# EDGAR Filing Document

**Accession Number:** 0002114521
**File Stem:** 0001104659-26-027696
**Filing Date:** 2026-3
**Character Count:** 1381697
**Document Hash:** e5287cba5c0069877b0de0a1e7828dd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-027696.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001104659-26-027696

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 80

**FILED AS OF DATE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CSB Financial Inc.
- **CENTRAL INDEX KEY:** 0002114521

**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:** 333-294289
- **FILM NUMBER:** 26752870

**BUSINESS ADDRESS:**
- **STREET 1:** 503 WEST PLANE STREET
- **CITY:** BETHEL
- **STATE:** OH
- **ZIP:** 45106
- **BUSINESS PHONE:** 513-734-4445

**MAIL ADDRESS:**
- **STREET 1:** 503 WEST PLANE STREET
- **CITY:** BETHEL
- **STATE:** OH
- **ZIP:** 45106

**As filed with the Securities and Exchange Commission on March 13, 2026**

**Registration No. 333-________**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-1**

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

**CSB Financial Inc.**

(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) |

---

**503 West Plane Street**

**Bethel, Ohio 45106**

**(513) 734-4445**

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

---

| |
|:---|
| &nbsp;&nbsp;**John E. Essen** |
| &nbsp;&nbsp;**President and Chief Executive Officer** |
| &nbsp;&nbsp;**CSB Financial Inc.** |
| &nbsp;&nbsp;**503 West Plane Street** |
| &nbsp;&nbsp;**Bethel, Ohio 45106** |
| &nbsp;&nbsp;**(513) 541-4445** |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Kip A. Weissman, Esq.**<br> **Victor L. Cangelosi, Esq.**<br> **Luse Gorman, PC**<br> **5335 Wisconsin Avenue, N.W., Suite 780**<br> **Washington, D.C. 20015**<br> **(202) 274-2028** | **Edward G. Olifer, Esq.**<br> **Steven F. Donahoe, Esq.**<br> **Kilpatrick Townsend & Stockton, LLP**<br> **701 Pennsylvania Avenue, N.W., Suite 200**<br> **Washington, D.C. 20004**<br> **(202) 508-5800** |

---

**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 o**n 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.**

**PROSPECTUS**

![](tm268082d1_s1sp2img01.jpg)

**(Proposed Holding Company for Community Savings Bank)**

**Up to 1,265,000 Shares of Common Stock**

**(Subject to Increase to up to 1,454,750 Shares)**

CSB Financial Inc. is offering shares of common stock for sale in an initial public offering in connection with the conversion of Community Savings Bank from the mutual form of organization to the stock form of organization. In addition to the shares of common stock offered for sale in the stock offering, we intend to contribute 27,500 shares of common stock and $100,000 in cash to a charitable foundation we intend to establish in connection with the conversion and stock offering. There is currently no 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, therefore, 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 Community 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 preference given to natural persons (including trusts of natural persons) residing in Clermont and Highland Counties in Ohio. Any shares of common stock not purchased in the subscription offering or the community offering may be offered for sale to the public through a syndicate of broker-dealers in a syndicated community offering. The syndicated community offering, if held, may commence before the subscription offering and the community offering (including any extensions) have expired. However, no shares purchased in the subscription offering or the community offering will be issued until the completion of any syndicated community offering. We may sell up to 1,454,750 shares of common stock because of demand for the shares of common stock or changes in market conditions, without resoliciting subscribers. We must sell a minimum of 935,000 shares to complete the conversion and stock offering.

The minimum purchase order is 25 shares. Generally, no individual, or individuals acting through a single qualifying account held jointly, may purchase more than 17,500 shares ($175,000) of common stock, and no person or entity, together with associates or persons acting in concert with the person or entity, may purchase more than 25,000 shares ($250,000) of common stock in all categories of the stock offering combined.

The subscription offering will expire at 5:00 p.m., Eastern time, on June ___, 2026. We expect that the community offering, if held, will expire at the same time. We may extend the expiration date of the subscription offering and any community offering without notice to you until _________, 2026, or longer if the Superintendent of the Ohio Division of Financial Institutions and the Federal Deposit Insurance Corporation approve a later date. No single extension may exceed 90 days and the stock offering must be completed by June ____, 2028. Once submitted, orders are irrevocable unless the subscription offering and/or 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 1,454,750 shares or decreased to less than 935,000 shares. If the subscription offering and any community offering are extended beyond _________, 2026, all subscribers will be notified and given 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 1,454,750 shares or decreased to less than 935,000 shares, we will resolicit subscribers, and all funds delivered to us to purchase shares of common stock in the subscription offering and any community offering will be returned promptly with interest and without any deduction for fees or offering expenses. Funds received in the subscription offering and any community offering will be held in a segregated account at Community Savings Bank and will earn interest at 0.15% per annum until completion or termination of the stock offering.

Performance Trust Capital Partners, LLC will assist us in selling our shares of common stock on a best efforts basis in the subscription offering and any community offering, and will serve as sole manager for any syndicated community offering. Performance Trust Capital Partners, LLC is not required to purchase any shares of common stock we are offering for sale.

**OFFERING SUMMARY**

**Price: $10.00 per share**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Minimum** | **Midpoint** | **Maximum** | **Adjusted<br> Maximum** |
| Number of shares | 935000 | 1100000 | 1265000 | 1454750 |
| Gross offering proceeds | $9350000 | $11000000 | $12650000 | $14547500 |
| Estimated offering expenses, excluding selling agent fees and expenses <sup>(1)</sup> | $1190000 | $1190000 | $1190000 | $1190000 |
| Selling agent fees and expenses <sup>(1) (2)</sup> | $410000 | $410000 | $410000 | $410000 |
| Estimated net proceeds | $7750000 | $9400000 | $11050000 | $12947500 |
| Estimated net proceeds per share | $8.29 | $8.55 | $8.74 | $8.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See "The Conversion and Stock Offering – Plan of Distribution; Selling Agent and Underwriter Compensation" for a
discussion of the compensation payable to Performance Trust Capital Partners, LLC for this stock offering, including any compensation
to be received by it and other broker-dealers for any syndicated community offering.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes records agent fees and expenses payable to Performance Trust Capital Partners, LLC, which are included in estimated offering
expenses. See "The Conversion and Stock Offering – Records Agent and Stock Information Center Management."

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

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

*These securities are not deposits or 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 Ohio Division of Financial Institutions, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.*

**PERFORMANCE TRUST**

**CAPITAL PARTNERS**

For assistance, contact the Stock Information Center at ____________.

The date of this prospectus is May _____, 2026.

![](tm268082d1_s1sp2img001.jpg)

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | Page |
| **[SUMMARY](#ya_001)** | **[1](#ya_001)** |
| **[RISK FACTORS](#ya_002)** | **[15](#ya_002)** |
| **[SELECTED FINANCIAL AND OTHER DATA OF COMMUNITY SAVINGS BANK](#ya_003)** | **[28](#ya_003)** |
| **[FORWARD-LOOKING STATEMENTS](#ya_004)** | **[30](#ya_004)** |
| **[HOW WE INTEND TO USE THE PROCEEDS FROM THE STOCK OFFERING](#ya_005)** | **[32](#ya_005)** |
| **[OUR DIVIDEND POLICY](#ya_006)** | **[33](#ya_006)** |
| **[MARKET FOR THE COMMON STOCK](#ya_007)** | **[34](#ya_007)** |
| **[HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE](#ya_008)** | **[35](#ya_008)** |
| **[CAPITALIZATION](#ya_009)** | **[36](#ya_009)** |
| **[PRO FORMA DATA](#ya_010)** | **[38](#ya_010)** |
| **[COMPARISON OF INDEPENDENT VALUATION AND PRO FORMA INFORMATION WITH AND WITHOUT CHARITABLE FOUNDATION](#ya_011)** | **[42](#ya_011)** |
| **[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ya_012)** | **[44](#ya_012)** |
| **[BUSINESS OF CSB FINANCIAL](#ya_013)** | **[55](#ya_013)** |
| **[BUSINESS OF COMMUNITY SAVINGS BANK](#ya_014)** | **[56](#ya_014)** |
| **[REGULATION AND SUPERVISION](#ya_015)** | **[71](#ya_015)** |
| **[TAXATION](#ya_016)** | **[79](#ya_016)** |
| **[MANAGEMENT](#ya_017)** | **[80](#ya_017)** |
| **[SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS](#ab_001)** | **[89](#ab_001)** |
| **[THE CONVERSION AND STOCK OFFERING](#ab_002)** | **[90](#ab_002)** |
| **[CHARITABLE FOUNDATION](#ab_003)** | **[110](#ab_003)** |
| **[RESTRICTIONS ON ACQUISITION OF CSB FINANCIAL](#ab_004)** | **[113](#ab_004)** |
| **[DESCRIPTION OF CAPITAL STOCK OF CSB FINANCIAL](#ab_005)** | **[118](#ab_005)** |
| **[TRANSFER AGENT](#ab_006)** | **[120](#ab_006)** |
| **[EXPERTS](#ab_007)** | **[120](#ab_007)** |
| **[CHANGE IN INDEPENDENT AUDITOR](#ab_008)** | **[120](#ab_008)** |
| **[LEGAL MATTERS](#ab_009)** | **[121](#ab_009)** |
| **[WHERE YOU CAN FIND ADDITIONAL INFORMATION](#ab_010)** | **[121](#ab_010)** |
| **[INDEX TO FINANCIAL STATEMENTS OF COMMUNITY SAVINGS BANK](#ab_011)** | **[122](#ab_011)** |

---

i

**SUMMARY**

*The following summary provides material information about Community Savings Bank's mutual-to-stock conversion and the related offering of common stock by CSB Financial Inc. It may not contain all of the information that is important to you. For additional information before making an investment decision, you should read this entire document carefully, including the financial statements and the notes to the financial statements, as well as the section entitled "Risk Factors."*

**CSB Financial Inc.**

CSB Financial Inc., referred to as "CSB Financial" throughout this prospectus, a newly formed Maryland corporation, is offering for sale shares of its common stock in an initial public offering in connection with the conversion of Community Savings Bank from a mutual bank (meaning it has no stockholders) to a stock bank. Currently, all depositors are members of and have voting rights in Community Savings Bank as to all matters requiring membership action. The following diagram depicts Community Savings Bank's current organizational structure:

![](tm268082d1_s1sp2img02.jpg)

Upon completion of the conversion and stock offering, CSB Financial will be 100% owned by its stockholders and Community Savings Bank will be 100% owned by CSB Financial. Community Savings Bank will cease to have members and its former members will no longer have voting rights in Community Savings Bank. All voting rights in Community Savings Bank will be vested in CSB Financial as the sole stockholder of Community Savings Bank. The stockholders of CSB Financial will possess exclusive voting rights with respect to CSB Financial common stock. The following diagram depicts CSB Financial's organizational structure after the completion of the conversion and stock offering:

![](tm268082d1_s1sp2img03.jpg)

CSB Financial was incorporated on February 18, 2026, and has not engaged in any business to date. Upon completion of the conversion and stock offering, CSB Financial will register as a bank holding company and will be subject to comprehensive regulation and examination by the Board of Governors of the Federal Reserve System, referred to as the "Federal Reserve Board" throughout this prospectus.

CSB Financial's principal office is located at 503 West Plane Street, Bethel, Ohio 45106, and its telephone number at that address is (513) 734 - 4445.

**Community Savings Bank**

Originally chartered in 1889 under the name The Bethel Building and Loan Company, Community Savings Bank is an Ohio-chartered mutual bank headquartered in Bethel, Ohio. In 2010, Community Savings Bank took its current name. In 2014, Community Savings Bank acquired The Home Building and Loan Company of Greenfield, Ohio, which was originally chartered in 1886.

Community Savings Bank operates from its main office in Bethel, Ohio, and one branch office in Greenfield, Ohio. We consider Clermont County, where Bethel is located, and Highland County, where Greenfield is located, to be our primary market area for loans and retail deposits. However, because Clermont and Highland Counties are rural we also seek and obtain loan demand from customers in the Cincinnati Metropolitan Area. We offer a variety of deposit accounts, including savings accounts, money market accounts, NOW accounts, noninterest-bearing demand accounts, and certificates of deposit. In addition to delivering banking services through our banking offices, we offer online and mobile banking.

Our business consists primarily of accepting retail deposits from the general public and investing those deposits, along with brokered deposits, Federal Home Loan Bank advances and funds generated from operations, primarily in our loan portfolio. Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase most of our commercial and industrial loans and consumer loans from a third party. At December 31, 2025, one-to four-family residential mortgage loans totaled $41.2 million (44.2% of total loans), consumer loans totaled $17.5 million (18.7% of total loans), commercial real estate loans totaled $11.5 million (12.3% of total loans), multi-family mortgage loans totaled $9.9 million (10.7% of total loans), commercial and industrial loans totaled $7.7 million (8.2% of total loans), construction and land loans totaled $2.7 million (2.9% of total loans) and second mortgage and home equity loans totaled $2.8 million (3.0% of total loans). Consumer loans, in particular, increased by $14.9 million during the year ended December 31, 2025. For further information about our lending activities, see "Risk Factors – Risks Related to Our Lending Activities" and "Business of Community Savings Bank – Lending Activities."

At December 31, 2025, we had total assets of $110.2 million, total deposits of $82.2 million and total equity of $15.8 million. We had net income of $439,000 for the year ended December 31, 2025 and a net loss of $369,000 for the year ended December 31, 2024. The net loss was primarily due to $790,000 in one-time expenses associated with the conversion of our core data processing system to a new core service provider. Our primary revenue source is interest income earned on loans and investments. Noninterest income is not a significant revenue source.

We are subject to comprehensive regulation and examination by the Ohio Department of Financial Institutions, referred to as the "ODFI" throughout this prospectus, our chartering authority, and by the Federal Deposit Insurance Corporation, referred to as the "FDIC" throughout this prospectus, our primary federal regulator and deposit insurer.

Our main office is located at 503 West Plane Street, Bethel, Ohio 45106, and our telephone number at that address is (513) 734-4445. Our website address is *www.bankwith-csb.com*. Information on our website is not incorporated into this prospectus and should not be considered part of this prospectus.

**Business Strategy**

Our principal objective is to build long-term value for our stockholders by operating a profitable community financial institution dedicated to meeting the banking needs of our customers and community. Our loan-to-deposit ratio was 113.5% at December 31, 2025. We expect the proceeds from the stock offering to enable us to continue to grow while reducing our reliance on higher cost funding such as brokered certificates of deposit and Federal Home Loan Bank advances. We plan to employ the following strategies to grow and to maximize profitability:

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our commercial real estate loan portfolio.** At December 31,
2025, commercial real estate loans were a significant component of our loan portfolio. 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 purchase consumer loans.** The consumer loan portfolio increased
from $2.6 million (3.4% of total loan portfolio) at December 31, 2024 to $17.5 million (18.7% of total loan portfolio) at December 31,
2025, primarily due to purchases of unsecured consumer loans from a third party. We intend to continue to purchase unsecured consumer
loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to maintain strong asset quality.** We intend to continue to
maintain strong asset quality through conservative loan underwriting. At December 31, 2025, total non-performing loans to total loans
was 0.11%.

&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. At December 31, 2025, core deposits totaled $34.9 million or 42.5%
of total deposits. We have invested in and enhanced our online and mobile banking offerings to help gather and retain core deposits. Our
commercial real estate and commercial and industrial lending activities are avenues 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. We have no current plans or intentions regarding any such expansion activities.

We expect these strategies to guide our investment of the net proceeds of the stock offering. We intend to continue to pursue these business strategies after the conversion and the stock offering, subject to any changes necessitated by future market conditions and other factors. See "Business of Community Bank" for a further discussion of our business.

**Reasons for the Conversion and Stock Offering**

Consistent with our business strategy, our primary reasons for converting to stock form and raising additional capital through the stock offering are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· better position Community Savings Bank to remain a competitive independent
community bank by increasing its capital to enhance its financial strength;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· support lending growth;

&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 to 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 Community Savings Bank through CSB Financial;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· position us to expand our banking franchise through targeted de novo branching,
branch acquisitions, or financial institution acquisitions should any of these expansion opportunities arise.

At December 31, 2025, Community Savings Bank was considered "well capitalized" for regulatory purposes and was not subject to a directive or recommendation from any regulator to raise capital. The proceeds from the stock offering will increase our capital position to support expected future growth and profitability.

**Terms of the Stock Offering**

CSB Financial is offering for sale between 935,000 shares and 1,265,000 shares of common stock to eligible depositors of Community Savings Bank and to Community Savings Bank's tax-qualified employee benefit plans in a subscription offering. To the extent shares remain available, we may offer shares for sale in a community offering, with preference given to natural persons (and trusts of natural persons) residing in Clermont and Highland Counties in Ohio. We may also offer for sale shares of common stock not purchased in the subscription offering or in any community offering to the general public in a syndicated community offering. The number of shares of common stock to be sold may be increased to up to 1,454,750 shares as a result of demand for the shares of common stock in the stock offering or changes in market conditions. Unless the number of shares of common stock offered for sale is increased to more than 1,454,750 shares or decreased to less than 935,000 shares, or the stock offering is extended beyond _________, 2026, subscribers will not have the opportunity to change or cancel their stock orders once submitted. If the stock offering is extended past ________, 2026, we will resolicit subscribers and 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 0.15% per annum and without any deduction for fees or offering expenses. If the number of shares offered for sale is increased to more than 1,454,750 shares or decreased to less than 935,000 shares, all subscribers' stock orders will be cancelled, their deposit account withdrawal authorizations will be cancelled and funds delivered for the purchase of shares of common stock in the stock offering will be returned promptly with interest at 0.15% per annum and without any deduction for fees or offering expenses. We will give these subscribers an opportunity to place new orders for a specified period of time.

The shares of common stock are being offered for sale at a purchase price of $10.00 per share. All investors will pay the same purchase price per share. Investors will not be charged a commission to purchase shares of common stock in the stock offering. Performance Trust Capital Partners, LLC, referred to as "Performance Trust" throughout this prospectus, our marketing agent for the stock offering, will use its best efforts to assist us in selling shares of our common stock but is not obligated to purchase any shares of common stock in the stock offering.

**How We Determined the Offering Range and the $10.00 per Share Purchase Price**

***General.*** The amount of common stock CSB Financial is offering for sale is based on an independent appraisal of the estimated pro forma market value of CSB Financial, assuming the conversion and stock offering are completed. FinPro Capital Advisors, Inc., referred to as "FinPro" throughout this prospectus, our independent appraiser, has estimated that, as of February 18, 2026, the estimated pro forma market value of CSB Financial was $11.3 million (including the value of the 27,500 shares of common stock to be contributed to the charitable foundation to be established in connection with the conversion, valued at the initial offering price of $10.00 per share). Based on federal regulations, this market value forms the midpoint of a valuation range with a minimum of $9.6 million and a maximum of $12.9 million (including the value of the 27,500 shares to be contributed to the charitable foundation). Based on this valuation and the $10.00 per share purchase price, and excluding the 27,500 shares to be contributed to the charitable foundation, the number of shares of common stock being offered for sale in the stock offering ranges from a minimum of 935,000 shares to a maximum of 1,265,000 shares. We may sell up to 1,454,750 shares of common stock because of demand for the shares or changes in market conditions without resoliciting subscribers. The $10.00 per share purchase price was selected primarily because it is the price most commonly used in mutual-to-stock conversions of mutual financial institutions.

FinPro also considered that we intend to contribute an additional 27,500 shares of common stock (valued at the initial offering price of $10.00 per share) and $100,000 in cash, for a total contribution of $375,000, 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.*** FinPro made certain upward and downward adjustments to the estimated pro forma market value of CSB Financial relative to the peer group. An upward adjustment relative to the peer group was made for balance sheet growth. Downward adjustments relative to the peer group were made for financial condition; earnings quality, predictability and growth; dividends; and liquidity of the issue. No adjustments relative to the peer group were made for recent regulatory matters, management, and marketing of the issue. For further 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 FinPro considered comparable to us:

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| | | | |
|:---|:---|:---|:---|
| **Company Name (Ticker Symbol)** | **Exchange** | **Headquarters** | **Total Assets <br> (in millions) <sup>(1)</sup>** |
| Broadway Financial Corporation (BYFC) | Nasdaq | Los Angeles, CA | $1336 |
| BV Financial, Inc. (BVFL) | Nasdaq | Baltimore, MD | 912 |
| Finward Bancorp (FNWD) | Nasdaq | Munster, IN | 2021 |
| First Northwest Bancorp (FNWB) | Nasdaq | Port Angeles, WA | 2108 |
| First Seacoast Bancorp, Inc. (FSEA) | Nasdaq | Dover, NH | 610 |
| Northeast Community Bancorp, Inc. (NECB) | Nasdaq | White Plains, NY | 2064 |
| NSTS Bancorp, Inc. (NSTS) | Nasdaq | Waukegan, IL | 270 |
| Provident Financial Holdings, Inc. (PROV) | Nasdaq | Riverside, CA | 1228 |
| Riverview Bancorp, Inc. (RVSB) | Nasdaq | Vancouver, WA | 1512 |
| Timberland Bancorp, Inc. (TSBK) | Nasdaq | Hoquiam, WA | 2006 |

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(1) Total assets are as of December 31, 2025.

***Selected Pricing Ratios.*** The following table presents a summary of selected pricing ratios for the peer group companies and for CSB Financial (on a pro forma basis) that FinPro utilized in its appraisal. These ratios are based on CSB Financial's book value, tangible book value and core earnings as of and for the twelve months ended December 31, 2025. The peer group ratios are based on the latest date for which complete financial data are publicly available and stock prices as of February 18, 2026. Compared to the average pricing of the peer group, our pro forma pricing ratios at the midpoint of the offering range indicate a premium of 45.75% on a core earnings value basis, a discount of 45.93% on a price-to-book value basis and a discount of 46.84% on a price-to-tangible book value basis.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price-to-core<br> earnings<br> multiple <sup>(1)</sup>** | **Price-to-book<br> value ratio** | **Price-to-tangible<br> book value ratio** |
| **CSB Financial (pro forma basis, assuming completion of the conversion and stock offering):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Maximum | 26.32 x | 55.01% | 55.13% |
| &nbsp;&nbsp;&nbsp;Maximum | 23.81 x | 51.15% | 51.26% |
| &nbsp;&nbsp;&nbsp;Midpoint | 21.28 x | 47.33% | 47.44% |
| &nbsp;&nbsp;&nbsp;Minimum | 18.87 x | 43.03% | 43.12% |
| **Valuation of peer group companies, all of which are fully converted (historical basis):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Average | 14.67 x | 85.98% | 90.49% |
| &nbsp;&nbsp;&nbsp;Median | 14.60 x | 87.43% | 89.08% |

---

(1) Price-to-earnings multiples calculated by FinPro are based on an estimate of "core" or recurring earnings. These ratios
are different from those presented in "Pro Forma Data."

**The independent appraisal does not indicate trading market value. Do 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, FinPro used the pricing ratios presented in the appraisal 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 common stock of the institutions in the peer group. The value of the common stock of any 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."

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

Community Savings Bank will receive from CSB Financial a capital contribution equal to at least 50% of the net proceeds of the stock offering. Based on this formula, we anticipate that CSB Financial will invest, at the minimum, midpoint, maximum and adjusted maximum of the offering range, approximately $3.0 million, $3.7 million, $4.4 million and $5.2 million, respectively, of the net proceeds from the stock offering in Community Savings Bank. From the remaining funds, CSB Financial intends to loan funds to Community Savings Bank's employee stock ownership plan to fund the plan's purchase of shares of common stock in the stock offering, contribute $100,000 in cash to the charitable foundation and retain the remainder of the net proceeds from the stock offering. Assuming we sell 1,100,000 shares of common stock in the stock offering at the midpoint of the offering range, resulting in net proceeds after estimated offering expenses of $1.6 million, we anticipate that CSB Financial will invest $4.7 million in Community Savings Bank, loan $902,000 to Community Savings Bank's employee stock ownership plan to fund its purchase of shares of common stock, contribute $100,000 in cash to the charitable foundation and retain the remaining $3.7 million of net proceeds.

CSB Financial may use the funds that it retains to repurchase shares of common stock (subject to compliance with regulatory requirements), to pay cash dividends (if declared by our board of directors), for investments, or for other general corporate purposes. Community Savings Bank intends to invest the net proceeds it receives from CSB Financial to fund new loans, enhance existing products and services, and expand its banking franchise by establishing new branches or by acquiring other financial institutions or their branches as opportunities may arise. We do not currently have any understandings or agreements regarding any acquisitions.

For additional information, see "How We Intend to Use the Proceeds from the Stock Offering."

**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;(i) First, to depositors with accounts at Community Savings Bank with aggregate balances of at least $50.00 as of the close of business
on December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, to Community Savings Bank's tax-qualified employee benefit plans (including its employee stock ownership plan), which
will receive, without payment, nontransferable subscription rights to purchase in the aggregate up to 10% of the sum of the shares of
common stock sold in the stock offering and contributed to the charitable foundation. We expect the employee stock ownership plan to purchase
up to 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to depositors with accounts at Community Savings Bank with aggregate balances of at least $50.00 as of the close of business
on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth, to depositors of Community Savings Bank as of the close of business on ________, 2026 (the voting record date for Community
Savings Bank's special meeting of members).

Shares of common stock not purchased in the subscription offering may be offered for sale in a community offering, with preference given to natural persons (and trusts of natural persons) residing in Clermont and Highland Counties in Ohio. If held, the community offering may begin concurrently with, during or after the subscription offering. We also may offer for sale shares of common stock not purchased in the subscription offering or in any community offering to the general public through a syndicated community offering, which will be managed by Performance Trust. We have the right to accept or reject, in our sole discretion, orders received in any community offering or syndicated community offering. Any determination to accept or reject stock orders in any community offering or 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, in full or in part. 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."

**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 acting through a single qualifying account held jointly, may purchase more than the greater of: (i) 17,500 shares ($175,000) of common stock; (ii) 0.10% of the total number of shares of common stock issued in the stock offering; or (iii) 15 times the number of shares offered multiplied by a fraction of which the numerator is the depositor's total deposit balance as of the eligibility record date and the denominator is the aggregate of all deposits as of the eligibility record date, subject to the overall purchase limitations. If any of the following persons purchase shares of common stock, their purchases, in all categories of the stock offering combined, when combined with your purchases, cannot exceed 25,000 shares ($250,000) of common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your spouse, or relatives of you or your spouse, who reside with you;

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

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

Unless we determine otherwise, persons having the same address and persons exercising subscription rights through qualifying accounts registered to the same address at either the December 31, 2024 eligibility record date, the March 31, 2026 supplemental eligibility record date or the ________, 2026 voting record date will be subject to the overall purchase limitation of 25,000 shares ($250,000). See the detailed definitions of "associate" and "acting in concert" in the section of this prospectus entitled "The Conversion and Stock Offering – Limitations on Common Stock Purchases."

Federal regulations provide that such purchase limitation may be further increased to 9.99%, provided that orders for shares of common stock exceeding 5% of the shares of common stock sold in the stock offering do not exceed in the aggregate 10% of the total shares of the common stock sold in the stock offering. Any such requests to purchase additional shares of common stock if a purchase limitation is so increased will be determined by our board of directors in its sole discretion.

Subject to any required regulatory approval, we may increase or decrease the purchase limitations at any time. See the detailed description of the purchase limitations in the section of this prospectus entitled "The Conversion and Stock Offering – Limitations on Common Stock Purchases."

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

In the subscription offering and in 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 made payable to CSB Financial Inc.;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash. **Do not remit cash by mail.** 

By law, Community Savings Bank is prohibited form 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. Applicable regulations prohibit Community Savings Bank from lending funds or extending credit to any person to purchase shares of common stock in the stock offering. You may not submit a Community Savings Bank line of credit check. You may not designate withdrawal from a Community Savings Bank accounts with check-writing privileges; rather, submit a check. If you request a withdrawal from an account with check-writing privileges, 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 will immediately withdraw the amount from that account. You may not authorize direct withdrawal from a Community Savings Bank IRA. See "—Using Individual Retirement Account Funds to Purchase Shares of Common Stock."

You may subscribe for shares of common stock in the subscription offering and any community offering by returning a signed and completed original stock order form, together with full payment payable to CSB Financial Inc. or authorization to withdraw funds from one or more of your Community Savings Bank deposit accounts, provided that the stock order form is *received (not post marked)* before 5:00 p.m., Eastern time, on ____________, 2026, which is the expiration time of the subscription offering period. You may return your stock order form by (1) **overnight delivery** to the address indicated on the stock order form for this purpose; (2) **in-person delivery** to Community Savings Bank's main office located at 503 West Plane Street in Bethel, Ohio; or (3) **regular mail** using the stock order reply envelope provided. **In-person delivery of stock order forms will be accepted only at Community Savings Bank's main office.** Do not return your stock order form to Community Savings Bank's branch office in Greenfield, Ohio. The Stock Information Center is open Monday through Friday between 9:00 a.m. and 5:00 p.m., Eastern time, excluding bank holidays. **Do not mail stock order forms to any of Community Savings Bank's offices.**

For a complete description of how to purchase shares in the stock offering, see "The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription Offering and any Community Offering."

**Using Individual Retirement Account Funds to Purchase Shares of Common Stock**

You may be able to subscribe for shares of common stock using funds in your IRA or other retirement account. If you wish to use some or all of the funds in your Community Savings Bank IRA or other retirement account, the applicable funds must be first 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* submitting your stock order. An annual administrative fee may be payable to the independent custodian or trustee. Because individual circumstances differ and the processing of retirement fund orders takes additional time, we recommend that you contact our Stock Information Center as soon as possible, *but not less than two weeks before the June ____, 2026 offering deadline*, for assistance with purchases using funds held in retirement accounts. 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.

For a complete description of how to use IRA funds to purchase shares in the stock offering, see "The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription Offering and any Community Offering – Using Individual Retirement Account Funds."

**Purchases by Executive Officers and Directors**

We expect our directors and executive officers, together with their associates, to subscribe for 91,500 shares ($915,000) of common stock in the stock offering, representing 9.8% of shares to be sold at the minimum of the offering range (excluding the 27,500 shares to be contributed to the charitable foundation). However, there can be no assurance that any individual director or executive officer, or the directors and executive officers as a group, will purchase any specific number of shares of our common stock. They will pay the same $10.00 per share purchase price that all other persons who purchase shares of common stock in the stock offering will pay. Our directors and executive officers are subject to the same minimum purchase requirements and purchase limitations as other participants in the stock offering as set forth under "– Limits on How Much Common Stock You May Purchase."

Purchases by our directors and executive officers and their associates will be included in determining whether the required minimum number of shares have been subscribed for in the stock offering.

For additional information, see "Subscriptions by Directors and Executive Officers."

**Deadline for Submitting Orders for Shares of Common Stock in the Subscription Offering and any Community Offering**

The deadline for submitting orders to purchase shares of common stock in the subscription offering and in any community offering is 5:00 p.m., Eastern time, on June _____, 2026, 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 5:00 p.m., Eastern 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 5:00 p.m., Eastern time, on June _____, 2026, 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 Offering and any Community Offering—Expiration Date" for a complete description of the deadline for purchasing shares in the stock offering.

**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 their subscription rights. We will not accept your order if we have reason to believe you have sold or transferred or are attempting to sell or transfer your subscription rights to any other person. **On the stock order form, you cannot add the names of others for joint stock registration unless they are also named on the qualifying deposit account.** Taking this action may jeopardize your subscription rights. 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.

**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 935,000 shares of common stock, we may take additional steps in order to issue the minimum number of shares of common stock in the offering range. Specifically, we may:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· extend the stock offering.

If we extend the stock offering beyond __________, 2026, we will resolicit subscribers and 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 0.15% per annum from the date the stock order was processed and without any deduction for fees or offering expenses.

If one or more purchase limitations are increased we will not resolicit all subscribers, however, subscribers in the subscription offering who ordered the maximum amount and who indicated a desire to be resolicited on the stock order form will be and, in our sole discretion, some other large subscribers may be, given the opportunity to increase their subscriptions up to the newly applicable purchase limit. We may increase the individual or aggregate purchase limitations to an amount generally not to exceed 5% of the common stock sold in the stock offering. See "The Conversion and Stock Offering – Limitations on Common Stock Purchases."

**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 two-thirds of the votes eligible to
be cast by members of Community Savings Bank. The members of Community Savings Bank are its depositors. A special meeting of members to
consider and vote upon the plan of conversion has been scheduled for June _____, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We sell at least 935,000 shares, which is the minimum of the offering range;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We receive the final approvals required from the ODFI and the FDIC to complete
the conversion and stock offering and final approval from the Federal Reserve Board for CSB Financial to become the bank holding company
of Community Savings Bank.

Any approval by the ODFI, the FDIC or the Federal Reserve Board does not constitute a recommendation or endorsement of the plan of conversion.

**Our Dividend Policy**

Following completion of the stock offering, our board of directors will be authorized to declare dividends on our common stock, subject to statutory and regulatory requirements. However, no decision has been made with respect to the amount, if any, and timing of any dividend payments. The payment and amount of any dividend payments will depend upon a number of factors, including the following: regulatory capital requirements; our financial condition and results of operations; our other uses of funds for the long-term value of stockholders; tax considerations; statutory and regulatory limitations; and general economic conditions. See "Our Dividend Policy" for additional information.

**Market for Common Stock**

We currently anticipate that the common stock sold in the stock offering will be quoted on the OTCQB Market operated by OTC Markets Group upon the completion of the conversion and stock offering. See "Market for the Common Stock."

**Delivery of Shares of Stock**

All shares of common stock of CSB Financial sold in the stock 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 each person 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 Depository Trust Company. We expect trading in the stock to begin on the business day of or on the business day immediately following the date of completion of the conversion and stock offering. **Until a statement reflecting ownership of shares of common stock is available and delivered to purchasers, it is possible that purchasers may 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.

**Possible Change in the Offering Range**

FinPro will update its appraisal before we complete the stock offering. If, as a result of demand for the shares or changes in market conditions, FinPro determines that our pro forma market value has increased, we may sell up to 1,454,750 shares in the stock offering without further notice to you. If our pro forma market value at that time is either below $9.6 million or above $18.8 million (including the value of the shares to be contributed to the charitable foundation), then, after consulting with the ODFI and the FDIC, 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 0.15% 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 by the ODFI, the FDIC, the Federal
Reserve Board, the Financial Industry Regulatory Authority and the Securities and Exchange Commission.

If we set a new offering range, we will promptly return funds, with interest at 0.15% per annum, received in the stock offering, cancel deposit account withdrawal authorizations and commence a resolicitation. In a resolicitation, we will notify subscribers of their right to place a new stock order for a specified period of time.

**Possible Termination of the Conversion and Stock Offering**

We may terminate the conversion and stock offering at any time before the special meeting of members of Community Savings Bank to be held to vote on the conversion and stock offering and on the establishment and funding of the charitable foundation, and at any time after member approval with the concurrence of the ODFI and the FDIC. If we terminate the conversion and stock offering, we will promptly return funds and cancel deposit withdrawal authorizations, as described above.

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

We expect Community Savings Bank's employee stock ownership plan, which is a tax-qualified retirement plan for the benefit of our employees being established in connection with the conversion and stock offering, to purchase up to 8% of the sum of the shares of common stock that we sell in the stock offering and contribute to the charitable foundation. For further information, see "Management – Executive Compensation – Employee Stock Ownership Plan."

Purchases by the employee stock ownership plan in the stock offering will be included in determining whether the required minimum number of shares have been sold in the stock offering. If we receive orders in the subscription offering for more shares of common stock than would permit the employee stock ownership plan's subscription order to be filled in whole in the subscription offering, then the employee stock ownership plan may, with prior regulatory approval, purchase shares to fill, in whole or in part, its order in the open market following completion of the conversion and stock offering. Subject to market conditions and receipt of regulatory approval, the employee stock ownership plan may instead elect to purchase shares of common stock in the open market following the completion of the stock offering in order to fill all or a portion of its intended subscription.

We also intend to implement a stock-based benefit plan no earlier than six months after completion of the conversion. Stockholder approval of this plan will be required, and the stock-based benefit plan cannot be implemented until at least six months after the completion of the conversion according to applicable federal regulations. If adopted within 12 months following the completion of the conversion, and provided that upon completion of the conversion and stock offering Community Savings Bank has at least a 10% tangible capital to assets ratio, FDIC conversion regulations would allow for the stock-based benefit plan to reserve a number of shares of common stock equal to not more than 4% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation, or up to 51,700 shares of common stock at the maximum of the offering range, for restricted stock awards to key employees and directors, at no cost to the recipients. If adopted within 12 months following the completion of the conversion, the stock-based benefit plan will also reserve a number of shares 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, or up to 129,250 shares of common stock at the maximum of the offering range, for the exercise of stock options granted to key employees and directors. If the stock-based benefit plan is adopted after one year from the date of the completion of the conversion, the 4% and 10% limitations described above will no longer apply, and we may adopt a stock-based benefit plan encompassing more than an aggregate of 180,950 shares of our common stock assuming the stock offering is completed at the maximum of the offering range. We have not yet determined whether we will present this plan for stockholder approval within 12 months following the completion of the conversion or whether we will present this plan for stockholder approval more than 12 months after the completion of the conversion and stock offering.

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 per share) that would be available under a stock-based benefit plan if such plan is adopted within one year following the completion of the conversion and stock offering and Community Savings Bank has at least a 10% tangible capital to assets ratio at that time. 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 employee stock ownership plan for allocation to all employees. A portion of the stock 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>(2)</sup>** | **Value of Grants <sup>(2)</sup>** |
|  | **At Minimum<br> of Offering<br> Range** | **At Maximum<br> of Offering<br> Range** | **As a <br> Percentage of<br> Common Stock<br> to be Issued** | **Dilution**<br>**Resulting From<br> Issuance of<br> Shares for Stock<br> Benefit Plans** | **At<br> Minimum <br> of Offering<br> Range** | **At <br> Maximum <br> of Offering<br> Range** |
|  | | | | | (Dollars in thousands) | (Dollars in thousands) |
| Employee stock ownership plan | 77000 | 103400 | 8.00% | n/a<sup>(3)</sup> | $770 | $1034 |
| Stock awards | 38500 | 51700 | 4.00 | 3.85% | 385 | 517 |
| Stock options | 96250 | 129250 | 10.00 | 9.09% | 264 | 354 |
| &nbsp;&nbsp;&nbsp;Total | 211750 | 284350 | 22.00% | 12.94% | $1419 | $1905 |

---

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

(2) The actual value of restricted stock grants will be determined based on their fair value as of the date grants are made. Except for
stock options, 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 $2.74 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 5 years; a risk-free interest rate of 3.73%; and a volatility
rate of 21.87%. 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.

(3) Represents the dilution of stock ownership interest. No dilution is reflected for the employee stock ownership plan because these
shares are assumed to be purchased in the stock offering.

**Income Tax Consequences**

CSB Financial and Community Savings Bank have received an opinion from their counsel, Luse Gorman, PC, regarding the material federal income tax consequences of the conversion and stock offering, including an opinion that it is more likely than not that the fair market value of the nontransferable subscription rights to purchase the common stock will be zero and, accordingly, no gain or loss will be recognized by depositors of Community Savings Bank upon the distribution to them of the nontransferable subscription rights to purchase the common stock and no taxable income will be realized by them as a result of the exercise of the nontransferable subscription rights. CSB Financial and Community Savings Bank have also received an opinion of Wipfli Advisory, LLC, tax advisors to CSB Financial and Community Savings Bank, regarding the material Ohio state income tax consequences of the conversion and stock offering. As a general matter, the conversion and stock offering will not be a taxable transaction for purposes of federal or state income taxes to CSB Financial, Community Savings Bank, or persons eligible to subscribe for shares of common stock in the subscription offering. For additional information, see "Taxation."

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

To further our commitment to our local community, we intend to establish and fund a new charitable foundation, named Community Savings Bank Foundation Inc., as part of the conversion and stock offering. Assuming we receive both regulatory approval and the approval of the members of Community Savings Bank, we intend to contribute to the new charitable foundation 27,500 shares of common stock (valued at the initial offering price of $10.00 per share) and $100,000 in cash, for an aggregate contribution of $375,000.

The charitable foundation will be dedicated exclusively to supporting charitable causes and community development activities in the communities in which we operate. The contribution of common stock and cash to the charitable foundation will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· with respect to the contribution of shares of common stock, dilute the voting
interests of purchasers of shares of our common stock in the stock offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· result in an expense, and a reduction in capital, during the quarter in which
the contribution is made, equal to the full amount of the contribution to the charitable foundation, which we expect to be offset in part
by a corresponding tax benefit. As a result of the contribution, we expect to record an after-tax expense (based on an effective tax rate
of 21.0%) of approximately $296,000 during the quarter in which the conversion and stock offering is completed.

The amount of common stock that we would offer for sale would be greater if the conversion and stock offering were to be completed without the establishment and funding of the charitable foundation. For a further discussion of the financial impact of the charitable foundation, including its effect on those who purchase shares in the stock offering, see "Risk Factors – Risks Related to the Charitable Foundation – The contribution to the charitable foundation will dilute your ownership interest and adversely affect net income in 2026," and "Risk Factors – Risks Related to the Charitable Foundation – Our contribution to the charitable foundation may not be tax deductible, which could reduce our profits."

**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 questions regarding the conversion and stock offering, call our Stock Information Center at __________. The Stock Information Center accepts telephone calls Monday through Friday between 9:00 a.m. and 5:00 p.m., Eastern time, excluding bank holidays.

**Important Risks in Owning CSB Financial 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 the next page, 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 financial statements and related notes appearing elsewhere in this prospectus and the section entitled "Risk Factors" that follows on the next page 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 CSB Financial.*

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

**Unsecured loans are a substantial portion of our loan portfolio.**

At December 31, 2025, $17.7 million, or 19.0% of our total loans, were unsecured loans. 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 originate and purchase unsecured loans.

**We rely on a third party from whom we primarily purchase consumer loans.**

Our consumer loan portfolio consists primarily of loans purchased from a third party. Although we have also purchased commercial and industrial loans from the same third party, the current and expected foreseeable loan production by this third party is consumer loans. The loss or material curtailment of this third-party relationship for any reason would have a material adverse effect on our consumer loan portfolio because we do not have the necessary infrastructure to originate consumer loans. In addition, because consumer loans generally have shorter maturities and higher yields than one- to four-family residential mortgage loans a material reduction in the consumer loan portfolio would likely have an adverse effect on our earnings and interest rate risk profile. For additional information, see "Management's Discussion and Analysis of Financial Condition and Results of Operations – Management of Market Risk" and "Business of Community Savings Bank – Lending Activities."

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

Our consumer loan portfolio has increased from $2.6 million, or 3.4% of total loans, at December 31, 2024 to $17.5 million, or 18.7% of total loans, at December 31, 2025. This growth is primarily due to the purchase of consumer loans, primarily unsecured loans, from a third party. 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 unsecured consumer loans.

**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 December 31, 2025, commercial real estate loans totaled $11.5 million, or 12.3% of total loans, and multi-family mortgage loans totaled $9.9 million, or 10.7% 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 commercial and industrial loans involve credit risks that could adversely affect our financial condition and results of operations.**

At December 31, 2025, commercial and industrial loans totaled $7.7 million, or 8.2% 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 construction and land loans involve credit risks that could adversely affect our financial condition and results of operations.**

At December 31, 2025, construction and land loans totaled $2.7 million, or 2.9% of total loans, of which $718,000 were land 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. Land loans have substantially similar risks with respect to estimating the market value of the collateral property. As our construction and land loan portfolio increases, the corresponding risks and potential for losses from these loans may also increase.

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

At December 31, 2025, one- to four-family residential mortgage loans totaled $41.2 million, or 44.2% 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.

In addition, our bank regulators and independent auditors periodically review our allowance for credit losses and, as a result of such reviews, we may determine 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>**

**An increase in market interest rates would generally reduce 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.

A high interest rate environment, coupled with an inverted interest rate yield curve, which was the case until recently, would have 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 was 2.71% for the year ended December 31, 2024 and 3.03% for the year ended December 31, 2025. Market interest rates were generally higher in 2024 than 2025.

Changes in market interest rates may also decrease 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 years ended December 31, 2025 and 2024, we incurred after-tax net unrealized gains on available for sale investment securities of $98,000 and $11,000, respectively.

