical operations to third - party service providers. Systems failures, interruptions and cybersecurity breaches co uld have a material adverse effect on us. 25. We are subject to litigation risk, and any pending or potential litigation may have an adverse effect on our business, financ ial condition and results of operations. 26. We operate as a community bank and our ability to maintain our reputation, which is critical to the success of our business, may materially adversely affect our performance. 27. The cost of additional finance and accounting systems, procedures and controls in order to satisfy our new public company rep ort ing requirements will increase our expenses. Risks Related to Accounting Matters 28. Changes in management's estimates and assumptions may have a material impact on our consolidated financial statements and our fi nancial condition or operating results. 29. Changes in accounting standards could affect reported earnings. Risks Related to the Stock Offering 30. The future price of our common stock may be less than the purchase price in the stock offering. 31. There will be a limited trading market in our common stock, which could hinder your ability to sell our common stock and may low er the market price of the stock. 32. We have broad discretion in using the net proceeds of the stock offering. Our failure to effectively deploy the net proceeds of the stock offering may have an adverse effect on our financial performance and the value of our common stock. 33. The capital we raise in the stock offering may negatively impact our return on equity until we can fully implement our busine ss plan. This could negatively affect the trading price of our shares of common stock. 34. Our stock - based benefit plans will increase our expenses, which will reduce our net income. 35. The implementation of a stock - based benefit plan is likely to dilute your ownership interest. 36. We have not determined when we will adopt one or more stock - based benefit plans following the conversion and stock offering. Stock - based benefit plans adopted more than one year following the completion of the conversion and stock offering may exceed regulatory restrictions on the size of stock - based benefit plans adopted within one year, which would increase both our expenses and dilution to stockholders. 37. Various factors may make takeover attempts more difficult to achieve. 38. Our articles of incorporation provide that, subject to limited exception, state and federal courts in the State of Maryland a re the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, and other employees. 39. You may not revoke your order to purchase URSB Bancorp common stock in the subscription offering or any community offering af ter you send us your order. 40. The distribution of subscription rights could have adverse income tax consequences. Risks Related to Our Contribution to the Charitable Foundation 41 . The contribution to the charitable foundation will dilute your ownership interest and adversely affect net income in the year in which we consummate the conversion and stock offering . 42. Our contribution to the charitable foundation may not be tax deductible, which could reduce our profits. By executing this form, the investor is not waiving any rights under federal or state securities laws, including the Securiti es Act of 1933 and the Securities Exchange Act of 1934. STOCK ORDER FORM – SIDE 2 URSB - SOF See Front of Stock Order Form 