For further discussion of how changes in market 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. After rising sharply at the end of 2021 inflation remained elevated through the first half of calendar 2024, before beginning to moderate in the latter half of 2024 and into 2025. However, inflation continues to exceed the Federal Reserve Board's long-term target inflation rate 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 lower-cost 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 to a level necessary to fund our asset growth or deposit outflows, we may have to 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 December 31, 2025, brokered certificates of deposit represented 9.8% of our total deposits, and had an average rate of 4.03% for the year ended December 31, 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 our tangible equity, the Federal Home Loan Bank of Cincinnati were to determine that we have inadequate capital levels, it may, in its discretion, limit our ability to utilize Federal Home Loan Bank of Cincinnati 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 of Cincinnati 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 Community 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.**

Community Savings Bank is subject to extensive regulation, supervision and examination by ODFI and by the FDIC. Upon completion of the conversion and stock offering, CSB Financial 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 Community 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.**

CSB Financial 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, CSB Financial 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 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, CSB Financial 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 Community 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 Community 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 financial statements and our financial condition or operating results.**

In preparing this prospectus, including Community Savings Bank's accompanying financial statements, as well as the periodic reports CSB Financial will be required to file with the Securities and Exchange Commission, our management is and will be required under applicable rules and regulations to make estimates and assumptions as of specified dates. These estimates and assumptions are based on management's best estimates and experience as of those dates and are subject to substantial risk and uncertainty. Materially different results may occur as circumstances change and additional information becomes known. An 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 Securities and Exchange Commission and other regulatory bodies, periodically change the financial accounting and reporting guidance that governs the preparation of our 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 CSB Financial. 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 $3.9 million and $5.5 million of the net proceeds of the stock offering (or $6.5 million at the adjusted maximum of the offering range) in Community 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 Community Savings Bank's employee stock ownership plan. Community Savings Bank intends to use the net proceeds it receives to fund new loans, invest in securities and for other general corporate purposes. However, except for the loan to the employee stock ownership plan 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 CSB Financial, its stockholders, or Community 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 Community Savings Bank's employee stock ownership plan 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.**

Community Savings Bank's employee stock ownership plan 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 $770,000 at the minimum of the offering range and $1.2 million at the adjusted maximum of the offering range, assuming it is able to purchase the shares in the stock offering. We will record an annual expense associated with the employee stock ownership plan 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 employee stock ownership plan 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 $1.8 million ($1.4 million after tax based on an effective rate of 21.0%) 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 is subject to stockholder approval, historically, the overwhelming majority of stock-based benefit plans adopted by savings institutions and their holding companies following a mutual-to-stock conversion 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 CSB Financial'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 CSB Financial 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 CSB Financial'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 CSB Financial 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 CSB Financial" and "Management – Benefits to be Considered Following Completion of the Conversion and 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.**

CSB Financial's articles of incorporation provide that, unless CSB Financial 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 CSB Financial, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of CSB Financial to CSB Financial 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 CSB Financial 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 CSB Financial 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 FinPro, 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 is decreased to less than 935,000 shares or increased to more than 1,454,750 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 our 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 $100,000 in cash and 27,500 shares of our common stock (valued at the initial offering price of $10.00 per share), for a total contribution of $375,000. At the midpoint of the offering range, the share contribution to the charitable foundation would dilute an investor's ownership interest in CSB Financial by 2.50%. 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 $296,000 based on an effective tax rate of 21.0%.

**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 FINANCIAL AND OTHER DATA OF COMMUNITY SAVINGS BANK**

The following tables set forth selected historical financial and other data of Community Savings Bank at the dates and for the years indicated. The data is derived in part from, and should be read together with, the audited financial statements and related notes beginning at page F-1 of this prospectus.

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| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
|  | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| **Selected Financial Condition Data:** |  |  |
| Total assets | $110202 | $92777 |
| Cash and cash equivalents | 6429 | 5278 |
| Investment securities available-for-sale | 5539 | 5704 |
| Loans receivable, net | 92556 | 76683 |
| Bank owned life insurance | 3068 | 2999 |
| Deposits | 82154 | 72437 |
| Federal Home Loan Bank advances | 10600 | 3550 |
| Total equity | 15794 | 15257 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| **Selected Operating Data:** |  |  |
| Total interest and dividend income | $5800 | $4672 |
| Total interest expense | 2317 | 1890 |
| Net interest income | 3483 | 2782 |
| Provision for credit losses | 69 |  |
| Net interest income after provision for credit losses | 3414 | 2782 |
| Total non-interest income | 168 | 179 |
| Total non-interest expense <sup>(1)</sup> | 3113 | 3763 |
| Income (loss) before income taxes | 469 | (802) |
| Income tax provision (benefit) | 30 | (433) |
| Net income (loss) | $439 | $(369) |

---

(1) In 2024, includes $790,000 in one-time expenses associated with the conversion of Community Savings Bank's core data processing
system to a new core service provider.

---

| | | |
|:---|:---|:---|
|  | **At or For the Year Ended December 31,** | **At or For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **Performance Ratios:** |  |  |
| Return on average assets | 0.42% | -0.40% |
| Return on average equity | 2.84% | -2.39% |
| Interest rate spread <sup>(1)</sup> | 3.03% | 2.71% |
| Net interest margin <sup>(2)</sup> | 3.48% | 3.18% |
| Non-interest expense as a percentage of average assets | 2.97% | 4.10% |
| Efficiency ratio <sup>(3)</sup> | 85.26% | 127.04% |
| Average interest-earning assets as a percentage of average interest-bearing liabilities | 119.30% | 121.95% |
| **Capital Ratios (Community Savings Bank only):** |  |  |
| Average equity as a percentage of average assets | 14.1% | 16.4% |
| Total capital as a percentage of risk-weighted assets <sup>(4)</sup> | N/A | N/A |
| Tier 1 capital as a percentage of risk-weighted assets <sup>(4)</sup> | N/A | N/A |
| Common equity Tier 1 capital as a percentage of risk-weighted assets <sup>(4)</sup> | N/A | N/A |
| Tier 1 capital as a percentage of average assets <sup>(4)</sup> | 14.3% | 16.5% |
| **Asset Quality Ratios:** |  |  |
| Allowance for credit losses as a percentage of total loans | 0.47% | 0.46% |
| Allowance for credit losses as a percentage of non-performing loans | 419.23% | 86.49% |
| Allowance for credit losses as a percentage of non-accrual loans | 419.23% | 86.49% |
| Non-accrual loans as a percentage of total loans | 0.11% | 0.53% |
| Net recoveries (charge-offs) as a percentage of average outstanding loans | 0.01% | 0.01% |
| Non-performing loans as a percentage of total loans | 0.11% | 0.53% |
| Non-performing loans as a percentage of total assets | 0.09% | 0.44% |
| Total non-performing assets as a percentage of total assets | 0.09% | 0.44% |
| **Other Data:** |  |  |
| Number of offices | 2 | 2 |
| Number of full-time employees | 14 | 14 |
| Number of part-time employees | 4 | 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing
liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents net interest income as a percentage of average interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents non-interest expenses divided by the sum of net interest income and non-interest income.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Community Savings qualifies for and has adopted the "community bank leverage ratio" ("CBLR") framework for
measuring regulatory capital adequacy. The CBLR is the ratio of Tier 1 capital to average total assets. To be considered well-capitalized
under the CBLR framework a qualifying institution must have a CBLR of greater than 9.0%.

**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," "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 asset quality of our loan and investment portfolios;
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 take 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 area, which
are worse than expected, including the effects of inflation and monetary policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in the interest rate environment that reduce our margins and yields,
the fair value of our financial instruments, or our level of loan originations, or increase the level of defaults, losses and prepayments
within our loan portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adverse changes in the securities markets;

&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 credit losses;

&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 access cost-effective funding;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations in real estate values and in the conditions of the residential
real estate and commercial real estate markets;

&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;· 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 information security systems or
infrastructure, including cyberattacks;

&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 Securities and Exchange Commission or the Public Company Accounting
Oversight Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our ability to 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 what the actual net proceeds from the sale of the shares of common stock in the stock offering will be until the conversion stock offering is completed, we anticipate that the net proceeds will be between $7.8 million and $11.1 million, or $12.9 million if the offering range is increased to the adjusted maximum.

We intend to distribute the net proceeds as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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:** |
|  | **935,000 Shares** | **935,000 Shares** | **1,100,000 Shares** | **1,100,000 Shares** | **1,265,000 Shares** | **1,265,000 Shares** | **1,454,750 Shares <sup>(1)</sup>** | **1,454,750 Shares <sup>(1)</sup>** |
|  | **Amount** | **Percent <br> of Net<br> Offering<br> Proceeds** | **Amount** | **Percent <br> of Net<br> Offering<br> Proceeds** | **Amount** | **Percent<br> of Net<br> Offering<br> Proceeds** | **Amount** | **Percent <br> of Net<br> Offering<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)** |
| Offering proceeds | $9350 |  | $11000 |  | $12650 |  | $14548 |  |
| Less: estimated offering expenses | (1600) |  | (1600) |  | (1600) |  | (1600) |  |
| &nbsp;&nbsp;&nbsp;Net offering proceeds <sup>(2)</sup> | $7750 | 100.0% | $9400 | 100.0% | $11050 | 100.0% | $12948 | 100.0% |
| Distribution of net proceeds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;To Community Savings Bank | $(3875) | (50.0) | $(4700) | (50.0) | $(5525) | (50.0) | $(6474) | (50.0) |
| &nbsp;&nbsp;&nbsp;To fund cash contribution to charitable foundation | (100) | (1.3) | (100) | (1.1) | (100) | (0.9) | (100) | (0.8) |
| &nbsp;&nbsp;&nbsp;To fund loan to employee stock ownership plan | (770) | (9.9) | (902) | (9.6) | (1034) | (9.4) | (1186) | (9.2) |
| Retained by CSB Financial | $3005 | 38.8% | $3698 | 39.3% | $4391 | 39.7% | $5188 | 40.1% |

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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 all shares of common stock are sold in the subscription offering and any community offering.

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

CSB Financial intends to loan funds to the employee stock ownership plan to purchase shares of common stock in the stock offering and to contribute cash to the charitable foundation. It may also use the proceeds it retains from the stock offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to repurchase shares of our common stock, in compliance with applicable regulatory
requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to pay cash dividends to stockholders, if declared by its board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to invest in securities consistent with Community Savings Bank's investment
policy; and

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

Except for the loan to the employee stock ownership plan and the cash contribution to the charitable foundation, CSB Financial has not quantified its plans for use of the net proceeds of the stock offering for each of the foregoing purposes. Initially, we intend to deposit the net proceeds in a deposit account at Community Savings Bank.

See "Our Dividend Policy" for a discussion of our dividend policy. Under applicable federal regulations, we may not repurchase shares of our common stock during the first year following the completion of the conversion and stock offering, except when extraordinary circumstances exist and with prior regulatory approval, or except to fund management recognition plans (which would require notification to the FDIC) or tax-qualified employee stock benefit plans.

Community Savings Bank will receive a capital contribution from CSB Financial equal to at least 50% of the net offering proceeds. Community Savings Bank may use those funds:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to repay Federal Home Loan Bank advances and brokered certificates of deposit
as they mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to expand its banking franchise by establishing new branches or by acquiring
other financial institutions or branches of other financial institutions as opportunities arise, although we do not have any understandings
or agreements regarding any such expansion; and

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

Community Savings Bank has not quantified its plans for use of its portion of the net proceeds of the stock offering for each of the foregoing purposes. Initially, a substantial portion will be invested in securities issued by U.S. Government agencies, mortgage-backed securities issued by U.S. Government agencies and U.S. Government-sponsored enterprises, municipal securities, and other types of securities in which Community Savings Bank currently invests. The use of the proceeds outlined above may change based on many factors, including, but not limited to, changes in market 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 acquisitions or establishing or acquiring branches, our ability to receive regulatory approval for any such expansion activities, and overall market conditions.

We expect our return on equity to decrease upon the completion of the conversion and stock offering until we are able to reinvest effectively the additional capital raised in the stock offering. See "Risk Factors – Risks Related to the Stock Offering – Our failure to effectively deploy the net proceeds may have an adverse effect on our financial performance."

**OUR DIVIDEND POLICY**

Following completion of the conversion and stock offering, our board of directors will have the authority to declare 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 of such cash dividend, the board of directors is expected to take into account a number of factors, including capital requirements, our 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 regulations and policies of the Federal Reserve Board, ODFI and FDIC, may be paid in addition to, or in lieu of, regular cash dividends.

CSB Financial expects to file a consolidated federal income tax return with Community Savings Bank. Accordingly, it is anticipated that any cash distributions that 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, pursuant to applicable regulations, during the three-year period following the 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.

CSB Financial's articles of incorporation authorize the issuance of preferred stock. If we issue preferred stock, the holders thereof 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 CSB Financial – Common Stock." Any dividends we may declare and pay will depend, in part, upon receipt of dividends from Community Savings Bank, because dividends from Community Savings Bank will be our primary source of income. Applicable regulations impose limitations on dividends and other capital distributions by savings institutions like Community Savings Bank. See "Regulation and Supervision."

Any payment of dividends by Community Savings Bank to CSB Financial that would be deemed to be paid out of Community Savings Bank's bad debt reserves, if any, would require Community 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. Community 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**

CSB Financial is a newly formed company and has never issued capital stock. Community Savings Bank, as a mutual institution, is not authorized to issue capital stock. CSB Financial expects that its common stock will be quoted on the OTCQB Market upon the completion of the conversion and stock offering.

The development of an active trading market depends on the existence of willing buyers and sellers, 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.

**HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE**

At December 31, 2025, Community Savings Bank was classified as "well capitalized" for regulatory capital purposes under the CBLR framework. The table below sets forth the historical equity capital and regulatory capital of Community Savings Bank at December 31, 2025, and its pro forma equity capital and regulatory capital after giving effect to the sale of shares of common stock at $10.00 per share.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Community Savings<br> Bank Historical at** | **Community Savings<br> Bank Historical at** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** | **Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: <sup>(1)</sup>** |
|  | **December 31, 2025** | **December 31, 2025** | **935,000 Shares** | **935,000 Shares** | **1,100,000 Shares** | **1,100,000 Shares** | **1,265,000 Shares** | **1,265,000 Shares** | **1,454,750 Shares <sup>(2)</sup>** | **1,454,750 Shares <sup>(2)</sup>** |
|  | **Amount** | **Percent<br> of<br> Assets** | **Amount** | **Percent<br> of<br> Assets** | **Amount** | **Percent<br> of<br> Assets** | **Amount** | **Percent<br> of<br> Assets** | **Amount** | **Percent<br> 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)** |
| Equity | $15794 | 15.1% | $18514 | 17.2% | $19141 | 17.7% | $19768 | 18.2% | $20489 | 18.7% |
| Tier 1 leverage capital <sup>(3)(4)</sup> | $15897 | 14.3% | $18617 | 16.4% | $19244 | 16.9% | $19871 | 17.3% | $20592 | 17.8% |
| Tier 1 leverage requirement <sup>(5)</sup> | 9977 | 9.0 | 10222 | 9.0 | 10278 | 9.0 | 10335 | 9.0 | 10400 | 9.0 |
| Excess | $5920 | 5.3% | $8395 | 7.4% | $8966 | 7.9% | $9536 | 8.3% | $10192 | 8.8% |
| &nbsp;&nbsp;&nbsp;Reconciliation of capital infused into Community Savings Bank: | &nbsp;&nbsp;&nbsp;Reconciliation of capital infused into Community Savings Bank: | &nbsp;&nbsp;&nbsp;Reconciliation of capital infused into Community Savings Bank: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds contributed to Community Savings Bank | &nbsp;&nbsp;&nbsp;Net proceeds contributed to Community Savings Bank | &nbsp;&nbsp;&nbsp;Net proceeds contributed to Community Savings Bank | $3875 |  | $4700 |  | $5525 |  | $6474 |  |
| &nbsp;&nbsp;&nbsp;Less: Common stock acquired by employee stock ownership plan | &nbsp;&nbsp;&nbsp;Less: Common stock acquired by employee stock ownership plan | &nbsp;&nbsp;&nbsp;Less: Common stock acquired by employee stock ownership plan | (770) |  | (902) |  | (1034) |  | (1186) |  |
| &nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based benefit plan | &nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based benefit plan | &nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based benefit plan | (385) |  | (451) |  | (517) |  | (593) |  |
| &nbsp;&nbsp;&nbsp;Pro forma increase |  |  | $2720 |  | $3347 |  | $3974 |  | $4695 |  |

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(1) Pro forma capital levels assume that the employee stock ownership plan purchases 8% of the sum of the shares of common stock sold
in the stock offering and contributed to the charitable foundation with funds lent to it by CSB Financial and that the stock-based benefit
plan purchases 4% of the sum of the shares sold in the stock offering and contributed to the charitable foundation for restricted stock
awards. Pro forma capital calculated under U.S. generally accepted accounting principles ("GAAP") and regulatory capital are
reduced by the amount required to fund these plans. See "Management – Executive Compensation – Employee Stock Ownership
Plan" for a discussion of the employee stock ownership 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 offering.

(3) Tier 1 leverage capital levels are shown as a percentage of average total assets.

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

(5) Under the CBLR framework an institution must have a CBLR of greater than 9.0% to be considered "well capitalized."

**CAPITALIZATION**

The following table presents, at December 31, 2025, the historical capitalization of Community Savings Bank and the pro forma consolidated capitalization of CSB Financial after giving effect to the conversion and stock offering, based upon the assumptions set forth under the section entitled "Pro Forma Data."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **CSB Financial Pro Forma at December 31, 2025, Based on the Sale in the<br> Stock Offering at $10.00 per Share of:** | **CSB Financial Pro Forma at December 31, 2025, Based on the Sale in the<br> Stock Offering at $10.00 per Share of:** | **CSB Financial Pro Forma at December 31, 2025, Based on the Sale in the<br> Stock Offering at $10.00 per Share of:** | **CSB Financial Pro Forma at December 31, 2025, Based on the Sale in the<br> Stock Offering at $10.00 per Share of:** |
|  | **Community<br> Savings Bank at**<br>**December 31,<br> 2025** | **935,000 <br> Shares** | **1,100,000<br> Shares** | **1,265,000<br> Shares** | **1,454,750<br> 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)** | **(Dollars in thousands, except per share amounts)** |
| Deposits <sup>(2)</sup> | $82154 | $82154 | $82154 | $82154 | $82154 |
| Borrowings | 10600 | 10600 | 10600 | 10600 | 10600 |
| &nbsp;&nbsp;&nbsp;Total deposits and borrowings | $92754 | $92754 | $92754 | $92754 | $92754 |
| **Stockholders' equity:** |  |  |  |  |  |
| Preferred stock, $0.01 par value, 1,000,000 shares authorized | $— | $— | $— | $— | $— |
| Common stock, $0.01 par value, 14,000,000 shares authorized; shares to be issued as shown <sup>(3)</sup> |  | 10 | 11 | 13 | 15 |
| Additional paid-in capital <sup>(4)</sup> |  | 7740 | 9389 | 11037 | 12933 |
| Retained earnings <sup>(5)</sup> | 15897 | 15897 | 15897 | 15897 | 15897 |
| Accumulated other comprehensive income (loss) | (103) | (103) | (103) | (103) | (103) |
| Common stock contributed to charitable foundation |  | 275 | 275 | 275 | 275 |
| **Less:** |  |  |  |  |  |
| Cash contribution to charitable foundation (after-tax) |  | (79) | (79) | (79) | (79) |
| Stock contribution to charitable foundation (after-tax) |  | (217) | (217) | (217) | (217) |
| Common stock held by employee stock ownership plan <sup>(6)</sup> |  | (770) | (902) | (1034) | (1186) |
| Common stock to be acquired by stock-based benefit plan <sup>(7)</sup> |  | (385) | (451) | (517) | (593) |
| Total stockholders' equity | $15794 | $22368 | $23820 | $25272 | $26942 |
| **Pro Forma Shares Outstanding:** |  |  |  |  |  |
| Shares sold in stock offering |  | 935000 | 1100000 | 1265000 | 1454750 |
| Shares contributed to charitable foundation |  | 27500 | 27500 | 27500 | 27500 |
| Total pro forma shares outstanding |  | 962500 | 1127500 | 1292500 | 1482250 |
| Total stockholders' equity as a percentage of total assets <sup>(2)</sup> | 14.33% | 29.15% | 20.43% | 21.41% | 22.51% |
| Tangible equity as a percentage of tangible assets <sup>(2)</sup> | 14.34% | 29.16% | 20.44% | 21.42% | 22.52% |

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

(2) Does not reflect withdrawals from deposit accounts at Community Savings Bank to purchase shares of common stock in the conversion
and stock 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 CSB Financial common stock pursuant to the exercise of options under
a stock-based benefit plan. If the plan is implemented within the first year after the effective date of the conversion and stock offering,
an amount up to 10% of the sum of the shares of CSB Financial 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 plan.

(4) On a pro forma basis, common stock and additional paid-in capital have been revised to reflect the number of shares of CSB Financial
common stock to be outstanding.

(5) The retained earnings of Community Savings Bank will be substantially restricted after the conversion and stock offering. See "The
Conversion and Stock Offering – Liquidation Rights" and "Regulation and Supervision."

(6) Assumes that 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation will
be acquired by the employee stock ownership plan, financed by a loan from CSB Financial. The loan will be repaid principally from Community
Savings Bank's contributions to the employee stock ownership plan. Since CSB Financial will lend the funds to the employee stock
ownership plan, this debt will be eliminated through consolidation and no liability will be reflected on CSB Financial's consolidated
financial statements. Accordingly, the amount of shares of common stock acquired by the employee stock ownership plan is shown in this
table as a reduction of total stockholders' equity.

(7) If approved by CSB Financial's stockholders, a stock-based benefit plan may purchase an aggregate number of shares of common
stock equal to 4% of the sum of the shares of CSB Financial common stock 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, or a lesser number if Community Savings Bank were to have a Tier 1 leverage ratio of less than 10.0% within one year of
the completion of the conversion and stock offering). Stockholder approval of the stock-based benefit plan, 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 acquired directly from
CSB Financial or through open market purchases. CSB Financial will provide the funds to be used by the stock-based benefit plans to purchase
the shares. Assumes CSB Financial will purchase in the open market a number of shares of common stock equal to 4% of the sum of the shares
of CSB Financial common stock sold in the stock offering and contributed to the charitable foundation for grant under a stock-based benefit
plan. The dollar amount of common stock to be purchased is based on the $10.00 per share offering price and represents unearned compensation.
This amount does not reflect possible increases or decreases in the value of common stock relative to the $10.00 per share offering price.
As CSB Financial accrues compensation expense to reflect the vesting of shares pursuant to the stock-based benefit plan, the credit to
equity will be offset by a charge to noninterest expense.

**PRO FORMA DATA**

The following tables summarize historical data of Community Savings Bank and pro forma data of CSB Financial at and for the year ended December 31, 2025. This information is based on assumptions set forth below and in the tables, and 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 in the tables are based upon the following assumptions:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our employee stock ownership plan will purchase 8% of the sum of the shares
of common stock sold in the stock offering and contributed to the charitable foundation, funded by a loan from CSB Financial. The loan
will be repaid in substantially equal payments of principal and interest (at the prime interest rate, adjusted annually) over a 20-year
term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CSB Financial will contribute $100,000 in cash to the charitable foundation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· estimated expenses of the stock offering, including fees and expenses to
be paid to Performance Trust, are $1.6 million.

Pro forma earnings on net proceeds have been calculated assuming the stock has been sold at the beginning of the year and the net proceeds have been invested at a yield of 3.48% for the year ended December 31, 2025, which was the yield on the one-year U.S. Treasury Note as of February 17, 2026. In light of current market interest rates, we consider this rate to reflect the pro forma reinvestment rate more accurately 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 generally required by applicable regulations. The pro forma after-tax yield on the net offering proceeds is assumed to be 2.75% for the year ended December 31, 2025, based on an effective tax rate of 21.0%.

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 the earnings figures to give effect to the shares of common stock purchased by the employee stock ownership plan. 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 a stock-based benefit plan. Subject to the receipt of stockholder approval, we have assumed that the stock-based benefit plan will acquire for restricted stock awards a number of shares of common stock equal to 4% of our outstanding shares of common stock at the same price for which they were sold in the stock offering. We assume that shares of common stock are granted under the plan in awards that vest over a five-year period.

We have also assumed that the stock-based benefit plan will grant options to acquire shares of common stock equal to 10% of our outstanding shares of common stock. In preparing the table 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 have a term of ten years and vested over five years. We applied the Black-Scholes option pricing model to estimate a grant-date fair value of $2.74 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 21.87% for the shares of common stock, a dividend yield of 0%, an expected option life of five years and a risk-free interest rate of 3.73%.

We may reserve shares for the exercise of stock options and the grant of stock awards under a stock-based benefit plan in excess of 10% and 4%, respectively, of our total outstanding shares if the stock-based benefit plan is adopted more than one year following the conversion and stock offering. In addition, we may grant options and award shares that vest more rapidly than over a five-year period if the stock-based benefit plan is 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," CSB Financial intends to contribute to Community Savings Bank up to 50% of the net offering proceeds and retain the remainder of the net offering proceeds. CSB Financial will use a portion of the net offering proceeds it retains for the purpose of making a loan to the employee stock ownership plan and to contribute $100,000 in cash to the charitable foundation, and retain the remainder of the net offering proceeds 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 Community Savings Bank to purchase shares
of common stock in the stock offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CSB Financial's consolidated results of operations after the conversion
and stock offering; 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 it actually occurs and you should not use the table 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 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, bad debt reserve or the liquidation account we will establish in the conversion in the unlikely event we are liquidated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **At or for Year Ended December 31, 2025, Based on Sale at $10.00 Per Share of:** | **At or for Year Ended December 31, 2025, Based on Sale at $10.00 Per Share of:** | **At or for Year Ended December 31, 2025, Based on Sale at $10.00 Per Share of:** | **At or for Year Ended December 31, 2025, Based on Sale at $10.00 Per Share of:** |
|  | **935,000<br> Shares** | **1,100,000<br> Shares** | **1,265,000<br> Shares** | **1,454,750<br> 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 | $9350 | $11000 | $12650 | $14548 |
| Plus: Market value of common stock issued to charitable foundation | 275 | 275 | 275 | 275 |
| Pro forma market capitalization | 9625 | 11275 | 12925 | 14823 |
| Gross offering proceeds | $9350 | $11000 | $12650 | $14548 |
| Less: Estimated offering expenses | (1600 | (1600 | (1600 | (1600 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 7750 | 9400 | 11050 | 12948 |
| Less: Cash contribution to charitable foundation | (100) | (100) | (100) | (100) |
| Less: Common stock acquired by employee stock ownership plan <sup>(2)</sup> | (770) | (902) | (1034) | (1186) |
| Less: Common stock acquired by stock-based benefit plans <sup>(3)(4)</sup> | (385 | (451 | (517 | (593 |
| &nbsp;&nbsp;&nbsp;Estimated net cash proceeds | $6495 | $7947 | $9399 | $11069 |
| **<u>Year Ended December 31, 2025:</u>** |  |  |  |  |
| Consolidated net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical | $439 | $439 | $439 | $439 |
| Pro forma adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income on adjusted net proceeds | 179 | 219 | 258 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee stock ownership plan <sup>(2)</sup> | (30) | (36) | (41) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock awards <sup>(3)</sup> | (61) | (71) | (82) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options <sup>(4)</sup> | (53 | (62 | (71 | (81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma net income | $474 | $489 | $503 | $521 |
| Income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical | $0.49 | $0.42 | $0.37 | $0.32 |
| Pro forma adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income on adjusted net proceeds | 0.20 | 0.21 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee stock ownership plan <sup>(2)</sup> | (0.03) | (0.03) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock awards <sup>(3)</sup> | (0.07) | (0.07) | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options <sup>(4)</sup> | (0.06 | (0.06 | (0.06 | (0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma earnings per share | $0.53 | $0.47 | $0.42 | $0.38 |
| Offering price to pro forma net earnings per share | 18.87 | 21.28 | 23.81 | 26.32 |
| Number of shares used in earnings per share calculations | 889350 | 1041810 | 1194270 | 1369599 |
| **<u>At December 31, 2025:</u>** |  |  |  |  |
| Stockholders' equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $15794 | $15794 | $15794 | $15794 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 7750 | 9400 | 11050 | 12948 |
| &nbsp;&nbsp;&nbsp;Common stock contributed to charitable foundation | 275 | 275 | 275 | 275 |
| &nbsp;&nbsp;&nbsp;Less: After-tax cost of contribution to charitable foundation | (296) | (296) | (296) | (296) |
| &nbsp;&nbsp;&nbsp;Less: Common stock acquired by employee stock ownership plan <sup>(2)</sup> | (770) | (902) | (1034) | (1186) |
| &nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based benefit plans <sup>(3)(4)</sup> | (385 | (451 | (517 | (593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma stockholders' equity <sup>(5)</sup> | $22368 | $23820 | $25272 | $26942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Intangibles | (50 | (50 | (50 | (50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma tangible stockholders' equity <sup>(5)</sup> | $22318 | $23770 | $25222 | $26892 |
| Stockholders' equity per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Historical | $16.41 | $14.01 | $12.22 | $10.66 |
| &nbsp;&nbsp;&nbsp;Estimated net proceeds | 8.05 | 8.34 | 8.55 | 8.74 |
| &nbsp;&nbsp;&nbsp;Common stock contributed to charitable foundation | 0.29 | 0.24 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp;Less: After-tax cost of contribution to charitable foundation plan <sup>(6)</sup> | (0.31) | (0.26) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;Less: Common stock acquired by employee stock ownership plan <sup>(2)</sup> | (0.80) | (0.80) | (0.80) | (0.80) |
| &nbsp;&nbsp;&nbsp;Less: Common stock acquired by stock-based benefit plans <sup>(3)(4)</sup> | (0.40 | (0.40 | (0.40 | (0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma stockholders' equity per share <sup>(5)</sup> | $23.24 | $21.13 | $19.55 | $18.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Intangibles | (0.05 | (0.04 | (0.04 | (0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma tangible stockholders' equity per share <sup>(5)</sup> | $23.19 | $21.09 | $19.51 | $18.15 |
| &nbsp;&nbsp;&nbsp;Offering price as percentage of pro forma stockholders' equity per share | 43.03 | 47.33 | 51.15 | 55.01 |
| &nbsp;&nbsp;&nbsp;Offering price as percentage of pro forma tangible stockholders' equity per share | 43.12 | 47.44 | 51.26 | 55.13 |
| &nbsp;&nbsp;&nbsp;Number of shares outstanding for pro forma book value per share calculations | 889350 | 1041810 | 1194270 | 1369599 |

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*(Footnotes on following page)*

(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 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation will
be purchased by the employee stock ownership plan. For purposes of this table, the funds used to acquire these shares are assumed to have
been borrowed by the employee stock ownership plan from CSB Financial. Community Savings Bank intends to make annual contributions to
the employee stock ownership plan in an amount at least equal to the required principal and interest payments on the debt. Community Savings
Bank's total annual payments on the employee stock ownership plan debt are based upon 20 equal annual installments of principal
and interest. Financial Accounting Standards Board Accounting Standards Codification 718-40, "Employers' Accounting for Employee
Stock Ownership Plans" ("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 Community Savings Bank, the fair value of
the common stock remains equal to the subscription price and the employee stock ownership plan expense reflects an effective tax rate
of 21.0%. The unallocated shares are reflected as a reduction of stockholders' equity. No reinvestment is assumed on proceeds contributed
to fund the employee stock ownership plan. The pro forma net income for the year ended December 31, 2025 assumes that 3,850, 4,510,
5,170 and 5,929 shares were committed to be released during the year 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 year were considered outstanding for
purposes of income per share calculations.

(3) If approved by CSB Financial's stockholders, a stock-based benefit plan may purchase an aggregate number of shares of common
stock equal to 4% of the sum of the 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, or a lesser number
if Community Savings Bank were to have a Tier 1 leverage ratio of less than 10.0% within one year of the completion of the conversion
and stock offering). Stockholder approval of the stock-based benefit plan, 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 acquired directly from CSB Financial or through open market
purchases. CSB Financial will provide the funds to be used by the stock-based benefit plans to purchase the shares. The table assumes
that (i) the stock-based benefit plan acquires the shares through open market purchases at $10.00 per share, (ii) 20% of the
amount contributed to the stock-based benefit plan is amortized as an expense during the period, and (iii) the stock-based benefit
plan expense reflects an effective tax rate of 21.0%. Assuming stockholder approval of the stock-based benefit plan and that shares of
common stock equal to 4% of the sum of the shares sold in the stock offering and contributed to the charitable foundation are awarded
through the use 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 CSB Financial's stockholders, a stock-based benefit plan may grant options to acquire an aggregate number of
shares of common stock equal to 10% of the sum of the 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 plan 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 a stock-based benefit plan, 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 $2.74 for each option, and 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 of the options. The
actual expense of the stock options to be granted under the 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. Under the above assumptions, the adoption of the stock-based benefit plan 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, net income per share and stockholders' equity per share would
decrease. Assuming stockholder approval of the stock-based benefit plan and that shares of common stock used to fund stock options (equal
to 10% of the sum of the shares sold in the stock offering and contributed to the charitable foundation) are awarded through the use 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 Community Savings Bank will be substantially restricted after the conversion and stock offering. See "Our
Dividend Policy," "The Conversion and Stock Offering – Liquidation Rights" and "Regulation and Supervision."
The number of shares used to calculate pro forma stockholders' equity per share is equal to the total number of shares to be outstanding
upon completion of the conversion and stock offering.

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

Because of the small size of the contribution to the charitable foundation, FinPro determined that the establishment and funding of the charitable foundation was immaterial to the pro forma valuation of CSB Financial. Accordingly, the pro forma valuation is unchanged with or without the charitable foundation and the number of shares of CSB Financial common stock to be sold in the stock offering would be unchanged whether or not the charitable foundation is established and funded in connection with the conversion and stock offering.

For comparative purposes only, set forth below are certain pricing ratios, financial data and ratios at and for the year ended December 31, 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 year, with and without the charitable foundation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Minimum of <br> Offering Range** | **Minimum of <br> Offering Range** | **Midpoint of <br> Offering Range** | **Midpoint of <br> Offering Range** | **Maximum of <br> Offering Range** | **Maximum of <br> Offering Range** | **Adjusted Maximum of<br> Offering Range** | **Adjusted Maximum of<br> Offering Range** |
|  | **With<br> Foundation** | **Without<br> Foundation** | **With<br> Foundation** | **Without<br> Foundation** | **With<br> Foundation** | **Without<br> Foundation** | **With<br> Foundation** | **Without<br> 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)** |
| Estimated offering amount | $9350 | $9350 | $11000 | $11000 | $12650 | $12650 | $14548 | $14548 |
| Pro forma market capitalization | 9625 | 9350 | 11275 | 11000 | 12925 | 12650 | 14823 | 14548 |
| Pro forma total assets | 116771 | 116825 | 118223 | 118277 | 119675 | 119729 | 121345 | 121399 |
| Pro forma total liabilities | 94403 | 94403 | 94403 | 94403 | 94403 | 94403 | 94403 | 94403 |
| Pro forma stockholders' equity | 22368 | 22422 | 23820 | 23874 | 25272 | 25326 | 26942 | 26996 |
| Pro forma net income <sup>(1)</sup> | 474 | 481 | 489 | 496 | 503 | 521 | 521 | 529 |
| Pro forma stockholders' equity per share | $23.24 | $23.98 | $21.13 | $21.70 | $19.55 | $20.02 | $18.18 | $18.56 |
| Pro forma net income per share | $0.53 | $0.56 | $0.47 | $0.49 | $0.42 | $0.44 | $0.38 | $0.39 |
| **Pro forma pricing ratios:** |  |  |  |  |  |  |  |  |
| Offering price as a percentage of pro forma stockholders' equity per share | 43.03% | 41.70% | 47.33% | 46.08% | 51.15% | 49.95% | 55.01% | 53.88% |
| Offering price to pro forma net income per share | 18.87% | 17.86% | 21.28% | 20.41% | 23.81% | 22.73% | 26.32% | 25.64% |
| Offering price to pro forma assets per share | 8.24% | 8.00% | 9.54% | 9.30% | 10.80% | 10.57% | 12.22% | 11.98% |
| **Pro forma financial ratios:** |  |  |  |  |  |  |  |  |
| Return on assets | 0.41% | 0.41% | 0.41% | 0.42% | 0.42% | 0.43% | 0.43% | 0.44% |
| Return on equity | 2.12% | 2.15% | 2.05% | 2.08% | 1.99% | 2.02% | 1.93% | 1.96% |
| Equity to assets | 19.16% | 19.19% | 20.15% | 20.18% | 21.12% | 21.15% | 22.20% | 22.24% |

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*(footnote on following page)*

(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 income on assets and pro forma income on stockholders' equity assuming
the contribution to the charitable foundation was expensed during the year ended December 31, 2025 (dollars in thousands, except
per share amounts).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $296 |  | $296 |  | $296 |  | $296 |  |
| Pro forma net income | $474 |  | $489 |  | $503 |  | $521 |  |
| Pro forma net income per share | $0.53 |  | $0.47 |  | $0.42 |  | $0.38 |  |
| Offering price to pro forma net income per share | 18.87 | x | 21.28 | x | 23.81 | x | 26.32 | x |
| Pro forma income as a percentage of assets | 0.41 | % | 0.41 | % | 0.42 | % | 0.43 | % |
| Pro forma income as a percentage of stockholders' equity | 43.03 | % | 47.33 | % | 51.15 | % | 55.01 | % |

---

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

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

**Overview**

After the completion of the conversion and stock offering, CSB Financial will conduct its operations primarily through Community Savings Bank.

Community Savings Bank operates from its main office in Bethel, Ohio, and one branch office in Greenfield, Ohio. We consider Clermont County, where Bethel is located, and Highland County, where Greenfield is located, to be our primary market area for loans and retail deposits. However, because Clermont and Highland Counties are rural we seek and obtain loan demand from customers in the Cincinnati Metropolitan Area. We offer a variety of deposit accounts, including savings accounts, money market accounts, NOW accounts, noninterest-bearing demand accounts, and certificates of deposit. In addition to delivering banking services through our banking offices, we offer online and mobile banking.

Our business consists primarily of accepting retail deposits from the general public and investing those deposits, along with brokered deposits, Federal Home Loan Bank advances and funds generated from operations, primarily in one- to four-family residential mortgage loans. Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase the vast majority of our commercial and industrial loans and consumer loans from a third party. At December 31, 2025, one-to four-family residential mortgage loans totaled $41.2 million (44.2% of total loans), consumer loans totaled $17.5 million (18.7% of total loans), commercial real estate loans totaled $11.5 million (12.3% of total loans), multi-family mortgage loans totaled $9.9 million (10.7% of total loans), commercial and industrial loans totaled $7.7 million (8.2% of total loans), construction and land loans totaled $2.7 million (2.9% of total loans) and second mortgage and home equity loans totaled $2.8 million (3.0% of total loans). Consumer loans, in particular, increased by $14.9 million during the year ended December 31, 2025. For further information about our lending activities, see "Risk Factors – Risks Related to Our Lending Activities" and "Business of Community Savings Bank – Lending Activities."

At December 31, 2025, we had total assets of $110.2 million, total deposits of $82.2 million and total equity of $15.8 million. We had net income of $439,000 for the year ended December 31, 2025 and a net loss of $369,000 for the year ended December 31, 2024. The net loss was primarily due to $790,000 in one-time expenses associated with the conversion of our core data processing system to a new core service provider. Our primary revenue source is interest income earned on loans and investments. Noninterest income is not a significant revenue source.

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 provisions for credit losses, noninterest income and noninterest expense.

Our results of operations may also be affected significantly by general and local economic and competitive conditions, changes in inflation, market interest rates, governmental policies and actions of regulatory authorities. Community Savings Bank is subject to comprehensive regulation and examination by the ODFI and the FDIC.

**Business Strategy**

Our principal objective is to build long-term value for our stockholders by operating a profitable community financial institution dedicated to meeting the banking needs of our customers and community. Our loan-to-deposit ratio was 113.5% at December 31, 2025. We expect the proceeds from the stock offering to enable us to continue to grow while reducing our reliance on higher cost funding such as brokered certificates of deposit and Federal Home Loan Bank advances. We plan to employ the following strategies to grow and to maximize profitability:

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to grow our commercial real estate loan portfolio.** At December 31,
2025, commercial real estate loans were a significant component of our loan portfolio. 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 purchase consumer loans.** The consumer loan portfolio increased
from $2.6 million (3.4% of total loan portfolio) at December 31, 2024 to $17.5 million (18.7% of total loan portfolio) at December 31,
2025, primarily due to purchases of unsecured consumer loans from a third party. We intend to continue to purchase unsecured consumer
loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Continue to maintain strong asset quality.** We intend to continue to
maintain strong asset quality through conservative loan underwriting. At December 31, 2025, total non-performing loans to total loans
was 0.11%.

&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. At December 31, 2025, core deposits totaled $34.9 million or 42.5%
of total deposits. We have invested in and enhanced our online and mobile banking offerings to help gather and retain core deposits. Our
commercial real estate and commercial and industrial lending activities are avenues 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. We have no current plans or intentions regarding any such expansion activities.

We expect these strategies to guide our investment of the net proceeds of the stock offering. We intend to continue to pursue these business strategies after the conversion and stock offering, subject to changes necessitated by future market conditions, regulatory restrictions and other factors.

**Anticipated Increase in Noninterest Expense**

Following the completion of the conversion and stock offering, our noninterest expense is expected to increase because of the increased costs associated with operating as a public company, including the expected hiring of additional accounting personnel, and the increased compensation expenses associated with the purchase of shares of common stock by our employee stock ownership plan 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 Resulting from 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 income;" and "Management – Benefits to be Considered Following Completion of the Conversion and Stock Offering."

**Critical Accounting Policies**

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with generally accepted accounting principles used in the United States of America. The preparation of these 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 policies discussed below to be critical accounting policies. 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 financial statements may not be comparable to companies that comply with such new or revised accounting standards.

The following represent 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.

***Deferred Tax Assets.*** We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the 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. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax asset will not be realized. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change. Determining the proper valuation allowance for deferred taxes is critical in properly valuing the deferred tax asset and the related recognition of income tax expense or benefit. Any reduction in estimated future taxable income may require us to record a valuation allowance against our deferred tax assets.

***Fair Value Measurements.*** The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. We estimate the fair value of a financial instrument and any related asset impairment using a variety of valuation methods. Where financial instruments are actively traded and have quoted market prices, quoted market prices are used for fair value. When the financial instruments are not actively traded, other observable market inputs, such as quoted prices of securities with similar characteristics, may be used, if available, to determine fair value. When observable market prices do not exist, we estimate fair value. These estimates are subjective in nature and imprecision in estimating these factors can impact the amount of gain or loss recorded. For a detailed description of the fair values measured at each level of the fair value hierarchy and the methodology we use, see note 8 of notes to the financial statements.

**Average Balance Sheets**

The following tables set forth average balance sheets, average yields and costs, and certain other information at the dates and for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. Average yields include the effect of net deferred fee income, discounts and premiums that are amortized or accreted to interest income or interest expense. Average balances are calculated using monthly average balances. Non-accrual loans are included in the computation of average balances only. Average loan balances include loans held for sale.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **At<br> December 31,**<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 | 3.58% | $5491 | $236 | 4.30% | $4873 | $260 | 5.32% |
| Investment securities available-for-sale | 3.46 | 5619 | 190 | 3.39 | 5991 | 177 | 2.95 |
| Loans receivable, net | 6.10 | 89113 | 5374 | 6.03 | 76597 | 4235 | 5.53 |
| Other interest-earning assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 5.80 | 100223 | 5800 | 5.79 | 87461 | 4672 | 5.34 |
| Non-interest-earning assets |  | 4625 |  |  | 4281 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets |  | $104848 |  |  | $91742 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |
| Savings accounts | 0.73% | $15016 | 101 | 0.67% | $14179 | 26 | 0.18% |
| Money market accounts | 1.64 | 9091 | 165 | 1.81 | 8671 | 132 | 1.52 |
| NOW accounts | 0.32 | 6560 | 40 | 0.61 | 5927 | 34 | 0.57 |
| Non-brokered certificates of deposit | 3.62 | 39426 | 1435 | 3.64 | 39176 | 1526 | 3.90 |
| Brokered certificates of deposit | 4.00 | 5394 | 217 | 4.03 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2.49 | 75487 | 1958 | 2.59 | 67953 | 1718 | 2.53 |
| Federal Home Loan Bank advances | 4.16 | 8524 | 359 | 4.22 | 3766 | 172 | 4.57 |
| Other interest-bearing liabilities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2.68 | 84011 | 2317 | 2.76 | 71719 | 1890 | 2.63 |
| Non-interest-bearing demand deposits |  | 3957 |  |  | 3440 |  |  |
| Other non-interest-bearing liabilities |  | 1427 |  |  | 1131 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities |  | 89395 | 2317 |  | 76290 |  |  |
| Total equity |  | 15453 |  |  | 15452 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity |  | 104848 | 2317 |  | 91742 |  |  |
| Net interest income |  |  | $3483 |  |  | $2782 |  |
| Net interest rate spread <sup>(1)</sup> | 3.12% |  |  | 3.03% |  |  | 2.71% |
| Net interest-earning assets <sup>(2)</sup> |  | $16212 |  |  | $15742 |  |  |
| Net interest margin <sup>(3)</sup> | 3.34% |  |  | 3.48% |  |  | 3.18% |
| Average interest-earning assets to interest-bearing liabilities | 113.73% |  |  | 119.30% |  |  | 121.95% |

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(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 table presents the effects of changing rates and volumes on our 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. For purposes of this table, 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 were no out-of-period items or adjustments required to be excluded from the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025 vs. 2024** | **Year Ended December 31, 2025 vs. 2024** | **Year Ended December 31, 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 | $51 | $(75) | $(24) |
| Investment securities available-for-sale | (21) | 34 | 13 |
| Loans receivable, net | 692 | 447 | 1139 |
| Other interest-earning assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 722 | 406 | 1128 |
| **Interest-bearing liabilities:** |  |  |  |
| Savings accounts | 2 | 73 | 75 |
| Money market accounts | 6 | 27 | 33 |
| NOW accounts | 3 | 3 | 6 |
| Non-brokered certificates of deposit | 10 | (101) | (91) |
| Brokered certificates of deposit |  | 217 | 217 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 21 | 219 | 240 |
| Federal Home Loan Bank advances | 218 | (31) | 187 |
| Other interest-bearing liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 239 | 188 | 427 |
| Increase in net interest income | $483 | $218 | $701 |

---

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

***Total Assets***. Total assets increased $17.4 million, or 18.8%, to $110.2 million at December 31, 2025 from $92.8 million at December 31, 2024. The increase was primarily the result of an increase in net loans from a balance sheet leverage transaction executed in April 2025 involving the purchase of consumer loans financed by Federal Home Loan Bank advances and brokered certificates of deposit, as discussed below.

***Cash and Cash Equivalents***. Cash and cash equivalents increased $1.1 million, or 21.8%, to $6.4 million at December 31, 2025 from $5.3 million at December 31, 2024 primarily due to an increase in deposits.

***Available-for-Sale Securities***. Available-for-sale securities decreased $165,000, or 2.9%, to $5.5 million at December 31, 2025 from $5.7 million at December 31, 2024 due to scheduled maturities. No securities were purchased during the year ended December 31, 2025 as excess liquidity was invested in the loan portfolio.

***Federal Home Loan Bank Stock.*** Federal Home Loan Bank Stock increased $323,000, or 116.6%, to $600,000 at December 31, 2025 from $277,000 at December 31, 2024 due to the increase in Federal Home Loan Bank advances discussed below.

***Net Loans*.** Net loans increased $15.9 million, or 20.7%, to $92.6 million at December 31, 2025 from $76.7 million at December 31, 2024. The increase was primarily the result of a $14.9 million increase in purchased consumer loans.

***Bank-Owned Life Insurance*.** We invest in bank-owned life insurance to help offset our employee benefit plan obligations. Bank-owned life insurance generally provides noninterest income that is nontaxable. Bank-owned life insurance increased $69,000, or 2.3%, to $3.1 million at December 31, 2025 from $3.0 million at December 31, 2024 primarily due to an increase in the cash surrender value of existing policies.

***Deposits.*** Deposits increased $9.8 million, or 13.4%, to $82.2 million at December 31, 2025 from $72.4 million at December 31, 2024. The increase in deposits was primarily due to $8.0 million of additional brokered certificates of deposit to fund, along with Federal Home Loan Bank advances, the purchase of consumer loans. The maturities of the brokered certificates are laddered with terms ranging from 12 to 48 months. Demand deposits increased $1.3 million, or 13.3%, to $10.9 million at December 31, 2025 from $9.6 million at December 31, 2024.

***Federal Home Loan Bank Advances****.* Federal Home Loan Bank advances increased $7.1 million, or 198.6%, to $10.6 million at December 31, 2025 from $3.6 million at December 31, 2024. This increase was primarily to fund, along with brokered certificates of deposit, the purchase of consumer loans. The maturities of the advances are laddered with terms range from 12 to 48 months.

***Total Equity***. Total equity increased $537,000, or 3.5%, to $15.8 million at December 31, 2025 from $15.3 million at December 31, 2024 due to net income of $439,000 for the year ended December 31, 2025 and a decrease in the accumulated other comprehensive loss of $98,000 primarily due to an increase in net unrealized gains on available-for-sale securities resulting from a decrease in market interest rates during the year ended December 31, 2025.

**Comparison of Operating Results for the Year Ended December 31, 2025 and 2024**

***Net Income***. Net income was $439,000 for the year ended December 31, 2025, compared to a net loss of $369,000 for the year ended December 31, 2024, an increase of $808,000. The increase was primarily due to a $701,000 increase in net interest income and a $650,000 decrease in non-interest expense, which were partially offset by a $463,000 increase in tax expense.

***Total Interest Income***. Total interest income increased $1.1 million, or 24.1%, to $5.8 million for the year ended December 31, 2025, from $4.7 million for the year ended December 31, 2024, primarily due to a $1.1 million increase in interest and fees on loans. The increase in interest and fees on loans resulted primarily from an increase of $12.5 million in the average balance of loans to $89.1 million for the year ended December 31, 2025 from $76.6 million for the year ended December 31, 2024 and an increase in the average yield on loans to 6.03% for the year ended December 31, 2025 from 5.53% for the year ended December 31, 2024.

Average interest earning assets increased $12.8 million, to $100.2 million for the year ended December 31, 2025, from $87.4 million for the year ended December 31, 2024 primarily due to the increase in the average balance of loans. The yield on interest earning assets increased to 5.79% for the year ended December 31, 2025, from 5.34% for the year ended December 31, 2024 primarily due to the increase in the average yield on loans and an increase in the average yield available-for-sale securities from 2.95% for the year ended December 31, 2024 to 3.39% for the year ended December 31, 2025.

***Interest Expense.*** Total interest expense increased $427,000, or 22.6%, to $2.3 million for the year ended December 31, 2025, from $1.9 million for the year ended December 31, 2024. Interest expense on deposits increased $240,000, or 14.0%, to $2.0 million for the year ended December 31, 2025, from $1.7 million for the year ended December 31, 2024 primarily due to an increase in the average balance of deposits. Interest on borrowings increased $187,000, or 108.7%, to $359,000 for the year ended December 31, 2025 from $172,000 for the year ended December 31, 2024 primarily due to an increase in the average balance of Federal Home Loan Bank advances.

The average balance of interest-bearing deposits increased $7.5 million, or 11.1%, to $75.5 million for the year ended December 31, 2025, from $68.0 million for the year ended December 31, 2024 primarily due to an increase in the average balance of brokered certificates of deposit. The average rate on interest bearing deposits increased to 2.59% for the year ended December 31, 2025 from 2.53% for the year ended December 31, 2024. The average balance of Federal Home Loan Bank advances increased $4.7 million, or 126.3%, to $8.5 million for the year ended December 31, 2025, from $3.8 million for the year ended December 31, 2024, while the average rate on Federal Home Loan Bank advances decreased to 4.22% for the year ended December 31, 2025 from 4.57% for the year ended December 31, 2024.

***Net Interest Income.*** Net interest income increased $701,000, or 25.2%, to $3.5 million for the year ended December 31, 2025, from $2.8 million for the year ended December 31, 2024, primarily due to a $12.8 million increase in the average balance of interest-earning assets during the year ended December 31, 2025. Net interest spread increased to 3.03% for the year ended December 31, 2025, from 2.71% for the year ended December 31, 2024, while net interest margin increased to 3.48% for the year ended December 31, 2025, from 3.18% for the year ended December 31, 2024. The increase in net interest spread was driven by an increase in the average yield on interest-earning assets to 5.79% for the year ended December 31, 2025, from 5.34% for the year ended December 31, 2024, primarily as a result of an increase in the average yield on loans to 6.03% from 5.53%. This was partially offset by an increase in the weighted average rate paid in interest bearing liabilities to 2.76% for the year ended December 31, 2025, from 2.63% for the year ended December 31, 2024.

***Provision for Credit Losses***. Based on management's analysis of the adequacy of the allowance for credit losses, a provision for loan losses of $69,000 was recorded for the year ended December 31, 2025, compared to no provision for the year ended December 31, 2024. The increased provision was primarily due to the increase in the balance of the loan portfolio.

***Noninterest Income***. Noninterest income decreased $12,000, or 6.7%, to $168,000 for the year ended December 31, 2025, from $180,000 for the year ended December 31, 2024, primarily due to a one-time vendor credit in 2024.

***Noninterest Expense***. Noninterest expense decreased $650,000, or 17.3%, to $3.1 million for the year ended December 31, 2025, from $3.8 million for the year ended December 31, 2024. Other operating expenses decreased $714,000, or 67.5%, to $343,000 for the year ended December 31, 2025, from $1.1 million during the year ended December 31, 2024. Other operating expenses in 2024 included one-time costs associated with the conversion of Community Savings Bank's core data processing system to a new core service provider in October 2025, which primarily consisted of a $475,000 deconversion payment to the former core service provider and consulting fees of $315,000 for contract negotiations with the new core service provider.

***Income Tax Expense (Benefit)***. Income tax expense increased $463,000, or 106.9%, to $30,000 for the year ended December 31, 2025, from a tax benefit of $433,000 for the year ended December 31, 2024. The effective tax rate was 6.3% and (12.0)% for the years ended December 31, 2025 and 2024, respectively. The effective tax rate differs from the 21% federal statutory rate primarily due to tax-exempt interest on municipal securities, tax-exempt earnings on bank owned life insurance, changes in the valuation allowance on deferred tax assets, and discrete tax items related to prior year adjustments. See note 9 of notes to the financial statements for additional information.

**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 monetary in nature and 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 risk level 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 and is comprised of directors, executive officers and other members of senior management. The Asset Liability Committee reports to the full board of directors at least quarterly. We use 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 adequate liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· growing our volume of low-cost core deposit accounts;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· selling certain conforming, fixed-rate residential mortgages with longer
terms upon origination, subject to market conditions and periodic review of our asset/liability management needs; 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.

We have not engaged in hedging activities, such as engaging in futures or options. We do not anticipate entering into similar transactions in the future.

***Economic Value of Equity*.** We 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 100, 200, 300 and 400 basis point increments or decreases instantaneously by 100, 200, 300 and 400 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 December 31, 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 December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 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)<br> in EVE** | **Estimated Increase (Decrease)<br> in 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)** |
| 400 | $19243 | $(2184) | (10.19)% | 18.9% | (31) |
| 300 | 19766 | (1661) | (7.75)% | 19.0% | (22) |
| 200 | 20308 | (1119) | (5.22)% | 19.1% | (13) |
| 100 | 20888 | (539) | (2.52)% | 19.2% | (5) |
| Level | 21427 |  | —% | 19.2% |  |
| (100) | 22009 | 582 | 2.72% | 19.3% | 7 |
| (200) | 22483 | 1056 | 4.93% | 19.3% | 3 |
| (300) | 24070 | 2643 | 12.33% | 19.9% | 71 |
| (400) | 25210 | 3783 | 17.66% | 20.3% | 112 |

---

&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, 2025, we would have experienced a 5.22% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 4.93% increase in EVE in the event of an instantaneous 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) <br> in EVE** | **Estimated Increase (Decrease) <br> in 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)** |
| 400 | $18125 | $(3133) | (14.62)% | 21.7% | (122) |
| 300 | 19465 | (1793) | (8.37)% | 22.5% | (36) |
| 200 | 20005 | (1253) | (5.85)% | 22.6% | (26) |
| 100 | 20622 | (636) | (2.97)% | 22.7% | (13) |
| Level | 21258 |  | —% | 22.9% |  |
| (100) | 21894 | 636 | 2.97% | 23.0% | 10 |
| (200) | 22435 | 1177 | 5.49% | 23.0% | 8 |
| (300) | 22957 | 1699 | 7.93% | 22.9% | 2 |
| (400) | 25664 | 4406 | 20.56% | 24.4% | 151 |

---

&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 a 5.85% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 5.49% increase in EVE in the event of an instantaneous 200 basis point decrease 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 December 31, 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 December 31, 2025** | **At December 31, 2025** | **At December 31, 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)** | |
| 400 | $4363 | 26.21% |
| 300 | 4137 | 19.67% |
| 200 | 3911 | 13.13% |
| 100 | 3686 | 6.62% |
| Level | 3457 |  |
| (100) | 3392 | (1.88)% |
| (200) | 3318 | (4.02)% |
| (300) | 3213 | (7.06)% |
| (400) | 3057 | (11.57)% |

---

&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%.

The table above indicates that at December 31, 2025, we would have experienced a 13.13% increase in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 4.02% decrease in net interest income in the event of an instantaneous 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.

---

| | | |
|:---|:---|:---|
| **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)** | |
| &nbsp;&nbsp;400 | $3673 | 26.44% |
| &nbsp;&nbsp;300 | 3499 | 20.45% |
| &nbsp;&nbsp;200 | 3301 | 13.63% |
| &nbsp;&nbsp;100 | 3104 | 6.85% |
| &nbsp;&nbsp;Level | 2905 |  |
| &nbsp;&nbsp;(100) | 2949 | 1.51% |
| &nbsp;&nbsp;(200) | 2987 | 2.82% |
| &nbsp;&nbsp;(300) | 2742 | (5.61)% |
| &nbsp;&nbsp;(400) | 2461 | (15.28)% |

---

&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%.

The table above indicates that at December 31, 2024, we would have experienced a 13.63% increase in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 2.82% increase in net interest income in the event of an instantaneous 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.*** 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. We also have the ability to borrow from the Federal Home Loan Bank of Cincinnati. At December 31, 2025, we had the capacity to borrow $27.3 million from the Federal Home Loan Bank of Cincinnati, of which $10.6 million was outstanding. At December 31, 2025, we also had a cash management line of credit agreement with the Federal Home Loan Bank of Cincinnati with a credit line of $3.0 million, none of which was outstanding.

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 which 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, cash flows from investing activities, and cash flows from financing activities. For further information, see the statements of cash flows contained in the financial statements beginning on page F-1 of this prospectus.

We are committed to maintaining a strong liquidity position and monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. At December 31, 2025, certificates of deposit that are scheduled to mature in less than one year from that date totaled $33.6 million. Based on our deposit retention experience and current pricing strategy, we anticipate retaining a significant portion of certificates of deposit as they mature. However, if a substantial portion is not retained, we may have to use Federal Home Loan Bank of Cincinnati borrowings and/or brokered deposits or raise interest rates on deposits to attract new accounts, which would increase interest expense.

***Capital Resources.*** At December 31, 2025, Community Savings Bank exceeded all regulatory capital levels required to be considered "well capitalized." For further information, see note 12 of notes to the financial statements.

***Off-Balance Sheet Arrangements.*** At December 31, 2025, we had $771,000 of undisbursed loans in process, $10.0 million of unfunded commitments under lines of credit and $5.3 million of standby letters of credit. For additional information, see note 13 of notes to the financial statements.

**Recent Accounting Pronouncements**

For a discussion of the impact of recent accounting pronouncements, see note 1 of notes to the financial statements.

**Impact of Inflation and Changing Prices**

The financial statements and related data presented in this prospectus have been prepared according to GAAP which require 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, market interest rates generally have a more significant impact on a financial institution's performance than does inflation. Market interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

**BUSINESS OF CSB FINANCIAL**

Incorporated in the State of Maryland on February 18, 2026, CSB Financial has not engaged in any business to date. Upon completion of the conversion and stock offering, CSB Financial will own all of the issued and outstanding stock of Community Savings Bank. CSB Financial intends to contribute at least 50% of the net proceeds from the stock offering to Community Savings Bank and will retain the remaining net proceeds from which it will use a portion to make a loan to Community Savings Bank's employee stock ownership plan and contribute $100,000 in cash to the charitable foundation. At a later date, CSB Financial may use the net proceeds to repurchase shares of common stock, subject to our capital needs, regulatory limitations and other factors. We intend to invest our initial capital in the manner discussed under "How We Intend to Use the Proceeds from the Stock Offering."

After the completion of the conversion and stock offering, CSB Financial, as the bank holding company of Community Savings Bank, will be authorized to pursue other business activities permitted by applicable laws and regulations. See "Regulation and Supervision – Holding Company Regulation" for a discussion of the activities that are permitted for bank holding companies.

Following the conversion and stock offering, our cash flow will depend on earnings from the investment of the net proceeds from the stock offering that we retain, and any dividends we receive from Community Savings Bank. Community Savings Bank is subject to regulatory limitations on the amount of dividends that it may pay. See "Regulation and Supervision." Initially, CSB Financial will neither own nor lease any property, but instead will pay a fee to Community Savings Bank for the use of its premises, furniture and equipment. At the present time, CSB Financial intends to employ as officers only persons who are officers of Community Savings Bank. However, we will use periodically the support staff of Community Savings Bank. We will pay a fee to Community Savings Bank for the time its employees devote to CSB Financial, and these individuals will not be separately compensated by CSB Financial. CSB Financial may hire additional employees, as appropriate, to the extent it expands its business in the future.

**BUSINESS OF COMMUNITY SAVINGS BANK**

**General**

We consider our primary market area for loan originations and deposit gathering to be Clermont and Highland Counties and surrounding areas. However, because Clermont and Highland Counties are rural, Highland County more so than Clermont County, we also seek and obtain loan demand from customers in the Cincinnati Metropolitan Area.

Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase the vast majority of our consumer loans and commercial and industrial loans from a third party. We generally retain the loans that we originate in our portfolio, but, subject to market conditions and periodic review of our asset/liability management needs, we have sold fixed-rate one- to four-family residential mortgage loans with longer terms upon origination, with servicing rights retained, to help mitigate our interest rate risk exposure and generate fee income. We also invest in securities, primarily municipal securities, U.S. government agency securities, mortgage backed securities and collateralized mortgage obligations. We offer a variety of deposit accounts including demand accounts, savings accounts, money market accounts, NOW accounts and certificates of deposit. Our primary source of funding is core deposits. We also use Federal Home Loan Bank of Cincinnati advances and brokered deposits to supplement our funding needs. We are subject to comprehensive regulation and examination by the ODFI and by the FDIC.

Our main office is located at 503 West Plane Street, Bethel, Ohio 45106, and our telephone number at that address is (513) 734-4445. Our website address is *www.bankwith-csb.com*. Information on our website is not incorporated into this prospectus and should not be considered part of this prospectus.

**Market Area**

Our main office is located in Clermont County and our branch office is located in Highland County, predominately rural counties with Highland County more so than Clermont County. Because of their rural nature, we consider the contiguous Counties of Brown, Hamilton (location of the City of Cincinnati), Ross, and Fayette, in addition to Clermont and Highland Counties, to be our primary market area for loan originations and deposit gathering. Brown, Clermont and Highland Counties are part of the Cincinnati, OH-KY-IN Metropolitan Statistical Area.

Major sectors of employment in Clermont and Highland Counties include services; education, healthcare and social services; and manufacturing. Major employers in Clermont County include Total Quality Logistics (freight logistics), American Modern Insurance Group (insurance), Mercy Health – Clermont Hospital, Siemens Digital Industries Software (computer programming) and Milacron (plastics manufacturing and technology). Major employers in Highland County include Weastec, Inc. (automotive components), Highland District Hospital, Candle-Lite Company (candle manufacturer) and Adient PLC (automotive seating manufacturer).

According to published statistics, the 2026 estimated population of Clermont County was 216,000 and of Highland County was 44,000. The 2026 to 2031 estimated population growth rate is 0.5% for Clermont County and 0.2% for Highland County. Estimated 2026 median household income is $86,200 for Clermont County and $71,400 for Highland County, compared to $75,600 statewide and $86,900 nationwide. The 2026 to 2031 estimated median household income growth rate is 0.6% for Clermont County and a negative 1.0% for Highland County, compared to a flat growth rate statewide and a negative 0.3% nationwide. Estimated 2026 per capita income is $47,100 for Clermont County and $34,900 for Highland County, compared to $44,500 statewide and $48,900 nationwide. The 2026 to 2031 estimated per capita income growth rate is 0.4% for Clermont County and a negative 1.3% for Highland County, compared to 0.1% statewide and a negative 0.1% nationwide. The November 2025 unemployment rate for Clermont County was 3.7% and 4.8% for Highland County, compared to 3.9% statewide and 4.3% nationwide.

**Competition**

We face strong competition within our primary market area both in making loans and attracting retail deposits. Our market area includes large money center and regional banks, community banks and savings institutions, and credit unions. We also face competition for loans from mortgage banking firms, consumer finance companies, credit unions, and fintech companies and, with respect to deposits, from money market funds, brokerage firms, mutual funds and insurance companies. Our ability to compete for loans and deposits in our market area does not depend on any one existing relationship.

At June 30, 2025 (the most recent date for which FDIC data is publicly available), we were ranked 14<sup>th</sup> among the 17 FDIC-insured financial institutions with offices in Clermont County, with a market share of deposits of 1.15%, and 8<sup>th</sup> among the nine FDIC-insured financial institutions with offices in Highland County, with a market share of deposits of 0.71%.

**Lending Activities**

***General.*** Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase the vast majority of our consumer loans and commercial and industrial loans from a third party.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Amount** | **Percent** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Real estate loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $41229 | 44.2% | $42031 | 54.5% |
| &nbsp;&nbsp;&nbsp;Multi-family | 9946 | 10.7 | 8449 | 10.9 |
| &nbsp;&nbsp;&nbsp;Construction and land | 2653 | 2.9 | 913 | 1.2 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 11486 | 12.3 | 11380 | 14.7 |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity | 2772 | 3.0 | 2663 | 3.4 |
| Commercial and industrial loans | 7658 | 8.2 | 9171 | 11.9 |
| Consumer loans | 17472 | 18.7 | 2620 | 3.4 |
|  | $93216 | 100.0% | $77227 | 100.0% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | 436 |  | 352 |  |
| &nbsp;&nbsp;&nbsp;Net deferred loan origination costs | 224 |  | 193 |  |
| &nbsp;&nbsp;&nbsp;Loans receivable, net | $92556 |  | $76683 |  |

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***Contractual Maturities.*** The following table sets forth the contractual maturities of the total loan portfolio at December 31, 2025. Demand loans, which are loans having no stated repayment schedule or stated maturity, and overdraft loans are both reported as being due in one year or less. Because the table presents contractual maturities and does not reflect repricing or the effect of prepayments, actual maturities may differ.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **One- to<br> Four-Family<br> Residential** | **Multi-Family** | **Construction<br> and Land** | **Commercial Real Estate** | **Second<br> Mortgage<br> and<br> Home<br> Equity** | **Commercial<br> and<br> Industrial** | **Consumer** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Amounts due in: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One year or less | $27 |  | $— | $4 | $20 | $3199 | $50 | $3300 |
| &nbsp;&nbsp;&nbsp;After one year through two years | 60 |  | 10 |  | 88 | 114 |  | 272 |
| &nbsp;&nbsp;&nbsp;After two years through three years | 40 |  |  | 96 | 29 | 293 |  | 458 |
| &nbsp;&nbsp;&nbsp;After three years through five years | 355 |  |  | 22 | 715 | 1559 | 461 | 3112 |
| &nbsp;&nbsp;&nbsp;After five years through 10 years | 1969 | 361 |  | 1432 | 1907 | 1532 | 16961 | 24162 |
| &nbsp;&nbsp;&nbsp;After 10 years through 15 years | 6909 | 1536 | 378 | 2472 |  | 961 |  | 12256 |
| &nbsp;&nbsp;&nbsp;After 15 years | 31869 | 8049 | 2265 | 7460 | 13 |  |  | 49656 |
| &nbsp;&nbsp;&nbsp;Total | $41229 | $9946 | $2653 | $11486 | $2772 | $7658 | $17472 | $93216 |

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***Fixed vs. Adjustable Rate Loans.*** The following table sets forth the fixed-rate loans and adjustable-rate loans at December 31, 2025, that are contractually due after December 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | **Due After December 31, 2026** | **Due After December 31, 2026** | **Due After December 31, 2026** |
|  | **Fixed** | **Adjustable** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Real estate loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $21182 | $20018 | $41200 |
| &nbsp;&nbsp;&nbsp;Multi-family | 1606 | 8342 | 9948 |
| &nbsp;&nbsp;&nbsp;Construction and land | 388 | 2265 | 2653 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 2656 | 8827 | 11483 |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity | 119 | 2633 | 2752 |
| Commercial and industrial loans | 4340 | 119 | 4459 |
| Consumer loans | 17421 |  | 17421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $47712 | $42204 | $89916 |

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***One- to Four-Family Residential Mortgage Loans*.** At December 31, 2025, one- to four-family residential mortgage loans totaled $41.2 million, or 44.2% of total loans. Our one- to four-family residential real estate loans are secured by either owner-occupied properties or non-owner-occupied properties located in our primary market area.

At December 31, 2025, $32.6 million of one- to four-family residential mortgage loans were secured by non-owner-occupied properties. To monitor concentration risk in one- to four-family residential mortgage loans secured by non-owner-occupied properties, we have established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 200%. At December 31, 2025, the percentage was 136.3%.

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 generally based on the secondary market pricing parameters, plus a spread. Fixed-rate loans have maturities up to 30 years. At December 31, 2025, fixed-rate one- to four-family residential real estate loans totaled $26.9 million.

Adjustable rate one- to four-family residential real estate loans have interest rates generally tied to the One- Three- or Five-Year U.S. Treasury rate, plus a spread, with terms of up to 30 years. The interest rate is generally fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan. At December 31, 2025, adjustable rate one- to four-family residential real estate loans totaled $38.4 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 may 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. Some 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 generally 85% (95% with private mortgage insurance).

We do not offer "interest only" residential mortgage loans, where the borrower pays interest for an initial period, after which the loan converts to a fully amortizing loan. We also do not 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 the loan, resulting in an increased principal balance during the life of the loan. We do not currently offer "subprime loans" on one- to four-family residential real estate loans (<u>i.e.</u>, generally loans to borrowers with credit scores less than 620).

***Multi-family Mortgage Loans.*** At December 31, 2025, multi-family mortgage loans totaled $9.9 million or 10.7% of total loans. Multi-family mortgage loans are secured primarily by five or more-unit residential properties located in our primary market area. Multi-family mortgage loans are generally fully-amortizing loans with 25-year terms and with variable rates tied to the One- Three- or Five-Year U.S. Treasury rate, plus a spread. The interest rate is fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan.

To monitor concentration risk in multi-family mortgage loans, we have established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 140%. At December 31, 2025, the percentage was 61.0%

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 1.10x and that the ratio of the loan amount to the appraised value of the mortgaged property, subject to certain exception, is limited to 80% 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. The financial information of each borrower whose indebtedness exceeds $750,000 is monitored on an ongoing basis by requiring periodic financial statement updates.

***Construction and Land Loans.*** At December 31, 2025, construction and land loans totaled $2.7 million, or 2.9% of total loans, of which $718,000 were land loans. We make residential construction loans, primarily to individuals for the construction of their primary residences who typically use contractors and single-family home builders with whom we have an established relationship and satisfactory history. We generally do not originate commercial construction loans or speculative residential construction loans, which are construction loans to a builder where there is not a contract in place for the purchase of the home at the time the construction loan is originated.

Our residential construction loans are underwritten to the same guidelines for permanent one- to four-family residential mortgage loans. Our residential construction loans are generally structured as construction/permanent loans where after a 12-month construction period the loan converts to a permanent fixed-rate or adjustable rate one-to four-family residential mortgage loan. The construction/permanent loan involves one loan closing. The interest rate during the construction phase is based on the interest rate for the permanent financing and remains fixed throughout the term of the construction. At December 31, 2025, our largest construction loan totaled $2.0 million, of which $1.3 million had been disbursed, and was performing according to its original terms.

Residential construction loans are generally made with a maximum loan-to-value ratio of 80% of the estimated appraised market value 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 third-party inspections of the property before disbursements of funds during the term of the construction loan.

We also make a limited amount of land loans to complement our construction lending activities. Land development loans are generally secured by lots that will be used for residential development or land for recreational/agricultural use. Land loans are either fixed rate loans or variable rate loans tied to the One- Three- Five- or Seven-Year U.S. Treasury rate, plus a spread. The interest rate is fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan. Land loans are made with maximum maturities of 20 years. Land loans are generally made with a maximum loan-to-value ratio of 80% of appraised value for residential properties and 70% for agricultural properties. At December 31, 2025, our largest land loan had an outstanding balance of $304,000 and it was performing according to its original terms.

***Commercial Real Estate Loans*.** At December 31, 2025, commercial real estate loans totaled $11.5 million, or 12.3% of total loans. Commercial real estate loans are generally secured by small retail shopping malls, offices or warehouses located in our primary market area.

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 our Tier 1 capital and allowance for credit losses. The guideline metric is 140%. At December 31, 2025, the percentage was 70.4%

Commercial real estate loans are either fixed rate loans or variable rate loans tied to the One-, Three- Five- or Seven-Year U.S. Treasury rate, plus a spread. Generally, the interest rate is fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan. Commercial real estate loans are made with maximum maturities of 25 years. Commercial real estate loans are generally made with a maximum loan-to-value ratio of 80% of appraised value. At December 31, 2025, our largest commercial real estate loan had an outstanding balance of $2.0 million and it was performing according to its original terms.

***Second Mortgage and Home Equity Loans.*** At December 31, 2025, second mortgage and home equity loans totaled $2.8 million or 3.0% of total loans, of which $2.7 million were home equity loans. Second mortgage loans are generally fully amortizing fixed rate loans with terms up to 10 years. Home equity loans are lines of credit based on *The Wall Street Journal* prime rate, plus a spread, with 10-year balloon terms. The maximum loan to value ratio for second mortgage loans and home equity loans is 90% if we hold the first lien on the collateral property (80% if we do not). Our second mortgage and home equity loans are generally underwritten in the same manner as our one- to four-family residential mortgage loans.

***Commercial and Industrial Loans.*** At December 31, 2025, commercial and industrial loans totaled $7.7 million, or 8.2% of total loans, of which $4.4 million were purchased from Bankers Healthcare Group, LLC d/b/a BHG Financial, referred to as "BHG Financial" throughout this prospectus.

We generally do not originate commercial and industrial loans secured by equipment or other business assets. The commercial and industrial loans we originate are primarily unsecured lines of credit made to commercial borrowers in our primary market area. At December 31, 2025, unsecured lines of credit totaled $3.3 million. Lines of credit are adjustable rate loans tied to *The Wall Street Journal* prime rate, plus a spread. Generally, lines of credit are renewable annually, subject to current underwriting. At December 31, 2025, our largest line of credit was for $1.3 million, all of which was outstanding.

We are part of a network of community banks nationwide that have purchased commercial and industrial loans from BHG Financial. BHG Financial 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 Financial typically originates loans at fixed interest rates and without a prepayment penalty provision. BHG Financial 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 BHG Financial, we purchase 100% of the loan and BHG Financial establishes a reserve deposit account with us equal to 3% of the loan balance and we remit 97% of the loan balance to BHG Financial. We also become an additional secured party to the loan. 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, BHG Financial handles all collection activity and bears all associated costs. During the delinquency period, we withdraw 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 becomes 90 days delinquent, BHG Financial typically replaces the delinquent loan with a performing loan of equal or greater balance (although this is not a contractual obligation of BHG Financial). At December 31, 2025, no BHG Financial purchased loans were delinquent. At December 31, 2025, our largest BHG Financial purchased loan totaled $208,000 and it was performing according to its original terms.

To monitor concentration risk in loans purchased from BHG Financial (both commercial and industrial loans and consumer loans), we have established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 150%. At December 31, 2025, the percentage was 133.8%

***Consumer Loans.*** At December 31, 2025, consumer loans totaled $17.5 million, or 18.7% of total loans, of which $17.4 million were purchased from BHG Financial. We generally do not originate automobile loans and other secured personal loans. The consumer loans we originate are primarily personal loans, which totaled $50,000 at December 31, 2025.

As an extension of our existing relationship with BHG Financial with respect to purchasing commercial and industrial loans, we began purchasing unsecured consumer loans from BHG Financial in the second quarter of 2024. These loans are generally unsecured personal loans made to borrowers with cash flow coverage no less than 2.00x and credit model scores between 680 and 850. Loan terms range up to 12 years and generally have fixed interest rates. As discussed under "—Lending Activities – Commercial and Industrial Loans," BHG Financial establishes a reserve deposit account for the purchased consumer loans. Should a BHG Financial purchased consumer loan be in default, BHG Financial typically repurchases the loan or replaces it with a performing loan of equal or greater balance (although this not a contractual obligation of BHG Financial). At December 31, 2025, our largest BHG Financial purchased consumer loan totaled $281,000 and it was performing according to its original terms.

**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 Multi-family Loans.*** Loans secured by commercial real estate or multi-family 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 annual financial statements when the indebtedness exceeds $500,000. 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 1.10x for both commercial real estate loans and multi-family 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 multi-family 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 unsecured consumer loans. 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.

**Loan Originations, Purchases and Sales**

We originate loans through employee marketing and advertising efforts, our existing customer base, walk-in customers and referrals from customers.

Although we generally retain in our portfolio the loans we originate, we may sell certain conforming, fixed-rate residential mortgages with longer maturities, with servicing rights retained, subject to market conditions and periodic review of our asset/liability management needs. At December 31, 2025, the outstanding principal balance of loans serviced for others was $20.1 million.

We occasionally purchase participation interests in loans originated by another financial institution acting as the lead lender. At December 31, 2025, our largest purchased participation interest had an outstanding balance of $402,000, representing an 80% participation interest in a $503,000 commercial real estate loan secured by a commercial service building. At December 31, 2025, this loan was performing according to its original terms.

We purchase commercial and industrial loans and consumer loans from BHG Financial. See "Business of Community Savings Bank – Lending Activities – Commercial and Industrial Loans" and "– Lending Activities – Consumer Loans" for additional information.

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

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.

By law, the aggregate amount of loans that we are permitted to make to any one borrower or a group of related borrowers is generally limited to 15% of Community Savings Bank's unimpaired capital and surplus. This limit may be increased to 25% of unimpaired capital and surplus if the amount in excess of 15% is secured by "readily marketable collateral" or to 30% of unimpaired capital and surplus for certain residential development loans. At December 31, 2025, our loans to one borrower regulatory limit was $16.3 million. At December 31, 2025, our largest credit relationship with one borrower consisted of two loans with an aggregate outstanding balance of $2.3 million, secured by multi-family properties. At December 31, 2025, the loans encompassing this lending relationship were performing according to their original terms.

The President and Chief Executive Officer and the Chief Lending Officer each has loan approval authority up to $300,000. Loans above that dollar amount must be approved by the Loan Committee. The Loan Committee consists of at least four members, two of which must be non-employee directors of Community Savings Bank and the remaining members from among senior management, including the President and Chief Executive Officer and the Chief Lending Officer. Loans subject to loan policy exceptions, regardless of dollar size, must be approved by the board of directors.

**Delinquencies, Classified Assets and Nonperforming Assets**

***Delinquency Procedures.*** 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. At 15 days delinquent (10 days for home equity lines of credit) telephone calls and emails are sent to the borrower. At 30 days delinquent, a delinquency letter is sent to the borrower. At 90 days delinquent, a demand letter is sent to the borrower. 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. Foreclosure proceedings are generally instituted when a loan reaches 121 days delinquent.

***Delinquent Loans***. The following table sets forth 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,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **30-59 <br> Days Past <br> Due** | **60-89<br> Days Past <br> Due** | **90 Days<br> or More Past<br> Due** | **30-59 <br> Days Past <br> Due** | **60-89 Days<br> Past <br> Due** | **90 Days<br> or More Past <br> Due** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Real estate loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $85 | $32 | $2 | $269 | $39 | $99 |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |  |  |  | 221 |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity |  |  |  |  |  |  |
| Commercial and industrial loans |  |  |  |  |  |  |
| Consumer loans |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $85 | $32 | $2 | $269 | $39 | $320 |

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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 other real estate owned 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 credit losses. Subsequent decreases in the value of the property are charged to operations. After acquisition, all costs in maintaining the property are expensed as incurred. 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 December 31, 2025, we had no real estate acquired as a result of foreclosure or by deed in lieu of foreclosure.

***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 December 31, 2025, there were no modified loans to borrowers experiencing financial difficulty.

***Non-Performing Assets.*** The following table sets forth information regarding non-performing assets at the dates indicated. Non-accrual loans include non-accruing modified loans to borrowers experiencing financial difficulty of $104,000 and $407,000 at December 31, 2025 and December 31, 2024, respectively.

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| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
|  | **2025** | **2024** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Non-accrual loans: |  |  |
| Real estate loans: |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | $104 | $186 |
| &nbsp;&nbsp;&nbsp;Multi-family |  | 221 |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity |  |  |
| Commercial and industrial loans |  |  |
| Consumer loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-accrual loans | $104 | $407 |
| Accruing loans past due 90 days or more |  |  |
| Real estate owned: |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  |  |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate owned |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $104 | $407 |
| Total accruing modified loans | $— | $— |
| Total non-performing loans to total loans | 0.11% | 0.53% |
| Total non-accruing loans to total loans | 0.11% | 0.53% |
| Total non-performing assets to total assets | 0.09% | 0.44% |

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***Classified Assets***. Federal regulations provide that loans and other assets of lesser quality should be classified as "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 allowance for credit losses is not warranted. Assets that do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as "special mention" by our management.

When an insured institution classifies problem assets as either substandard or doubtful, it may establish general allowances in an amount deemed prudent by management to cover losses that were both probable and reasonable to estimate. General allowances represent allowances which have been established to cover accrued losses associated with lending activities that were both probable and reasonable to estimate, 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 authorities, which may require the establishment of additional general or specific allowances.

In connection with the filing of 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. If a problem loan deteriorates in asset quality, the classification is changed to "substandard," "doubtful" or "loss" depending on the circumstances and the evaluation. Generally, loans 90 days or more past due are placed on nonaccrual status and classified "substandard."

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

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| | | |
|:---|:---|:---|
|  | **At December 31,** | **At December 31,** |
|  | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Substandard assets | $31 | $317 |
| Doubtful assets |  |  |
| Loss assets |  |  |
| &nbsp;&nbsp;&nbsp;Total classified assets | $31 | $317 |
| Special mention assets | $41 | $48 |
| Foreclosed real estate and other repossessed assets | $— | $— |

---

***Other Loans of Concern.*** At December 31, 2025, 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**

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 credit 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 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 GAAP.

We also regularly review our investment securities available for sale and our off-balance sheet credit exposures to maintain the allowance for credit losses on each according to GAAP.

As an integral part of their examination process, the ODFI and the FDIC will periodically review our allowance for credit losses. 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 the financial statements.

The following table sets forth the activity in our allowance for credit losses for the years indicated.

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| | | |
|:---|:---|:---|
|  | **At or For the Year Ended<br> December 31,** | **At or For the Year Ended<br> December 31,** |
|  | **2025** | **2024** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Allowance for credit losses at beginning of period | $352 | $344 |
| Provision for credit losses | 74 |  |
| Charge-offs: |  |  |
| Real estate loans: |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential |  | (5) |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity |  |  |
| Commercial and industrial |  |  |
| Consumer loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs |  | (5) |
| Recoveries: |  |  |
| Real estate loans: |  |  |
| &nbsp;&nbsp;&nbsp;One- to four-family residential | 10 | 13 |
| &nbsp;&nbsp;&nbsp;Multi-family |  |  |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate |  |  |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity |  |  |
| Commercial and industrial |  |  |
| Consumer loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 10 | 13 |
| Net (charge-offs) recoveries | 10 | 13 |
| Allowance for credit losses at end of period | $436 | $352 |
| Allowance for credit losses as a percentage of non-performing loans at end of period | 419.23% | 86.49% |
| Allowance for credit losses as a percentage of total loans outstanding at end of period | 0.47% | 0.46% |
| Net (charge-offs) recoveries as a percentage of average loans outstanding during period | 0.01% | 0.01% |

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***Allocation of Allowance for Credit Losses.*** The following tables set forth the allowance for credit losses on loans 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,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Allowance for<br> Credit Losses** | **Percent of<br> Allowance in<br> Each Category<br> to Total <br> Allocated<br> Allowance** | **Percent of Loans<br> in Each Category<br> to Total Loans** | **Allowance for<br> Credit Losses** | **Percent of<br> Allowance in<br> Each <br> Category to<br> Total Allocated<br> Allowance** | **Percent<br> of Loans<br> in Each <br> Category<br> to Total Loans** |
|  | **(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 | $224 | 51.4% | 44.2% | $227 | 64.5% | 54.5% |
| &nbsp;&nbsp;&nbsp;Multi-family | 46 | 10.5 | 10.7 | 38 | 10.8 | 10.9 |
| &nbsp;&nbsp;&nbsp;Construction and land | 12 | 2.7 | 2.9 | 4 | 1.2 | 1.2 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 53 | 12.4 | 12.3 | 45 | 12.8 | 14.7 |
| &nbsp;&nbsp;&nbsp;Second mortgage and home equity | 1 | 0.1 | 3.0 | 1 | 0.1 | 3.4 |
| Commercial and industrial loans | 20 | 4.6 | 8.2 | 26 | 7.4 | 11.9 |
| Consumer loans | 80 | 18.3 | 18.7 | 11 | 3.2 | 3.4 |
| Total allocated allowance | $436 | 100.0% | 100.0% | $352 | 100.0% | 100.0% |
| Unallocated allowance |  |  |  |  |  |  |
| Total allowance | $436 |  |  | $352 |  |  |

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Although we believe that we use the best information available to establish the allowance for credit losses, future adjustments to the allowance for credit losses may be necessary and results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Because future events affecting borrowers and collateral cannot be predicted with certainty, the existing allowance for credit losses may not be adequate and management may determine that increases in the allowance are necessary if the quality of any portion of our loan portfolio deteriorates as a result. Furthermore, as an integral part of its examination process, the ODFI and the FDIC will periodically review our allowance for credit losses. The ODFI or the FDIC may have judgments different than those of management, and we may determine to increase our allowance as a result of these regulatory reviews. Any material increase in the allowance for credit losses may adversely affect our financial condition and results of operations.

**Investment Activities**

***General*.** The goals of our investment policy are to maximize portfolio yield over the long term in a manner that is consistent with minimizing risk and to meet liquidity needs, satisfy pledging requirements, and support asset/liability management and interest rate risk strategies. Subject to loan demand and our interest rate risk analysis, we will increase the balance of our investment securities portfolio when we have excess liquidity.

Our investment policy was adopted by the board of directors and is reviewed annually by the board of directors. Our Asset Liability Committee serves as our investment committee. In this capacity the Asset Liability Committee develops and implements an asset/liability management plan, and reviews pricing and liquidity needs and assesses our interest rate risk. An investment schedule detailing the investment portfolio is reviewed at least quarterly by the Asset Liability Committee.

Our current investment policy permits, with certain limitations, investments in U.S. Treasury securities; securities issued by the U.S. government and its agencies or government sponsored enterprises including mortgage-backed securities and collateralized mortgage obligations issued by Fannie Mae, Ginnie Mae, and Freddie Mac; corporate and municipal bonds; certificates of deposit in other financial institutions; and federal funds and money market funds, among other investments. 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. At December 31, 2025, all of our investment securities were designated as available-for-sale.

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 regarding our investment securities portfolio, see note 2 of notes to the financial statements.

**Sources of Funds**

***General.*** Deposits have traditionally been our primary source of funds for use in lending and investment activities. We may also use borrowings 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, retained earnings and income on earning assets. While scheduled loan payments and income on 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 deposits are generated primarily from our primary market area. We offer a selection of deposit accounts, including savings accounts, checking accounts, certificates of deposit and individual retirement accounts. 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.

Interest rates paid, maturity terms, service fees and withdrawal penalties are established on a periodic basis. Deposit rates and terms are based primarily on current operating strategies and market rates, liquidity requirements, rates paid by competitors and growth goals. We rely upon personalized customer service, long-standing relationships with customers, and our favorable reputation in the community to attract and retain local deposits. We also seek to obtain deposits from our commercial loan customers. We also use brokered deposits to supplement our funding needs.

The flow of deposits is influenced significantly by general economic conditions, changes in money market and other prevailing interest rates and competition. The variety of deposit accounts offered allows us to be competitive in obtaining funds and responding to changes in consumer demand. Based on experience, we believe that our deposits are relatively stable. However, the ability to attract and maintain deposits and the rates paid on these deposits, has been and will continue to be significantly affected by market conditions.

The following table sets forth the distribution of total deposits, by account type, 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,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **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)** |
| Non-interest bearing demand deposits | $4533 | 5.5% | —% | $2991 | 4.1% | —% |
| Savings accounts | 14936 | 18.2 | 0.67 | 14603 | 20.2 | 0.18 |
| Money market accounts | 9106 | 11.1 | 1.81 | 8769 | 12.1 | 1.52 |
| NOW accounts | 6330 | 7.7 | 0.61 | 6595 | 9.1 | 0.57 |
| Non-brokered certificates of deposit | 39225 | 47.7 | 3.64 | 39479 | 54.5 | 3.90 |
| Brokered certificates of deposit | 8024 | 9.8 | 4.03 |  |  |  |
| Total | $82154 | 100.0% | 2.76 | $72437 | 100.0% | 2.53 |

---

At December 31, 2025 and December 31, 2024, the aggregate amount of all uninsured deposits (deposits in excess of the Federal Deposit Insurance limit of $250,000 per insured account) was $6.1 million and $5.4 million, respectively.

At December 31, 2025 and December 31, 2024, the aggregate amount of all uninsured certificates of deposit was $3.9 million and $3.3 million, respectively.

At December 31, 2025 and December 31, 2024, there were no deposits that were uninsured for any reason other than being in excess of the Federal Deposit Insurance Corporation limit.

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

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| | |
|:---|:---|
|  | **At December 31, 2025** |
|  | **(In thousands)** |
| **Maturity Period:** |  |
| &nbsp;&nbsp;&nbsp;Three months or less | $76 |
| &nbsp;&nbsp;&nbsp;Over three months through 6 months | 1277 |
| &nbsp;&nbsp;&nbsp;Over 6 months through 12 months | 2426 |
| &nbsp;&nbsp;&nbsp;Over 12 months | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $3915 |

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***Borrowings.*** We may obtain advances from the Federal Home Loan Bank of Cincinnati upon the security of the Federal Home Loan Bank of Cincinnati common stock owned and certain residential mortgage loans, provided certain credit worthiness standards are met. We may utilize these advances for asset/liability management purposes and additional funding for our operations. Advances may be made under several different credit programs, each of which has its own interest rate and range of maturities. At December 31, 2025, we had $27.3 million in borrowing capacity in the form of advances from the Federal Home Loan Bank of Cincinnati, of which $10.6 million was outstanding. At December 31, 2025, we also had a cash management line of credit agreement with the Federal Home Loan Bank of Cincinnati providing for additional borrowing capacity of $3.0 million, none of which was outstanding. In addition, at December 31, 2025, we had a $5.0 million credit facility with a correspondent bank, none of which was outstanding.