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URSB BANCORP, INC. STOCK INFORMATION CENTER: [ ] STOCK ORDER FORM INSTRUCTIONS – SIDE 1 Sections (1) and (2) – Number of Shares and Total Payment Due. Indicate the Number of Shares that you wish to subscribe for and the Total Payment Due. Calculate the Total Payment Due by multiplying the Number of Shares by the $10.00 price per share. The minimum purchase is 25 shares ($250). The maximum allowable purchase by an individual, or individuals on a single qualifying account held jointly is 20,000 shares ($200,000). Further, no person or entity, together with any associate or group of persons acting in concert, may purchase more than 50,00 0 shares ($500,000) in all categories of the offering combined. Please see the Prospectus section entitled "The Conversion and Stock Offering – Limitations on Common Stock Purchases" for more specific information. By signing this form, you are certifying that your order does not conflict with these purchase limitations. Section (3) – Method of Payment – Cash, Check or Money Order. Payment may be made by including with this form cash or a personal check, bank check or money order made payable directly to URSB Bancorp, Inc. These will be deposited upon receipt. The funds remitted by personal check must be available within the account(s) when your Stock Order Form is received. Indicate the amount remitted. Interest will be calculated at 0.01% per annum from the date payment is processed until the offering is completed, at which time a subscriber will be issued a check for interest earned. Please do not remit cash by mail, a United Roosevelt Savings Bank line of credit check, wire transfers or third party checks for this purchase. Section (4) – Method of Payment – Deposit Account Withdrawal. Payment may be made by authorizing a direct withdrawal from your United Roosevelt Savings Bank deposit account(s). Indicate the account number(s) and the amount(s) you wish withdrawn. Attach a separate page, if necessary. Funds designated for withdrawal must be available within the account(s) at the time this Stock Order Form is received. Upon receipt of this order, we will place a hold on the amount(s) designated by you – the funds will be unavailable to you for withdrawal thereafter. The funds will continue to earn interest at the contract rate. The interest will remain in the accounts when the designated withdrawal is made, at the completion of the offering. There will be no early withdrawal penalty for withdrawal from a United Roosevelt Savings Bank certificate of deposit (CD) account. You may not designate direct withdrawal from a United Roosevelt Savings Bank IRA or other retirement accounts. For guidance on usin g retirement funds, whether held at United Roosevelt Savings Bank or elsewhere, please contact the Stock Information Center as soon as possible – but in no event later than two weeks before the [ ] offering deadline. See the Prospectus section entitled "The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription Offering and any Community Offering – Using Individual Retirement Account Funds." Your ability to use retirement account funds to purchase shares cannot be guaranteed and depends on various factors, including timing constraints and the institution where those funds are currently held. Sec t i on (5) – P urch a se r I n fo r matio n . P l eas e c he c k t he o n e bo x t hat a p p li es t o th e pu r ch a se r (s) li st e d in S ec t i o n 9 o f t h i s f orm . P u rc h as e p ri o r i ti e s in the Subscription Offering are based on eligibility dates. Boxes (a), (b) and (c) refer to the Subscription Offering. If you checked box (a) or (b) or (c), list all United Roosevelt Savings Bank deposit account numbers that the purchaser(s) had ownership in as of the applicable eligibility date. Include all forms of account ownership (e.g., individual, joint, IRA, etc.). If purchasing shares for a minor, list only the minor's eligible accounts. If purchasing shares for a corporation or partnership, list only that entity's eligible accounts. Attach a separate page, if necessary. Failure t o complete this section, or providing incorrect or incomplete information, could result in a loss of part or all of your share allocation in th e event of an oversubscription. Boxes (d) and (e) refer to the Community Offering . Orders placed in the Subscription Offering will take priority over orders placed in the Community Offering. See the Prospectus section entitled "The Conversion and Stock Offering" for further details about the Subscription and Community Offerings. Section (6) – Management . Check the box if you are a URSB Bancorp, Inc., United Roosevelt, MHC, United Roosevelt Bancorp or Unite d Roosevelt Savings Bank director, of f icer or a member of their immediate family. "Immediate family" includes spouse, parents, siblings and childre n who live in the same house as the director or officer. Section (7) – Maximum Purchaser Identi f ication . Check the box, if applicable. Failure to check the box will result in you not receiving noti f icatio n in the event the maximum purchase limit(s) is/are increased. If you checked the box but have not subscribed for the maximum amount in the Subscription Offering, you will not receive this notification. Section (8) – Associates/Acting in Concert. Check the box, if applicable, and provide the requested information. Attach a separate page if necessary. Section (9) – Stock Registration . Clearly PRINT the name(s) in which you want the shares registered and the mailing address for al l correspondence related to your order, including a stock ownership statement. Each Stock Order Form will generate one stock ownership statement , subject to the stock allocation provisions described in the Prospectus. IMPORTANT: Subscription rights are non - transferable. If placing an order in the Subscription Offering, you cannot add the names of others for joint stock registration unless they are also named on the qualifying deposit or loan account. A Social Security Number or Tax ID Number must be provided. The first number listed will be identified with the stock for tax reporting purposes. Listing at least one phone number is important in the event we need to contact you about this form. NOTE FOR FINRA MEMBERS (Formerly NASD): If you are a member of the Financial Industry Regulatory Authority ("FINRA"), formerly the National Association of Securities Dealers ("NASD"), or a person affiliated or associated with a FINRA member, you may have additional reporting requirements. Please report this subscription in writing to the applicable department of the FINRA member firm within one day of payment thereof. URSB - SOI (over)