**Properties**

At December 31, 2025, the net book value of our properties (including furniture, fixtures and equipment) was $562,000. We conduct our operations from our main office in Bethel, Ohio, and branch office in Greenfield, Ohio, both of which we own.

**Subsidiary Activities**

Upon completion of the conversion and stock offering, Community Savings Bank will be the sole and wholly-owned subsidiary of CSB Financial. Community Savings Bank has no subsidiaries.

**Legal Proceedings**

We are not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. At December 31, 2025, we were not involved in any legal proceedings, the outcome of which we believe would be material to our financial condition or results of operations.

**Expense and Tax Allocation Agreements**

Upon the completion of the conversion and stock offering, Community Savings Bank will enter into an agreement with CSB Financial for Community Savings Bank to provide CSB Financial with certain administrative support services, including use of the premises, furniture, equipment and employees of Community Savings Bank as needed in the conduct of CSB Financial's business. CSB Financial will compensate Community Savings Bank in an amount not less than the fair market value of the services provided. In addition, upon the consummation of the conversion and stock offering, CSB Financial and Community Savings Bank will enter into an agreement to establish a method for allocating and reimbursing the payment of their consolidated Federal and state tax liabilities and any local tax liabilities.

**Employees**

At December 31, 2025, we had 14 full-time employees and four part-time employees. Our employees are not represented by a collective bargaining group. Management believes we have a good working relationship with our employees.

**REGULATION AND SUPERVISION**

**General**

As an Ohio state-chartered mutual bank, Community Savings Bank is subject to examination and regulation by the ODFI, as its chartering authority, and by the FDIC, its primary federal regulator and deposit insurer. This regulation and supervision establishes a comprehensive framework of activities in which an institution may engage and is intended primarily for the protection of the FDIC's deposit insurance fund and depositors, and not for the protection of security holders. Community Savings Bank also is a member of and owns stock in the Federal Home Loan Bank of Cincinnati, 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; determine the adequacy of loan loss reserves for regulatory purposes; and establish the timing and amounts of assessments and fees. 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. The receipt of a less than satisfactory rating in one or more categories may result in enforcement action by the banking regulators against a financial institution. A less than satisfactory rating may also prevent a financial institution, such as Community Savings Bank or its holding company, from obtaining necessary regulatory approvals to access the capital markets, pay dividends, 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 acquire other financial institutions or expand our branch network.

Following the conversion and stock offering, CSB Financial will be a bank holding company and will be required to comply with the rules and regulations of the Federal Reserve Board. It will be required to file certain reports with the Federal Reserve Board and will be subject to examination by the enforcement authority of the Federal Reserve Board. It will also be subject to the rules and regulations of the Securities and Exchange Commission under the federal securities laws.

Any change in applicable laws or regulations, whether by the ODFI, the FDIC, the Federal Reserve Board or Congress, could have a material adverse impact on the operations and financial performance of CSB Financial and Community Savings Bank.

Set forth below is a brief description of material regulatory requirements that apply or will apply to Community Savings Bank and CSB Financial. 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 Community Savings Bank and CSB Financial.

**Ohio Banking Regulation**

Community Savings Bank, an Ohio state-chartered bank, is subject to supervision, regulation and periodic examination by the ODFI. These examinations are designed primarily for the protection of the depositors of Community Savings Bank and not shareholders. Ohio banking law governs the powers, rights and privileges of state-chartered banks, including limitations on the type and amount of loans and investments the bank may make and other aspects of banking operations. Under current Ohio law, we may open branch offices throughout Ohio with the prior approval of the ODFI. In addition, with prior regulatory approval or non-objection, we may acquire branches of existing banks located in Ohio. Additionally, under the Dodd-Frank Act, with prior regulatory approval or non-objection, we and any other state-chartered bank or national bank may establish a de novo branch in any other state.

Ohio banking law also governs the payment of dividends to stockholders. As a holding company and the sole stockholder of Community Savings Bank, CSB Financial will be a separate and distinct legal entity from Community Savings Bank and does not intend to have significant operations beyond holding the outstanding common stock of Community Savings Bank. Accordingly, CSB Financial may rely on dividends from Community Savings Bank for a substantial portion of its revenue. Without ODFI approval, Community Savings Bank will be permitted to pay any cash dividends only from undivided profits, after having made all required allocations to reserves for losses or contingencies. ODFI approval will be required for any dividends funded from surplus or if the total of all cash dividends declared in any year exceeds the total of Community Savings Bank's net income for that year combined with its retained net income of the preceding two years.

**Federal Banking Regulation**

***Capital Requirements***. Federal regulations require FDIC-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 of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. The existing capital requirements were effective January 1, 2015 and are the result of a final rule implementing regulatory amendments based on recommendations of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Act.

Common equity Tier 1 capital is generally defined as common stockholders' equity 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 noncumulative 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 credit losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of Accumulated Other Comprehensive Income ("AOCI"), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale-securities). Community Savings Bank exercised its AOCI opt-out election. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

In determining the amount of risk-weighted assets for purposes of 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. For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one- to four-family residential real estate loans, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors.

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 asset above the amount necessary to meet its minimum risk-based capital requirements.

In assessing an institution's capital adequacy, the FDIC takes into consideration, not only these numeric factors, but qualitative factors as well, including the bank's exposure to interest rate risk. The FDIC has the authority to establish higher capital requirements for individual institutions where deemed necessary due to a determination that an institution's capital level is, or is likely to become, inadequate in light of particular circumstances.

Federal law requires the federal banking agencies, including the FDIC, to establish a "community bank leverage ratio" (CBLR) (defined as the ratio of Tier 1 capital to average total consolidated assets) of between 8% and 10% for institutions with total consolidated assets of less than $10 billion. Eligible institutions meeting the specified requirements and electing the CBLR framework are deemed to comply with the applicable regulatory capital requirements, including the risk-based requirements. The CBLR was established at 9.0% Tier 1 capital to total average assets, effective January 1, 2020. To be considered well-capitalized an institution must have a CBLR of greater than 9.0%. A qualifying institution may opt in and out of the CBLR 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. Community Savings Bank has opted into the CBLR framework. At December 31, 2025, Community Savings Bank's CBLR was 14.34%.

***Standards for Safety and Soundness.*** As required by statute, the federal banking agencies adopted final regulations and Interagency Guidelines Establishing Standards for Safety and Soundness to implement safety and soundness standards. The 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. The guidelines address internal controls and information systems, internal audit systems, credit underwriting, loan documentation, interest rate exposure, asset growth, asset quality, earnings and compensation, fees and benefits. The agencies have also established standards for safeguarding customer information. 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.

***Investment Activities.*** All FDIC-insured banks, including savings banks, are generally limited in their equity investment activities to equity investments of the type and in the amount authorized for national banks, notwithstanding state law, subject to certain exceptions. In addition, a state bank may engage in state-authorized activities or investments not permissible for national banks (other than non-subsidiary equity investments) if it meets all applicable capital requirements and it is determined by the FDIC that such activities or investments do not pose a significant risk to the Deposit Insurance Fund.

***Interstate Banking and Branching.*** Federal law permits well capitalized and well managed holding companies to acquire banks in any state, subject to Federal Reserve Board approval, certain concentration limits and other specified conditions. Interstate mergers of banks are also authorized, subject to regulatory approval and other specified conditions. In addition, among other things, amendments made by the Dodd-Frank Act permit banks to establish de novo branches on an interstate basis provided that branching is authorized by the law of the host state for the banks chartered by that state.

***Prompt Corrective Regulatory Action.*** Federal bank regulatory authorities are required to take "prompt corrective action" with respect to institutions that do not meet minimum capital requirements. For these purposes, the statute establishes five capital categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Under the regulations, a bank is deemed to be: (i) "well capitalized" if it has a total risk-based capital ratio of 10.0% or more, has a Tier 1 risk-based capital ratio of 8.0% or more, has a Tier 1 leverage capital ratio of 5.0% or more and a common equity Tier 1 ratio of 6.5% or more, and is not subject to any written capital order or directive; (ii) "adequately capitalized" if it has a total risk-based capital ratio of 8.0% or more, a Tier 1 risk-based capital ratio of 6.0% or more, a Tier 1 leveraged capital ratio of 4.0% or more and a common equity Tier 1 ratio of 4.5% or more, and does not meet the definition of "well capitalized"; (iii) "undercapitalized" if it has a total risk-based capital ratio that is less than 8.0%, a Tier 1 risk-based capital ratio that is less than 6.0%, a Tier 1 leverage capital ratio that is less than 4.0% or a common equity Tier 1 ratio of less than 4.5%; (iv) "significantly undercapitalized" if it has a total risk-based capital ratio that is less than 6.0% and a Tier 1 risk-based capital ratio that is less than 4.0% or a common equity Tier 1 ratio of less than 3.0%; or (v) "critically undercapitalized" if it has a ratio of tangible equity to total assets that is equal to or less than 2.0%.

Federal law and regulations also specify circumstances under which a federal banking agency may reclassify a well-capitalized institution as adequately capitalized and may require an institution classified as less than well capitalized to comply with supervisory actions as if it were in the next lower category (except that the FDIC may not reclassify a significantly undercapitalized institution as critically undercapitalized).

The FDIC may order savings banks that have insufficient capital to take corrective actions. For example, a savings bank that is categorized as "undercapitalized" is subject to growth limitations and is required to submit a capital restoration plan, and a holding company that controls such a savings bank is required to guarantee that the savings bank complies with the restoration plan. A "significantly undercapitalized" savings bank may be subject to additional restrictions. Savings banks deemed by the FDIC to be "critically undercapitalized" would be subject to the appointment of a receiver or conservator.

***Transactions with Affiliates and Regulation W of the Federal Reserve Regulations.*** Transactions between banks and their affiliates are governed by federal law. An affiliate of a bank is any company or entity that controls, is controlled by or is under common control with the bank. In a holding company context, the parent bank holding company and any companies which are controlled by such parent holding company are affiliates of the bank (although subsidiaries of the bank itself, except financial subsidiaries, are generally not considered affiliates). Generally, Section 23A of the Federal Reserve Act and the Federal Reserve Board's Regulation W limit the extent to which a bank or its subsidiaries may engage in "covered transactions" with any one affiliate to an amount equal to 10.0% of such institution's capital stock and surplus, and with all such transactions with all affiliates to an amount equal to 20.0% of such institution's capital stock and surplus. Section 23B applies to "covered transactions" as well as to certain other transactions and requires that all such transactions be on terms substantially the same, or at least as favorable, to the institution or subsidiary as those provided to a non-affiliate. The term "covered transaction" includes the making of loans to, purchase of assets from, and issuance of a guarantee to an affiliate, and other similar transactions. Section 23B transactions also include the provision of services and the sale of assets by a bank to an affiliate. In addition, loans or other extensions of credit by the financial institution to the affiliate are required to be collateralized according to the requirements set forth in Section 23A of the Federal Reserve Act.

Sections 22(h) and (g) of the Federal Reserve Act place restrictions on loans to a bank's insiders (<u>i.e.</u>, executive officers, directors and principal stockholders). Under Section 22(h) of the Federal Reserve Act, loans to a director, an executive officer and to a greater than 10.0% stockholder of a financial institution, and certain affiliated interests of these persons, together with all other outstanding loans to such person and affiliated interests, may not exceed specified limits. Section 22(h) of the Federal Reserve Act also requires that loans to directors, executive officers and principal stockholders be made on terms substantially the same as offered in comparable transactions to other persons and also requires prior board approval for certain loans. In addition, the aggregate amount of extensions of credit by a financial institution to insiders cannot exceed the institution's unimpaired capital and surplus. Section 22(g) of the Federal Reserve Act places additional restrictions on loans to executive officers.

***Enforcement.*** The FDIC has extensive enforcement authority over insured state savings banks, including Community Savings Bank. The enforcement authority includes, among other things, the ability to assess civil money penalties, to issue cease and desist orders and to 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.

***Federal Insurance of Deposit Accounts.*** Community Savings Bank is a member of the Deposit Insurance Fund, which is administered by the FDIC. Its deposit accounts are insured by the FDIC, generally up to a maximum of $250,000 per depositor.

The FDIC imposes deposit insurance assessments against all insured depository institutions. An institution's assessment rate depends upon the perceived risk of the institution to the Deposit Insurance Fund, with institutions deemed less risky paying lower rates. Currently, assessments for institutions of less than $10 billion of total assets are based on financial measures and supervisory ratings derived from statistical models estimating the probability of failure within three years. Assessment rates (inclusive of possible adjustments) currently range from 1.5 to 30 basis points of each institution's total assets less tangible capital. The FDIC may increase or decrease the range of assessments uniformly, except that no adjustment can deviate more than two basis points from the base assessment rate without notice and comment rulemaking.

The FDIC has the authority to increase insurance assessments. A significant increase in insurance premiums would have an adverse effect on the operating expenses and results of operations of Community Savings Bank. We cannot predict what deposit insurance assessment rates will be in the future.

The FDIC may terminate an institution's deposit insurance upon a finding that it 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. We do not know of any practice, condition or violation that might lead to the termination of Community Savings Bank's deposit insurance.

***Privacy Regulations.*** Federal regulations generally require Community 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 and annually thereafter. In addition, it is required to provide its customers with the ability to "opt-out" of having their personal information shared with unaffiliated third parties and not to disclose account numbers or access codes to non-affiliated third parties for marketing purposes. Community Savings Bank currently has a privacy protection policy in place and believes that such policy is in compliance with the regulations.

***Community Reinvestment Act.*** Under the Community Reinvestment Act, or CRA, as implemented by federal regulations, a state member bank has a continuing and affirmative obligation, consistent with its safe and sound operation, to help meet the credit needs of its entire community, including low and moderate income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution's discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. The CRA requires the FDIC, in connection with its examination of a state savings bank, to assess the institution's record of meeting the credit needs of its community and to take such record into account in its evaluation of certain applications by such institution, including applications to acquire branches and other financial institutions. The CRA requires a written evaluation of an institution's CRA performance utilizing a four-tiered descriptive rating system. Community Savings Bank's latest federal CRA rating was "Satisfactory."

***USA Patriot Act.*** Community Savings Bank is subject to the USA PATRIOT Act, which gives federal agencies additional powers to address terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing, and broadened anti-money laundering requirements. The USA PATRIOT Act contains provisions intended to encourage information sharing among bank regulatory agencies and law enforcement bodies. Further, certain provisions impose affirmative obligations on a broad range of financial institutions, including banks, thrifts, brokers, dealers, credit unions, money transfer agents, and parties registered under the Commodity Exchange Act.

**Other Regulations**

Interest and other charges collected or contracted for by Community 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 of 1975, 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 of 1978, 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 and state agencies charged
with the responsibility of implementing such federal and state laws.

The deposit operations of Community 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.

Consumer protection and fair lending statutes and regulations provide for a range of sanctions for non-compliance with their terms, including imposition of administrative fines and remedial orders, restrictions on business and growth activities, and referral to the Department of Justice for prosecution for actual and punitive damages and injunctive relief. Federal laws also prohibit unfair, deceptive or abusive acts or practices against consumers, which can be enforced by the Consumer Financial Protection Bureau, the FDIC and state Attorneys General. Private parties may also have the ability to challenge an institution's performance under fair lending laws in private class action litigation. See "Risk Factors — Risks Related to Laws and Regulations — We operate in a highly regulated industry and face risks associated with regulatory noncompliance. 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."

**Federal Home Loan Bank System**

Community Savings Bank is a member of the Federal Home Loan Bank of Cincinnati, which is one of 11 regional Federal Home Loan Banks in the Federal Home Loan Bank System. The Federal Home Loan Bank of Cincinnati provides a central credit facility primarily for its member institutions. Members of the Federal Home Loan Bank of Cincinnati are required to acquire and hold shares of capital stock in the Federal Home Loan Bank of Cincinnati. Community Savings Bank complied with this requirement at December 31, 2025. Based on redemption provisions of the Federal Home Loan Bank of Cincinnati, the stock has no quoted market value and is carried at cost. Community Savings Bank reviews for impairment, based on the ultimate recoverability, the cost basis of the Federal Home Loan Bank of Cincinnati stock. At December 31, 2025, no impairment has been recognized.

**Holding Company Regulation**

***General*.** CSB Financial will be a bank holding company within the meaning of the Bank Holding Company of 1956. As such, it will be registered with the Federal Reserve Board and be subject to the regulation, examination, supervision and reporting requirements applicable to bank holding companies. In addition, the Federal Reserve Board has enforcement authority over CSB Financial and its non-savings institution 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 the subsidiary savings institution.

***Permissible Activities.*** 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 and loan association whose direct and indirect activities are limited to those permitted for bank holding companies.

A bank holding company that meets specified conditions, including being "well capitalized" and "well managed," may opt to become a "financial holding company" and thereby engage in a broader array of financial activities than previously permitted. Such activities can include insurance underwriting and investment banking. A "financial holding company" may engage in a broader array of financial activities than permitted a typical bank holding company. Such activities can include insurance underwriting and investment banking. CSB Financial will not elect "financial holding company" status in connection with the conversion.

***Regulatory Capital.*** Bank holding companies are subject to consolidated regulatory capital requirements, which have historically been similar to, though less stringent than, those of the FDIC for Community Savings Bank. Federal legislation, 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 institutions themselves. As a result, consolidated regulatory capital requirements identical to those applicable to the subsidiary banks generally apply to bank holding companies. However, the Federal Reserve Board has provided a "Small Bank Holding Company" exception to its consolidated capital requirements, such that bank holding companies with less than $3.0 billion of consolidated assets are not subject to the consolidated holding company regulatory capital requirements unless otherwise directed by the Federal Reserve Board.

***Source of Strength.*** The Federal Reserve Board has issued regulations requiring that all bank holding companies serve as a source of strength to their subsidiary depository institutions by providing financial, managerial and other support in times of an institution's distress.

***Dividends and Stock Repurchases.*** The Federal Reserve Board has issued a policy statement regarding the payment of dividends by 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 supervisory financial condition. Separate regulatory guidance provides for prior consultation with Federal Reserve Bank staff concerning dividends in certain circumstances such as where the holding company's net income for the past four quarters, net of dividends previously paid over that period, is insufficient to fully fund the dividend or the company's overall rate of earnings retention is inconsistent with the 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 regulatory guidance also states that a bank holding company should consult with Federal Reserve Bank supervisory staff before redeeming or repurchasing common stock or perpetual preferred stock if the bank holding company is experiencing financial weaknesses or 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.

There is a separate requirement that a bank holding company give the Federal Reserve Board prior written notice of any purchase or redemption of then outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company's consolidated net worth. The Federal Reserve Board may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe and unsound practice, or would violate any law, regulation, Federal Reserve Board order or directive, or any condition imposed by, or written agreement with, the Federal Reserve Board. There is an exception to this approval requirement for well-capitalized bank holding companies that meet certain other conditions.

These regulatory policies may affect the ability of CSB Financial to pay dividends, repurchase shares of common stock or otherwise engage in capital distributions.

**Federal Securities Laws**

CSB Financial's common stock will be registered with the Securities and Exchange Commission after the conversion and stock offering. CSB Financial will be subject to the information, proxy solicitation, insider trading restrictions and other requirements under the Securities Exchange Act of 1934, as amended.

The registration under the Securities Act of 1933, as amended, of shares of common stock issued by CSB Financial in the stock offering does not cover the resale of those shares. Shares of common stock purchased by persons who are not affiliates of CSB Financial may be resold without registration. Shares purchased by an affiliate of CSB Financial will be subject to the resale restrictions of Rule 144 under the Securities Act of 1933. If CSB Financial meets the current public information requirements of Rule 144 under the Securities Act of 1933, each of its affiliates 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 the outstanding shares of CSB Financial, or the average weekly volume of trading in the shares during the preceding four calendar weeks. In the future, CSB Financial may permit affiliates to have their shares registered for sale under the Securities Act of 1933.

**Emerging Growth Company Status**

CSB Financial 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, CSB Financial 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.

CSB Financial 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 2026, CSB Financial would expect to lose emerging growth company status effective December 31, 2031.

**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 required under the federal 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.

**Change in Control Regulations**

Under the Change in Bank Control Act, no person may acquire control of a bank holding company such as CSB Financial 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 acquiror has the power, directly or indirectly, to exercise a controlling influence over the management or policies of the institution. Acquisition of more than 10% of any class of a bank holding company's voting stock constitutes a rebuttable determination of control under the regulations under certain circumstances including where, as will be the case with CSB Financial, the issuer has registered securities under Section 12 of the Securities Exchange Act of 1934.

In addition, federal regulations provide that no company may acquire control of a bank holding company without the prior approval of the Federal Reserve Board. Any company that acquires such control becomes a "bank holding company" subject to registration, examination and regulation by the Federal Reserve Board.

**TAXATION**

**Federal Taxation**

***General.*** CSB Financial and Community Savings Bank are 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 CSB Financial and Community Savings Bank.

***Method of Accounting.*** For federal income tax purposes, Community Savings Bank currently reports its income and expenses on the accrual method of accounting and uses a tax year ending September 30 for filing its federal income tax returns. The Small Business Protection Act of 1996 eliminated the use of the reserve method of accounting for bad debt reserves by savings institutions, effective for taxable years beginning after 1995.

***Minimum Tax.*** The alternative minimum tax ("AMT") for corporations has been repealed for tax years beginning after December 31, 2017. Any unused minimum tax credit of a corporation may be used to offset regular tax liability for any tax year. In addition, a portion of unused minimum tax credit was refundable in 2018 through 2021. The refundable portion is 50% (100% in 2021) of the excess of the minimum tax credit for the year over any credit allowable against regular tax for that year. At December 31, 2025, Community Savings Bank had no minimum tax credit carryforward.

***Net Operating Loss Carryovers.*** Generally, a corporation may carry forward net operating losses generated in tax years beginning after December 31, 2017 indefinitely and can offset up to 80% of taxable income. At December 31, 2025, Community Savings Bank had no net operating loss carryforwards.

***Capital Loss Carryovers.*** Generally, a corporation 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 carried and is used to offset any capital gains. Any undeducted loss remaining after the five-year carryover period is not deductible. At December 31, 2025, Community Savings Bank had no capital loss carryovers.

***Corporate Dividends.*** CSB Financial may generally exclude from income 100% of dividends received from Community Savings Bank as a member of the same affiliated group of corporations.

***Audit of Tax Returns.*** Community Savings Bank's federal income tax returns have not been audited in the most recent five-year period.

**State Taxation**

***Ohio Taxation.*** Community Savings Bank is subject to Ohio taxation in the same general manner as other financial institutions. It files a Ohio Financial Institutions Tax ("FIT") return. The FIT is based upon its net worth. For Ohio FIT purposes, savings institutions are currently taxed at a rate equal to 0.8% of taxable net worth, capped at 14% of the institution's total assets. Community Savings Bank's state tax returns have not been audited in the most recent five-year period.

***Maryland Taxation.*** As a Maryland business corporation, CSB Financial will be required to file an annual report with and pay personal property taxes to the State of Maryland.

**MANAGEMENT**

**Shared Management Structure**

Each director of CSB Financial is a director of Community Savings Bank. Each executive officer of CSB Financial is an executive officer of Community Savings Bank. We expect to continue to have a shared management structure until there is a business reason to establish separate management structures.

**Potential Conflict of Interest**

Because of the shared management structure, the directors and officers of CSB Financial and Community Savings Bank will have to allocate their time between directing and managing both institutions. The directors and officers of CSB Financial intend to devote adequate time to its business.

**Officers of CSB Financial**

The following table sets forth information regarding the officers of CSB Financial. Age information is at December 31, 2025. The officers are elected annually by the board of directors.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| John E. Essen | 62 | President and Chief Executive Officer |
| Michele M. Mueller | 49 | Chief Financial Officer and Treasurer |
| Ruth A. Lung | 70 | Corporate Secretary |

---

**Executive Officers of Community Savings Bank**

The following table sets forth information regarding the executive officers of Community Savings Bank. Age information is as of December 31, 2025. Community Savings Bank's board of directors elects the officers of Community Savings Bank annually.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| John E. Essen | &nbsp;&nbsp;62 | &nbsp;&nbsp;President and Chief Executive Officer |
| Steven M. Ernst | &nbsp;&nbsp;44 | &nbsp;&nbsp;Vice President – Chief Operating Officer |
| Jennifer L. Luck | &nbsp;&nbsp;44 | &nbsp;&nbsp;Vice President – Chief Lending Officer |
| Michele M. Mueller | &nbsp;&nbsp;49 | &nbsp;&nbsp;Vice President – Chief Financial Officer and Treasurer |

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**Directors of CSB Financial and Community Savings Bank**

CSB Financial and Community Savings Bank each have six directors, consisting of the same individuals. Directors serve three-year staggered terms so that approximately one-third of the directors are elected at each annual meeting. After the conversion and stock offering, the directors of Community Savings Bank will be elected by CSB Financial in its capacity as sole stockholder of Community Savings Bank. The following table sets forth information regarding our directors, including their ages at December 31, 2025 and the calendar years when they began serving as directors of Community Savings Bank.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position(s) With Community Savings Bank** | **Age** | **Director <br> Since** | **Current Term<br> Expires** |
| John E. Essen | President and Chief Executive Officer | &nbsp;&nbsp;62 | &nbsp;&nbsp;2008 | &nbsp;&nbsp;2029 |
| Donna J. Gunn | Director | &nbsp;&nbsp;67 | &nbsp;&nbsp;2013 | &nbsp;&nbsp;2027 |
| Ruth A. Lung | Director and Corporate Secretary | &nbsp;&nbsp;70 | &nbsp;&nbsp;2013 | &nbsp;&nbsp;2028 |
| Gerald T. Mueller | Director | &nbsp;&nbsp;62 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;2027 |
| George S. Pearce | Director | &nbsp;&nbsp;78 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;2028 |
| James R. Smith | Director – Chairman of the Board | &nbsp;&nbsp;75 | &nbsp;&nbsp;2006 | &nbsp;&nbsp;2029 |

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**Board Independence**

For purposes of board and committee service CSB Financial has determined to adopt the standards for "independence" as set forth in the listing standards of the Nasdaq Stock Market. The board of directors has determined that each director is "independent" as defined in the listing standards of the Nasdaq Stock Market except for Messrs. Essen and Mueller. Mr. Essen is not considered independent because he is an employee of CSB Financial and Community Savings Bank. Mr. Mueller is not considered independent because he is the spouse of Michele M. Mueller, an executive officer of CSB Financial and Community Savings Bank, and because he was employed by Community Savings Bank during the past three years.

To our knowledge, there are 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 their responsibilities as a director.

**Business Background of Our Directors**

Our board of directors is comprised of local business and community leaders. The business experience for the past five years of each of our directors is set forth below. With respect to directors, the biographies also contain information regarding the person's experience, qualifications, attributes or skills that caused the board of directors to determine that the person should serve as a director. Unless otherwise indicated, directors have held their positions for the past five years. There are no family relationships among the directors and executive officers other than the marital relationship between Gerald T. Mueller and Michele T. Mueller.

***John E. Essen*** has served as President and Chief Executive Officer of Community Savings Bank since 2008. With a 39-year career in community banking, he served as Chief Financial Officer in several institutions before joining Community Savings Bank. He earned his Bachelor's Degree in Business Management and Accounting from the University of Cincinnati. Mr. Essen is also a graduate of the Graduate School of Banking at Fairfield University and received his certified public accountant certification in 1995. He currently serves as Treasurer for the local chapter of Kiwanis International and is a trustee for the Ohio Bankers Benefit Trust. His community banking experience and knowledge of Community Savings Bank's business and market area provides Community Savings Bank's board of directors with invaluable insight to Community Savings Bank's business.

***Donna J. Gunn*** is a Registered Nurse and holds a Bachelor's Degree in Nursing. She was employed as an operating room nurse in various healthcare systems for 46 years, and retired from nursing in March 2005. She served for 10 years on the Bethel Village Council and was elected President Pro Tempore for three of those years. She volunteers extensively in the Bethel community. Having lived in Bethel for over 60 years, she provides Community Savings Bank's board of directors with invaluable insight to Community Savings Bank's market area.

***Ruth A. Lung*** has been the owner of RAL Hospitality LLC, a hospitality company that works with the International Hot Rod Association, since May 2025. She retired from Siemens PLM Digital Industries Software in April 2021 where she served as Manager of Sponsorship Marketing since January 2000. She is active in the nearby Williamsburg, Ohio, community and serves or volunteers with numerous non-profit and charitable organizations. Her marketing experience and knowledge of Community Savings Bank's market area provides Community Savings Bank's board of directors with invaluable insight to Community Savings Bank's market area.

***Gerald T. Mueller*** served as Community Savings Bank's Vice President/Director of Lending for 11 years until his retirement in March 2026. He has over 38 years of experience as a senior lender with community banks. He is a graduate of the ACB National School of Banking. His community banking experience, including lending experience, and knowledge of Community Savings Bank's business and market area provides Community Savings Bank's board of directors with invaluable insight to Community Savings Bank's business.

***George S. Pearce*** is self-employed and has over 33 years of business experience in advertising, graphic arts and real estate appraisal. His extensive business experience provides Community Savings Bank's board of directors with invaluable insight to Community Savings Bank's business.

***James R. Smith***, now retired, served six school districts as superintendent, principal, business manager, adult education director and teacher in a 43-year career in public education. He has served as a director of Community Savings Bank for the past 20 years and as Chairman of the Board for the last 14 years. He provides Community Savings Bank with executive management skills in personnel, legal, finance, budgeting, and knowledge of the communities Community Savings Bank serves.

**Business Background of Our Executive Officers Who are not Directors**

The following sets forth information regarding our executive officers who are not directors. Age information is at December 31, 2025.

***Steven M. Ernst*** has served as Vice President – Chief Operating Officer since 2026. He began his career with Community Savings Bank in 2013 and has held several different titles with the organization including Branch Manager and Chief Information Officer. He is a graduate of the University of Cincinnati with a degree in Business Management and has 25 years of banking experience.

***Jennifer L. Luck*** has served as Assistant Vice President – Senior Loan Operations Manager/Co-Compliance Officer since 2022. She began her career with Community Savings Bank in 2010, holding several job responsibilities within the lending department. Ms. Luck is an alumnus of the Graduate School of Banking in Colorado and has 22 years of banking experience. She was promoted to Vice President – Chief Lending Officer on April 1, 2026 to succeed Gerald T. Mueller upon his retirement as an employee of Community Savings Bank.

***Michele M. Mueller*** has served as Vice President – Chief Financial Officer and Treasurer of Community Savings Bank since 2019. She began her career with Community Savings Bank in 2014, serving as the Controller. She has also served as the acting Chief Operating Officer from April 2022 through December 2025. Mrs. Mueller is a graduate of Butler University Lacy School of Business with a Bachelor of Business Administration in Accounting. She received her certified public accountant certification in 2007.

**Committees of the Board of Directors of CSB Financial and Community Savings Bank**

We conduct business through meetings of our board of directors and its committees. The board of directors of CSB Financial will establish standing committees, including an Audit Committee. Each committee will operate under a written charter, which will govern its composition, responsibilities and operations. Community Savings Bank also has standing committees of its board of directors.

The initial members of the Audit Committee are Directors Gunn, Lung, Pearce and Smith. The board of directors has determined that no member of the Audit Committee qualifies as an "audit committee financial expert" as that term is defined in the applicable regulations of the Securities and Exchange Commission.

**Corporate Governance Policies and Procedures**

In addition to establishing committees of our board of directors, we expect to adopt several policies to govern the activities of both CSB Financial and Community Savings Bank including corporate governance policies and a code of business conduct and ethics. The corporate governance policies are expected to involve such matters as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the composition, responsibilities and operation of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the establishment and operation of board committees, including audit, nominating/corporate
governance and compensation committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· convening executive sessions of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our board of directors' interaction with management and third parties.

The code of business conduct and ethics, which is expected to apply to all employees and directors, will address conflicts of interest, the treatment of confidential information, general employee conduct and compliance with applicable laws, rules and regulations. In addition, the code of business conduct and ethics will be designed to deter wrongdoing and to promote honest and ethical conduct, the avoidance of conflicts of interest, full and accurate disclosure and compliance with all applicable laws, rules and regulations.

**Transactions With Certain Related Persons**

***Loans and Extensions of Credit.*** The Sarbanes-Oxley Act of 2002, a federal statute, 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 Community Savings Bank, to their executive officers and directors in compliance with federal banking regulations. At December 31, 2025, all loans made by Community 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 Community 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 December 31, 2025, and were made in compliance with federal banking regulations.

***Other.*** Gerald T. Mueller retired as our Vice President and Chief Lending Officer effective March 31, 2026. We intend to engage him on a contract basis to perform credit reviews of large borrowers from Community Savings Bank.

**Executive Compensation**

***Summary Compensation Table.*** The following information is furnished for our principal executive officer and for the two most highly compensated executive officers (other than the principal executive officer) whose total compensation exceeded $100,000 for the fiscal year ended December 31, 2025. These individuals are sometimes referred to in this prospectus as the "named executive officers."

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Salary <br> ($)** | **Bonus<br> ($)** | **All Other<br> Compensation <br> ($) <sup>(2)</sup>** | **Total<br> ($)** |
| John E. Essen <br> *President and Chief Executive Officer* | 212082 | 40000 | 52939 | 305021 |
| Gerald T. Mueller <br> *Former Vice President and Chief Lending Officer <sup>(2)</sup>* | 171690 | 10000 | 41589 | 223279 |
| Michele M. Mueller<br> *Vice President and Chief Financial Officer* | 120610 | 20000 | 12187 | 152797 |

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(1) Mr. Mueller retired as Vice President and Chief Lending Officer effective March 31, 2026, but he continues to serve on the
Board of Directors of CSB Financial and Community Savings Bank.

(2) The compensation disclosed in the "All Other Compensation" column consists of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Director <br> Fees <br> ($)** | **401(k)<br> Plan -<br> Employer<br> Contributions<br> ($)** | **Automobile<br> ($)** | **Total All <br> Other<br> Compensation<br> ($)** |
| John E. Essen | 25235 | 20501 | 7203 | 52939 |
| Gerald T. Mueller | 25235 | 16354 |  | 41589 |
| Michele M. Mueller |  | 12187 |  | 12187 |

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***Proposed New Employment Agreement***. In connection with the conversion and stock offering, CSB Financial and Community Savings Bank intend to enter into a new employment agreement with Mr. Essen. The new employment agreement will be executed and will become effective as of the date of the conversion and stock offering. Our continued success depends to a significant degree on Mr. Essen's skills and competence, and the employment agreement is intended to ensure we maintain a stable management base following the conversion and stock offering.

The employment agreement will have an initial term that commences on the effective date of the conversion and stock offering and will continue until December 31, 2026. Commencing on January 1, 2027, the term will continue thereafter for three years. On January 1, 2028, and on each January 1 thereafter, the term of the employment agreement will extend for an additional year, so that the term again becomes three years, unless either Community Savings Bank or the executive, by written notice to the other given at least 30 days before a January 1 renewal date, notifies the other of its intent not to extend the term of the employment agreement. If a non-renewal notice is timely given by either Community Savings Bank or the executive, the term of the employment agreement will expire at the end of the then-current term. If a change in control occurs during the term of the employment agreement, the term will automatically renew for three years from the date of the change in control.

The employment agreement will provide Mr. Essen with an annual base salary of $241,732. The board of directors will review Mr. Essen's base salary at least annually and the base salary may be increased, but not decreased, except for a decrease that is generally applicable to all employees. In addition to receiving base salary, Mr. Essen will participate in any bonus programs and benefit plans made available to senior management employees consistent with the terms of such plans and arrangements. Community Savings Bank will also reimburse Mr. Essen for all reasonable business expenses incurred in performing his duties.

If Mr. Essen's employment terminates due to his involuntary termination by Community Savings Bank, his voluntary termination for good reason (as defined in the employment agreement), his disability, or his death, Mr. Essen, or his estate or named beneficiaries, as may be the case, will be entitled to receive the sum of (i) unpaid salary through the date of termination, (ii) unpaid expense reimbursements, (iii) unused paid time off, (iv) earned but unpaid short-term and long-term incentive compensation, and (v) vested benefits under any employee benefit plan of Community Savings Bank (the "Accrued Obligations").

If Mr. Essen's employment involuntary terminates for reasons other than cause, disability or death, or if he resigns for good reason not in connection with a change in control, he will receive the Accrued Obligations and a severance payment, paid in a lump sum, equal to: (i) base salary and bonuses he would be entitled to for the remaining unexpired term of the employment agreement, with such bonuses deemed to be equal to the highest bonus paid at any time during the three years before the year of termination, (ii) the present value of the contributions that would have been made on his behalf under Community Savings Bank's defined contribution plans as if he had continued working for the remaining term of the employment agreement, and (iii) continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by Community Savings Bank for Mr. Essen, at no cost to him, for the remaining unexpired term of the employment agreement.

If Mr. Essen's employment involuntary terminates for reasons other than cause, disability or death, or if he resigns for good reason, in either event within 18 months following a change in control, he will receive the Accrued Obligations and a severance payment, paid in a lump sum, equal to: (i) three times the highest base salary paid at any time under the employment agreement and three times the highest bonus paid to him with respect to the three completed fiscal years before the year of termination, (ii) the present value of the contributions that would have been made on his behalf under Community Savings Bank's defined contribution plans as if he had continued working for 36 months, and (iii) continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by Community Savings Bank for Mr. Essen, at no cost to him, for 36 months. The severance benefits may be reduced if the severance benefits under the employment agreement or otherwise result in "excess parachute payments" under Section 280G of the Internal Revenue Code of 1986, as amended (the "Code").

If Mr. Essen becomes disabled during the term of the employment agreement, he will be entitled to receive the Accrued Obligations and any benefits under all short-term or long-term disability plans maintained by Community Savings Bank for its executives. To the extent such benefits are less than Mr. Essen's base salary, Community Savings Bank shall pay him an amount equal to the difference between such disability plan benefits and the amount of his base salary for the longer of one year following the termination of his employment due to disability or the remaining term of the employment agreement, payable according to the regular payroll practices of Community Savings Bank. Additionally, Community Savings Bank shall continue to provide non-taxable medical and dental coverage substantially comparable to the coverage provided to Mr. Essen before termination of employment due to disability, ceasing upon the earlier of (i) the date Mr. Essen returns to full-time employment with Community Savings Bank; (ii) his full-time employment by another employer; (iii) expiration of the remaining term of the employment agreement; or (iv) his death.

If Mr. Essen dies while employed by Community Savings Bank, his beneficiaries will receive the Accrued Obligations and his base salary, payable according to the regular payroll practices of Community Savings Bank, for a period of one year from the date of his death, and Community Savings Bank shall continue to provide non-taxable medical and dental insurance benefits normally provided to Mr. Essen's family (according to its customary co-pay percentages) for 12 months after Mr. Essen's death.

Upon termination of employment (other than a termination in connection with a change in control), Mr. Essen will be required to adhere to a one-year non-solicitation restriction and a six-month non-competition restriction.

***Proposed New Change in Control Agreements***. In connection with the conversion and stock offering, Community Savings Bank intends to enter into a new change in control agreement with Ms. Mueller and three other officers. Mr. Mueller did not enter into a change in control agreement due to his retirement on March 31, 2026.

The change in control agreement with Ms. Mueller will have an initial term that commences on the effective date of the conversion and stock offering and will continue until December 31, 2026. Commencing on January 1, 2027, the term will continue thereafter for three years. On January 1, 2028, and on each January 1 thereafter, the term of the change in agreement will extend for an additional year, so that the term again becomes three years, unless either Community Savings Bank or the executive, by written notice to the other given at least 30 days before a January 1 renewal date, notifies the other of its intent not to extend the term of the change in control agreement. If a non-renewal notice is timely given by either Community Savings Bank or the executive, the term of the change in control agreement will expire at the end of the then-current term. If a change in control occurs during the term of the change in control agreement, the term will automatically renew for three years from the date of the change in control.

If an executive's employment involuntarily terminates for reasons other than cause, or if the executive resigns for "good reason," (as defined in the change in control agreement), in either event after a change in control, the executive will receive a severance payment, paid in a single lump sum, equal to three times the sum of (a) the greater of: (i) the executive's base salary in effect as of the date of termination or (ii) the executive's base salary immediately before the change in control and (b) the highest rate of bonus earned by executive in the three calendar years immediately preceding the year in which the termination occurs. The executive will also receive, for a period of 36 months, continued non-taxable medical and dental coverage at no cost to the executive, or, if participation by the executive in the applicable health plans is not permitted or if providing such benefits would subject Community Savings Bank to penalties, the executive will receive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits. The change in control agreements include a "cutback" provision if the change in control severance benefits would otherwise result in "excess parachute payments" under Section 280G of the Code. The cutback would reduce the executive's payments and benefits, if necessary, to avoid triggering an excise tax by reducing the total payments to an amount which is one dollar less than an amount equal three times the executive's "base amount," as determined according to Section 280G of the Code.

***Supplemental Executive Retirement Plan.*** Community Savings Bank maintains the Community Savings Bank Supplemental Executive Retirement Plan (the "SERP") to provide supplemental retirement benefits to Messrs. Essen and Mueller. Under the SERP, Messrs. Essen and Mueller will receive the normal retirement benefit if they separate from service for any reason other than cause or death on or after attaining age 65. Mr. Essen's normal retirement benefit is $506,892 and Mr. Mueller's normal retirement benefit is $369,000, each payable over a period of 10 years in equal annual installments.

If Messrs. Essen or Mueller separate from service for any reason other than cause or death before attaining age 65, Community Savings Bank shall pay to the executive his vested retirement benefit measured as of the date of separation from service, over a period of 10 years in equal annual installments. Messrs. Essen and Mueller vest in their retirement benefit over nine years, with 20% vesting after one year of plan participation, 40% vesting after three years of plan participation, 60% vesting after five years of plan participation, 80% vesting after seven years of plan participation and attaining 100% vesting after nine years of plan participation. Notwithstanding the vesting schedule, vesting will automatically increase to 100% upon the earlier of a change in control or the attainment of age 65. If Messrs. Essen or Mueller separate from service due to disability, the executive is entitled to his vested retirement benefit measured as of the date of disability over a period of 10 years in equal annual installments.

In the event of a change in control, Messrs. Essen and Mueller will receive their normal retirement benefit in a lump sum payable within 60 days following the date of the change in control.

Benefits payable under the SERP upon the separation from service of Messrs. Essen or Mueller may be delayed for a period of six months, if necessary, to comply with Section 409A of the Code.

***Survivor Benefit Plans.*** Community Savings Bank maintains the Community Savings Bank Survivor Benefit Plan (the "Survivor Plan") to provide a survivor benefit to the beneficiaries of certain key employees. Under the Survivor Plan, if a participant dies while employed, Community Savings Bank will pay the participant's beneficiary an amount equal to 300% of the participant's base salary. The benefit is payable over three years according to Community Savings Bank's usual payroll practices, commencing in the second month following the participant's death. Mr. Essen participates in the Survivor Plan.

***Profit Sharing Plan.*** Community Savings Bank maintains the Community Savings Bank 401(k) Profit Sharing Plan and Trust (the "401(k) Plan"), a tax-qualified defined contribution plan for eligible employees. The named executive officers are eligible to participate in the 401(k) Plan on the same terms as other eligible employees. Eligible employees become participants in the 401(k) Plan and may make salary deferrals under the plan and receive employer safe harbor non-elective contributions after having attained age 21 and completing three months of service. Employees become eligible for employer matching contributions on the first day of the first month of the plan year or the first day of the seventh month of the plan year coincident or next following the date an employee attains age 21 and completes three months of service.

Under the 401(k) Plan, a participant may elect to defer, on a pre-tax basis, the maximum amount of compensation permitted by the Code. For 2026, the salary deferral contribution limit is $24,500, provided, however, that a participant over age 50 may contribute an additional $8,000 to the 401(k) Plan for a total of $32,500. A participant is always 100% vested in his or her salary deferral contributions and will vest in employer matching contributions and non-elective contributions over five years, with 20% vesting after one year and an additional 20% vesting in each subsequent year with 100% vesting after five years. Generally, unless the participant elects otherwise, the participant's account balance will be distributed following the participant's termination of employment. However, participants may take in-service withdrawals from the 401(k) Plan in certain circumstances, including for loans.

***Employee Stock Ownership Plan*.** Community Savings Bank intends to adopt an employee stock ownership plan, effective January 1, 2026, for eligible employees. It is anticipated that eligible employees will include employees who have attained age 21 and have completed one year of service. Employees employed as of January 1, 2026, will begin participation in the employee stock ownership plan on the later of the effective date of the employee stock ownership plan or upon the first entry date commencing on or after the eligible employee's completion of 1,000 hours of service during a continuous 12-month period.

The employee stock ownership plan trustee is expected to purchase, on behalf of the employee stock ownership plan, 8% of the sum of the shares of CSB Financial common stock sold in the stock offering and contributed to the charitable foundation. We anticipate that the employee stock ownership plan will fund its stock purchase with a loan from CSB Financial equal to the aggregate purchase price of the common stock. The loan will be repaid principally through Community Savings Bank's contribution to the employee stock ownership plan and dividends payable on common stock held by the employee stock ownership plan over the anticipated 20-year term of the loan. The interest rate for the employee stock ownership plan loan is expected to be a fixed-rate equal to the prime rate, as published in *The Wall Street Journal*, on the closing date of the conversion and stock offering. If market conditions warrant, in the judgment of its trustee, the employee stock ownership plan's subscription order will not be filled and the employee stock ownership plan may elect to purchase shares in the open market following the completion of the conversion and stock offering, subject to applicable regulatory approvals or non-objections.

The trustee will hold the shares purchased by the employee stock ownership plan in an unallocated suspense account. 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 the participants' accounts based on each participant's proportional share of compensation relative to all participants. Participants will become 100% vested upon completion of four years of service, with 25% vesting for each year of service. Participants who were employed by Community Savings Bank immediately before the completion of the conversion and stock offering will receive credit for vesting purposes for years of service before adoption of the employee stock ownership plan. Participants will become fully vested upon normal retirement, death or disability, a change in control, or termination of the employee stock ownership plan. Generally, participants will receive distributions from the employee stock ownership plan upon severance from employment. The employee stock ownership plan will reallocate any unvested shares forfeited upon termination of employment among the remaining participants.

The employee stock ownership plan 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 provide instructions on any matter in the same ratio as those shares for which participants provide instructions, subject to fulfillment of the trustee's fiduciary responsibilities.

Under applicable accounting requirements, CSB Financial will record compensation expense for the employee stock ownership plan at the fair market value of the shares as they are committed to be released from the unallocated suspense account to participants' accounts. The compensation expense resulting from the release of CSB Financial common stock from the suspense account and allocation to plan participants will result in a corresponding reduction in the earnings of CSB Financial.

**Directors' Compensation**

The following table sets forth for the year ended December 31, 2025, certain information as to the total renumeration paid to our non-employee directors. Messrs. Essen and Mueller each received director fees of $25,235 for the year ended December 31, 2025, which are included in the above Summary Compensation Table.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid<br> in Cash ($)** | **All Other<br> Compensation ($)** | **Total ($)** |
| Donna J. Gunn | 25235 | – | 25235 |
| Ruth A. Lung | 28235 | – | 28235 |
| George S. Pearce | 28235 | – | 28235 |
| James R. Smith | 34235 | – | 34235 |

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***Director Fees.*** For the year ended December 31, 2025, the non-employee directors of Community Savings Bank received an annual retainer of $21,735. Each director received an additional $1,500 payment for continuing as a director for at least five years. In 2025, all directors received a discretionary bonus of $2,000. Mr. Smith received an additional $6,000 and an additional $3,000 in 2025 for his service as board chair and committee chair, respectively. Mr. Pearce received $3,000 in 2025 for his service as a committee chair. Ms. Lung received $3,000 in 2025 for her service as Secretary.

Each individual who serves as a director of CSB Financial also serves as a director of Community Savings Bank. Initially, the non-employee directors of CSB Financial will receive director fees only in their capacity as a director of Community Savings Bank. Following the completion of the conversion and stock offering, CSB Financial may also determine to pay director fees but has not determined to do so at this time.

**Benefits to be Considered Following Completion of the Conversion and Stock Offering**

***Stock-Based Benefit Plans.*** Following the conversion and stock offering, we intend to adopt one or more new stock-based benefit plans that will provide for grants of stock options and restricted stock awards (including restricted stock units). The stock-based benefit plans will not be adopted sooner than six months after the conversion and stock offering, and, if adopted within 12 months after the conversion and stock offering, stockholders must approve the plans by a majority of the votes eligible to be cast. If the stock-based benefit plans are established more than 12 months after the conversion and stock offering, stockholders must approve the plans by a majority of votes cast. Also, if adopted within 12 months following the completion of the conversion, the aggregate number of shares reserved for the exercise of stock options or available for stock awards under the stock-based benefit plans would be limited to 10% and 4%, respectively, of the sum of the shares sold in the stock offering and contributed to the charitable foundation.

The following additional restrictions would apply to our stock-based benefit plans if we adopt such plans within 12 months after 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 plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any one non-employee director may not receive more than 5% of the options
and restricted stock awards authorized under the plans;

&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 plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any tax-qualified employee stock benefit plans and restricted stock plans,
in the aggregate, may not acquire more than 10% of the sum of the shares sold in the stock offering and contributed to the charitable
foundation, unless Community Savings Bank has tangible capital of 10% or more, in which case tax-qualified employee stock benefit plans
and restricted stock plans may acquire up to 12% of the sum of the shares sold in the stock offering and contributed to the charitable
foundation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the options and restricted stock awards may not vest more rapidly than 20%
per year, beginning on the first anniversary of stockholder approval of the plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accelerated vesting is not permitted except for death, disability or upon
a change in control of CSB Financial or Community Savings Bank.

We have not determined whether we will present stock-based benefit plans for stockholder approval before or after 12 months after the completion of the conversion and stock offering.

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 the common stock of CSB Financial 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 plans, assuming the shares are awarded when the market price of our common stock ranges from $8.00 per share to $14.00 per share.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Price** | **Value of Shares Awarded<br> at Minimum of Offering<br> Range** | **Value of Shares Awarded<br> at Midpoint of Offering<br> Range** | **Value of Shares Awarded<br> at Maximum of Offering<br> Range** | **Value of Shares<br> Awarded at <br> Adjusted Maximum<br> of Offering Range** |
| **(In thousands, except share price information)** | **(In thousands, except share price information)** | **(In thousands, except share price information)** | **(In thousands, except share price information)** | **(In thousands, except share price information)** |
| $8.00 | $308 | $361 | $414 | $474 |
| 10.00 | 385 | 451 | 517 | 593 |
| 12.00 | 462 | 541 | 620 | 711 |
| 14.00 | 539 | 631 | 724 | 830 |

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The grant-date fair value of the options granted under the new stock-based benefit plans will be based in part on the price of shares of common stock of CSB Financial 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exercise Price** | **Grant-Date Fair<br> Value Per Option** | **Value of Options at<br> Minimum of <br> Offering Range** | **Value of Options at<br> Midpoint of<br> Offering Range** | **Value of Options at<br> Maximum of<br> Offering Range** | **Value of Options at<br> Adjusted<br> Maximum of <br> Offering Range** |
| **(In thousands, except exercise price and fair value information)** | **(In thousands, except exercise price and fair value information)** | **(In thousands, except exercise price and fair value information)** | **(In thousands, except exercise price and fair value information)** | **(In thousands, except exercise price and fair value information)** | **(In thousands, except exercise price and fair value information)** |
| $8.00 | $1.43 | $138 | $161 | $185 | $212 |
| 10.00 | 2.74 | 264 | 309 | 354 | 406 |
| 12.00 | 4.33 | 417 | 488 | 560 | 642 |
| 14.00 | 6.08 | 585 | 686 | 786 | 901 |

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**The above tables are provided for informational purposes only. There can be no assurance that our stock price will not trade below the offering price of $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."**

**SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS**

The following table sets forth information regarding intended common stock subscriptions by each of the directors and executive officers and their associates, and by all directors, 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. Directors and officers will purchase shares of common stock at the same $10.00 purchase price per share and on the same terms as other purchasers in the stock offering. This table excludes shares of common stock to be purchased by the employee stock ownership plan, 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. Purchases by directors, 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 shares being acquired by the directors, executive officers and their associates are being acquired for investment purposes, and not with a view towards resale. Our directors and executive officers will be subject to the same minimum purchase requirements and purchase limitations as other participants in the stock offering set forth under "The Conversion and Stock Offering – Limitations on Common Stock Purchases."

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| | | | |
|:---|:---|:---|:---|
| **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>** |  |  |  |
| John E. Essen | 25000 | $250000 | 2.7 |
| Donna J. Gunn | 12500 | 125000 | 1.3 |
| Ruth A. Lung | 10000 | 100000 | 1.1 |
| Gerald T. Mueller | 10000 | 100000 | 1.1 |
| George S. Pearce | 5000 | 50000 | \* |
| James R. Smith | 14000 | 140000 | 2.5 |
| **<u>Executive Officers Who are Not Directors</u>** |  |  |  |
| Steven M. Ernst | 1500 | 15000 | \* |
| Jennifer L. Luck | 3500 | 35000 | \* |
| Michele M. Mueller | 10000 | 100000 | 1.1 |
| All directors and executive officers as a group | 91500 | $915000 | 9.8% |

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\* Less than 1.0%

(1) Includes intended purchases by the named individual's associates, if any, except for Gerald T. Mueller and Michele M. Mueller whose intended purchases are shown individually. Mr. and Mrs. Mueller are associates of each other because they are married.

(2) The shares to be contributed to the charitable foundation are excluded in calculating percentages.

**THE CONVERSION AND STOCK OFFERING**

The board of directors of Community Savings Bank has unanimously approved the plan of conversion. The plan of conversion provides for the establishment and funding of the charitable foundation. The plan of conversion must also be approved by Community Savings Bank's members (its depositors). The establishment and funding of the charitable foundation must also be approved by the members, by a separate vote. A special meeting of members has been called for this purpose. Community Savings Bank has filed an application with respect to the conversion and stock offering with the ODFI and a notice of conversion with the FDIC. CSB Financial has filed a holding company application with the Federal Reserve Board. The approvals of the ODFI and the Federal Reserve Board and the non-objection of the FDIC are required before we can consummate the conversion and stock offering. Any approval by the ODFI and the Federal Reserve Board and any non-objection of the FDIC does not constitute a recommendation or endorsement of the plan of conversion.

**General**

The board of directors of Community Savings Bank unanimously adopted and approved the plan of conversion on March 5, 2026. According to the plan of conversion, Community Savings Bank will convert from the mutual form of organization to the stock form of organization. In connection with the conversion and stock offering, Community Savings Bank has organized CSF Financial, a Maryland corporation, which will offer and sell shares of common stock to the public in an initial public stock offering. When the conversion and stock offering is completed, all of the outstanding capital stock of Community Savings Bank will be owned by CSB Financial, and all of the outstanding common stock of CSB Financial will be owned by its stockholders.

CSB Financial expects to retain between $3.0 million and $4.4 million of the net proceeds of the stock offering, or $5.2 million if the offering range is increased by 15% because of demand for the shares or changes in market conditions. Community Savings Bank will receive from CSB Financial a capital contribution equal to at least 50% of the net proceeds of the stock offering. Based on this formula, we anticipate that CSB Financial will contribute to Community Savings Bank $3.9 million, $4.7 million, $5.5 million and $6.5 million of the net proceeds at the minimum, midpoint, maximum, and adjusted maximum of the offering range, respectively. The conversion and stock offering will be consummated only upon the sale of at least 935,000 shares of our common stock.

The plan of conversion provides that we will offer shares of common stock for sale in the subscription offering to Eligible Account Holders, our tax-qualified employee benefit plans (specifically our employee stock ownership plan), Supplemental Eligible Account Holders and Other Members (each as defined below). 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 public, with preference given to natural persons (and trusts of natural persons) residing in Clermont and Highland Counties in Ohio. In addition, shares of common stock not purchased in the subscription offering and community offering may be offered for sale to the general public in a syndicated community offering to be managed by Performance Trust, acting as our agent.

We have the right to accept or reject, in whole or in part, any orders to purchase shares of the common stock received in any community offering or any syndicated community offering. The community offering and/or syndicated 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 of the ODFI and FDIC. See " – Community Offering" and " – Syndicated Community Offering."

We determined the number of shares of common stock to be offered in the stock offering based upon an independent valuation of the estimated consolidated pro forma market value of CSB Financial, assuming the conversion and stock offering are completed. 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. The independent valuation will be updated and the final number of the shares of common stock to be issued 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 additional information as to the determination of the estimated pro forma market value of the common stock.

The following is a brief summary of the plan of conversion. We recommend reading the plan of conversion in its entirety for additional information. A copy of the plan of conversion is available for inspection at each banking office of Community Savings Bank and as described in the section of this prospectus entitled "Where You Can Find Additional Information." The plan of conversion is also filed as an exhibit to Community Savings Bank's application for conversion and notice of conversion, of which this prospectus is a part, copies of which may be obtained from the ODFI and FDIC, respectively. The plan of conversion is also filed as an exhibit to CSB Financial's registration statement filed with the Securities and Exchange Commission, of which this prospectus is a part, copies of which may be obtained from the Securities and Exchange Commission or online at the Securities and Exchange Commission's website (*www.sec.gov*).

**Reasons for the Conversion**

Consistent with our business strategy, our primary reasons for converting and raising additional capital through the stock offering are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to increase capital to support future growth and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to retain and attract qualified personnel by establishing stock-based benefit
plans for management and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to offer our customers and employees an opportunity to purchase an equity
interest in Community Savings Bank by purchasing shares of common stock of CSB Financial; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to support and enhance Community Savings Bank's charitable giving in
its local community.

Mutual institutions cannot offer stock incentives to attract and retain highly qualified management personnel. While Community Savings Bank has not required these capital tools and stock incentives in the past, they could prove to be important to implementing our business strategy, and management believes 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.

**Approvals Required**

The affirmative vote of two-thirds of the total votes eligible to be cast by the members of Community Savings Bank is required to approve the plan of conversion. The affirmative vote of a majority of the total votes eligible to be cast by the members of Community Savings Bank is required to approve the establishment and funding of the charitable foundation. A special meeting of members to consider and vote upon the plan of conversion and the establishment and funding of the charitable foundation has been scheduled for June _____, 2026. Community Savings Bank will send a proxy statement to members who are eligible to vote at the special meeting to solicit their votes in favor of the plan of conversion and establishment and funding of the charitable foundation, along with a copy of this prospectus. According to federal regulations, the proxy statement and prospectus generally must be mailed within ten days after the proxy statement is approved by the applicable bank regulators and the registration statement of which this prospectus forms a part is declared effective by the Securities and Exchange Commission. The plan of conversion also must be approved by the ODFI and the FDIC must grant its non-objection to the plan of conversion. Additionally, the Federal Reserve Board must approve CSB Financial's bank holding company application. We cannot consummate the conversion and the stock offering without satisfying the conditions contained in these approvals.

**Effects of Conversion on Depositors and Borrowers**

***Continuity.*** While the conversion is being accomplished, Community Savings Bank's normal business of accepting deposits and making loans will continue without interruption. It will continue to be an Ohio state-chartered bank and will continue to be regulated by the ODFI and FDIC. After the conversion and stock offering, we will continue to offer existing services to depositors, borrowers and other customers. Upon the completion of the conversion and stock offing, the individuals serving as directors of Community Savings Bank will continue to serve as the directors of Community Savings Bank and will serve as the directors of CSB Financial.

***Effect on Deposit Accounts.*** According to the plan of conversion, each depositor of Community Savings Bank at the time of the conversion will automatically continue as a depositor after the conversion, and the deposit balance, interest rate and other terms of such deposit accounts will not change as a result of the conversion. Each such account will be insured by the FDIC to the same extent as before the conversion. Depositors will continue to hold their existing certificates, passbooks and other evidences of their accounts.

***Effect on Loans.*** All loans outstanding from Community Savings Bank will be unaffected by the conversion, 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 Members.*** Currently, all of our depositors are members of and have voting rights in Community Savings Bank as to all matters requiring membership action, such as the annual election of directors of Community Savings Bank and significant corporate transactions, including a mutual-to-stock conversion. Upon completion of the conversion and stock offering, Community Savings Bank will cease to have members and the former members will no longer have voting rights in Community Savings Bank. Upon completion of the conversion and stock offering, all voting rights in Community Savings Bank will be vested in CSB Financial as the sole stockholder of Community Savings Bank. The stockholders of CSB Financial will possess exclusive voting rights with respect to CSB Financial's common stock.

***Tax Effects.*** We have received opinions of our counsel and our tax advisors with regard to the federal and state income tax consequences of the conversion to the effect that the conversion and stock offering will not be taxable for federal or Ohio state income tax purposes to Community Savings Bank or its members. See " – Material Income Tax Consequences."

***Effect on Liquidation Rights.*** Each depositor of Community Savings Bank has both a deposit account in Community Savings Bank and a pro rata ownership interest in the net worth of Community Savings Bank 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. This interest may only be realized in the event of a complete liquidation of Community Savings Bank. Any depositor who opens a deposit account obtains a pro rata ownership interest in Community Savings Bank without any additional payment beyond the amount of the deposit. A depositor who reduces or closes their account receives a portion or all, respectively, of the balance in the deposit account upon such withdrawal, but nothing in exchange for their ownership interest in the net worth of Community Savings Bank, which is lost to the extent that the balance in the account is reduced or closed.

Consequently, depositors in a mutual bank normally have no way of realizing the value of their ownership interest, which has realizable value only in the unlikely event that the institution 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 Community Savings Bank after other claims, including claims of depositors to the amounts of their deposits, are paid.

In the unlikely event that Community 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 distribution of a "liquidation account" to depositors as of December 31, 2024 and March 31, 2026, who continue to maintain their deposit accounts as of the date of liquidation, with any assets remaining thereafter distributed to CSB Financial as the sole owner of Community Savings Bank's capital stock. 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 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 FinPro, an independent appraisal firm, to prepare an independent valuation appraisal. For its services, FinPro will receive a fee of $35,000 for preparing the initial valuation and $5,000 for each updated valuation, including the final updated valuation, as well as expense reimbursement up to $2,000.

We are not affiliated with FinPro, and neither we nor FinPro has an economic interest in, or is held in common with, the other. FinPro 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 or the applicable regulatory valuation guidelines or otherwise prohibit or restrict in anyway FinPro from serving in the role of our independent appraiser.

We have agreed to indemnify FinPro 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 gross negligence, bad faith or willful misconduct.

The independent valuation appraisal considered the pro forma impact of the conversion and stock offering. Consistent with applicable federal 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. The market value ratios applied in the remaining two methodologies were based upon the current market valuations of the group of comparable companies identified by FinPro, which are listed below, subject to valuation adjustments applied by FinPro to account for the primary differences between us and our peer group, which are further discussed below. Because FinPro concluded that asset size is not a strong determinant of market value, FinPro did not place significant weight on the pro forma price-to-assets approach in reaching its conclusions. FinPro placed the greatest emphasis on the price-to-book value approach in estimating pro forma market value.

The independent valuation was prepared by FinPro in reliance upon the information contained in this prospectus, including our financial statements. FinPro also considered the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our present and projected operating 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 impact of the conversion and stock offering on our equity and earnings
potential; 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 independent valuation is also based on an analysis of a peer group of 10 publicly-traded banks and bank holding companies that FinPro considered comparable to us under regulatory guidelines applicable to the independent valuation. Under these guidelines, a minimum of ten peer group companies are selected from the universe of all publicly traded savings institutions with relatively comparable resources, strategies and financial and other operating characteristics. Such companies must also be traded on an exchange (such as Nasdaq or the New York Stock Exchange). Because of the initial and continuing listing standards of Nasdaq and the New York Stock Exchange, including public float and round lot holders requirements, as well as the fact that many of the smaller converted thrifts ultimately de-list their shares from Nasdaq and/or are acquired by larger companies, each of the peer group companies has a comparatively larger asset size than Community Savings Bank. The peer group companies selected also consisted of fully converted stock institutions that were not subject to an actual or rumored acquisition and that had been in fully converted form for at least one year. In addition, the peer group companies were limited to the following selection criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· selected all fully converted thrifts located in the West, Midwest, Northeast
and Mid-Atlantic Regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· excluded institutions that have recently converted, as the earnings of newly
converted institutions do not reflect a full year's benefit from the reinvestment of proceeds, and thus the price/earnings multiples
and return on equity measures for these institutions tend to be skewed upward and downward, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· eliminated institutions with assets in excess of $2.2 billion as these entities
have greater financial and managerial resources and a broader branch network; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· eliminated institutions in the process of being acquired in a merger and
acquisition transaction.

The following table presents information regarding the peer group companies used by FinPro in its appraisal.

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| | | | |
|:---|:---|:---|:---|
| **Company Name (Ticker Symbol)** | **Exchange** | **Headquarters** | **Total Assets (in<br> millions) <sup>(1)</sup>** |
| Broadway Financial Corporation (BYFC) | Nasdaq | Los Angeles, CA | $1336 |
| BV Financial, Inc. (BVFL) | Nasdaq | Baltimore, MD | 912 |
| Finward Bancorp (FNWD) | Nasdaq | Munster, IN | 2021 |
| First Northwest Bancorp (FNWB) | Nasdaq | Port Angeles, WA | 2108 |
| First Seacoast Bancorp, Inc. (FSEA) | Nasdaq | Dover, NH | 610 |
| Northeast Community Bancorp, Inc. (NECB) | Nasdaq | White Plains, NY | 2064 |
| NSTS Bancorp, Inc. (NSTS) | Nasdaq | Waukegan, IL | 270 |
| Provident Financial Holdings, Inc. (PROV) | Nasdaq | Riverside, CA | 1228 |
| Riverview Bancorp, Inc. (RVSB) | Nasdaq | Vancouver, WA | 1512 |
| Timberland Bancorp, Inc. (TSBK) | Nasdaq | Hoquiam, WA | 2006 |

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(1) Total assets are as of December 31, 2025.

Included in the independent valuation were certain assumptions as to our pro forma earnings after the conversion that were utilized in determining the appraised value. These assumptions included estimated offering expenses of $1.6 million, an assumed after-tax rate of return on the net offering proceeds of 2.75% and purchases in the open market of 4.0% of the sum of the number of shares of common stock sold in the stock offering and contributed to the charitable foundation by the stock-based benefit plan at the $10.00 purchase price. See "Pro Forma Data" for additional information concerning these assumptions. The use of different assumptions may yield different results.

The independent valuation states that as of February 18, 2026, the estimated pro forma market value of CSB Financial (including the value of the 27,500 shares of CSB Financial common stock to be contributed to the charitable foundation valued at the initial offering price of $10.00 per share) ranged from $9.6 million to $12.9 million, with a midpoint of $11.3 million. Our board of directors decided to offer the shares of common stock for a price of $10.00 per share primarily because it is the price most commonly used in mutual-to-stock conversions of financial institutions. The number of shares offered for sale in the stock offering equals the aggregate offering price of the shares (excluding the 27,500 shares to be contributed to the charitable foundation) divided by the price per share. Based on the valuation range and the $10.00 price per share, and excluding the 27,500 shares to be contributed to the charitable foundation, the minimum of the offering range is 935,000 shares, the midpoint of the offering range is 1,100,000 shares, and the maximum of the offering range is 1,265,000 shares, or 1,454,750 shares if the maximum amount is increased by 15% because of demand for shares or changes in market conditions.

The following table presents a summary of selected pricing ratios for the peer group companies and for CSB Financial (on a pro forma basis) that FinPro utilized in its appraisal. These ratios are based on CSB Financial's book value, tangible book value and core earnings as of and for the twelve months ended December 31, 2025, annualized. The peer group ratios are based on the latest date for which complete financial data are publicly available and stock prices as of February 18, 2026. Compared to the average pricing of the peer group, our pro forma pricing ratios at the midpoint of the offering range indicate a premium of 45.75% on a core earnings value basis, a discount of 45.93% on a price-to-book value basis and a discount of 46.84% on a price-to-tangible book value basis.

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| | | | |
|:---|:---|:---|:---|
|  | **Price-to-core earnings<br> multiple <sup>(1)</sup>** | **Price-to-book value<br> ratio** | **Price-to-tangible book<br> value ratio** |
| **CSB Financial (pro forma basis, assuming completion of the conversion and stock offering):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Maximum | 26.32 x | 55.01% | 55.13% |
| &nbsp;&nbsp;&nbsp;Maximum | 23.81 x | 51.15% | 51.26% |
| &nbsp;&nbsp;&nbsp;Midpoint | 21.28 x | 47.33% | 47.44% |
| &nbsp;&nbsp;&nbsp;Minimum | 18.87 x | 43.03% | 43.12% |
| **Valuation of peer group companies, all of which are fully converted (historical basis):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Average | 14.67 x | 85.98% | 90.49% |
| &nbsp;&nbsp;&nbsp;Median | 14.60 x | 87.43% | 89.08% |

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(1) Price-to-earnings multiples calculated by FinPro are based on an estimate of "core" or recurring earnings. These ratios
are different from those presented in "Pro Forma Data."

Our board of directors reviewed the independent valuation and, in particular, considered the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· comparison of our financial performance ratios to those of other financial
institutions of similar size; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· market conditions generally and, in particular, for financial institutions.

All of these factors are set forth in the independent valuation. Our board of directors also reviewed the methodology and the assumptions used by FinPro in preparing the independent valuation and believes that such assumptions were reasonable. The offering range may be amended with the approval of the FDIC, if required, as a result of subsequent developments in our financial condition or market conditions generally. If the independent valuation is updated to update our pro forma market value to less than $9.6 million or more than $14.8 million (including the value of the 27,500 shares to be contributed to the charitable foundation), the appraisal will be filed with the Securities and Exchange Commission by a post-effective amendment to our registration statement.

**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. FinPro did not independently verify our financial statements and other information that we provided to them, nor did FinPro independently value our assets or liabilities. The independent valuation considers Community Savings Bank as a going concern and should not be considered as an indication of its liquidation value. 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 valuation range may be increased by up to 15%, or up to $14.8 million (including the value of the 27,500 shares to be contributed to the charitable foundation), which would result in a corresponding increase of up to 15% in the maximum of the offering range to up to 1,454,750 shares, to reflect changes in the market and financial conditions or demand for the shares. We will not increase the offering range above this level or decrease the minimum of the offering range without a resolicitation of subscribers. The subscription 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 at the conclusion of the stock offering results in an increase in the maximum of the valuation range to more than $14.8 million (including the value of the 27,500 shares to be contributed to the charitable foundation), resulting in a corresponding increase in the offering range to more than 1,454,750 shares, or a decrease in the minimum of the valuation range to less than $9.6 million (including the value of the 27,500 shares to be contributed to the charitable foundation) and a corresponding decrease in the offering range to fewer than 935,000 shares, then we will promptly return, with interest at a rate of 0.15% per annum, all funds received in the stock offering and cancel deposit account withdrawal authorizations. After consulting with the ODFI and FDIC, we may terminate the plan of conversion. Alternatively, we may establish a new offering range and commence a resolicitation of subscribers or take other actions as permitted by the ODFI and FDIC in order to complete the conversion and stock offering. If we conduct a resolicitation, we will notify subscribers of their rights to place a new stock order for a specified period of time. If a person does not respond, we will cancel their stock order and return their subscription funds, with interest, and cancel any authorization to withdraw funds from deposit accounts for the purchase of shares of common stock. 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 ODFI and the FDIC, for periods of up to 90 days.

An increase in the number of shares to be issued in the stock offering would decrease both a subscriber's ownership interest and our pro forma earnings and stockholders' equity on a per share basis while increasing pro forma earnings and stockholders' equity on an aggregate basis. A decrease in the number of shares to be issued in the stock offering would increase both a subscriber's ownership interest and our pro forma earnings and stockholders' equity on a per share basis, while decreasing pro forma earnings and stockholders' equity on an aggregate basis. For a presentation of the effects of these changes, see "Pro Forma Data."

A copy of FinPro's conversion valuation appraisal report is filed as an exhibit to the Registration Statement filed by CSB Financial with the Securities and Exchange Commission, of which this prospectus forms a part. See "Where You Can Find Additional Information."

**Adjustments to Independent Appraisal**

In preparing the independent appraisal, FinPro made certain upward and downward adjustments to the estimated pro forma market value of CSB Financial relative to the peer group. An upward adjustment relative to the peer group was made for balance sheet growth due to Community Savings Bank's asset growth rate being above that of the peer group.

Downward adjustments relative to the peer group were made for financial condition; earnings quality, predictability and growth; dividends; and liquidity of the issue. Financial condition was adjusted downward primarily due to Community Savings Bank's smaller asset size, higher level of borrowings, and lower level of non-interest-bearing deposits to total deposits. Earnings quality, predictability and growth was adjusted downward primarily due to Community Savings Bank's lower levels of profitability and noninterest income and higher level of noninterest expense. Dividends was adjusted downward due to CSB Financial's less favorable capacity to pay dividends based on its lower pro forma earnings. Liquidity of the issue was adjusted downward due to CSB Financial's lower pro forma market capitalization and pro forma number of outstanding shares.

No adjustments relative to the peer group were made for market area, recent regulatory matters, management, and marketing of the issue.

**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 following descending order of priority. The 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 will be subject to the minimum, maximum 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 with aggregate deposit account balances of $50.00 or more (a "Qualifying Deposit") on December 31, 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 17,500 shares ($175,000) 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 shares offered multiplied by a fraction of which the numerator is the Qualifying Deposit of the Eligible Account Holder and the denominator is the aggregate Qualifying Deposits 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 their total allocation equal to the lesser of 100 shares or the number of shares for which they subscribed. Thereafter, unallocated shares will be allocated to each Eligible Account Holder whose subscription remains unfilled in the proportion that the amount of their 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 their stock order form all deposit accounts in which they had an ownership interest as of the close of business on December 31, 2024. In the event of oversubscription, failure to list an account, or including incomplete or incorrect information, could result in fewer shares being allocated than if all information had been disclosed. In the event of an oversubscription, the subscription rights of Eligible Account Holders who are also our directors or senior officers or their associates will be subordinated to the subscription rights of other Eligible Account Holders to the extent of such portion of their subscription rights attributable to their increased deposits during the year preceding December 31, 2024.

***Priority 2: Tax-Qualified Plans.*** Our tax-qualified employee benefit plans, specifically our employee stock ownership plan which we are establishing in connection with the conversion, will receive, without payment therefor, nontransferable subscription rights to purchase in the aggregate up to 10% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation. Our employee stock ownership plan intends to purchase up to 8% of the sum of the number of shares of common stock sold in the stock offering and contributed to the charitable foundation. Alternatively, subject to market conditions and receipt of regulatory approval, the employee stock ownership plan may instead elect to purchase shares of common stock in the open market following the completion of the stock offering in order to fill all or a portion of the employee stock ownership plan's intended subscription.

***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 our tax-qualified employee benefit plans, each depositor (other than officers and directors of Community Savings Bank and their associates) with a Qualifying Deposit at the close of business on March 31, 2026, who is not an Eligible Account Holder (a "Supplemental Eligible Account Holder"), will receive, without payment therefor, nontransferable subscription rights to purchase up to the greater of 17,500 shares ($175,000) 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 shares offered multiplied by a fraction of which the numerator is the Qualifying Deposit of the Supplemental Eligible Account Holder and the denominator is the aggregate Qualifying Deposits 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 at the close of business on March 31, 2026. In the event of oversubscription, failure to list an account, or including incomplete or incorrect information, could result in fewer shares being allocated than if all information had been disclosed.

***Priority 4: Other Members.*** To the extent that there are shares of common stock remaining after satisfaction of subscriptions by Eligible Account Holders, by our tax-qualified employee benefit plans and by Supplemental Eligible Account Holders, each depositor as of the close of business on ____________, 2026, who is not an Eligible Account Holder or Supplemental Eligible Account Holder ("Other Members"), will receive, without payment therefor, nontransferable subscription rights to purchase up to the greater of 17,500 shares ($175,000) of common stock or 0.10% of the total number of shares of common stock issued in the stock offering, subject to the overall purchase limitations. See " – Limitations on Common Stock Purchases." If there are not sufficient shares available to satisfy all subscriptions, available shares will be allocated so as to permit each Other Member to purchase a number of shares sufficient to make their total allocation equal to the lesser of 100 shares of common stock or the number of shares for which they subscribed. Thereafter, unallocated shares will be allocated to each Other Member whose subscription remains unfilled in the proportion that the amount of their subscription bears to the total amount of subscriptions of all Other Members whose subscriptions remain unfilled.

To ensure proper allocation of common stock, each Other Member must list on the stock order form all deposit accounts and eligible loan accounts in which they had an ownership interest as of the close of business on March 31, 2026. In the event of oversubscription, failure to list an account, or including incomplete or incorrect information, could result in fewer shares being allocated than if all accounts had been disclosed.

***Expiration Date*.** The Subscription Offering will expire at 5:00 p.m., Eastern time, on June ____, 2026, unless extended by us for up to 45 days or such additional periods of up to 90 days with the approval of the ODFI and FDIC, if necessary. Subscription rights will expire whether or not each person eligible to subscribe in the subscription offering 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 the minimum, midpoint or maximum of the offering range. Subscription rights that have not been exercised before the expiration date will become void.

We will not execute orders in the stock offering 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 935,000 shares within 45 days after the June ____, 2026 expiration date, and the ODFI and FDIC have not consented to an extension, the stock offering will be terminated and all funds delivered to purchase shares of common stock in the stock offering will be returned promptly to the subscribers with interest at a rate of 0.15% per annum, without any deduction for fees or offering expenses, and all deposit account withdrawal authorizations will be cancelled. If an extension beyond __________, 2026 is granted by the ODFI and FDIC, we will resolicit subscribers as described under " – Procedure for Purchasing Shares in the Subscription Offering and any Community Offering – Expiration Date."

**Community Offering**

To the extent that shares of common stock remain available for purchase after satisfaction of all subscriptions of the Eligible Account Holders, our tax-qualified employee benefit plans, the Supplemental Eligible Account Holders and the Other Members, we may offer shares pursuant to the plan of conversion to the public in a community offering, with preference given to natural persons (and trusts of natural persons) residing in Clermont and Highland Counties in Ohio.

Persons who place orders in any community offering may purchase up to 17,500 shares ($175,000) of common stock, subject to the overall purchase limitations. See " – Limitations on Common Stock Purchases." **The opportunity to purchase shares of common stock in any 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 (and trusts of natural persons) residing in Clermont and Highland Counties in Ohio, 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 such persons whose orders remain unsatisfied on an equal number of shares basis per order. If, instead, we do not have sufficient shares of common stock available to fill the orders of other members of the public, we will allocate the available shares among those persons in the manner described above for persons residing in Clermont and Highland Counties in Ohio. In connection with the allocation process, orders received for shares of common stock in the community offering will first be filled up to a maximum of 2% of the shares sold in the stock offering, and thereafter any remaining shares will be allocated on an equal number of shares basis per order until all shares have been allocated.

The term "residing" or "resident" as used in this prospectus means any person who occupies a dwelling within Clermont and Highland Counties, has a present intent to remain there for a period of time and manifests the genuineness of that intent by establishing an ongoing physical presence there, together with an indication that this presence within Clermont and Highland Counties in Ohio is something other than merely transitory in nature. We may use our deposit or loan records or other evidence provided to us to decide whether a person is a resident of Clermont and Highland Counties in Ohio. In all cases, however, the determination shall be in our sole discretion.

***Expiration Date.*** The community offering, if any, may begin at the same time as, during or after the subscription offering. We will not execute stock orders until we have received orders to purchase at least the minimum number of shares of common stock. The community offering, if any, is expected to conclude at 5:00 p.m., Eastern time, on June ____, 2026, but must terminate no more than 45 days following the expiration of the subscription offering, unless extended with regulatory approval. We may decide to extend the community offering, if any, 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, we will resolicit persons whose orders we accept in the community offering, giving them an opportunity to confirm, change or cancel their orders. If a person does not respond, we will cancel their stock order and return 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 June _____, 2028, which is two years after the date of Community Savings Bank's special meeting of members.

**Syndicated Community Offering**

Our board of directors may decide to offer for sale shares of common stock not subscribed for in the subscription and community offerings in a syndicated community offering in a manner that will achieve a widespread distribution of our shares of common stock to the general public. If a syndicated community offering is held, Performance Trust will serve as sole book running manager and will assist us in selling our common stock on a best efforts basis. In such capacity, Performance Trust may form a syndicate of other broker-dealers who are FINRA member firms. Neither Performance Trust nor any registered broker-dealer will have any obligation to take or purchase any shares of the common stock in any syndicated community offering.

In any syndicated community offering, any person may purchase up to 17,500 shares ($175,000) of common stock, subject to the overall purchase 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 ODFI and the FDIC permit otherwise, accepted orders for our common stock in the syndicated community offering will first be filled up to a maximum of 2% of the shares sold in the stock offering. Thereafter any remaining shares will be allocated on an equal number of shares per order basis until all shares have been allocated. Unless the syndicated community offering begins during the subscription offering or the community offering, the syndicated community offering will begin as soon as possible after the expiration of the subscription and community offerings. The syndicated community offering must terminate no more than 45 days following the expiration of the subscription offering.

The syndicated community offering will be conducted according to certain Securities and Exchange Commission 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, Community Savings Bank deposit 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 $9.4 million in gross proceeds (the minimum of the offering range) or the inability to satisfy other closing conditions to the stock offering, the funds will be promptly returned with interest at a rate of 0.15% per annum.

The closing of the syndicated community offering, which will be simultaneous with the closing of the subscription and community offerings, is subject to conditions set forth in an agency agreement among Community Savings Bank and CSB Financial, on one hand, and Performance Trust, on the other hand.

***Expiration Date.*** The syndicated community offering may begin concurrently with, during or after the subscription offering, and may terminate at the same time as the subscription offering, but must terminate no more than 45 days following the expiration of the subscription offering, unless extended with regulatory approval. If held, the syndicated community offering is expected to conclude at 5:00 p.m., Eastern time, on June ____, 2026, but must terminate no more than 45 days following the expiration of the subscription offering, unless extended with regulatory approval. We may decide to extend the syndicated 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, we will resolicit persons whose orders we accept in the syndicated community offering, giving them an opportunity to confirm, change or cancel their orders. If a person does not respond, we will cancel their stock order and return 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 June ____, 2028, which is two years after the date of the special meeting of members.

If for any reason we cannot conduct a syndicated community offering of shares of common stock, or if we are unable to find purchasers from the general public to reach the minimum of the offering range, we will try to make other arrangements for the sale of unsubscribed shares, including an underwritten public offering, if possible. The ODFI, FDIC and FINRA must approve any such arrangements.

**Limitations on Common Stock Purchases**

In addition to limitations on individual purchases described above, 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, together with any associate or group of persons acting
in concert, may purchase more than 25,000 shares ($250,000) of common stock sold in all categories of the stock offering combined, except
that our tax-qualified employee benefit plans may purchase in the aggregate up to 10% of the sum of the 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 senior officers and directors and their associates, in the aggregate, may not exceed 33% of the
shares sold in the stock offering; 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, with the receipt of any required regulatory approvals, we may increase the individual or aggregate purchase limitations to an amount generally not to exceed 5.0% of the common stock sold in the stock offering. If a purchase limitation is increased, subscribers in the subscription offering who ordered the maximum amount of common stock and who indicated a desire on their stock order form to be resolicited, will be, and, in our sole discretion some other large subscribers may be, given the opportunity to increase their subscriptions up to the then-applicable limit. The effect of this type of resolicitation will be to increase the number of shares of common stock owned by subscribers who choose to increase their subscriptions. If a purchase limitation is increased to 5% of the stock sold in the stock offering, such limitation may be further increased to 9.99%, provided that orders for shares of common stock exceeding 5% of the shares of common stock sold in the stock offering do not exceed in the aggregate 10% of the total shares of the common stock sold in the stock offering. Any such requests to purchase additional shares of common stock if a purchase limitation is so increased will be determined by our board of directors in its sole discretion.

In the event of 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;(i) if there is an oversubscription at the Eligible Account Holder, tax-qualified employee benefit plans, Supplemental Eligible Account
Holder or Other Member levels, to fill unfulfilled subscriptions of these subscribers according to their respective priorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fill unfulfilled subscriptions in the community offering, with preference given to natural persons (and trusts of natural persons)
residing in Clermont and Highland Counties in Ohio.

The term "associate" of a person means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any corporation or organization, other than Community Savings Bank, CSB Financial or a majority-owned subsidiary of these entities,
of which the person is a senior officer, partner or 10% or greater beneficial stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any trust or other estate in which the person has a substantial beneficial interest or serves as a trustee or in a fiduciary capacity,
excluding any employee stock benefit plan in which the person has a substantial beneficial interest or serves as trustee or in a fiduciary
capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any blood or marriage relative of the person, who either resides with the person or who is a director or officer of Community Savings
Bank or CSB Financial.

The term "acting in concert" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) knowing participation in a joint activity or interdependent conscious parallel action towards a common goal whether or not pursuant
to an express agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 having the same address or exercising subscription rights through qualifying accounts registered to the same address at either the December 31, 2024 eligibility record date, the March 31, 2026 supplemental eligibility record date or ___________, 2026 voting record date 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. Shares of common stock purchased in the stock offering will be freely transferable except for shares purchased by our senior officers and directors and except as described below. Any purchases made by any associate of Community Savings Bank or CSB Financial for the explicit purpose of meeting the minimum number of shares of common stock required to be sold in order 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 FINRA, members of FINRA and their associates are subject to certain restrictions on transfer of securities purchased 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 Transfer of Subscription Rights and Shares," " – Other Restrictions" and "Restrictions on Acquisition of CSB Financial."

**Plan of Distribution; Selling Agent and Underwriter Compensation**

***General.*** To assist in the marketing of our shares of common stock, we have retained Performance Trust, which is a broker-dealer registered with FINRA. In its role as marketing agent, Performance Trust will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consult with us as to the marketing implications of the plan of conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review the financial impact of the stock offering on CSB Financial and Community
Savings Bank, based upon the independent appraisal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review all offering documents, including the prospectus, stock order forms
and related offering materials (we are responsible for the preparation and filing of such documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assist us in the design and implementation of a marketing strategy for the
stock offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assist in the design and implementation of a marketing strategy for the offering,
including assisting management in scheduling and preparing for meetings with potential investors and other broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide general advice and assistance as may be reasonably requested by us
to promote the successful completion of the stock offering.

***Subscription Offering and Community Offering.*** For these services, Performance Trust will receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a management fee of $30,000, which has been paid as of the date of this prospectus;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a success fee equal to the greater of (i) $300,000 and (ii) the
sum of 1.0% of the aggregate purchase price of the shares of common stock sold in the subscription offering and 2.0% of the aggregate
purchase price of the shares of common stock sold in any community offering, except that, for purposes of this calculation, a success
fee of 5.0% of the aggregate purchase price of the shares of common stock sold in any community offering shall apply to purchases by "institutional
accredited investors" (as defined in federal securities regulations) that were solicited and/or initiated by Performance Trust.

The $30,000 management fee will be credited against the success fees. Shares of common stock sold to the employee stock ownership plan and to our directors, officers and employees and their immediate family members, and shares contributed to the charitable foundation, shall be excluded from the calculation of all success fees.

***Syndicated Community Offering.*** If any shares of common stock are sold through a group of broker-dealers in a syndicated community offering, we will pay fees of 5.0% of the aggregate dollar amount of shares of common stock sold in the syndicated community offering by Performance Trust and any other broker-dealers included in the syndicated community offering. Any syndicated offering will be on a best efforts basis, and Performance Trust will serve as sole book-running manager in such an offering. All fees payable with respect to a syndicated community offering will be in addition to fees payable with respect to the subscription offering and any community offering.

***Expenses.*** In its role as financial advisor, Performance Trust also will be reimbursed for its legal fees and expenses up to a maximum of $100,000 and for its other out-of-pocket expenses up to $10,000 (which may be increased to up to $20,000 in the aggregate in the event of a resolicitation of subscribers).

***Other.*** Performance Trust has not prepared any report or opinion constituting a recommendation or advice to us or to persons who subscribe for shares of CSB Financial common stock, nor has it prepared an opinion as to the fairness to us of the purchase price or the terms of the common stock to be sold in the stock offering. Performance Trust expresses no opinion as to the prices at which the shares of common stock to be issued may trade.

**Records Agent and Stock Information Center Management**

In addition to engaging Performance Trust to assist in the marketing of shares of our common stock, we have engaged Performance Trust to act as our records agent and stock information center manager in connection with the stock offering. In its role as records agent and stock information center manager, Performance Trust will, among other things, assist with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· processing of customer accounts, including account consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Coordinating labeling and mailing of stock offering and proxy solicitation
materials with our financial printer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· coordinating vote solicitation and vote tabulation for the special meetings
of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· organization and supervision of the Stock Information Center; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· providing employee training.

For these services Performance Trust will receive fees totaling $30,000, of which $10,000 has been paid as of the date of this prospectus and the remainder payable upon closing of the stock offering. These fees can be increased by up to $10,000 if there are unusual or additional items or duplication of service required as a result of a material change in the regulations or the plan of conversion or a material delay or other similar events. In its role as records agent and stock information center manager, Performance Trust will also be reimbursed for its reasonable out-of-pocket expenses not to exceed $30,000.

**Indemnity**

We will generally indemnify Performance Trust 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 offering material for the common stock, including liabilities under the Securities Act of 1933.

**Solicitation of Offers by Our Officers and Directors**

Some of 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 regular employees of Community Savings Bank may assist in the stock offering, but only in ministerial capacities, and may provide clerical work in effecting a sales transaction. No offers or sales may be made by tellers or at the teller counters. Investment-related questions of prospective purchasers will be directed to executive officers or registered representatives of Performance Trust. 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, as amended, 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.

**Prospectus Delivery**

To ensure that each purchaser in the subscription offering and any community offering receives a prospectus at least 48 hours before the expiration of the stock offering according to Rule 15c2-8 of the Securities Exchange Act of 1934, we may not mail a prospectus any later than five days before the expiration date or hand deliver a prospectus any later than two days before that date. We are not obligated to deliver a prospectus or stock order form by means other than U.S. Mail. Execution of a stock order form will confirm receipt of delivery of a prospectus according to Rule 15c2-8. Stock order forms will be distributed only if preceded or accompanied by a prospectus.