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URSB BANCORP, INC. STOCK INFORMATION CENTER: [ ] STOCK ORDER FORM INSTRUCTIONS – SIDE 2 F o rm o f St o ck O w ners h i p . For reasons o f clari t y and standardization, t he s t ock transfer industry has developed uniform stockholder registration s for issuance of stock ownership statements. Beneficiaries may not be named on stock registrations. If you have any questions on wills, estates, beneficiaries, etc., please consult your legal advisor. When registering stock, do not use two initials – use the full first name, middle initial and last name. Omit words that do not affect ownership such as "Dr." or "Mrs." Check the one box that applies. Buying Stock Individuall y – Used when shares are registered in the name of only one owner. To qualify in the Subscription Offering, the individual named in Section 9 of the Stock Order Form must have been an eligible depositor at United Roosevelt Savings Bank at the close of business on [ ], [ ] or [ ]. Buying Stock Jointly – To qualify in the Subscription Offering, the persons named in Section 9 of the Stock Order Form must have been an eligible depositor at United Roosevelt Savings Bank at the close of business on [ ], [ ] or [ ]. J o i n t T e n a n t s – Join t T enancy (wi t h Righ t o f Survivo r ship) may be spe c i f ied t o iden t i fy t wo or more owners where ownership i s intended to pass automatically to the surviving tenant(s). All owners must agree to the sale of shares. Tenants in Common – May be specified to identify two or more owners where, upon the death of one co - tenant, ownership of the stock will be held by the surviving co - tenant(s) and by the heirs of the deceased co - tenant. All owners must agree to the sale of shares. Buying Stock for a Minor – Shares may be held in the name of a custodian for a minor under the Uniform Transfer to Minors Act. To qualify in the Subscription Offering, the minor (not the custodian) named in Section 9 of the Stock Order Form must have been an eligible depositor at United Roosevelt Savings Bank at the close of business on [ ], [ ] or [ ]. The standard abbreviation for custodian i s "CUST." The U n if o rm Transfer to Mi n ors Act is "UTMA." I n clude the state abbreviation. Fo r example, stock held by John Smith as custodian for Susan Smith under the OH Uniform Transfer to Minors Act, should be registered as John Smith CUST Susan Smith UTMA - OH (list only the minor's social security number). Buying Stock for a Corporation/Partnership – On the first name line indicate the name of the corporation or partnership and indicate the entity's Tax ID Number for reporting purposes. To qualify in the Subscription Offering, the corporation or partnership named in Section 9 of th e Stock Order Form must have been an eligible depositor at United Roosevelt Savings Bank at the close of business on [ ], [ ] or [ ]. Buying Stock in a Trust/Fiduciary Capacit y – Indicate the name of the f iduciary and the capacity under which the f iduciary is actin g (for example, "Executor"), or name of the trust, the trustees and the date of the trust. Indicate the Tax ID Number to be used for reporting purposes. To qualify in the Subscription Offering, the entity named in Section 9 of the Stock Order Form must have been an eligible depositor at United Roosevelt Savings Bank at the close of business on [ ], [ ] or [ ]. Buying Stock in a Self - Directed IRA (for trustee/broker use only) – Registration should reflect the custodian or trustee firm's registration requirements. For example, on the first name line, indicate the name of the brokerage firm, followed by CUST or TRUSTEE. On the second name line, indicate the name of the beneficial owner (for example, "FBO John SMITH IRA"). You can indicate an account number or other underlying information and the custodian or trustee firm's address and department to which all correspondence should be mailed related to this order, including a stock ownership statement. Indicate the TAX ID Number under which the IRA account should be reported for tax purposes. To qualify in the Subscription Offering, the beneficial owner named in Section 9 of this form must have been an eligible depositor at United Roosevelt Savings Bank at the close of business on December 31, 2020, March 31, 2022 or April 30, 2022 or an eligible borrower at the close of business on April 30, 2022. Section (10) – Acknowledgment and Signature(s) . Sign and date the Stock Order Form where indicated. Before you sign, please carefully review the information you provided and read the acknowledgment. Verify that you have printed clearly and completed all applicable shaded area s on the Stock Order Form. Only one signature is required, unless any account listed in Section 4 requires more than one signat ure to authorize a withdrawal. Please review the Prospectus carefully before making an investment decision. Deliver your completed Stock Order Form, with full payment or deposit account withdrawal authorization, so that it is received (not postmarked) before 4:00 p.m., Eastern Time, on [ ]. Stock Order Forms can be delivered by overnight delivery to the Stock Information Center address on the front of the Stock Order Form, by hand - delivery to United Roosevelt Savings Bank's main office, located at 11 - 15 Cooke Ave Carteret, NJ, or by using the enclosed postage paid Stock Order Reply Envelope. We are not required to accept Stock Order Forms that are found to be deficient or incorrect, or that do not include proper payment or the required signature. Faxes or copies of this form are not required to be accepted. OVERNIGHT DELIVERY can be made to the Stock Information Center address provided on the front of the Stock Order Form. QUESTIONS? Call our Stock Information Center at [ ], from 10:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday. The Stock Information Center will be closed on bank holidays. URSB - SOI

## Exhibit 99.6

**Exhibit 99.6**

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| ![](tm2525410d1_ex99-6img001.jpg) | **RP<sup>®</sup> FINANCIAL, LC.** |
| ![](tm2525410d1_ex99-6img001.jpg) | **Advisory \| Planning \| Valuation** |

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September 10, 2025

Boards of Directors<br> United Roosevelt MHC<br> United Roosevelt Bancorp<br> URSB Bancorp, Inc.<br> United Roosevelt Savings Bank<br> 11-15 Cooke Avenue

Carteret, New Jersey 07008

Re: Plan of Conversion

United Roosevelt MHC<br> United Roosevelt Bancorp<u><br> United Roosevelt Savings Bank</u>

Members of the Boards of Directors:

All capitalized terms not otherwise defined in this letter have the meanings given such terms in the Plan of Conversion (the "Plan") adopted by the Boards of Directors of United Roosevelt MHC (the "MHC"), United Roosevelt Bancorp (the "Mid-Tier") and United Roosevelt Savings Bank. The Plan provides for the conversion of the MHC into the full stock form of organization. Pursuant to the Plan, a new Maryland stock holding company named URSB Bancorp, Inc. (the "Company") will be organized and will sell shares of common stock in a public offering. When the conversion is completed, all of the capital stock of United Roosevelt Savings Bank will be owned by the Company and all of the common stock of the Company will be owned by public stockholders.

We understand that in accordance with the Plan, depositors will receive rights in a liquidation account maintained by the Company representing the amount of (i) the MHC's ownership interest in the Mid-Tier's total stockholders' equity as of the date of the latest statement of financial condition used in the prospectus plus (ii) the value of the net assets of the MHC as of the date of the latest statement of financial condition of the MHC prior to the consummation of the conversion (excluding its ownership of the Mid-Tier). The Company shall continue to hold the liquidation account for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders who continue to maintain deposits in United Roosevelt Savings Bank. The liquidation account is designed to provide payments to depositors of their liquidation interests in the event of liquidation of United Roosevelt Savings Bank (or the Company and United Roosevelt Savings Bank).

In the unlikely event that either United Roosevelt Savings Bank (or the Company and United Roosevelt Savings Bank) were to liquidate after the conversion (including, a liquidation of United Roosevelt Savings Bank following a purchase and assumption transaction with a credit union acquiror), all claims of creditors, including those of depositors, would be paid first, followed by distribution to depositors as of June 30, 2024 and depositors as of the date of record for Supplemental Eligible Account Holders. Also, in a complete liquidation of both entities, or of United Roosevelt Savings Bank, when the Company has insufficient assets (other than the stock of United Roosevelt Savings Bank), or of United Roosevelt Savings Bank following a purchase and assumption transaction with a credit union acquiror, to fund the liquidation account distribution due to Eligible Account Holders and Supplemental Eligible Account Holders and United Roosevelt Savings Bank has positive net worth, United Roosevelt Savings Bank shall immediately make a distribution to fund the Company's remaining obligations under the liquidation account. The Plan further provides that if the Company is completely liquidated or sold apart from a sale or liquidation of United Roosevelt Savings Bank, then the rights of Eligible Account Holders and Supplemental Eligible Account Holders in the liquidation account maintained by the Company shall be surrendered and treated as a liquidation account in United Roosevelt Savings Bank, the bank liquidation account and depositors shall have an equivalent interest in such bank liquidation account, subject to the same rights and terms as the liquidation account.

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| **Washington Headquarters** |  |
| <br> 1311-A Dolley Madison Boulevard<br> Suite 2A<br> McLean, VA 22101<br> www.rpfinancial.com | Telephone: (703) 528-1700<br> Fax No.: (703) 528-1788<br> Toll Free No.: (866) 723-0594<br> E-Mail: mail@rpfinancial.com |

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RP® Financial, LC.

Boards of Directors

September 10, 2025

Based upon our review of the Plan and our observations that the liquidation rights become payable only upon the unlikely event of the liquidation of United Roosevelt Savings Bank (or the Company and United Roosevelt Savings Bank), that liquidation rights in the Company automatically transfer to United Roosevelt Savings Bank in the event the Company is completely liquidated or sold apart from a sale or liquidation of United Roosevelt Savings Bank, and that after two years from the date of conversion and upon written request of the Federal Reserve Board, the Company will transfer the liquidation account and depositors' interest in such account to United Roosevelt Savings Bank and the liquidation account shall thereupon become the liquidation account of United Roosevelt Savings Bank no longer subject to the Company's creditors, we are of the belief that: the benefit provided by the United Roosevelt Savings Bank liquidation account supporting the payment of the liquidation account in the event the Company lacks sufficient net assets or following a purchase and assumption transaction with a credit union acquiror does not have any economic value at the time of the transactions contemplated in the first and second paragraphs above. We note that we have not undertaken any independent investigation of state or federal law or the position of the Internal Revenue Service with respect to this issue.

Sincerely,

![](tm2525410d1_ex99-2img001.jpg)

RP<sup>®</sup> Financial, LC.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **URSB Bancorp, Inc.**  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common stock, $0.01 par value per share | 457(a) | 2334375 | $10.00 | $23343750.00 | 0.0001531 | $3573.93 |
| Fees to be Paid | 2 | Other | Participation Interests | Other | 238404 |  |  | 0.0001531 | $0.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $23343750.00  |  | $3573.93  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $3573.93  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Estimated solely for the purpose of calculating the registration fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> The securities of URSB Bancorp, Inc. to be purchased by the United Roosevelt Savings Bank 401(k) & Profit Sharing Plan are included in the amount shown for common stock. However, pursuant to Rule 457(h) of the Securities Act of 1933, as amended, no separate fee is required for the participation interests. Pursuant to such rule, the amount being registered has been calculated on the basis of the number of shares of common stock that may be purchased with the current assets of such plan.

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| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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