In any syndicated community offering, a prospectus and stock order form in electronic format may be made available on Internet sites or through other online services maintained by Performance Trust or one or more other members of the syndicate, or by their respective affiliates. In those cases, prospective investors may view offering terms online and, depending upon the syndicate member, prospective investors may be allowed to place orders online. The members of the syndicate may agree with us to allocate a specific number of shares for sale to online brokerage account holders. Any such allocation for online distributions will be made on the same basis as other allocations.

Other than the prospectus in electronic format, the information on the Internet sites referenced in the preceding paragraph and any information contained in any other Internet site maintained by any member of the syndicate is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or by Performance Trust or any other member of the syndicate in its capacity as selling agent or syndicate member and should not be relied upon by investors.

**Procedure for Purchasing Shares in the Subscription Offering and any Community Offering**

***Expiration Date.*** The subscription offering and any community offering will expire at 5:00 p.m., Eastern time, on June _____, 2026, unless we extend one or both for up to 45 days, with the approval of the ODFI and FDIC, if required. This extension may be approved by us, in our sole discretion, without notice to purchasers in the stock offering. Any extension of the subscription offering and/or any community offering beyond ________, 2026 would require the ODFI and the FDIC's approval. If the stock offering is so extended, all subscribers will be notified and given an 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 at 0.15% per annum, or cancel your deposit account withdrawal authorization. If the offering range is decreased below the minimum of the offering range or is increased above the adjusted maximum of the offering range, all subscribers' stock orders will be cancelled, their deposit account withdrawal authorizations will be cancelled, and funds submitted to us will be returned promptly, with interest at 0.15% per annum and without any deduction for fees or offering expenses, for funds received in the subscription offering and any community offering. We will then resolicit the subscribers, giving them an opportunity to place a new stock order for a period of time.

To ensure each purchaser receives a prospectus at least 48 hours before the June ____, 2026 expiration date of the stock offering, according to Rule 15c2-8 of the Securities Exchange Act of 1934, as amended, 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 a stock order form will confirm receipt of delivery according to Rule 15c2-8. Stock order forms will be distributed only with, or preceded by, a prospectus.

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 authorizations and promptly return all funds submitted, with interest at 0.15% per annum, from the date of receipt as described above.

***Use of Order Forms in the Subscription and Community Offerings.*** To purchase shares of common stock in the subscription and community offerings, you must properly complete 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 5:00 p.m., Eastern time, on June _____, 2026. 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.

***Submitting Your Stock Order Form and Payment.*** Your completed and signed stock order form and full payment may be returned to us by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **overnight delivery** to the Stock Information Center address indicated
on the stock order form for this purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **in-person delivery** to Community Savings Bank's main office located
at 503 West Plane Street in Bethel, Ohio; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **regular mail** using the stock order reply envelope provided.

**In-person delivery of stock order forms will be accepted only at Community Savings Bank's main office.** Do not return your stock order form to Community Savings Bank's branch office in Greenfield, Ohio. **Do not mail stock order forms to any of Community Savings Bank's offices.**

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 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 Community Savings Bank, the Federal Deposit Insurance Corporation, the federal government or any state government or agency, and that you received a copy of this prospectus. However, signing the order form will not result in you waiving your rights under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

***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 offering may be made by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) personal check, bank check or money order, made payable to CSB Financial Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorization of withdrawal of available funds from your Community Savings Bank deposit account(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cash. **Do not remit cash by mail.** 

Appropriate means for designating withdrawals from deposit account(s) at Community 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 certificate of deposit accounts will not apply to withdrawals authorized for the purchase of shares of common stock; however, if a withdrawal results in a certificate of deposit account with a balance less than the applicable minimum balance requirement, the certificate of deposit will be canceled at the time of withdrawal without penalty and the remaining balance will earn interest at the current statement savings rate after the withdrawal. In the case of payments made by personal check, these funds must be available in the account(s) on the day the order form is received by us. Checks and money orders received in the subscription and community offerings will be immediately cashed and placed in a segregated account at Community Savings Bank and will earn interest at 0.15% per annum from the date payment is processed until the stock offering and 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 CSB Financial, Inc.) or a Community Savings Bank line of credit check. You may not designate on your stock order form direct withdrawal from a retirement account at Community Savings Bank. See "—Using Individual Retirement Account Funds." Additionally, you may not designate on your stock order form a direct withdrawal from Community Savings Bank deposit accounts with check-writing privileges. Instead, a check should be provided. If you request a withdrawal from an account with check-writing privileges, 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 will immediately withdraw the amount from your checking account(s). If permitted by the FDIC, 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 instead must pay for the additional shares using immediately available funds. Wire transfers will not otherwise be accepted, except as described below.

Once we receive your executed stock order form, it may not be modified, amended or rescinded without our consent, unless the stock offering is not completed by __________, 2026. If the subscription offering and any community offering are extended past ________, 2026, all subscribers will be notified and given an 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 at 0.15% per annum, or cancel your deposit account withdrawal authorization. We may resolicit purchasers for a specified period of time.

By regulation, Community Savings Bank is prohibited from 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. This payment may be made by wire transfer.

If our employee stock ownership plan 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 CSB Financial to lend to the employee stock ownership plan the necessary amount to fund the purchase.

***Using Individual Retirement Account Funds.*** If you are interested in using funds in your IRA at Community Savings Bank 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, Community Savings Bank's IRAs are not capable of holding common stock. Therefore, if you wish to use funds that are currently in a Community 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 individual retirement account or any other retirement account, whether held at Community 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 ___________, 2026, subscription 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.*** All shares of common stock sold 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 their 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, or in a state of the United States with respect to which any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a small number of persons otherwise eligible to subscribe for shares under the plan of conversion reside in such state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the offer or sale of shares of common stock to such persons would require us or our employees to register, under the securities laws
of such state, as a broker or dealer or to register or otherwise qualify our securities for sale in such state; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such registration or qualification would be impracticable for reasons of cost or otherwise.

**Restrictions on Transfer of Subscription Rights and Shares**

**Applicable banking regulations prohibit any person with subscription rights, including the Eligible Account Holders, Supplemental Eligible Account Holders and Other Members, 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 their account. When registering your stock purchase on the stock order form, you cannot add the name(s) of others for joint stock registration unless they are also named on the qualifying deposit account. Taking this action may jeopardize your subscription rights. Each person exercising subscription rights will be required to certify that they are purchasing shares solely for their own account and that they 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 completion of the stock offering.**

**We will 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**

Our banking office personnel may not, by law, 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 _____________. The Stock Information Center is accepting telephone calls Monday through Friday, between 9:00 a.m. and 5:00 p.m., Eastern time, excluding bank holidays.

**Liquidation Rights**

In the unlikely event of a complete liquidation of Community Savings Bank before the completion of the conversion and stock offering, all claims of creditors of Community Savings Bank, including those of its depositors (to the extent of their deposit balances), would be paid first. Then, if there were any assets of Community Savings Bank remaining, depositors of Community Savings Bank would receive those remaining assets, pro rata, based upon the deposit balances in their deposit accounts in Community Savings Bank immediately before liquidation.

The plan of conversion provides for the establishment, upon the completion of the conversion and stock offering, of a "liquidation account" for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders in an amount equal to the total equity of Community Savings Bank as of the date of its latest balance sheet contained in this prospectus. In the unlikely event that Community 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 distribution of the "liquidation account" to certain depositors, with any assets remaining thereafter distributed to CSB Financial in its capacity as the sole holder of Community Savings Bank capital stock. By regulation, 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 these types of transactions, the liquidation account would be assumed by the surviving institution.

The purpose of the liquidation account is to provide Eligible Account Holders and Supplemental Eligible Account Holders who maintain their deposit accounts with Community Savings Bank after the conversion and stock offering with a liquidation interest in the unlikely event of the complete liquidation of Community Savings Bank after the conversion and stock offering. Each Eligible Account Holder and Supplemental Eligible Account Holder that continues to maintain their deposit account at Community Savings Bank, would be entitled, on a complete liquidation of Community Savings Bank after the conversion and stock offering, to an interest in the liquidation account before any payment to the stockholders of CSB Financial. Each Eligible Account Holder and Supplemental Eligible Account Holder would have an initial 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 Community Savings Bank as of the close of business on December 31, 2024 or March 31, 2026, as applicable. Each Eligible Account Holder and Supplemental Eligible Account Holder would have a pro rata interest in the total liquidation account for each such deposit account, based on the proportion that the balance of each such deposit account as of the close of business on December 31, 2024 or March 31, 2026 bears to the balance of all such deposit accounts in Community Savings Bank on such dates.

If, however, on any December 31 annual closing date commencing on or 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 as of the close of business on December 31, 2024 or March 31, 2026, respectively, or any other annual closing date, then the interest in the liquidation account relating to such deposit account would be reduced from time to time 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 Holder would be separate and apart from the payment of any insured deposit accounts to such depositor. Any assets remaining after the above liquidation rights of Eligible Account Holders and Supplemental Eligible Account Holders are satisfied would be distributed to CSB Financial in its capacity as the sole stockholder of Community Savings Bank.

**Material Income Tax Consequences**

Consummation of the conversion and stock offering is subject to the prior receipt of an opinion of counsel or tax advisor with respect to federal and state income taxation that the conversion and stock offering will not be a taxable transaction to Community Savings Bank, CSB Financial, Eligible Account Holders, and Supplemental Eligible Account Holders, and Other Members. Unlike private letter rulings, opinions of counsel or tax advisors are not binding on the Internal Revenue Service or any state taxing authority, and such authorities may disagree with such opinions. In the event of such disagreement, there can be no assurance that Community Savings Bank or CSB Financial would prevail in a judicial proceeding.

Community Savings Bank and CSB Financial have received an opinion from its counsel, Luse Gorman, PC, regarding the 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 conversion of Community Savings Bank to an Ohio state-chartered stock bank will qualify as a tax-free reorganization within the
meaning of Section 368(a)(1)(F) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Community Savings Bank will not recognize any gain or loss upon the receipt of money from CSB Financial in exchange for shares of
common stock of Community Savings Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The basis and holding period of the assets received by Community Savings Bank, in stock form, from Community Savings Bank, in mutual
form, will be the same as the basis and holding period in such assets immediately before the conversion and stock offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by account holders of Community Savings Bank, including Eligible Account Holders, Supplemental
Eligible Account Holders, and Other Members, upon the issuance to them of withdrawable deposit accounts in Community Savings Bank, in
stock form, in the same dollar amount and under the same terms as held at Community Savings Bank, in mutual form. In addition, Eligible
Account Holders and Supplemental Eligible Account Holders will not recognize gain or loss upon receipt of an interest in a liquidation
account in Community Savings Bank, in stock form, in exchange for their ownership interests in Community Savings Bank, in mutual form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The basis of the account holders' deposit accounts in Community Savings Bank, in stock form, will be the same as the basis of
their deposit accounts in Community Savings Bank, in mutual form. The basis of the Eligible Account Holders' and Supplemental Eligible
Account Holders' interests in the liquidation account will be zero, which is the cost of such interest to such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. It is more likely than not that the fair market value of the nontransferable subscription rights will be zero, based on the fact that
these rights are acquired by the recipients without cost, are nontransferable and of short duration, and afford the recipients the right
only to purchase the common stock at a price equal to its estimated fair market value, which will be the same price as the subscription
price for the shares of common stock in the stock offering. Accordingly, no gain or loss will be recognized by Eligible Account Holders,
Supplemental Eligible Account Holders or Other Members upon distribution to them of nontransferable subscription rights to purchase shares
of CSB Financial common stock, provided that the amount to be paid for CSB Financial common stock is equal to the fair market value of
CSB Financial common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. It is more likely than not that the basis of the shares of CSB Financial common stock purchased in the stock offering will be the
purchase price. The holding period of the CSB Financial common stock purchased pursuant to the exercise of nontransferable subscription
rights will commence on the date on which the right to acquire such stock was exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. No gain or loss will be recognized by CSB Financial on the receipt of money in exchange for shares of CSB Financial common stock sold
in the stock offering.

In the view of FinPro (which is acting as independent appraiser of the appraised value of the shares of CSB Financial common stock), the subscription rights do not have any value for the reasons set forth above. FinPro's view is not binding on the Internal Revenue Service. If the subscription rights granted to Eligible Account Holders, Supplemental Eligible Account Holders and Other Members 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 Members who exercise the subscription rights in an amount equal to their value, and CSB Financial could recognize gain on a distribution. Eligible Account Holders, Supplemental Eligible Account Holders and Other Members are encouraged to consult with their own tax advisors as to the tax consequences if subscription rights are deemed to have an ascertainable value.

The opinion as to the basis in the liquidation account set forth in items 4 and 5 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 (other than as set forth below); (ii) the interests in the liquidation account 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 Community Savings Bank are reduced; and (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. In addition, we have received a letter from FinPro stating its belief that the benefit provided by the Community Savings Bank liquidation account does not have any economic value as of the effective time of the conversion and stock offering. Based on the foregoing, Luse Gorman, PC believes it is more likely than not that such rights in the Community Savings Bank liquidation account have no value. If such rights are subsequently found to have an economic value as of the effective time of the conversion and stock offering, income may be recognized by each Eligible Account Holder and Supplemental Eligible Account Holder in the amount of such fair market value as of the effective date of the conversion and stock offering.

The Internal Revenue Service will not issue private letter rulings with respect to the issue of whether nontransferable rights have value. Unlike private letter rulings, an opinion of counsel or the view of an independent appraiser is not binding on the Internal Revenue Service and the Internal Revenue Service could disagree with the conclusions reached therein. Depending on the conclusion or conclusions with which the Internal Revenue Service disagrees, the Internal Revenue Service may take the position that the transaction is taxable to any one or more of Community Savings Bank, its members, CSB Financial, Eligible Account Holders, Supplemental Eligible Account Holders and Other Members who exercise their subscription rights. In the event of a disagreement, there can be no assurance that CSB Financial or Community Savings Bank would prevail in a judicial or administrative proceeding.

Wipfli Advisory, LLC has issued an opinion regarding the Ohio income tax consequences consistent with the federal income tax opinion.

The federal and state income tax opinions are filed as exhibits to CSB Financial's registration statement filed with the Securities and Exchange Commission. See "Where You Can Find Additional Information."

**Restrictions on Purchase or Transfer of Our Shares after the Conversion and Stock Offering**

The shares of common stock being acquired by the directors, executive officers of Community Savings Bank, and their associates, are being acquired for investment purposes, and not with a view towards resale. All shares of common stock purchased in the stock offering by a director or an executive officer of CSB Financial or Community Savings Bank 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 of the director or executive officer. Each statement of ownership or certificate for restricted shares will bear a legend giving notice of this restriction on transfer, and instructions will be issued to the effect that any transfer within this time period of any certificate or 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 CSB Financial also will be restricted by the insider trading rules under the Securities Exchange Act of 1934, as amended.

Purchases of shares of our common stock by any of our directors, executive 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 Securities and Exchange Commission, except with the prior written approval of the FDIC. 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.

Applicable conversion regulations prohibit CSB Financial from repurchasing its shares of common stock during the first year following the conversion unless compelling business reasons exist for such repurchases, or to fund management recognition plans that have been ratified by stockholders (with any applicable regulatory approval) or tax-qualified employee stock benefit plans.

**CHARITABLE FOUNDATION**

**General**

In furtherance of our commitment to the communities in our market area, the plan of conversion provides that we will establish a new charitable foundation, named Community Savings Bank Foundation Inc., as a non-stock, nonprofit Delaware corporation in connection with the conversion and stock offering. The charitable foundation will be funded with cash and shares of our common stock, as described below. By further enhancing our visibility and reputation in the communities within our market area, we believe that the charitable foundation will enhance the long-term value of Community Savings Bank's community banking franchise. The conversion and stock offering present a unique opportunity to provide a substantial and continuing benefit to our community through the charitable foundation. The establishment and funding of the charitable foundation is subject to regulatory approval and approval by Community Savings Bank's members.

**Purpose of the Charitable Foundation**

In connection with the conversion and stock offering, we intend to contribute to the charitable foundation $100,000 in cash and 27,500 shares of our common stock (valued at the initial offering price of $10.00 share), for an aggregate contribution of $375,000.

The purpose of the charitable foundation is to provide financial support to charitable organizations in our market area and to enable the communities that we serve 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 these activities in ways that are not presently available to us.

Funding the charitable foundation with shares of our common stock is also intended to 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 Community Savings Bank, forming a partnership within the communities in which Community Savings Bank operates.

**Structure of the Charitable Foundation**

The charitable foundation will be incorporated under Delaware law as a non-stock, nonprofit corporation. The certificate of incorporation of the charitable foundation will provide that the corporation is organized exclusively for charitable purposes as set forth in Section 501(c)(3) of the Internal Revenue Code. The certificate of incorporation will further provide 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 will be governed by a board of directors, initially consisting of John E. Essen and Donna J. Gunn, directors of Community Savings Bank, and one other individual whose selection is pending. We are required to select one person to serve on the initial board of directors who is not one of our officers or directors and who should have experience with local charitable organizations and grant making. This requirement will last for five years from the effective date of the conversion and stock offering. As of the date of this prospectus, we have not selected the individual to serve as the director to satisfy these requirements. For five years after the conversion and stock offering, at least one seat on the charitable foundation's board of directors will also be reserved for a director of Community Savings Bank.

The board of directors of the charitable foundation will be responsible for establishing its grant and donation policies, consistent with the purposes for which it was established. As directors of a nonprofit corporation, the directors of the charitable foundation will 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 the charitable foundation is 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 held by the charitable foundation. However, as required by applicable regulations, all shares of our common stock held 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 place of business will be located at Community Savings Bank's main office. 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 applicable banking regulations governing transactions between Community Savings Bank and the charitable foundation.

The charitable foundation will receive working capital from the initial cash contribution and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any dividends that may be paid on our shares of common stock in the future to the extent that it continues to own shares of our common
stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within the limits of applicable federal and state laws, loans collateralized by the shares of common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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 generally be required to distribute annually in grants or donations a minimum of 5% of the average fair market value of its net investment assets.

**Income Tax Considerations**

We believe that an organization created for the above purposes should qualify as a Section 501(c)(3) tax exempt organization under the Internal Revenue Code and should be classified as a private foundation. As long as the charitable foundation files an application for tax-exempt status within 27 months of 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. We have not received a tax opinion as to whether the charitable foundation's tax-exempt status will be affected by the regulatory requirement that all shares of our common stock held by it must be voted in the same ratio as all other outstanding shares of our common stock on all proposals considered by our stockholders.

We believe that our contribution of 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 deduction in the amount of the fair market value of the stock at the time of the contribution less the nominal amount that the charitable foundation is required to pay us for such stock. 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 the contribution should be deductible over the six-year period (i.e., 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 that event, our contribution to the charitable foundation would be expensed without a tax benefit, resulting in a reduction in earnings in the year in which the Internal Revenue Service makes the determination. Furthermore, even if the contribution is deductible, we may not have sufficient earnings to be able to use the deduction in full. Any 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 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%. 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. The charitable foundation 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 the Charitable Foundation**

Applicable regulations require that, before Community Savings Bank's board of directors adopted the plan of conversion, the board of directors had to identify its member(s) that will serve on the charitable foundation's board of directors, and these director(s) could not participate in the discussions of Community Savings Bank's board of directors concerning contributions to the charitable foundation and could not vote on the matter. Community Savings Bank's board of directors complied with this regulation in adopting the plan of conversion.

The ODFI and FDIC will generally not object if a well-capitalized bank contributes to a charitable foundation an aggregate amount of 8% or less of the shares or proceeds issued in a conversion stock offering. Community Savings Bank qualifies as a well-capitalized savings association for purposes of this limitation, and the contribution to the charitable foundation will not exceed this limitation.

The ODFI and the FDIC impose the following additional requirements on the establishment of the charitable foundation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the charitable foundation's primary purpose must be to serve and make
grants in our local community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the ODFI and the FDIC may examine the charitable foundation at the foundation's
expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the charitable foundation must comply with all supervisory directives imposed
by the ODFI and FDIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the charitable foundation must provide annually to the ODFI and the FDIC
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.

**Approvals Required**

Community Savings Bank's plan of conversion, including the establishment and funding of the charitable foundation, must be approved by the ODFI and the FDIC must grant its non-objection. Additionally, the Federal Reserve Board must approve CSB Financial's bank holding company application for us to execute the plan of conversion. If any required regulatory approvals or non-objections are not received, we will not establish and fund the charitable foundation.

Additionally, the affirmative vote of two-thirds of the total votes eligible to be cast by the members of Community Savings Bank is required to approve the plan of conversion and the affirmative vote of a majority of the total votes eligible to be cast by the members of Community Savings Bank is required to approve the establishment and funding of the charitable foundation. A special meeting of members to consider and vote upon the plan of conversion and the establishment and funding of the charitable foundation is scheduled for June _____, 2026. Community Savings Bank will send a proxy statement to members who are eligible to vote at the special meeting to solicit their votes in favor of the plan of conversion and establishment and funding of the charitable foundation. Per federal regulations, the proxy statement and prospectus generally must be mailed within ten days after the proxy statement is approved by the applicable bank regulators and the registration statement of which this prospectus forms a part is declared effective by the Securities and Exchange Commission. If the plan of conversion is not approved by the members of Community Savings Bank, we will not proceed with either the conversion and stock offering or the establishment and funding of the charitable foundation. If the plan of conversion is approved by the members but the establishment and funding of the charitable foundation is not, we will proceed with the conversion and stock offering but will not establish and fund the charitable foundation.

**RESTRICTIONS ON ACQUISITION OF CSB FINANCIAL**

Although the board of directors of CSB Financial is not aware of any effort that might be made to obtain control of CSB Financial after the conversion and stock offering, the board of directors believes that it is appropriate to include certain provisions in CSB Financial's articles of incorporation and bylaws to protect the interests of CSB Financial and its stockholders from takeovers which our board of directors might conclude are not in the best interests of Community Savings Bank, CSB Financial or its stockholders.

The following discussion is a general summary of the material provisions of CSB Financial's articles of incorporation and bylaws, Community Savings Bank's stock charter and bylaws, Maryland corporation 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 CSB Financial's articles of incorporation and bylaws and Community Savings Bank's stock charter and bylaws, reference should be made in each case to the document in question, each of which is part of Community Savings Bank's application for conversion filed with the ODFI and its notice of conversion filed with the FDIC, and, except for Community Savings Bank's stock charter and bylaws, CSB Financial's registration statement filed with the Securities and Exchange Commission. See "Where You Can Find Additional Information."

**CSB Financial'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 of CSB Financial 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,
employee or a 10% stockholder of a competitor of Community 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 CSB Financial 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 CSB Financial's strategic direction, or (iii) materially impairs such person's ability to discharge their
fiduciary duties with respect to the fundamental strategic direction of CSB Financial;

&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 CSB Financial or Community Savings Bank) has maintained their
principal residence for a period of at least one year immediately before their nomination or appointment to the Board of Directors within
a county in which Community Savings Bank maintains an office, or in a contiguous county; and

&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 CSB Financial.

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 are applicable to all stockholder business proposals and nominations, and are in addition to any requirements under the federal securities laws.

***Evaluation of Offers.*** The articles of incorporation of CSB Financial provide that its board of directors, when evaluating a transaction that would or may involve a change in control of CSB Financial (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 CSB Financial 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 CSB Financial'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, CSB Financial 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 CSB Financial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether a more favorable price could be obtained for CSB Financial'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 CSB Financial and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the future value of the stock or any other securities of CSB Financial 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 CSB Financial 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(s) 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 or Chairperson of the board of directors, a majority of the total number of directors that CSB Financial 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 before 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 stockholder 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 CSB Financial at least 90 days before and not earlier than 100 days before the anniversary date of the previous year's annual meeting. However, if the date of the annual meeting is advanced by more than 30 days from the anniversary date of the preceding year's annual meeting then stockholders must submit written notice to CSB Financial no later than 10 days following the day on which public disclosure of the date of the meeting is first made or mailed to stockholders.

***Authorized but Unissued Shares*.** After the conversion and stock offering, CSB Financial will have authorized but unissued shares of common and preferred stock. See "description of Capital Stock of CSB Financial." CSB Financial 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 CSB Financial 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 CSB Financial has the authority to issue. In the event of a proposed merger, tender offer or other attempt to gain control of CSB Financial 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 CSB Financial. 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 CSB Financial;

&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 CSB Financial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the limitation of liability of officers and directors to CSB Financial 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 CSB Financial 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 before 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.

**Community Savings Bank's Stock Charter**

Following the conversion and stock offering, the charter of Community Savings Bank will provide that for a period of five years from the closing of the conversion and stock offering, no person (including a group acting in concert) other than CSB Financial may offer directly or indirectly to acquire the beneficial ownership of more than 10% of any class of equity security of Community Savings Bank. This provision does not apply to any tax-qualified employee benefit plan of Community Savings Bank or CSB Financial, or to an underwriter or member of an underwriting or selling group involving the public sale or resale of securities of Community Savings Bank or any of its subsidiaries, so long as after the sale or resale, no underwriter or member of the selling group is a beneficial owner, directly or indirectly, of more than 10% of any class of equity securities of Community Savings Bank. In addition, during this five-year period, all shares owned over the 10% limit may not be voted on any matter submitted to stockholders for a vote.

**Conversion Regulations**

Federal regulations prohibit any person from making an offer, announcing an intent to make an offer or participating in any other arrangement to purchase stock or acquiring stock or subscription rights in a converting institution or its holding company from another person before completion of its conversion. Further, without the FDIC's prior written approval, no person may make an offer or announcement of an offer to purchase shares or actually acquire shares of a converted institution or its holding company for a period of three years from the date of the completion of the conversion if, upon the completion of such offer, announcement or acquisition, the person would become the beneficial owner of more than 10% of the outstanding stock of the institution or its holding company. The FDIC has defined "person" to include any individual, group acting in concert, corporation, partnership, association, joint stock company, trust, unincorporated organization or similar company, a syndicate or any other group formed for the purpose of acquiring, holding or disposing of securities of an insured institution. However, offers made exclusively to a bank or its holding company, or an underwriter or member of a selling group acting on the converting institution's or its holding company's behalf for resale to the general public are excepted. The regulation also provides civil penalties for willful violation or assistance in any such violation of the regulation by any person connected with the management of the converting institution or its holding company or who controls more than 10% of the outstanding shares or voting rights of a converted institution or its holding company.

**Change in Control Laws and Regulations**

Under the Change in Bank Control Act, no person, or group of persons acting in concert, may acquire control of a bank holding company such as CSB Financial unless the Federal Reserve Board has been given 60 days' prior written notice and not disapproved the proposed acquisition. The Federal Reserve Board considers several factors in evaluating a notice, including the financial and managerial resources of the acquirer and competitive effects. Control, as defined under the Change in Bank Control Act and applicable regulations, means the power, directly or indirectly, to direct the management or policies of the company or to vote 25% or more of any class of voting securities of the company. Acquisition of more than 10% of any class of a bank holding company's voting securities constitutes a rebuttable presumption of control under certain circumstances, including where, as will be the case with CSB Financial, the issuer has registered securities under Section 12 of the Securities Exchange Act of 1934.

In addition, federal regulations provide that no company may acquire control of a bank holding company without the prior approval of the Federal Reserve Board. Control, as defined under the Bank Holding Company Act and Federal Reserve Board regulations, means ownership, control or power to vote 25% or more of any class of voting stock, control in any manner over the election of a majority of the company's directors, or a determination by the Federal Reserve Board that the acquiror has the power to exercise, directly or indirectly, a controlling influence over the management or policies of the company. Any company that acquires such control becomes a "bank holding company" subject to registration, examination and regulation by the Federal Reserve Board. Relevant factors concerning when a company exercises a controlling influence over a bank or bank holding company include the company's voting and nonvoting equity investment in the bank or bank holding company, director, officer and employee overlap and the scope of business relationships between the company and bank or bank holding company.

**DESCRIPTION OF CAPITAL STOCK OF CSB FINANCIAL**

**General**

CSB Financial is authorized to issue 14,000,000 shares of common stock, par value of $0.01 per share, and 1,000,000 shares of preferred stock, par value $0.01 per share. CSB Financial currently expects to issue in the stock offering up to 1,265,000 shares of common stock and to contribute an additional 27,500 shares of common stock to the charitable foundation. It will not issue shares of preferred stock in the conversion and stock offering or contribute shares of preferred stock to the charitable foundation. 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 nonassessable.

The shares of common stock of CSB Financial will represent non-withdrawable capital, will not be an account of an insurable type, and will not be insured by the FDIC or any other government agency.

**Common Stock**

***Dividends.*** CSB Financial can 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 of CSB Financial will be entitled to receive and share equally in dividends as may be declared by the board of directors out of funds legally available therefor. If CSB Financial issues shares of preferred stock, the holders of preferred stock 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 CSB Financial will have exclusive voting rights in CSB Financial. They will elect its 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 CSB Financial's common stock, however, will not be entitled or permitted to vote any shares of common stock held in excess of the 10% limit. If CSB Financial issues shares of preferred stock, holders of the preferred stock may also possess voting rights. Amendments to the articles of incorporation generally require a two-thirds vote, and certain amendments require an 80% stockholder vote.

As a stock bank, corporate powers and control of Community Savings Bank will be vested in its board of directors, who elect the officers of Community Savings Bank and who fill any vacancies on the board of directors. Voting rights of Community Savings Bank will be vested exclusively in the owner of the outstanding shares of capital stock of Community Savings Bank, which will be CSB Financial, and voted at the direction of CSB Financial's board of directors. Consequently, the holders of the common stock of CSB Financial will not have direct control of Community Savings Bank.

***Liquidation.*** In the event of any liquidation, dissolution or winding up of Community Savings Bank, CSB Financial, as the holder of all of Community Savings Bank's outstanding capital stock, would be entitled to receive all assets of Community Savings Bank available for distribution, after payment or provision for payment of all debts and liabilities of Community 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 CSB Financial, the holders of its common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities, all of the assets of CSB Financial available for distribution. If CSB Financial ever issues preferred stock, the holders thereof may have a priority over the holders of the common stock in the event of liquidation or dissolution.

***Preemptive Rights; Redemption.*** Holders of the common stock of CSB Financial will not be entitled to preemptive rights with respect to any shares that may be issued, unless such preemptive rights are approved by the board of directors. The common stock is not subject to redemption.

**Preferred Stock**

None of CSB Financial's authorized shares of preferred stock will be issued in connection with 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 may assist management in impeding an unfriendly takeover or attempted change in control.

**Exclusive Forum Provision**

The articles of incorporation of CSB Financial provide that, unless CSB Financial 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 CSB Financial, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of CSB Financial to CSB Financial 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's having personal jurisdiction over the indispensable parties named as defendants. This exclusive forum provision may limit a stockholder's ability to bring a claim in its preferred judicial forum for disputes with CSB Financial and its directors, officers, and other employees. This exclusive forum provision does not apply to claims arising under the federal securities laws.

**TRANSFER AGENT**

The transfer agent and registrar for CSB Financial's common stock will be _________________, ______, ________.

**EXPERTS**

The financial statements of Community Savings Bank at December 31, 2025 and 2024 and for each of the years ended December 31, 2025 and 2024 have been included herein in reliance upon the report of Wipfli LLP, independent registered public accounting firm, which is included in this prospectus and upon the authority of said firm as experts in accounting and auditing.

FinPro has consented to the publication in this prospectus of the summary of its report to CSB Financial setting forth its opinion as to the estimated pro forma market value of the shares of common stock upon completion of the conversion and stock offering and of its letter with respect to subscription rights.

**CHANGE IN INDEPENDENT AUDITOR**

On September 24, 2025, Community Savings Bank engaged Wipfli LLP to replace Clark, Schaefer, Hackett & Co. as its independent auditor. This change in auditors was approved by Community Savings Bank's Audit Committee. Wipfli LLP was engaged to audit the financial statements of Community Savings Bank for the years ended December 31, 2025 and 2024 according to auditing standards of the Public Company Accounting Oversight Board.

Before the engagement of Wipfli LLP, Community Savings Bank did not consult with Wipfli LLP regarding the application of accounting principles to a specific completed or proposed transaction or regarding the type of audit opinion that might be rendered by Wipfli LLP on Community Savings Bank's financial statements, and Wipfli LLP did not provide any written or oral advice that was an important factor considered by Community Savings Bank in reaching a decision as to any such accounting, auditing or financial reporting issue, and Community Savings Bank did not consult with Wipfli LLP regarding any of the matters or events set forth in Item 304(a)(2)(ii) of Regulation S-K.

The report of Clark, Schaefer, Hackett & Co. on its audit of the financial statements of Community Savings Bank for the years ended December 31, 2024 and 2023, which was conducted according to auditing standards generally accepted in the United States of America, did not contain an adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principle. In connection with its audit of the financial statements of Community Savings Bank for the years ended December 31, 2024 and 2023 and during the interim period ended September 24, 2025, there were no disagreements with Clark, Schaefer, Hackett & Co. on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Clark, Schaefer, Hackett & Co., would have caused them to make reference thereto in their reports, and there have been no reportable events as described in Item 304(a)(1)(v) of Regulation S-K.

Community Savings Bank provided Clark, Schaefer, Hackett & Co. with a copy of this disclosure before its filing with the Securities and Exchange Commission and requested that Clark, Schaefer, Hackett & Co. furnish Community Savings Bank with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the above statements and, if it does not agree, the respects in which it does not agree. A copy of the letter is filed as an exhibit to the registration statement of CSB Financial, of which this prospectus is a part.

**LEGAL MATTERS**

Luse Gorman, PC, Washington, D.C., counsel to CSB Financial and Community Savings Bank, has issued to CSB Financial its opinion regarding the legality of the common stock and has issued to CSB Financial and Community Savings Bank its opinion regarding the federal income tax consequences of the conversion and stock offering. Wipfli Advisory, LLC has issued its opinion to CSB Financial and Community Savings Bank regarding the Ohio state income tax consequences of the conversion and stock offering. Certain legal matters will be passed upon for Performance Trust by Kilpatrick Townsend & Stockton LLP, Washington, D.C.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

CSB Financial has filed with the Securities and Exchange Commission a registration statement under the Securities Act of 1933, as amended, with respect to the shares of common stock offered hereby. As permitted by the rules and regulations of the Securities and Exchange Commission, this prospectus does not contain all the information set forth in the registration statement. Such information, including FinPro's conversion valuation appraisal report which is an exhibit to the registration statement, may be found at the web site of the Securities and Exchange Commission (*www.sec.gov*) that contains reports, proxy and information statements and other information regarding registrants that file electronically with the Securities and Exchange Commission, including CSB Financial. 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.

Community Savings Bank has filed an application for conversion with the ODFI and a notice of conversion with the FDIC. This prospectus omits certain information contained in the application and the notice. Non-confidential portions of the notice of conversion may be examined at the FDIC Central District Office located at 425 S. Financial Place, Suite 1700, Chicago, Illinois 60605. Non-confidential portions of the application for conversion may be examined at the ODFI located at 77 South High Street, 23rd Floor. Columbus, OH 43215-6133. A copy of the plan of conversion is available for review at each office of Community Savings Bank.

In connection with the conversion and stock offering, CSB Financial will register its common stock under Section 12 of the Securities Exchange Act of 1934. Upon registration, CSB Financial 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. Under the plan of conversion, CSB Financial has undertaken that it will not terminate such registration for a period of at least three years following the consummation of the conversion and stock offering.

**INDEX TO FINANCIAL STATEMENTS OF COMMUNITY SAVINGS BANK**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#f_001) | [F-1](#f_001) |
| [Balance Sheets at December 31, 2025 and 2024](#f_002) | [F-2](#f_002) |
| [Statements of Operations for the Years Ended December 31, 2025 and 2024](#f_003) | [F-3](#f_003) |
| [Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025 and 2024](#f_004) | [F-4](#f_004) |
| [Statements of Changes in Equity for the Years Ended December 31, 2025 and 2024](#f_005) | [F-5](#f_005) |
| [Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#f_006) | [F-6](#f_006) |
| [Notes to the Financial Statements](#f_007) | [F-7](#f_007) |

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\# \# \#

Separate financial statements for CSB Financial have not been included in this prospectus because it has not engaged in any significant activities, has no significant assets, and has no contingent liabilities, revenue or expenses.

All financial statement schedules have been omitted as the required information either is not applicable or is included in the financial statements or related notes.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;![](tm268082d1_s1sp06img01.jpg) | &nbsp;&nbsp;4890 Owen Ayres Ct.<br> Suite 200<br> Eau Claire, WI 54701 | &nbsp;&nbsp;715 832 3407<br> wipfli.com |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors

Community Savings Bank

Bethel, OH

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of Community Savings Bank (the "Bank") as of December 31, 2025 and 2024, and the related statements of operations, comprehensive income (loss), changes in equity and cash flows for the years then ended and the related notes to the financial statements (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as of December 31, 2025 and 2024, 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 Bank's management. Our responsibility is to express an opinion on the Bank'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 Bank in accordance with the 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Bank 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 Bank's internal control over financial reporting. Accordingly, we express no such opinion.

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 Bank's auditor since 2025.

![](tm268082d1_s1-wipflilogo.jpg)

Wipfli LLP

Eau Claire, Wisconsin

March 13, 2026

Community Savings Bank Balance Sheets <br> December 31, 2025 and 2024

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Assets |  |  |
| Cash and due from banks | $275464 | $280749 |
| Interest-bearing deposits in other financial institutions | 6153204 | 4997728 |
| Cash and cash equivalents | $6428668 | $5278477 |
| Available-for-sale securities (amortized cost of $5,668,833 and $5,957,676 at December 31, 2025 and 2024, respectively) | $5538692 | $5703913 |
| Loans receivable (net of deferred loan fees) | 92991369 | 77034539 |
| Allowance for credit losses | (435675) | (351837) |
| Net loans | $92555694 | $76682702 |
| Premises and equipment, net | $561605 | $553476 |
| Federal Home Loan Bank stock | 599500 | 276600 |
| Bank owned life insurance | 3067607 | 2999159 |
| Accrued interest receivable | 424559 | 317710 |
| Net deferred federal income taxes | 518381 | 569510 |
| Other assets | 507777 | 395297 |
| Total assets | $110202483 | $92776844 |
| Liabilities |  |  |
| Demand deposits | $10863097 | $9585602 |
| Savings and money market | 24041834 | 23372171 |
| Time deposits | 47249270 | 39479157 |
| Total deposits | $82154201 | $72436930 |
| Advances from the Federal Home Loan Bank | $10600000 | $3550000 |
| Advances by borrowers for taxes and insurance | 582076 | 485852 |
| Allowance for credit losses on off-balance sheet credit exposures | 5073 | 9412 |
| Accrued interest payable and other liabilities | 1067113 | 1037329 |
| Total liabilities | $94408463 | $77519523 |
| Stockholders' Equity |  |  |
| Retained earnings | $15896832 | $15457795 |
| Accumulated other comprehensive loss | (102812) | (200474) |
| Total equity | $15794020 | $15257321 |
| Total liabilities and equity | $110202483 | $92776844 |

---

*See accompanying notes to financial statements*

Community Savings Bank Statements of Operations <br> December 31, 2025 and 2024

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| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Interest income |  |  |
| Loans, including fees | $5373683 | $4234975 |
| Investment securities | 190255 | 176791 |
| Interest-bearing deposits and other | 236283 | 260015 |
| Total interest income | $5800221 | $46717811 |
| Interest expense |  |  |
| Deposits | $1957560 | $1717566 |
| Borrowings | 359454 | 172258 |
| Total interest expense | $2317014 | $1889824 |
| Net interest income | $3483207 | $2781957 |
| Provision for credit losses | 69583 | - |
| Net interest income after provision for credit losses | $3413624 | $2781957 |
| Noninterest income |  |  |
| Service fees on deposits | $27125 | $26865 |
| Loan servicing fees | 51533 | 55802 |
| Increase in cash surrender value of BOLI | 68448 | 67790 |
| Other income | 20811 | 29143 |
| Total noninterest income | $167917 | $179600 |
| Noninterest expense |  |  |
| Salaries and employee benefits | $1891003 | $1847472 |
| Directors fees | 166410 | 154410 |
| Occupancy and equipment | 130033 | 133657 |
| Data processing fees | 336481 | 352301 |
| Franchise taxes | 103603 | 98920 |
| FDIC insurance premiums | 45012 | 38384 |
| Professional services | 79145 | 63549 |
| Advertising | 17954 | 17900 |
| Other | 343157 | 1056563 |
| Total noninterest expense | $3112798 | $3763156 |
| Income (loss) before income taxes | $468743 | $(801599) |
| Provision (benefit) for income taxes | 29706 | (432950) |
| Net income (loss) | $439037 | $(368649) |

---

*See accompanying notes to financial statements*

Community Savings Bank Statements of Comprehensive Income (Loss) <br> December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Net income (loss) | $439037 | $(368649) |
| Unrealized gains on available-for-sale securities, net of tax of $25,960 and $2,884 for 2025 and 2024, respectively | 97662 | 10851 |
| Other comprehensive income | 97662 | 10851 |
| Comprehensive income (loss) | $536699 | $(357798) |

---

*See accompanying notes to financial statements*

Community Savings Bank Statements of Changes in Equity <br> December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Retained Earnings** | **Accumulated Other<br> Comprehensive<br> Income (Loss)** | **Total** |
| Balance at January 1, 2024 | $15826444 | $(211325) | $15615119 |
| Net loss | (368649) |  | (368649) |
| Other comprehensive income | - | 10851 | 10851 |
| Balance at December 31, 2024 | $15457795 | $(200474) | $15257321 |
| Net income | 439037 |  | 439037 |
| Other comprehensive income | - | 97662 | 97662 |
| Balance at December 31, 2025 | $15896832 | $(102812) | $15794020 |

---

*See accompanying notes to financial statements*

Community Savings Bank

Statement of Cash Flows

December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Net income (loss) | $439037 | $(368649) |
| **Adjustments to reconcile net income to net cash flows from operating activities:** |  |  |
| Depreciation | 59348 | 63677 |
| Amortization and accretion of investments, net | 18140 | 43523 |
| Amortization and accretion of fair value discount, net | (5295) |  |
| Amortization of intangible assets | 22927 | 23407 |
| Deferred loan fees | 31488 | (746) |
| Provision for credit losses | 69583 |  |
| Deferred income tax provision (benefit) | 25169 | (415644) |
| Origination of mortgage loans for sale | (881861) |  |
| Proceeds from sales of mortgage loans | 893348 |  |
| Increase in cash surrender value on bank owned life insurance | (68448) | (67790) |
| Amortization of right-of-use asset | 8322 | 7933 |
| Gain on sale of loans | (11487) |  |
| Increase in interest receivable | (106849) | (20192) |
| Net change in federal funds purchased | 33000 |  |
| Other assets | (143730) | (92260) |
| Other liabilities | (3216) | 511029 |
| **Net cash flows provided by operating activities** | $379476 | $(315712) |
| **Cash flows from investing activities:** |  |  |
| Proceeds from maturities and paydowns of available-for-sale securities | $270704 | $597720 |
| Proceeds from the sale of FHLB stock |  | 17900 |
| Purchase of FHLB stock | (322900) | (108000) |
| Net increase in loans | (15973107) | (2222363) |
| Purchases of premises and equipment | (67477) | (79113) |
| **Net cash flows used in investing activities** | $(16092780) | $(1793856) |
| **Cash flows from financing activities:** |  |  |
| Net increase in customer deposits | $9717271 | $3296837 |
| Advances and deposits by borrowers | 96224 | (52241) |
| Proceeds from borrowings | 8250000 | 2400000 |
| Payments on borrowings | (1200000) | (1450000) |
| **Net cash flows provided by financing activities** | $16863495 | $4294596 |
| Net change in cash and cash equivalents | $1150191 | $2185028 |
| Cash and cash equivalents at beginning of year | 5278477 | 3093449 |
| Cash and cash equivalents at end of year | $6428668 | $5278477 |
| **Supplemental cash flow information:** |  |  |
| Interest paid | 2275640 | 1889706 |
| Income taxes paid | 23000 |  |

---

*See accompanying notes to financial statements*

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

1. **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**:

Community Savings Bank (the "Bank") is a state-chartered mutual bank and a member of the Federal Home Loan Bank. The Bank is subject to regulation by the Federal Deposit Insurance Corporation (FDIC) and the State of Ohio. The Bank is located in Bethel, Ohio and generates residential and commercial mortgage loans and receives deposits from customers located primarily in Clermont and Highland counties in Ohio. The Bank's loans are generally secured by specific items of collateral, which primarily consists of real property.

The accounting and reporting policies of the Bank conform with accounting principles generally accepted in the United States of America and prevailing practices within the financial services industry. The following is a summary of the Bank's significant accounting and reporting policies:

**Use of estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the allowance for credit losses, valuation of mortgage servicing rights, deferred tax asset realization, and fair value measurements.

**Cash and cash equivalents**

Cash and cash equivalents include non-interest-bearing demand deposits and interest-bearing demand deposits and deposits in other financial institutions with original maturities of three months or less when purchased.

**Concentrations of credit risk**

The Bank's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Bank places its cash and temporary interest-bearing deposits with high credit quality financial institutions. At various times, the Bank's cash and due-from balances at financial institutions may exceed federally insured limits; however, management does not believe it is exposed to significant credit risk due to the high credit quality of the financial institutions and the Bank's policies to limit concentrations. At times, such investments may be in excess of the FDIC insurance limit. The Bank has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

The Bank's loan portfolio is concentrated primarily in residential and commercial real estate loans secured by properties located in southwest Ohio. Therefore, the Bank's exposure to credit risk is significantly affected by changes in the economy in that area. The Bank originates a portion of its commercial and consumer loan portfolio through loan participation arrangements with a single third-party vendor, BHG Financial ("BHG"). Loans acquired through these participation arrangements are underwritten in accordance with the Bank's underwriting standards and are subject to the same credit approval, monitoring, and risk management practices as loans originated directly by the Bank. At December 31, 2025, loans acquired through participations with BHG represented approximately $21.8 million, or 23.4% of total loans outstanding. At December 31, 2024, such loans totaled approximately $8.4 million, or 10.9% of total loans outstanding. These loans include both commercial and consumer loans. Although the Bank believes that the credit quality of loans acquired through BHG participations is consistent with the overall credit quality of its loan portfolio, a significant concentration with a single participation source could expose the Bank to heightened credit or operational risk in the event of adverse changes in the financial condition, underwriting practices, or operational performance of the vendor. The Bank does not receive credit enhancements or guarantees from BHG and retains the full credit risk on all loans acquired through these participation arrangements.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**Investment securities**

Securities are classified as available-for-sale upon purchase and based on management's intent. Available-for-sale securities, which include any security for which the Bank has no immediate plan to sell but which may be sold in the future, are carried at fair value. Unrealized gains and losses are recorded, net of related income tax effects, in other comprehensive income.

Security transactions are recorded on trade date. Amortization of premiums and accretion of discounts are recorded as interest income from securities using the level-yield method. Realized gains and losses from the sale of securities are computed using the specific-identification method.

Management evaluates unrealized losses to determine whether declines in fair value are attributable to changes in interest rates or credit deterioration.

**Federal Home Loan Bank stock**

Federal Home Loan Bank (FHLB) stock is an equity interest in the Federal Home Loan Bank of Cincinnati and is carried at cost. FHLB stock can only be sold back at its par value of $100 per share and only to the FHLB or to another member institution.

Membership in the FHLB requires a minimum stock investment generally based on the size of the member institution. An additional stock investment above this minimum may also be required based upon the level of outstanding borrowings from the FHLB. The Bank's FHLB stock investment is evaluated for impairment on an annual basis and was not impaired at December 31, 2025 and 2024.

**Loans**

Loans that management has the intent and ability to hold for the foreseeable future, until maturity, or payoff are reported at the amount of outstanding principal adjusted by net deferred origination fees or costs and the allowance for credit losses. Interest income is accrued on the unpaid principal balance using the interest method. Loan origination fees, net of certain direct organization costs, are deferred and amortized into income using the level-yield method over the respective term of the loan.

Interest income on mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Mortgage loans are charged off when a loss is quantifiable, and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer loans continue to accrue interest until they are charged off no later than 120 days past due unless the loan is in the process of collection. Past-due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days or more and still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated loans.

All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method, until qualifying for return to accrual. Cash payments received on nonaccrual loans are generally applied to principal unless the collection of the remaining principal balance is considered probable, in which case interest income may be recognized on a cash basis. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Any payments received while on non-accrual status are then accreted to interest income on a level-yield basis.

Loans acquired from the merger of Home Building and Loan Bank in 2014 were recorded at fair value, at the time of acquisition, with no carryover of the acquired entity's previously established allowance for credit losses. The excess of expected cash flows over the estimated fair value of acquired loans is recognized as interest income over the remaining contractual lives of the loans using the level yield method. Subsequent decreases in expected cash flows will require additions to the allowance for credit losses. Subsequent improvements in expected cash flows result in the recognition of additional interest income over the then-remaining contractual lives of the loans.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

Impaired loans acquired are accounted for under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 310-30. These loans were acquired prior to the adoption of ASC 326 and continue to be accounted for in accordance with legacy guidance. The difference between contractually required payments at the time of acquisition and the cash flows expected to be collected is referred to as the nonaccretable difference. The interest component of the cash flows expected to be collected is referred to as the accretable yield and is recognized as interest income over the remaining contractual life of the loan using the level yield method. Subsequent decreases in expected cash flows will require additions to the allowance for credit losses. Subsequent improvements in expected cash flows will result in a reclassification from the nonaccretable difference to the accretable yield.

**Allowance for credit losses**

**Investment securities available-for-sale**

The Bank follows ASC 326-30, Financial Instruments - Credit Loss - Available-for-Sale Debt Securities, which provides guidance related to the recognition of and expanded disclosure requirements for expected credit losses on available-for-sale investment securities. For investment securities available-for-sale in an unrealized loss position, the Bank first evaluates whether it intends to sell, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, the security's amortized cost basis is reduced to fair value and recognized as a reduction to noninterest income in the statements of operations. For investment securities available-for-sale in which the Bank does not intend to sell, or it is not likely the security would be required to be sold before recovery, it evaluates whether a decline in fair value has resulted from credit losses or other adverse factors, such as a change in the security's credit rating. In assessing whether a credit loss exists, the Bank compares the present value of cash flows expected to be collected from the security with 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 allowance for credit losses is recorded, equal to the excess of amortized cost basis over fair value. Any impairment not recorded through an allowance for credit loss is included in other comprehensive income, net of the tax effect.

Accrued interest receivable on investment securities available-for-sale totaled approximately $44,000 and $45,000 at December 31, 2025 and 2024, respectively, and is excluded from the estimate of credit losses. Accrued interest receivable is excluded from the amortized cost basis of available-for-sale securities disclosed above, and no allowance for credit losses has been recorded on accrued interest.

**Loans**

The allowance for credit losses is a valuation allowance that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Lifetime expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Credit losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist by specific loan category and is calculated using the weighted average remaining maturity loss rate model (WARM) using historical credit loss experience of the Bank and a comparable peer group.

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. Reasonable and supportable forecasts incorporate economic conditions in the Bank's primary lending area, including unemployment rates, property values, and interest rate trends, over a forecast period of twelve months. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as changes in the composition of the loan portfolio, delinquency level, adverse situations that may affect the borrower's ability to repay, the estimated value of any underlying collateral and current and anticipated economic conditions in the primary lending area, such as changes in unemployment rates and property values. After the reasonable and supportable forecast period, expected credit losses revert to historical loss information on a straight-line basis.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date 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.

The Bank may modify loans to borrowers experiencing financial difficulty and grant concessions that could include principal loan forgiveness, maturity date extension, interest rate, interest-only period and payment deferral.

The Bank has elected not to measure an allowance for credit losses on accrued interest receivable, as uncollectible accrued interest is written off in a timely manner through a reversal of interest income when loans are placed on nonaccrual status.

Accrued interest receivable on loans totaled approximately $365,000 and $263,000 at December 31, 2025 and 2024, respectively, and is excluded from the estimate of credit losses.

**Off-balance sheet credit exposures**

The Bank estimates expected credit losses over the contractual period in which the Bank is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Bank. The allowance for credit losses on off-balance sheet credit exposures is adjusted through the provision for credit loss expense. 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. See Note 13 for off-balance sheet commitments.

**Premises and equipment**

Premises and equipment are carried at cost, less accumulated depreciation. Depreciation is computed using an accelerated or straight-line method over the estimated useful lives of the related assets, which are generally fifteen to forty years for buildings and improvements and five to fifteen years for furniture and equipment.

The Bank considers an arrangement a lease if, at inception, the arrangement transfers the right to control the use of an identified asset for a period of time in exchange for consideration. Under leasing standards, control is defined as having both the right to obtain substantially all of the economic benefits from use of the asset and the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are changed. Operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities in the balance sheets.

**Leases**

Leases are classified as operating or finance leases at the lease commencement date. The Bank records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, lease incentives, and any impairment.

The lease term reflects the noncancellable period of the lease together with periods covered by an option to extend or terminate the lease when management is reasonably certain that it will exercise such option. The Bank uses the risk-free rate for a period of time similar to the lease term, determined at the lease commencement date, in determining the present value of lease payments. The risk-free rate is used as the information necessary to determine the rate implicit in the lease and the Bank's incremental borrowing rate is not readily available. The Bank has lease agreements with lease and non-lease components, which are generally accounted for as a single lease. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Bank does not record short term leases on the balance sheet with an initial lease term of one year or less and are recognized on a straight-line basis over the lease term. The right-of-use asset is tested for impairment in accordance with ASC 360.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**Bank owned life insurance**

The Bank has purchased life insurance policies on certain key executives and is the beneficiary of these policies. Bank owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Income on these policies, based on the increase in cash surrender value and any incremental death benefits, is included in non-interest income in the statements of operations.

**Mortgage servicing rights**

Mortgage servicing rights on originated loans that have been sold are initially recorded at fair value at the date of transfer and are amortized in proportion to and over the period of estimated net servicing revenues. Mortgage servicing rights of approximately $50,000 and $69,000 at December 31, 2025 and 2024, respectively, are included in other assets in the balance sheets. Mortgage servicing rights are amortized in proportion to the estimated future net servicing income. Amortization expense related to mortgage servicing rights totaled $22,927 and $23,407 for the years ended December 31, 2025 and 2024. Management evaluates whether events or circumstances have occurred that indicate the remaining useful life or carrying value of the amortizing intangible assets should be revised. Management periodically evaluates mortgage servicing rights for impairment based on expected future cash flows. See footnote 5 – Mortgage Servicing Rights.

**Transfers of Financial Assets**

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control is considered to have been surrendered when the assets have been isolated from the Bank, the transferee has the right to pledge or exchange the assets, and the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Mortgage loans sold are removed from the balance sheet and a gain or loss is recognized at the time of sale based on the difference between the proceeds received and the carrying amount of the loans sold. The Bank retains servicing rights on loans sold. Servicing assets are initially measured at fair value and subsequently amortized in proportion to and over the period of estimated net servicing income. The Bank has no obligation to repurchase loans sold except for standard representations and warranties.

**Other real estate owned**

Real estate acquired through, or in lieu of, loan foreclosure is initially recorded at fair value, less estimated costs of disposal, at the date of foreclosure establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas revenue and expenses from operations and any direct write-downs are included in the statements of operations. The Bank did not have any other real estate owned at December 31, 2025 and 2024. In addition, there were no residential real estate loans in the process of foreclosure at December 31, 2025 and 2024.

**Income taxes**

Income tax expense is the total of the current period income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income taxes are determined using the asset and liability method of accounting. Under this method, deferred income taxes are determined based on the tax effects of temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Deferred assets and liabilities result primarily from temporary differences attributed to the net operating loss carryforward, allowance for credit losses, depreciation, available-for-sale investments, accrual to cash adjustments and FHLB stock dividends received. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized.

A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

As of December 31, 2025, the Bank is subject to U.S. federal income tax examinations by taxing authorities for the years 2021 through 2025. Tax years prior to 2021 are no longer subject to examination by taxing authorities. The Bank is subject to Ohio state tax examinations by taxing authorities for the years 2020 through 2024. Tax years prior to 2020 are no longer subject to examination by state taxing authorities.

**Comprehensive income**

Comprehensive income includes unrealized gains and losses on investment securities available-for-sale, which are recognized as separate components of equity.

**Federal Funds Purchased**

Federal funds purchased consist of overnight unsecured borrowings from other financial institutions that the Bank uses to manage short-term liquidity needs. Federal funds purchased mature on demand and bear interest at prevailing market rates. The Bank had $33,000 and $0 federal funds purchased outstanding at December 31, 2025 and 2024, respectively. The weighted-average interest rate on federal funds purchased during 2025 and 2024 was 4.60% and 0%, respectively. Federal funds purchased are unsecured and are not subject to financial covenants. Federal funds purchased is included in Accrued interest payable and other liabilities on the balance sheet.

**Revenue from contracts with customers**

The Bank records revenue from contracts with customers in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606). Under ASC 606, the Bank must identify the contract with a customer, identify the performance obligation(s) within the contract, determine the transaction price, allocate the transaction price to the performance obligation(s) within the contract, and recognize revenue when (or as) the performance obligation(s) are/is satisfied. The core principle under ASC 606 requires the Bank to recognize revenue to depict the transfer of services or products to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those services or products recognized as performance obligations are satisfied. The Bank generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Since performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgement involved in applying ASC 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers.

The majority of the Bank's revenue is not subject to ASC 606, including net interest income, loan servicing income, fees related to loans and loan commitments, and gain on sales of loans and securities.

A description of the Bank's revenue streams accounted for under ASC 606 follows:

**Service charges on deposits**

Service charges on deposits consist of account analysis fees (i.e., net fees earned on analyzed business accounts), monthly service fees, and other deposit account related fees. The Bank's performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Bank's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers' accounts.

**ATM/Interchange fees**

Fees, exchange, and other service charges are primarily comprised of debit card income, ATM fees and other service charges. Debit card income is primarily comprised of interchange fees earned whenever the Bank's debit cards are processed through card payment networks such as Visa or Mastercard. ATM fees are primarily generated when a Bank cardholder uses a non-network ATM. The Bank's performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**Other**

Other noninterest income consists of other recurring revenue streams such as wire transfer fees, item processing fees and other miscellaneous revenue streams. Wire transfer fees represent revenue from processing wire transfers. Item processing fee income represents fees charged to other financial institutions for processing their transactions. Payment is typically received in the following month. Also included in other is gain on sale of other real estate owned (OREO). The Bank records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the same time of an executed deed. When this occurs, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer.

**Subsequent events**

The Bank evaluates events and transactions occurring subsequent to the date of the financial statements for matters requiring recognition or disclosure in the financial statements. The Bank has evaluated subsequent events through March 13, 2026, the date the financial statements were available to be issued. Subsequent events related to the Bank's proposed mutual-to-stock conversion are described in Note 14 – Subsequent Events.

**New Accounting Pronouncements**

ASU 2023-09, Improvements to Income. This standard requires qualitative disclosure about specific categories of reconciling items and individual jurisdictions that result in a significant difference between the statutory tax rate and the effective tax rate. The standard also requires entities to disclose certain disaggregated information regarding income (loss) before income taxes, income tax expense (benefit), and income taxes paid. Finally, the standard eliminates certain existing disclosure requirements. This new standard is effective for financial statements issued for annual periods beginning after December 15, 2025. The Bank does not believe this new standard will have a significant impact on its financial statements.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**2. INVESTMENT SECURITIES:**

The Bank's investment securities are classified entirely as available-for-sale and are presented as a single line item on the balance sheet. The amortized cost and approximate fair values of securities are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortized <br> Cost** | **Gross<br> Unrealized <br> Gains** | **Gross<br> Unrealized<br> Losses** | **Fair <br> Value** |
| Available-for-sale securities: December 31, 2025: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal securities | $2837990 | $2253 | $4207 | $2836036 |
| &nbsp;&nbsp;&nbsp;Collateralized mortgage obligation bonds | 50980 |  | 1263 | 49717 |
| &nbsp;&nbsp;&nbsp;U.S. government agencies | 1497747 |  | 59911 | 1437836 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities | 1282116 | 6981 | 73994 | 1215103 |
|  | $5668833 | $9234 | $139375 | $5538692 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortized <br> Cost** | **Gross<br> Unrealized <br> Gains** | **Gross<br> Unrealized<br> Losses** | **Fair <br> Value** |
| Available-for-sale securities: December 31, 2024: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal securities | $2854587 | $&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;- | $13200 | $2841387 |
| &nbsp;&nbsp;&nbsp;Collateralized mortgage obligation bonds | 67537 |  | 3642 | 63895 |
| &nbsp;&nbsp;&nbsp;U.S. government agencies | 1497221 |  | 114085 | 1383136 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities | 1538331 | - | 122836 | 1415495 |
|  | $5957676 | $- | $253763 | $5703913 |

---

There were no sales of available-for-sale securities for the years ended December 31, 2025 and 2024. The amortized cost and fair value of securities at December 31, 2025, by contractual maturity, are shown below. Contractual maturity information is presented as of December 31, 2025, the most recent balance sheet date. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**December 31, 2025**

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| | | |
|:---|:---|:---|
|  | **Available-for-sale** | **Available-for-sale** |
|  | **Amortized<br> Cost** | **Fair <br> Value** |
| Municipal securities and U.S. government agencies |  |  |
| &nbsp;&nbsp;&nbsp;Due less than one year | $310000 | $310032 |
| &nbsp;&nbsp;&nbsp;Due one to five years | 1497747 | 1437836 |
| &nbsp;&nbsp;&nbsp;Due five to ten years | 1995000 | 1997222 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 532990 | 528782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $4335737 | $4273872 |
| Mortgage-backed securities and collateralized mortgage obligation bonds | 1333096 | 1264820 |
| &nbsp;&nbsp;&nbsp;Total | $5668833 | $5538692 |

---

The maturity of mortgage-backed securities and collateralized mortgage obligation bonds are based on the repayment of the underlying mortgages.

The following table shows the Bank's investments' gross unrealized losses and fair value of the Bank's investments with unrealized losses, aggregated by investment class and length of time that individual securities have been in a continuous loss position at December 31, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Longer** | **12 Months or Longer** | **Total** | **Total** |
|  | **Fair<br> Value** | **Unrealized<br> Losses** | **Fair <br> Value** | **Unrealized<br> Losses** | **Fair<br> Value** | **Unrealized<br> Losses** |
| <u>December 31, 2025</u> |  |  |  |  |  |  |
| Municipal securities | $- | $- | $528782 | $4207 | $528782 | $4207 |
| Collateralized mortgage obligation bonds |  |  | 49717 | 1263 | 49717 | 1263 |
| Mortgage-backed securities |  |  | 825648 | 73994 | 825648 | 73994 |
| U.S. government agencies | - | - | 1437836 | 59911 | 1437836 | 59911 |
| &nbsp;&nbsp;&nbsp;Total | $- | $- | $2841983 | $139375 | $2841983 | $139375 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Longer** | **12 Months or Longer** | **Total** | **Total** |
|  | **Fair<br> Value** | **Unrealized<br> Losses** | **Fair <br> Value** | **Unrealized<br> Losses** | **Fair<br> Value** | **Unrealized<br> Losses** |
| <u>December 31, 2024</u> |  |  |  |  |  |  |
| Municipal securities | $1447166 | $4522 | $1394221 | $8678 | $2841387 | $13200 |
| Collateralized mortgage obligation bonds |  |  | 63895 | 3642 | 63895 | 3642 |
| Mortgage-backed securities | 420988 | 1288 | 994507 | 121548 | 1415495 | 122836 |
| U.S. government agencies | - | - | 1383136 | 114085 | 1383136 | 114085 |
| &nbsp;&nbsp;&nbsp;Total | $1868154 | $5810 | $3835759 | $247953 | $5703913 | $253763 |

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Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

Total fair value of these investments at December 31, 2025 and 2024, was $2,841,983 and $5,703,913. The following table presents the number and aggregate depreciation from the Bank's amortized cost basis of available-for-sale securities in a continuous unrealized loss position by security type at December 31, 2025 and 2024.

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| | | |
|:---|:---|:---|
|  | **Number of securities in<br> a loss position** | **Aggregate <br> Depreciation** |
| <u>December 31, 2025</u> |  |  |
| Municipal securities | 1 | (0.79)% |
| Collateralized mortgage obligation bonds | 1 | (2.48)% |
| U.S. government agencies | 2 | (4.00)% |
| Mortgage-backed securities | 8 | (8.22)% |
| Total Portfolio | 12 | (4.67)% |

---

---

| | | |
|:---|:---|:---|
|  | **Number of securities in<br> a loss position** | **Aggregate<br> Depreciation** |
| <u>December 31, 2024</u> |  |  |
| Municipal securities | 6 | (0.46)% |
| Collateralized mortgage obligation bonds | 1 | (5.39)% |
| U.S. government agencies | 2 | (7.62)% |
| Mortgage-backed securities | 10 | (7.99)% |
| Total Portfolio | 19 | (4.26)% |

---

Unrealized losses on securities have not been recognized into income because management believes the issuers' bonds are of high credit quality, does not intend to sell these securities, and it is more likely than not the Bank will retain, and not be required to sell, the securities in an unrealized loss position prior to the recovery of value. Accordingly, management has not recorded an allowance for credit loss on any available-for-sale securities and the allowance for credit losses on available-for-sale securities was zero at December 31, 2025 and 2024. The decline in market value is largely due to fluctuations in market interest rates and other market conditions and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The fair values are expected to recover as securities approach their maturity dates. Net unrealized holding losses on available-for-sale securities recognized in accumulated other comprehensive income (loss) during the years ended December 31, 2025 and 2024 are reflected in the statements of comprehensive income.

At December 31, 2025 and 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of total equity.

At December 31, 2025 and 2024, the Bank did not have any investment securities pledged or restricted for public funds, borrowings, or other purposes.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**3. LOANS:**

Major classifications of loans at December 31 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Mortgage loans on real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Single family | $41228633 | $42030991 |
| &nbsp;&nbsp;&nbsp;Multifamily and nonresidential | 21432455 | 19829678 |
| &nbsp;&nbsp;&nbsp;Construction and land | 2652831 | 913295 |
| &nbsp;&nbsp;&nbsp;Second mortgage | 2772340 | 2662637 |
| &nbsp;&nbsp;&nbsp;Commercial | 7657780 | 9171098 |
| Consumer loans | 17471750 | 2619772 |
|  | $93215789 | $77227471 |
| Less: Net deferred loan origination fees | (224420) | (192932) |
| Allowance for credit losses | (435675) | (351837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $92555694 | $76682702 |

---

Overdrafts on customer deposit accounts are included in consumer loans. Overdraft balances totaled approximately $200 and $2,400 at December 31, 2025 and 2024, respectively.

Mortgage loans sold and serviced for others, and the portion of loans participated to others, with the Bank as lead lender and servicer, are not included in the accompanying financial statements. The unpaid principal balance of loans serviced for others at December 31, 2025 and 2024 was approximately $20,078,000 and $21,299,000, respectively.

The Bank had minimal accretable yield remaining on acquired loans. The remaining balance of approximately $5,319 at the beginning of 2024 was fully recognized through accretion during the year, resulting in no remaining accretable yield at December 31, 2024 or 2025. The carrying value of purchased credit-impaired loans was immaterial and totaled approximately $0 and $54 at December 31, 2025 and 2024, respectively.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

Loans are pooled based on similar risk characteristics, including loan type, collateral, and borrower characteristics. The risk characteristics applicable to each segment of the loan portfolio are described as follows:

<u>Single family residential</u> - Residential real estate loans are secured by 1-4 family residences and are split basically equal between owner-occupied and non-owner occupied. The Bank generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded on owner occupied properties only. Loan to value ratios greater than 80% on non-owner occupied are not originated. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions, such as unemployment levels, inflationary pressures, and housing values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

<u>Multi-family and nonresidential</u> - Loans secured by multi-family and nonresidential real estate generally have larger balances and involve a greater degree of risk than 1-4 family residential mortgage loans. The primary risk associated with multi-family and nonresidential real estate lending is the property cash flow. Payments on loans secured by income properties often depend on successful operation and management of the properties. To monitor cash flows on income properties, the Bank requires borrowers, co-borrowers and loan guarantors of large loan relationships to provide annual financial statements and tax returns. In reaching a decision on whether to originate a multi-family and nonresidential real estate loan, the Bank considers the net operating income of the property, the borrower's expertise, credit history, and profitability and the value of the underlying property(ies). The Bank generally requires that the properties securing these real estate loans have debt service coverage ratios (the ratio of earnings before debt service to debt service) of at least 1.15x.

<u>Construction and land</u> - Loans secured by land are made primarily to borrowers wishing to own tracts adjacent to their residence or to utilize the land for recreational purposes. The risks associated with these loans is primarily the resale value of the land. This risk is mitigated by limiting loans on land to well qualified borrowers. Construction loans also involve risks associated with project completion, including cost overruns, delays in construction, and the possibility that the completed project may not achieve the expected value or occupancy levels.

<u>Second mortgage</u> - Second mortgage loans are generally for homes improvements or other purposes approved by the Bank. Second mortgage loans typically involve an appraisal, title examination, verification of first mortgage balances, and adequate hazard insurance. These loans are subject to the same credit requirements as any other loans and are limited to maximum combined loan-to-value ratio. The risk inherent in second mortgages is similar to the risk of first lien mortgages on owner and non-owner occupied properties.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

<u>Lines of credit</u> - Commercial lines of credit will normally be extended to commercial customers for short-term working capital purposes, many times on an unsecured basis. The risk associated with these lines of credit is the potential default of the guarantor as they are unsecured lines of credit. This risk is mitigated by limiting the origination of these loans to only high-quality borrowers with substantial net worth and liquidity that have several years of seasoning with the bank. Technically, the lines of credit mature annually and are required to be paid-off at maturity. However, the lines of credit may be renewed on an annual basis after performing a financial review of the borrower's current situation which includes obtaining an updated credit report, updated tax returns and an updated personal financial statement before a decision to renew is approved. Additional risk mitigation factor for these loans is the guarantee has cognovit language to expedite judgement in the event of a default. Home equity lines of credit (HELOC) are secured by real estate and therefore do not undergo the same annual review process as commercial lines of credit.

<u>Commercial</u> – Includes loans originated by a third-party and purchased by the Bank and the commercial unsecured lines of credit originated by the Bank. Commercial loans are primarily based on the global cash flow of the guarantor(s). Secondarily, they are based on the overall financial strength of the guarantor(s). Commercial loans are secured by personal guarantees. The risk associated with these loans is primarily the default of the guarantor(s). This risk is mitigated by the Bank's conservative underwriting standards in lending to seasoned customers and/or high-income guarantors with good credit history.

<u>Consumer</u> - Consumer loans consist of personal loans with the majority of these loans purchased from a third-party originator. They generally have fixed rates and terms ranging from 72-120 months. Consumer loans generally have higher interest rates but pose additional risks of collectability and loss when compared to certain other types of loans. The mitigating risk factor is the bank's underwriting standards are higher than the originating bank. Therefore, purchased loans have extremely restrictive underwriting criteria such as higher credit scores, lower debt ratios, seasoned employment, home ownership and other factors.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The following tables present the balance in the allowance for credit losses based on portfolio segment for the years ended December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Single<br> Family** | **Multifamily<br> and non-<br> residential** | **Construction<br> and Land** | **Second<br> Mortgage** | **Commercial** | **Consumer** | **Total** |
| <u>2025</u> |  |  |  |  |  |  |  |
| Allowance for credit losses: Balance, January 1, 2025 | $226570 | $83899 | $4017 | $268 | $25665 | $11418 | $351837 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | (12365) | 14624 | 8182 | 238 | (5480) | 68723 | 73922 |
| &nbsp;&nbsp;&nbsp;Charge offs |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recoveries | 9916 | - | - | - | - | - | 9916 |
| Balance, December 31, 2025 | $224121 | $98523 | $12199 | $506 | $20185 | $80141 | $435675 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Single<br> Family** | **Multifamily<br> and non-<br> residential** | **Construction<br> and Land** | **Second<br> Mortgage** | **Commercial** | **Consumer** | **Total** |
| <u>2024</u> |  |  |  |  |  |  |  |
| Allowance for credit losses: Balance, January 1, 2024 | $275987 | $13043 | $17631 | $26401 | $10743 | $- | $343805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | (57449) | 70856 | (13614) | (26133) | 14922 | 11418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (5387) |  |  |  |  |  | (5387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 13419 | - | - | - | - | - | 13419 |
| Balance, December 31, 2024 | $226570 | $83899 | $4017 | $268 | $25665 | $11418 | $351837 |

---

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

At December 31, 2025 and 2024, the Bank maintained a reserve for unfunded loan commitments. The following table presents the balance in the allowance for credit losses on off-balance sheet credit exposures. See Note 13 – Commitments and Uncertainties for additional information.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Allowance for credit losses for unfunded loan commitments: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning Balance | $9412 | $9412 |
| &nbsp;&nbsp;&nbsp;Provision (credit) | (4339) | - |
| &nbsp;&nbsp;&nbsp;Ending Balance | $5073 | $9412 |

---

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The provision for credit losses is determined by the Bank as the amount that is added to ACL accounts to bring the ACL to that, in management's judgement, is adequate to absorb expected credit losses over the lives of the respective financial instruments. The following table presents the components of the provision for credit losses:

Provision for Credit Losses

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Loans | $73922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Unfunded loan commitments | (4339) | - |
| Total | $69583 | $- |

---

The Bank uses a risk-rating system to quantify loan quality. A loan is assigned to a risk category based on relevant information about the ability of the borrower to service the debt including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The categories used are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pass
 – loans categorized in this category are higher quality loans that do not fit any of
 the other categories described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Watch
 – loans categorized in this category have acceptable credit risk, however, they display
 conditions that warrant additional monitoring and management oversight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Special
 Mention - loans in this category do not currently expose the Bank to a sufficient degree
 of risk to warrant classification but do possess credit deficiencies or potential weaknesses
 deserving management's close attention. Loans have a potential weakness or pose an
 unwarranted financial risk, which, if not corrected, could weaken the asset and increase
 risk in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Substandard
 – loans in this category are inadequately protected by the current sound net worth
 and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified
 must have a well-defined weakness or weaknesses. They are characterized by the possibility
 that the Bank will sustain some loss if the deficiencies are not corrected. The possibility
 that liquidation would not be timely requires a substandard classification even if there
 is little likelihood of a loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Doubtful
 – loans classified in this category have all the weaknesses inherent in loans classified
 as substandard with the added characteristic that the weaknesses make collection or liquidation
 in full, on the basis of currently existing facts, conditions, and values, highly questionable
 and improbable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Loss
 – loans classified in this category are considered uncollectible and of such little
 value that their continuance as assets without establishment of a specific reserve is not
 warranted.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The Bank evaluates the loan risk grading system definitions on an ongoing basis. No significant changes were made during the years ended December 31, 2025 and 2024. The following tables represent loans, as of December 31, 2025 and 2024, by grading category and year in which the loans were originated:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving** | **Total** |
| Single family |  |  |  |  |  |  |  |  |
| Pass | $5983526 | $2694260 | $3707506 | $6191774 | $7731470 | $14847338 | $- | $41155874 |
| Special mention |  |  |  |  |  | 41414 |  | 41414 |
| Substandard |  |  |  |  |  | 31345 |  | 31345 |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $5983526 | $2694260 | $3707506 | $6191774 | $7731470 | $14920097 | $- | $41228633 |
| Gross charge offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Multifamily and nonresidential |  |  |  |  |  |  |  |  |
| Pass | $5703362 | $1338858 | $981509 | $4425969 | $1975842 | $7006915 | $- | $21432455 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $5703362 | $1338858 | $981509 | $4425969 | $1975842 | $7006915 | $- | $21432455 |
| Gross charge offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Construction and land |  |  |  |  |  |  |  |  |
| Pass | $1228023 | $706450 | $303735 | $69497 | $- | $345126 | $- | $2652831 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $1228023 | $706450 | $303735 | $69497 | $- | $345126 | $- | $2652831 |
| Gross charge offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Second mortgage |  |  |  |  |  |  |  |  |
| Pass | $55716 | $- | $25054 | $- | $- | $15899 | $2675671 | $2772340 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $55716 | $- | $25054 | $- | $- | $15899 | $2675671 | $2772340 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Commercial |  |  |  |  |  |  |  |  |
| Pass | $395075 | $882621 | $1006291 | $1236962 | $110556 | $756438 | $3269837 | $7657780 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $395075 | $882621 | $1006291 | $1236962 | $110556 | $756438 | $3269837 | $7657780 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Consumer loans |  |  |  |  |  |  |  |  |
| Pass | $15361842 | $2086467 | $- | $- | $- | $23441 | $- | $17471750 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $15361842 | $2086467 | $- | $- | $- | $23441 | $- | $17471750 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |

---

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving** | **Total** |
| Single family |  |  |  |  |  |  |  |  |
| Pass | $3183907 | $3984287 | $7459669 | $8414453 | $4373964 | $14470646 | $- | $41886926 |
| Special mention |  |  |  |  |  | 48005 |  | 48005 |
| Substandard |  |  |  | 63379 |  | 32681 |  | 96060 |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $3183907 | $3984287 | $7459669 | $8477832 | $4373964 | $14551332 | $- | $42030991 |
| Gross charge-offs | $- | $- | $- | $- | $- | $5387 | $- | $5387 |
| Multifamily and nonresidential |  |  |  |  |  |  |  |  |
| Pass | $2467533 | $1300957 | $4610021 | $2057958 | $2116709 | $7055149 | $- | $19608327 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  | 221351 |  | 221351 |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $2467533 | $1300957 | $4610021 | $2057958 | $2116709 | $7276500 | $- | $19829678 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Construction and land |  |  |  |  |  |  |  |  |
| Pass | $160595 | $309349 | $76978 | $- | $290808 | $75565 | $- | $913295 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $160595 | $309349 | $76978 | $- | $290808 | $75565 | $- | $913295 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Second mortgage |  |  |  |  |  |  |  |  |
| Pass | $- | $27292 | $- | $- | $12895 | $6460 | $2615990 | $2662637 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $- | $27292 | $- | $- | $12895 | $6460 | $2615990 | $2662637 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Commercial |  |  |  |  |  |  |  |  |
| Pass | $948457 | $1242497 | $2126754 | $277663 | $369204 | $868339 | $3338184 | $9171098 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $948457 | $1242497 | $2126754 | $277663 | $369204 | $868339 | $3338184 | $9171098 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Consumer loans |  |  |  |  |  |  |  |  |
| Pass | $2595244 | $- | $- | $- | $24528 | $- | $- | $2619772 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $2595244 | $- | $- | $- | $24528 | $- | $- | $2619772 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |

---

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The following tables present the Bank's loan portfolio aging analysis as of December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **30-59 Days<br> Past Due** | **60-89 Days<br> Past Due** | **Greater Than<br> 90 Days** | **Total <br> Past Due** | **Current** | **Total** |
| <u>2025</u> |  |  |  |  |  |  |
| Mortgage loans on real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Single family | $85171 | $31772 | $2213 | $119156 | $41109477 | $41228633 |
| &nbsp;&nbsp;&nbsp;Multifamily and nonresidential |  |  |  |  | 21432455 | 21432455 |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |  |  | 2652831 | 2652831 |
| &nbsp;&nbsp;&nbsp;Second mortgage |  |  |  |  | 2772340 | 2772340 |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |  | 7657780 | 7657780 |
| Consumer | - | - | - | - | 17471750 | 17471750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $85171 | $31772 | $2213 | $119156 | $93096633 | $93215789 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **30-59 Days<br> Past Due** | **60-89 Days<br> Past Due** | **Greater Than<br> 90 Days** | **Total <br> Past Due** | **Current** | **Total** |
| <u>2024</u> |  |  |  |  |  |  |
| Mortgage loans on real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Single family | $268913 | $39236 | $98751 | $406900 | $41624091 | $42030991 |
| &nbsp;&nbsp;&nbsp;Multifamily and nonresidential |  |  | 221351 | 221351 | 19608327 | 19829678 |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |  |  | 913295 | 913295 |
| &nbsp;&nbsp;&nbsp;Second mortgage |  |  |  |  | 2662637 | 2662637 |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |  | 9171098 | 9171098 |
| Consumer | - | - | - | - | 2619772 | 2619772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $268913 | $39236 | $320102 | $628251 | $76599220 | $77227471 |

---

Nonaccrual loans at December 31 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Single family | $104146 | $185492 |
| Multifamily and nonresidential | - | 221351 |
| Total | $104146 | $406843 |

---

Nonaccrual loans at December 31, 2025 and 2024 did not have a corresponding allowance for credit loss. No interest income was recognized on nonaccrual loans during the periods presented. There were no loans at December 31, 2025 and 2024 past due 90 days or more that were accruing interest at December 31, 2025 and 2024.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The Bank did not have any loan modifications to borrowers experiencing financial difficulty during the years ended December 31, 2025 and 2024. There were no collateral dependent loans at December 31, 2025 and 2024.

The Bank had one loan outstanding to a related party during the periods presented. The loan was originated in the normal course of business and is subject to the same underwriting standards, collateral requirements, interest rates, and repayment terms as loans to non-related borrowers. The related-party loan is secured by collateral consistent with the Bank's standard lending practices. Loans outstanding to directors and executive officers at December 31, 2025 and 2024 were approximately $295,000 and $302,000, respectively. Current year activity included paydowns totaling $7,000.

**4. PREMISES AND EQUIPMENT:**

Premises and equipment at December 31 are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Land | $88464 | $88464 |
| Building and improvements | 1026436 | 1026436 |
| Furniture and equipment | 377856 | 335165 |
| Total | 1492756 | 1450065 |
| Accumulated depreciation | (931151) | (896589) |
| Premises and equipment, net | $561605 | $553476 |

---

Depreciation expense for the years ended December 31, 2025 and 2024 was $59,348 and $63,677, respectively.

**5. MORTGAGE SERVICING RIGHTS**

Mortgage servicing rights are initially recorded at fair value when mortgage loans are sold with servicing retained. The Bank subsequently measures mortgage servicing rights using the amortization method and amortizes the asset in proportion to and over the period of estimated net servicing income. Mortgage servicing rights are evaluated for impairment based on the fair value of the servicing rights compared to the carrying amount. Fair value is estimated using a discounted cash flow model incorporating assumptions such as servicing fees, servicing costs, expected mortgage prepayment speeds, discount rates, and other market factors. Because these assumptions include significant unobservable inputs, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Key quantitative assumptions used in the valuation at December 31, 2025 included a discount rate of 10%, expected mortgage prepayment speeds of 7.5%, and servicing costs of $95 per loan annually.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The following table summarizes activity in mortgage servicing rights for the years ended December 31, 2025 and 2024.

**Mortgage Servicing Rights Activity**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Beginning balance | $69297 | $92704 |
| Additions from loans sold with servicing retained | 3128 |  |
| Amortization | (22927) | (23407) |
| Ending Balance | $49498 | $69297 |

---

**6. DEPOSITS:**

Deposits consist primarily of certificates of deposit, savings accounts, and transaction accounts from customers located within the Bank's primary market area. Certificates of deposit $250,000 or greater were approximately $6,937,000 and $6,534,000 at December 31, 2025 and 2024, respectively.

Contractual maturities of all outstanding certificates of deposit at December 31, 2025 were as follows:

---

| | |
|:---|:---|
| 2026 | $33590357 |
| 2027 | 6962399 |
| 2028 | 2425116 |
| 2029 | 2310245 |
| 2030 | 1765264 |
| Thereafter | 195889 |
| Total | $47249270 |

---

The Bank maintains deposit accounts for officers, directors, and entities with which they are affiliated. These accounts totaled approximately $1,186,000 and $1,001,000 at December 31, 2025 and 2024, respectively.

The Bank utilizes brokered deposits as an additional source of funding. Brokered deposits totaled approximately $8,024,000 and $0 at December 31, 2025 and 2024, respectively. Brokered deposits are included in certificates of deposit and are subject to regulatory considerations, including restrictions that may apply if the Bank's capital category changes.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**7. OTHER BORROWINGS:**

At December 31, 2025, the Bank had a Blanket Security Agreement with the FHLB collateralized by the Bank's 1-4 family mortgage loans with a carrying value of approximately $41,467,000 and $40,696,000 as of December 31, 2025 and 2024, respectively. Based on this collateral, the Bank was eligible to borrow up to a total of approximately $27,300,000 and $26,099,000 as of December 31, 2025 and 2024, respectively. Borrowings under this agreement totaled $10,600,000 and $3,550,000 at December 31, 2025 and 2024, respectively, and bear fixed interest rates ranging from 3.68% to 4.72% and 3.68% to 5.06% at December 31, 2025 and 2024, respectively. The Bank maintains an unsecured line of credit with its correspondent bank, United Bankers' Bank, with a borrowing capacity of $5,000,000. There were no outstanding borrowings under this line at December 31, 2025. The Bank also maintains a $3,000,000 variable-rate line of credit with the Federal Home Loan Bank (FHLB). There were no outstanding borrowings under this line at December 31, 2025 and 2024.

Contractual maturities of all outstanding borrowings at December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Year** | **Outstanding Amount** | **Weighted Average Rate** |
| 2026 | $4400000 | 4.10% |
| 2027 | 2150000 | 3.99% |
| 2028 | 3200000 | 4.38% |
| 2029 | **850000** | 4.04% |
| **Total** | $**10600000** | **4.16%** |

---

**8. FAIR VALUE MEASUREMENTS:**

The Bank uses fair value measurement accounting guidance to record the carrying value of, and adjustments to, certain assets and liabilities and to determine fair value disclosures. The guidance establishes a fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value. A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three broad input levels defined in this guidance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level
 1 – quoted prices in active markets for identical assets or liabilities that the reporting
 entity has the ability to access at the reporting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level
 2 – inputs other than quoted prices included within Level 1 that are observable for
 the asset or liability either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level
 3 - inputs that are unobservable for the asset or liability.

Level 2 inputs may include quoted prices for similar assets in active markets, quoted prices for identical assets or liabilities in markets that are not active, inputs other than quoted prices (such as interest rates or yield curves) that are observable for the asset or liability, and inputs that are derived from or corroborated by observable market data. The Bank's investment securities are generally classified within Level 2 of the fair value hierarchy.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, the Bank does not have any financial instruments that are measured on a nonrecurring basis.

Available-for-Sale Securities

Fair values of available-for-sale securities are based on prices obtained from an independent pricing service. The pricing service utilizes observable market inputs, including benchmark yields, reported trades, broker/dealer quotes, and interest rate spreads for securities with similar characteristics. Because these valuations are based on observable inputs rather than quoted prices in active markets for identical securities, these securities are generally classified within Level 2 of the fair value hierarchy.

Mortgage Servicing Rights

Mortgage servicing rights are classified within Level 3 of the fair value hierarchy. See Note 5 – Mortgage Servicing Rights for additional information. The valuation incorporates assumptions including servicing costs, prepayment speeds, discount rates, and other economic factors.

The following table presents assets measured at fair value on a recurring basis at December 31, 2025 and 2024 and the level within the fair value hierarchy in which the fair value measurements fall.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| <br>**Category** |<br>**Fair Value** | **Quoted Prices <br> in Active <br> Markets for<br> Identical Assets**<br>**Level 1** | **Significant<br> Other<br> Observable<br> Inputs**<br>**Level 2** | **Significant<br> Unobservable<br> Inputs**<br>**Level 3** |
| Available-for-Sale Securities |  |  |  |  |
| U.S. government agencies | $1437836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1437836 | $- |
| Mortgage-backed securities (including CMOs) | 1264820 |  | 1264820 |  |
| Municipal securities | 2836036 | - | 2836036 | - |
| Total Available-for-Sale Securities | $5538692 | $- | $5538692 | $- |
| Mortgage servicing rights | $49498 | $-- | $- | $49498 |
| Total Fair Value Measurements | $5588190 | $- | $5538692 | $49498 |

---

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| <br>**Category** |<br>**Fair Value** | **Quoted Prices <br> in Active <br> Markets for<br> Identical Assets**<br>**Level 1** | **Significant<br> Other<br> Observable<br> Inputs**<br>**Level 2** | **Significant<br> Unobservable<br> Inputs**<br>**Level 3** |
| Available-for-Sale Securities |  |  |  |  |
| U.S. government agencies | $1383136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1383136 | $- |
| Mortgage-backed securities (including CMOs) | 1479390 |  | 1479390 |  |
| Municipal securities | 2841387 | - | 2841387 | - |
| Total Available-for-Sale Securities | $5703913 | $- | $5703913 | $- |
| Mortgage servicing rights | $69297 | $- | $- | $69297 |
| Total Fair Value Measurements | $5773210 | $- | $5703913 | $69297 |

---

The carrying amounts of financial instruments reported in the consolidated balance sheets are as follows:

The fair value of cash and cash equivalents approximates the carrying value.

The fair value of loans is estimated using discounted cash flow analyses, applying interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. These estimates are classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs.

The fair value of Federal Home Loan Bank stock and bank owned life insurance approximates carrying value as these instruments are carried at amounts that approximate their realizable value.

The fair value of accrued interest receivable and payable approximates the carrying value.

The fair value of cash surrender is based on reported values of the assets. Fair values for investment securities are based on quoted market prices, where available, or estimated using observable market inputs including benchmark yields, reported trades, broker/dealer quotes, and interest rate spreads for securities with similar characteristics.

The fair value of deposits is estimated using discounted cash flow analyses based on current market rates for deposits with similar remaining maturities. For deposits with no stated maturity, including demand deposits, savings accounts, and money market accounts, the carrying amount is used as a reasonable estimate of fair value due to the short-term nature of these instruments. Because the valuation utilizes significant unobservable inputs, deposits are classified as Level 3 within the fair value hierarchy.

The fair value of advances from the Federal Home Loan Bank is estimated using discounted cash flow analyses based on current market rates for similar borrowings with comparable remaining maturities.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

The fair value of advances by borrowers for taxes and insurance and federal funds purchased is estimated using discounted cash flow analyses based on current market rates for similar short-term obligations. Because these balances are established pursuant to regulatory requirements and are short-term in nature, their carrying value approximates fair value.

The following table presents the carrying value and estimated fair value of the Bank's financial instruments at December 31, 2025 and 2024 and the level within the fair value hierarchy in which the fair value measurements fall**.**

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Category** | **Carrying <br> Value** | **Estimated<br> Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets** |  |  |  |  |  |
| Cash and cash equivalents | $6428668 | $6428668 | $6428668 | $- | $- |
| Available-for-sale debt securities | 5538692 | 5538692 |  | 5538692 |  |
| Loans | 92555694 | 93851000 |  |  | 93851000 |
| Accrued interest receivable | 424559 | 424559 | 424559 |  |  |
| Federal Home Loan Bank stock | 599500 | 599500 |  |  | 599500 |
| Cash surrender value of bank owned life insurance | 3067607 | 3067607 |  |  | 3067607 |
| **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** |
| Deposits | $82154201 | $78365000 | $- | $- | $78365000 |
| Advances from the FHLB | 10600000 | 10659337 |  | 10659337 |  |
| Advances by borrowers for taxes and insurance | 582076 | 582076 |  | 582076 |  |
| Federal funds purchased | 33000 | 33000 |  | 33000 |  |
| Accrued interest payable | 42629 | 42629 | 42629 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Category** | **Carrying <br> Value** | **Estimated<br> Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets** |  |  |  |  |  |
| Cash and cash equivalents | $5278477 | $5278477 | $5278477 | $- | $- |
| Available-for-sale debt securities | 5703913 | 5703913 |  | 5703913 |  |
| Loans | 76682702 | 77027000 |  |  | 77027000 |
| Accrued interest receivable | 317710 | 317710 | 317710 |  |  |
| Federal Home Loan Bank stock | 276600 | 276600 |  |  | 276600 |
| Cash surrender value of bank owned life insurance | 2999159 | 2999159 |  |  | 2999159 |
| **Financial liabilities** |  |  |  |  |  |
| Deposits | $72436930 | $67301000 | $- | $- | $67301000 |
| Advances from the FHLB | 3550000 | 3527227 |  | 3527227 |  |
| Advances by borrowers for taxes and insurance | 485852 | 485852 |  | 485852 |  |
| Accrued interest payable | 1255 | 1255 | 1255 |  |  |

---

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**9. INCOME TAXES:**

The income tax provision (benefit) consists of the following for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Current | $4537 | (18529) |
| Change in valuation allowance | (35439) | (217529) |
| Deferred | 60608 | (196892) |
| Income tax provision | $29706 | (432950) |

---

Effective Tax Rate Reconciliation

The following table reconciles the federal statutory income tax rate to the Bank's effective income tax rate:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Effective Tax Rate Reconciliation** | **Effective Tax Rate Reconciliation** | **Effective Tax Rate Reconciliation** | **Effective Tax Rate Reconciliation** | **Effective Tax Rate Reconciliation** |
|  | **2025** | **2025** | **2024** | **2024** |
| **Description** | **%** | **Amount ($)** | **%** | **Amount ($)** |
| Federal statutory rate (21%) | 21.0% | 98436 | -21.0% | (168336) |
| Tax-exempt municipal interest | -4.6% | (21447) | -2.1% | (16766) |
| Bank-owned life insurance income | -3.1% | (14374) | -1.8% | (14236) |
| Change in valuation allowance | -7.6% | (35439) | -27.1% | (217529) |
| Prior-year tax true-ups | 0% |  | -2.3% | (18529) |
| Other, net | 0.5% | 2530 | 0.3% | 2446 |
| Effective income tax rate / provision | 6.2% | 29706 | -54.0% | (432950) |

---

The Bank's effective income tax rate differs from the federal statutory rate primarily due to tax-exempt municipal interest, income from bank owned life insurance, changes in the valuation allowance on deferred tax assets, and discrete tax items related to prior-year adjustments. The effective tax rate for 2024 was significantly impacted by valuation allowance activity and prior-year discrete tax items recognized in a loss year.

Income taxes paid, net of refunds:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Federal | $23000 | $- |

---

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The composition of the net deferred tax asset consists of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Deferred tax assets: |  |  |
| Net operating loss carryforward | $357279 | $415395 |
| Allowance for credit losses | 93436 | 77853 |
| Net unrealized loss on available-for sale securities | 27329 | 53289 |
| Book/tax depreciation differences | 18586 | 24808 |
| Other | 146741 | 120063 |
| Total deferred tax assets | $643371 | $691408 |
| Deferred tax liabilities: |  |  |
| FHLB stock dividends | 25769 | 25769 |
| Other | 53771 | 15240 |
| Total deferred tax liabilities | $79540 | $41009 |
| Valuation allowance | (45450) | (80889) |
| Net deferred tax asset | $518381 | $569510 |

---

The valuation allowance for deferred tax assets primarily relates to uncertainty regarding the utilization of net operating loss ("NOL") carryforwards acquired in the merger with Home Building and Loan Company. The Internal Revenue Code imposes an annual limitation on the utilization of NOLs acquired in certain mergers, which restricts the amount of taxable income that may be offset in any given year. The NOLs subject to this limitation expire in years 2026 through 2034. Due to the interaction of the annual utilization limitation and the expiration periods, the remaining amount of acquired NOL carryforwards that is expected to be realizable totals approximately $1.0 million. During the year ended December 31, 2025, the Bank utilized approximately $250,000 of these NOLs to offset taxable income.

During 2025, the Bank reduced its valuation allowance by $35,439. This reduction was primarily attributable to the reversal of a temporary difference related to the allowance for credit losses following the payoff of the final purchased credit-impaired loan. The benefit from this reduction was recorded as a decrease in income tax expense.

Certain bad debt deductions arising prior to 1988 are subject to special tax rules applicable to former thrift institutions. Deferred tax liabilities related to these deductions are recognized only if it becomes apparent that the related temporary differences will reverse in the foreseeable future. Management does not contemplate any actions that would cause these deductions to become taxable, and accordingly, no deferred tax liability has been recorded.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**10. LEASES:**

The Bank entered into a 36-month lease agreement in February 2023 for an automobile and qualifies as an operating lease. The Bank does not have any finance leases. A right-of-use asset was recorded using a risk-free rate of 4.8% and totaled $712 as of December 31, 2025. The risk-free rate was used because the Bank's incremental borrowing rate was not readily determinable. The right-of-use asset is equal to the lease liability as no prepaid rent, lease incentives, or initial direct costs were associated with the lease. Lease cost is included in noninterest expense in the statements of operations. Rent expense totaled $8,322 and $7,933 for the years ended December 31, 2025 and 2024, respectively. Cash paid for operating lease liabilities was $8,322 and $7,933 for the years ended December 31, 2025 and 2024, respectively. Operating leases are included in the following asset and liability accounts and on the Bank's balance sheet: Other assets and accrued interest payable and other liabilities.

The weighted-average remaining lease term for operating leases was approximately 0.2 years at December 31, 2025. Future minimum lease payments and the present value of the net minimum lease payments as of December 31, 2025.

---

| | |
|:---|:---|
| 2026 | $717 |
| Total undiscounted cash flows | 717 |
| &nbsp;&nbsp;&nbsp;Less: present value discount | (5) |
| Total lease liability | $712 |

---

**11. EMPLOYEE BENEFITS:**

The Bank maintains an Internal Revenue Code Section 401(k) defined contribution plan. Employees that have completed three consecutive months of service are eligible to participate in the plan and receive a non-discretionary employer contribution. Participants are also eligible for an employer discretionary profit-sharing contribution after one year of service. The Bank's contributions are expensed as incurred. Total expense for the 401(k) defined contribution plan was $120,914 and $110,000 for the years ended December 31, 2025 and 2024, respectively.

The Bank entered into a supplemental executive retirement plan for certain key executives in 2020. Upon retirement or certain other qualifying events, such as a change in control or death, each participant will be entitled to receive a predetermined amount annually over a ten-year period. The supplemental executive retirement plan represents an unfunded defined benefit obligation. Participants vest in their accrued benefits over a period of time that approximates their respective remaining years of service until normal retirement. Benefits become payable upon reaching the age of 65 as defined in the plan agreements. The Bank accrues for the respective liabilities related to each of the executives. Such liabilities, which are included in other long-term liabilities in the balance sheets, total $444,692 and $364,957 at December 31, 2025 and 2024, respectively, and accrue at an assumed interest rate of 5.45% and 4.92%, respectively. The liability is measured based on actuarial assumptions, including estimated benefit payments and an assumed interest rate used to accrete the obligation over the vesting period.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**12. RETAINED EARNINGS AND REGULATORY CAPITAL:**

Banks are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. As of December 31, 2025 and 2024, the Bank met all applicable regulatory capital adequacy requirements.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these items are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required.

On November 4, 2019, the federal banking agencies jointly issued a final rule on an optional, simplified measure of capital adequacy for qualifying community banking organizations called the community bank leverage ratio ("CBLR") framework effective on January 1, 2020. A qualifying community banking organization is defined as having less than $10 billion in total consolidated assets, a leverage ratio greater than 9%, off-balance sheet exposures of 25% or less of total consolidated assets, and trading assets and liabilities of 5% or less of total consolidated assets. The final rule adopts Tier 1 capital and existing leverage ratio into the CBLR framework.

The Bank opted into the CBLR framework beginning with the Call Report filed as of March 31, 2020, and will no longer be subject to other capital and leverage requirements. A CBLR bank meeting qualifying criteria is deemed to have met the "well capitalized" ratio requirements and be in compliance with the generally applicable capital rule. The Bank's CBLR as of December 31, 2025 and 2024 was 14.34% and 16.49%, respectively. In accordance with regulatory capital rules applicable to community banking organizations, accumulated other comprehensive income is excluded from regulatory capital.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**13. COMMITMENTS AND UNCERTAINTIES:**

The Bank 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. These financial instruments include commitments to extend credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. They involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the balance sheet.

The Bank had undisbursed loans in process at December 31, 2025 and 2024 of $771,227 and $588,750, respectively. Unfunded commitments under lines of credit were approximately $9,991,000 and $10,329,000 at December 31, 2025 and 2024, respectively. The decrease in unfunded commitments during 2025 was primarily attributable to the expiration and utilization of previously outstanding lines of credit. Of these commitments to lend, substantially all were prime-based loans and signature guarantee lines of credit to high quality borrowers. In the opinion of management, all loan commitments equaled or exceeded prevailing market interest rates as of December 31, 2025 and 2024. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Expected credit losses related to unfunded commitments are included in the allowance for credit losses on off-balance-sheet credit exposures. See Note 3 – Loans for additional information.

The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property and equipment, income-producing commercial properties, and residential real estate.

At December 31, 2025, the Bank has standby letters of credit with FHLB totaling approximately $5,303,000, to serve as collateral for a certain municipality's public fund deposits. Standby letters of credit represent irrevocable obligations of the Bank to guarantee payment to the beneficiary in the event a customer fails to perform in accordance with contractual terms. The Bank considers the likelihood of draws on standby letters of credit to be remote. These letters of credit expire between June 2026 and December 2026. At December 31, 2025, no amounts have been drawn on these letters of credit.

The Bank is not a party to any material legal proceedings and is not aware of any pending or threatened litigation that would have a material adverse effect on its financial position or results of operations.

Community Savings Bank

Notes to the Financial Statements

December 31, 2025 and 2024

**14. SUBSEQUENT EVENTS:**

*Plan of Conversion and Change in Corporate Form*

On March 5, 2026, the Bank's Board of Directors adopted a plan of conversion (the "Plan"). The Plan is subject to the approval of the Ohio Division of Financial Institutions and the non-objection of the Federal Deposit Insurance Corporation. The Plan also must be approved by the affirmative vote of at least two-thirds of the total votes eligible to be cast by the Bank's voting members at a meeting of members. The Plan provides for the proposed conversion of the Bank from a mutual institution to a stock institution and the establishment of a stock holding company (CSB Financial Inc.) as the parent of the Bank. Pursuant to the Plan, the Bank will convert to the stock form of ownership, followed by the issuance of all of the Bank's outstanding common stock to CSB Financial Inc. Pursuant to the Plan, the total offering value and number of shares of common stock of CSB Financial Inc. to be issued and sold will be determined based upon an independent appraiser's valuation. The common stock will be offered for sale at a price of $10.00 per share. In addition, the Bank's Board of Directors intends to adopt an employee stock ownership plan which intends to subscribe for up to 8% of the sum of the number of shares of common stock sold in the stock offering and contributed to a charitable foundation to be established and funded in connection with the conversion.

CSB Financial Inc. is organized as a corporation under the laws of the State of Maryland and, subject to the approval of the Board of Governors of the Federal Reserve System, will own all of the Bank's outstanding common stock upon completion of the conversion and stock offering.

The costs of the conversion and stock offering will be deferred and deducted from the proceeds of the stock offering. If the conversion and stock offering is unsuccessful, all deferred costs will be charged to operations. The Bank had incurred deferred conversion costs totaling $148,608 as of March 13, 2026.

At the completion of the conversion and stock offering, the Bank will establish a liquidation account in the amount of its retained earnings set forth in the latest statement of financial condition contained in the final prospectus of CSB Financial Inc. The liquidation account will be maintained for the benefit of eligible savings account holders who maintain deposit accounts in the Bank after the completion of the conversion and stock offering.

The conversion will be accounted for as a change in corporate form with the historic basis of the Bank's assets, liabilities and equity unchanged as a result. CSB Financial Inc. qualifies as an "emerging growth company" under the federal securities laws, and, for as long as it continues to qualify as an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements that apply to public companies that do not qualify as emerging growth companies. As an emerging growth company, CSB Financial Inc. intends to elect to use the extended transition period to delay adoption of new or revised accounting pronouncements that apply to public companies until such pronouncements apply to private companies. Accordingly, CSB Financial Inc.'s consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting pronouncements.

**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 CSB Financial Inc. or Community 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 CSB Financial Inc. or Community Savings Bank since any date as of which information is furnished herein or since the date of this prospectus.**

**Up to 1,265,000 Shares**

**(Subject to Increase to up to 1,454,750 Shares)**

![](tm268082d1_s1sp09img01.jpg)

**(Proposed Holding Company for Community Savings Bank)**

**COMMON STOCK**

**par value $0.01 per share**

**PROSPECTUS**

**PERFORMANCE TRUST**

**CAPITAL PARTNERS**

**May _____, 2026**

**These securities are not deposits or savings accounts**

**and are not insured or guaranteed by any federal or state agency.**

**Until ___________, 2026, 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 obligation of dealers 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**

---

| | |
|:---|:---|
| Amounts (1) | Estimated |
| Registrant's Legal Fees and Expenses | $530000 |
| Registrant's Accounting Fees and Expenses (Including State Tax opinion) | 190000 |
| Marketing Agent's Fees and Expenses | 410000 |
| Records Management Agent's Fees and Expenses | 60000 |
| Independent Appraiser's Fees and Expenses | 45000 |
| Printing, Postage, Mailing and EDGAR Fees and Expenses | 190000 |
| Filing Fees (FINRA, SEC, Blue Sky) | 30000 |
| Transfer Agent's Fees and Expenses | 30000 |
| Business Plan Consultant's Fees and Expenses | 55000 |
| Proxy Solicitation Fees and Expenses | 30000 |
| Other | 30000 |
| Total | $1600000 |

---

&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 CSB Financial 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.</u>** <u>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;&nbsp;&nbsp;&nbsp;&nbsp;(a) List of Exhibits

---

| | |
|:---|:---|
| [1.1](tm268082d1_ex1-1.htm) | [Engagement Letter between Community Savings Bank and Performance Trust Capital Partners, LLC (Marketing Agent Services)](tm268082d1_ex1-1.htm) |
| [1.2](tm268082d1_ex1-2.htm) | [Engagement Letter between Community Savings Bank and Performance Trust Capital Partners, LLC (Records Agent and Stock Information Center Manager Services)](tm268082d1_ex1-2.htm) |
| 1.3 | Form of Agency Agreement Among Community Savings Bank and Performance Trust Capital Partners, LLC \* |
| [2](tm268082d1_ex2.htm) | [Plan of Conversion](tm268082d1_ex2.htm) |
| [3.1](tm268082d1_ex3-1.htm) | [Articles of Incorporation of CSB Financial Inc.](tm268082d1_ex3-1.htm) |
| [3.2](tm268082d1_ex3-2.htm) | [Bylaws of CSB Financial Inc.](tm268082d1_ex3-2.htm) |

---

---

| | |
|:---|:---|
| [4](tm268082d1_ex4.htm) | [Form of Common Stock Certificate of CSB Financial Inc.](tm268082d1_ex4.htm) |
| [5](tm268082d1_ex5.htm) | [Opinion of Luse Gorman, PC regarding legality of securities being registered](tm268082d1_ex5.htm) |
| [8.1](tm268082d1_ex8-1.htm) | [Federal Income Tax Opinion of Luse Gorman, PC](tm268082d1_ex8-1.htm) |
| [8.2](tm268082d1_ex8-2.htm) | [State Income Tax Opinion of Wipfli Advisory, LLC](tm268082d1_ex8-2.htm) |
| [10.1](tm268082d1_ex10-1.htm) | [Form of Employment Agreement between Community Savings Bank, CSB Financial Inc. and John E. Essen](tm268082d1_ex10-1.htm) |
| [10.2](tm268082d1_ex10-2.htm) | [Form of Change in Control Agreement between Community Savings Bank and certain executive officers.](tm268082d1_ex10-2.htm) |
| [10.3](tm268082d1_ex10-3.htm) | [Community Savings Bank Supplemental Executive Retirement Plan](tm268082d1_ex10-3.htm) |
| [10.4](tm268082d1_ex10-4.htm) | [Community Savings Bank Survivor Benefit Plan](tm268082d1_ex10-4.htm) |
| [16](tm268082d1_ex16.htm) | [Letter from Clark, Schaefer, Hackett & Co. with respect to change in accountants](tm268082d1_ex16.htm) |
| [21](tm268082d1_ex21.htm) | [Subsidiaries of CSB Financial Inc.](tm268082d1_ex21.htm) |
| 23.1 | Consent of Luse Gorman, PC (contained in Opinions included as[Exhibits 5](tm268082d1_ex5.htm) and [8.1](tm268082d1_ex8-1.htm)) |
| [23.2](tm268082d1_ex23-2.htm) | [Consent of FinPro Capital Advisors, Inc.](tm268082d1_ex23-2.htm) |
| [23.3](tm268082d1_ex23-3.htm) | [Consent of Wipfli LLP](tm268082d1_ex23-3.htm) |
| [23.4](tm268082d1_ex8-2.htm) | [Consent of Wipfli Advisory, LLC (contained in Opinion included as Exhibit 8.2)](tm268082d1_ex8-2.htm) |
| [24](#a_001) | [Power of Attorney (set forth on signature page)](#a_001) |
| [99.1](tm268082d1_ex99-1.htm) | [Engagement letter between Community Savings Bank and FinPro, Inc. with respect to independent appraisal services](tm268082d1_ex99-1.htm) |
| [99.2](tm268082d1_ex99-2.htm) | [Letter of FinPro Capital Advisors, Inc. with respect to value of subscription rights](tm268082d1_ex99-2.htm) |
| [99.3](tm268082d1_ex99-3.htm) | [Appraisal Report of FinPro Capital Advisors, Inc.](tm268082d1_ex99-3.htm) |
| [99.4](tm268082d1_ex99-4.htm) | [Marketing Materials](tm268082d1_ex99-4.htm) |
| [99.5](tm268082d1_ex99-5.htm) | [Stock Order and Certification Form](tm268082d1_ex99-5.htm) |
| [99.6](tm268082d1_ex99-6.htm) | [Letter of FinPro Capital Advisors, Inc. with respect to Liquidation Rights](tm268082d1_ex99-6.htm) |
| [107](tm268082d1_ex-filingfees.htm) | [Filing Fees Exhibit](tm268082d1_ex-filingfees.htm) |

---

\* To be filed by amendment.

&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;(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;(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;(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;(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;(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;(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;(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 Bethel, State of Ohio, on March 13, 2026.

---

| | |
|:---|:---|
| **CSB FINANCIAL inc.** | **CSB FINANCIAL inc.** |
| By: | /s/ John E. Essen |
|  | John E. Essen |
|  | President and Chief Executive Officer |
|  | (Duly Authorized Representative) |

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of CSB Financial Inc. (the "Corporation") hereby severally constitute and appoint John E. Essen 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/ John E. Essen | President, Chief Executive Officer and Director | March 13, 2026 |
| John E. Essen | (Principal Executive Officer) |  |
| /s/ Michele M. Muller | Chief Financial Officer and Treasurer | March 13, 2026 |
| Michele M. Mueller | (Principal Financial and Accounting Officer) |  |
| /s/ Donna J. Gunn | Director | March 13, 2026 |
| Donna J. Gunn |  |  |
| /s/ Ruth A. Lung | Director | March 13, 2026 |
| Ruth A. Lung |  |  |
| /s/ Gerald T. Mueller | Director | March 13, 2026 |
| Gerald T. Mueller |  |  |
| /s/ George S. Pearce | Director | March 13, 2026 |
| George S. Pearce |  |  |
| /s/ James R. Smith | Director (Chairman of the Board) | March 13, 2026 |
| James R. Smith |  |  |

---

## Exhibit 1.1

**Exhibit 1.1**

![](tm268082d1_ex1-2img001.jpg)

November 21, 2025

Community Savings Bank

500 West Plane Street

Bethel, Ohio 45106

Attn: John E. Essen

Dear Mr. Essen:

We understand that the Board of Directors of Community Savings Bank (the "**Bank**") is considering the adoption of a Plan of Conversion (the "**Plan**") pursuant to which the Bank will convert to stock form and in connection therewith (A) reorganize into the holding company form (the "**Conversion**") and (B) issue shares (the "**Shares**") of common stock (the "**Common Stock**") of a newly organized stock holding company (the "**Holding Company**") to be offered and sold in a public offering. The Holding Company and the Bank are sometimes collectively referred to herein as the "**Company**" and their respective boards of directors are sometimes collectively referred to as the "**Boards**." Performance Trust Capital Partners, LLC ("**Performance Trust**") is pleased to assist the Company on a best efforts basis with the Offering (as defined below), and this letter (the "**Agreement**") shall confirm the terms and conditions of our engagement as exclusive marketing agent to the Company.

It is Performance Trust's understanding that under the terms of the Plan and applicable regulations, the Shares will be offered first to eligible members of the Bank and the Bank's tax-qualified employee stock benefit plans (the "**Subscription Offering**"). Subject to the prior rights of subscribers in the Subscription Offering, the Shares may be offered in a community offering, with a preference given in the community offering to residents of the communities served by the Bank (the "**Direct Community Offering**," and together with the Subscription Offering, the "**Subscription and Community Offering**"). Shares not subscribed for in the Subscription Offering and any Direct Community Offering, may be offered to the general public by Performance Trust on a best-efforts basis (the "**Syndicated Community Offering**" and together with the Subscription and Community Offering, the "**Offering**"). Performance Trust may, in consultation with the Company, form a syndicate of registered dealers to assist in any Syndicated Community Offering.

**<u>SERVICES</u>**

Performance Trust will act as exclusive marketing agent for the Company in the Offering. We will work with the Company and its management, counsel, accountants and other advisors on the Offering and anticipate that our services (the "**Services**") will include the following, each as may be necessary and as the Company may reasonably request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Consulting as to the marketing implications of any aspect of the Plan, including the percentage of Common
Stock to be offered to the public in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reviewing with the Boards the financial impact of the Offering on the Company, based upon an independent
appraiser's valuation of the common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reviewing all offering documents, including the prospectus, stock order forms and related offering materials
(it being understood that preparation and filing of such documents will be the responsibility of the Company and its counsel);

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Assisting in the design and implementation of a marketing strategy for the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Assisting Company management in scheduling and preparing for meetings with potential investors and/or
other broker-dealers in connection with the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Providing such other general advice and assistance as may be reasonably requested to promote the successful
completion of the Offering.

**<u>SUBSCRIPTION AND COMMUNITY OFFERING FEES</u>**

If the Offering is consummated, the Company agrees to pay Performance Trust a Success Fee equal to the greater of (a) Three Hundred Thousand Dollars ($300,000) and (b) one percent (1.00%) of the aggregate Actual Purchase Price of the Shares sold in the Subscription Offering and two percent (2.00%) of the aggregate Actual Purchase Price of the Shares sold in any Direct Community Offering, excluding in each case, Shares purchased by or on behalf of (i) any "accredited institutional investor" as defined below, which shall be subject to a Success Fee as set forth below; (ii) any employee benefit plan or trust of the Company established for the benefit of its directors, officers and employees, (iii) any charitable foundation established by the Company (or any shares contributed to such a charitable foundation); and (iv) any director, trustee, corporator, officer or employee of the Company (referred to herein as "**Insiders**") or members of the Immediate Family of any insider (whether directly or through a personal trust). "**Immediate Family**" includes the spouse, parents, siblings and children of Insiders who live in the same house as the Insiders. For purposes of this Agreement, the term "**Actual Purchase Price**" shall mean the price at which the Shares of Common Stock are sold in the Offering.

The Success Fee for Common Stock sold in any Direct Community Offering to certain purchasers shall be equal to five percent (5.00%) of the Actual Purchase Price of the Shares sold to such purchasers in any Direct Community Offering (the "**Institutional Purchaser Success Fee**"), and not the 2.0% Success Fee referenced above, if the following conditions are met: 1) the purchaser of the Shares must meet the qualifications necessary to be deemed an "**accredited investor**" as set forth in 17 CFR § 230.501, excluding natural persons as defined in 230.501(a)(5)-(6), and 2) the sale of the Shares to such purchasers must have been solicited and/or initiated by Performance Trust, at the request of the Company. If requested by the Company, Performance Trust shall provide information which evidences the satisfaction of the conditions for the payment of the Institutional Purchaser Success Fee.

If (a) Performance Trust's engagement hereunder is terminated for any of the reasons provided for under the second paragraph of the section of this letter captioned "Definitive Agreement," or (b) the Offering is terminated by the Company, no fees shall be payable by the Company to Performance Trust hereunder; however, the Company shall reimburse Performance Trust for the reasonable out-of-pocket expenses (including legal fees) incurred by or on behalf of Performance Trust in connection with its engagement hereunder and for any fees and expenses incurred by Performance Trust on behalf of the Company pursuant to the second paragraph under the section captioned "Costs and Expenses" below.

All fees and expense reimbursements payable to Performance Trust hereunder shall be payable in immediately available funds at the time of the closing of the Offering, or upon the termination of Performance Trust's engagement hereunder or termination of the Offering, as the case may be. In recognition of the long lead times involved in the stock offering process, the Company has agreed to make an advance payment (the "**Management Fee**") to Performance Trust in the amount of Thirty Thousand Dollars ($30,000). In the event that the Management Fee exceeds the amount due in payment of fees and reimbursement of expenses hereunder, the excess shall be promptly refunded to the Company. The Management Fee will be credited against any payment hereunder of the Success Fee and the Institutional Purchaser Success Fee.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

**<u>SYNDICATED COMMUNITY OFFERING</u>**

If any shares of the Common Stock remain available after the expiration of the Subscription Offering and any Direct Community Offering, at the request of the Company and subject to the continued satisfaction of the conditions set forth in the second paragraph under the section captioned "Definitive Agreement" below, Performance Trust will seek to sell such Common Stock in any Syndicated Community Offering on a best efforts basis, subject to the terms and conditions to be set forth in a selected dealers agreement and may, in consultation with the Company, form a syndicate of registered dealers to assist in such efforts. With respect to any Shares of Common Stock sold by Performance Trust or any other FINRA member firm in any Syndicated Community Offering, the Company agrees to pay a commission of five percent (5.00%) of the aggregate Actual Purchase Price of the Shares of Common Stock sold in such Syndicated Community Offering. Performance Trust 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 Performance Trust be obligated to take or purchase any shares of the Common Stock in the Offering.

**<u>COSTS AND EXPENSES</u>**

In addition to any fees that may be payable to Performance Trust hereunder and the expenses to be borne by the Company pursuant to the following paragraph, the Company agrees to reimburse Performance Trust, upon request made from time to time, for its reasonable out-of-pocket expenses incurred in connection with its engagement hereunder, regardless of whether the Offering is consummated, including, without limitation, legal fees and expenses, communications, syndication and travel expenses, up to a maximum of One Hundred Thousand Dollars ($100,000) for legal fees and expenses, and Ten Thousand Dollars ($10,000) for all other out-of-pocket expenses, which may be increased to Twenty Thousand Dollars ($20,000) in the event of resolicitation of subscribers; provided, however, that Performance Trust shall document such expenses to the reasonable satisfaction of the Company. The provisions of this paragraph are not intended to apply to or in any way impair the indemnification provisions of this letter.

As is customary, the Company will bear all other expenses incurred in connection with the Offering, including, without limitation, (i) the cost of obtaining all securities and bank regulatory approvals, including any required FINRA filing fees; (ii) the cost of printing and distributing the offering materials; (iii) the costs of blue sky qualification, if needed, (including fees and expenses of blue sky counsel) of the Shares in the various states; (iv) OTC or Nasdaq application and listing fees; (v) all fees and disbursements of the Company's counsel, accountants, records management agent, proxy tabulators and solicitors, transfer agent and other advisors; and (vi) the establishment and operational expenses for the Stock Information Center. In the event Performance Trust incurs any such fees and expenses on behalf of the Company, the Company will reimburse Performance Trust for such fees and expenses whether or not the Offering is consummated.

**<u>DUE DILIGENCE REVIEW</u>**

Performance Trust'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, trustees, officers, agents and employees, as Performance Trust and its counsel in their sole discretion may deem appropriate under the circumstances. In this regard, the Company agrees that, at its expense, it will make available to Performance Trust all information that Performance Trust requests, and will allow Performance Trust the opportunity to discuss with the management of the Company the financial condition, business and operations of the Company. The Company acknowledges that Performance Trust will rely upon the accuracy and completeness of all information received from the Company and its directors, trustees, officers, employees, agents, independent accountants and counsel.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

**<u>BLUE SKY MATTERS</u>**

Performance Trust 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 will cause such counsel to prepare a Blue-Sky Memorandum related to the Offering, including Performance Trust 's participation therein, and shall furnish Performance Trust a copy thereof addressed to Performance Trust or upon which such counsel shall state Performance Trust may rely.

**<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, legal process or order of any court or governmental or regulatory authority, Performance Trust 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 Performance Trust may disclose such information to its employees, consultants, agents and advisors who are assisting or advising Performance Trust in performing its services hereunder. As used in this paragraph, the term "Confidential Information" shall not include information that (a) is or becomes generally available to the public other than as a result of a disclosure by Performance Trust in breach of the confidentiality obligations contained herein, (b) was available to Performance Trust on a non-confidential basis prior to its disclosure to Performance Trust by the Company, (c) becomes available to Performance Trust on a non-confidential basis from a person other than the Company who is not otherwise known to Performance Trust to be bound not to disclose such information pursuant to a contractual, legal or fiduciary obligation owed to the Company, or (d) is independently developed by Performance Trust without use of or reference to the Confidential Information disclosed hereunder.

Upon the written request of the Company, Performance Trust will promptly return, destroy or cause the return or destruction of all Confidential Information in written form or set forth in other tangible media provided to it by or on behalf of the Company (in each case including all copies); provided, however, that nothing herein will be construed to limit Performance Trust's ability to retain archival or backup copies of Confidential Information as may be required to fulfill its legal and regulatory obligations or its compliance and recordkeeping obligations, policies or procedures. Performance Trust shall confirm to the Company in writing any destruction of materials. Confidential Information not returned or destroyed (including oral Confidential Information) shall remain subject to the confidentiality obligations set forth in this Agreement. The Company represents that it has all rights necessary to disclose or provide Confidential Information to Performance Trust under the terms hereof and that such Confidential Information will not contain or reflect any material inaccuracies or omissions.

If Performance Trust is requested or required under applicable law or regulation, or by questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or other legally binding process, to disclose any Confidential Information relating to the Company, Performance Trust (if practicable and legally permitted to do so) will provide the Company with prompt notice (written, if practicable) of any such request or requirement and otherwise provide commercially reasonable cooperation to the Company (at the Company's expense) so that the Company may seek an appropriate protective order or other appropriate remedy or waive compliance with the provisions of this Agreement. Notwithstanding the foregoing, no such notice shall be required in the case of a routine audit or regulatory or administrative exam or review of Performance Trust not specifically related to the Company. Performance Trust (A) may furnish that portion of the Confidential Information that it is legally compelled to disclose and shall if practicable request that confidential treatment will be accorded to such information by the party compelling such disclosure, and (B) will not oppose action by the Company to obtain an appropriate protective order or other assurance that confidential treatment will be accorded the Confidential Information.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

The Company hereby acknowledges and agrees that the financial models and presentations used by Performance Trust in performing its services hereunder have been developed by and are proprietary to Performance Trust and are protected under applicable law, and agrees that it will not reproduce or distribute all or any portion of such models or presentations without the prior written consent of Performance Trust.

**<u>INDEMNIFICATION</u>**

Each of the Bank and the Holding Company, jointly and severally, agrees to indemnify and hold Performance Trust and its affiliates and their respective partners, directors, officers, employees, agents and controlling persons within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934, as amended (collectively the "**Performance Trust Indemnified Parties**" and each such person being an "**Performance Trust Indemnified Party**") harmless from and against any and all losses, claims, damages and liabilities, joint or several, to which such Performance Trust Indemnified Party may become subject under applicable federal or state law, or otherwise, (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the offering documents, including documents described or incorporated by reference therein, or in any other written or oral communication provided by or on behalf of the Holding Company or the Bank to any actual or prospective purchaser of the Shares or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) arising out of or based in whole or in part on any inaccuracy in the representations or warranties of the Holding Company or the Bank contained in any agency agreement, or any failure of the Holding Company or the Bank to perform its respective obligations thereunder or (iii) related to or arising out of the Offering or the engagement of Performance Trust pursuant to, or the performance by Performance Trust of the services contemplated by, this letter, and will reimburse any Performance Trust Indemnified Party for all expenses (including reasonable legal fees and expenses) as they are incurred, including expenses incurred in connection with the investigation of, preparation for or defense of any pending or threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party; provided, however, that the Company will not be liable to Performance Trust in its capacity as marketing agent (a) to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon any untrue statement of a material fact or the omission of a material fact required to be stated therein or necessary to make not misleading any statements contained in any final prospectus, or any amendment or supplement thereto, made in reliance on and in conformity with written information furnished to the Company by Performance Trust expressly for use therein, or (b) under clause (iii) of this paragraph to the extent that it is finally determined by the non-appealable decision of a court of competent jurisdiction that any such loss, claim, damage, liability or expense is primarily attributable to the gross negligence, willful misconduct of Performance Trust. If the foregoing indemnification is unavailable for any reason other than for the reasons stated in subparagraph (a) or (b) above, the Company agrees to contribute to such losses, claims, damages, liabilities and expenses in the proportion that its financial interest in the Offering bears to that of Performance Trust; provided, however*,* in no event shall Performance Trust's aggregate contribution to the amount paid or payable exceed the aggregate amount of fees actually received by Performance Trust pursuant to the provisions of this a Agreement. The Company further agrees that neither Performance Trust nor any of its controlling persons, affiliates, partners, directors, officers, employees or consultants shall have any liability to the Holding Company or the Bank or any person asserting claims on behalf of or in right of the Holding Company or the Bank for any losses, claims, damages, liabilities or expenses arising out of or relating to this agreement or the services to be rendered by Performance Trust hereunder, unless it is finally judicially determined by the non-appealable decision of a court of competent jurisdiction, that such losses, claims, damages, liabilities or expenses resulted directly from the gross negligence or willful misconduct of Performance Trust.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

Each of the Bank and the Holding Company agrees to notify Performance Trust promptly of the assertion against it or any other person of any claim or the commencement of any action or proceeding relating to any transaction contemplated by this Agreement. Each of the Bank and the Holding Company will not, without Performance Trust's prior written consent, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any claim, action or proceeding in respect of which indemnity may be sought hereunder, whether or not any Performance Trust Indemnified Party is an actual or potential party thereto, unless such settlement, compromise, consent or termination (i) includes an explicit and unconditional release of each Performance Trust Indemnified Party from any liabilities arising out of such claim, action or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Performance Trust Indemnified Party. If the Holding Company or the Bank enters into any agreement or arrangement with respect to, or effects, any proposed sale, exchange, dividend or other distribution or liquidation of all or substantially all of its assets in one or a series of transactions, the Bank or the Holding Company, as the case may be, shall provide for the assumption of its obligations under this section by the purchaser or transferee of such assets or another party reasonably satisfactory to Performance Trust.

In no event shall a Performance Trust Indemnified Party be liable for any consequential, indirect, incidental, or special damages. The defense, indemnity, reimbursement, contribution and other obligations and agreements of Bank and the Holding Company set forth herein shall apply to any modifications of this Agreement, and shall be in addition to any liability which Performance Trust may otherwise have. The rights of the indemnified parties under this Agreement shall be in addition to any rights that any Performance Trust Indemnified Party may have at common law, in equity, or otherwise. For the sole purpose of enforcing and otherwise giving effect to the provisions of this Agreement, the Bank and the Holding Company hereby consent to personal jurisdiction and service and venue in any court in which any claim which is subject to this Agreement is brought against the Performance Trust Indemnified Parties.

The reimbursement, indemnity and contribution obligations of each of the Bank and the Holding Company set forth herein shall apply to any modification of this Agreement and shall remain in full force and effect regardless of any termination of, or the completion of any indemnified person's services hereunder.

Notwithstanding any other provision set forth in this Agreement, in no event shall any payments made by the Bank or the Holding Company pursuant to this Agreement 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.

**<u>MATTERS RELATING TO ENGAGEMENT</u>**

The Company acknowledges and agrees that Performance Trust has been engaged solely as an independent contractor to provide the Services set forth herein. In rendering such Services, Performance Trust will be acting solely pursuant to a contractual relationship on an arm's length basis with respect to such Services (including in connection with determining the terms of each Investment) and not as a fiduciary to the Company or any other person. Additionally, the Company acknowledges that Performance Trust is not advising the Company or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and Performance Trust shall have no responsibility or liability to the Company with respect thereto. The Company also acknowledges that nothing in this Agreement is intended to create duties to the Company beyond those expressly provided for in this Agreement or to create duties of any kind to the Company's creditors or security holders, and Performance Trust and the Company specifically disclaim the creation of any fiduciary relationship between, or the imposition of any fiduciary duties on, either party. Finally, the Company agrees that Performance Trust may perform the Services contemplated hereby in conjunction with its affiliates, and that any affiliates of Performance Trust performing Services hereunder shall be entitled to the benefits and be subject to the terms of this Agreement.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

The Company acknowledges that Performance Trust is a securities firm engaged in securities, trading and brokerage activities and providing investment banking and financial advisory services. In addition, Performance Trust and its affiliates may from time to time perform various investment banking and financial advisory services for other clients and customers who may have conflicting interests with respect to you. The Company also acknowledges that Performance Trust and its affiliates have no obligation to use in connection with this engagement or to furnish the Company, confidential information obtained from other persons.

It is understood that the provisions herein relating to the payment of fees and expenses and those relating to governing law and submission to jurisdiction, and those contained under the captions "Confidentiality" and "Indemnification" will survive any termination of this Agreement.

**<u>REPRESENTATIONS</u>**

Each of the Bank, the Holding Company and Performance Trust represents and warrants that it has all requisite power and authority to enter into and carry out the terms and provisions of this Agreement, the execution, delivery and performance of this Agreement does not breach or conflict with any agreement, document or instrument to which it is a party or bound and this Agreement has been duly authorized, executed and delivered by it.

**<u>DEFINITIVE AGREEMENT</u>**

Performance Trust and the Company agree that (a) except as set forth in clause (b), the foregoing represents the general intention of the Company and Performance Trust with respect to the Services to be provided by Performance Trust in connection with the Offering, which will serve as a basis for Performance Trust commencing activities, and (b) the only legal and binding obligations of the Company and Performance Trust with respect to the Offering shall be (1) the Company's obligation to reimburse costs and expenses pursuant to the section captioned "Costs and Expenses," (2) those set forth under the captions "Confidentiality", "Representations" and "Indemnification," and (3) as set forth in a duly negotiated and executed definitive agency agreement (the "Agency Agreement") to be entered into prior to the commencement of the Offering relating to the services of Performance Trust in connection with the Offering. Such Agency Agreement shall be in form and content satisfactory to Performance Trust and the Company and their respective counsel and shall contain standard indemnification and contribution provisions consistent herewith.

Performance Trust's execution of such Agency Agreement shall also be subject to (i) Performance Trust's satisfaction with its investigation of the Company's business, financial condition and results of operations, (ii) preparation of offering materials that are satisfactory to Performance Trust and its counsel, (iii) compliance with all relevant legal and regulatory requirements to the reasonable satisfaction of Performance Trust, (iv) agreement that the price established by the independent appraiser is reasonable, and (v) market conditions at the time of the commencement of the proposed Offering. Performance Trust may terminate this agreement if such Agency Agreement is not entered into prior to November 15, 2026.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect to the conflicts of laws principles thereof. The Company and Performance Trust irrevocably agree to waive trial by jury in any action, proceeding, claim or counterclaim brought by or on behalf of either party related to or arising out of this Agreement or the performance of services hereunder.

Each of the parties hereto irrevocably agrees that, except as otherwise set forth in this paragraph, any state or federal court sitting in the City of Chicago shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute arising out of or relating to this Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts. The Company hereby agrees that service of any process, summons, notice or document by hand delivery or registered mail addressed to the Company, shall be effective service of process for any suit, action or proceeding brought in any such court. The Company irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. The Company agrees that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other court to whose jurisdiction the Company is or may in the future be subject, by suit upon judgment. The Company further agrees that nothing herein shall affect Performance Trust's right to effect service of process in any other manner permitted by law or to bring a suit, action or proceeding (including a proceeding for enforcement of a judgment) in any other court or jurisdiction in accordance with applicable law. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and can be altered only by written consent signed by the parties.

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to Performance Trust the duplicate copy of this letter enclosed herewith.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Performance Trust Capital Partners, LLC** | **Performance Trust Capital Partners, LLC** |
| By: | /s/ James T. Crotty |
| Name: James T. Crotty | Name: James T. Crotty |
| Title: Managing Director | Title: Managing Director |

---

---

| | |
|:---|:---|
| Accepted and agreed to as of the date first above written: | Accepted and agreed to as of the date first above written: |
| **Community Savings Bank** | **Community Savings Bank** |
| By: | /s/ John E. Essen |
| Name: John E. Essen | Name: John E. Essen |
| Title: President and Chief Executive Officer | Title: President and Chief Executive Officer |

---

![](tm268082d1_ex1-2img002.jpg)

## Exhibit 1.2

**Exhibit 1.2**

![](tm268082d1_ex1-2img001.jpg)

November 21, 2025

Community Savings Bank

500 West Plane Street

Bethel, Ohio 45106

Attn: John E. Essen

Dear Mr. Essen:

We understand that the Board of Directors of Community Savings Bank (the "**Bank**") is considering the adoption of a Plan of Conversion (the "**Plan**") pursuant to which the Bank will convert to stock form and in connection therewith (A) reorganize into the holding company form (the "**Conversion**") and (B) issue shares (the "**Shares**") of common stock (the "**Common Stock**") of a newly organized stock holding company (the "**Holding Company**") to be offered and sold in a public offering. The Holding Company and the Bank are sometimes collectively referred to herein as the "**Company**" and their respective boards of directors are sometimes collectively referred to as the "**Boards**." Performance Trust Capital Partners, LLC ("**Performance Trust**") is pleased to assist the Company on a best efforts basis with the Offering (as defined below), and this letter (the "**Agreemen**<u>t</u>") shall confirm the terms and conditions of our engagement as records agent and stock information center manager to the Company.

It is Performance Trust's understanding that under the terms of the Plan and applicable regulations, the Shares will be offered first to eligible members of the Bank and the Bank's tax-qualified employee stock benefit plans (the "**Subscription Offering**"). Subject to the prior rights of subscribers in the Subscription Offering, the Shares may be offered in a community offering, with a preference given in the community offering to residents of the communities served by the Bank (the "**Direct Community Offering**," and together with the Subscription Offering, the "**Subscription and Community Offering**"). Shares not subscribed for in the Subscription Offering and any Direct Community Offering, may be offered to the general public by Performance Trust on a best efforts basis (the "**Syndicated Community Offering**" and together with the Subscription and Community Offering, the "**Offering**"). Performance Trust may, in consultation with the Company, form a syndicate of registered dealers to assist in any Syndicated Community Offering.

**<u>SERVICES AND FEES</u>**

In our role as Records Agent and Stock Information Center Manager in relation to the transaction contemplated by this Agreement, we anticipate that our services will include the services outlined below, each as may be necessary and as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Records Agent services including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Processing of customer account information as of all record dates, to identify customer subscription and
voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidation of customer accounts by ownership for voting and offering purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordination with the Company's financial printer for labeling and mailing of all proxy and offering
materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide supporting account information and consult with the Company's legal counsel for "blue sky" research and
required state securities registrations, if needed;

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assist the Company's transfer agent with the generation and mailing of DRS ownership statements, interest and refund checks, and 1099-INT statements, as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate proxy tabulation and solicitation efforts to be provided by an independent proxy tabulator and solicitation agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act as the Inspector of Election for the special meeting of members, if requested, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Information Center Manager services including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock order management and reporting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organization and supervision of the Stock Information Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee training.

Performance Trust will provide the records agent services contemplated hereby. The parties hereto expressly acknowledge and agree that Performance Trust may, in its discretion as it sees fit, subcontract certain records agent services, including without limitation certain integral data processing functions, to any one or more of its affiliates or non-affiliate third parties. Performance Trust shall exercise reasonable care in selecting non-affiliate third parties, if any. For its services hereunder, the Company agrees to pay Performance Trust a fee of Thirty Thousand Dollars ($30,000), with Ten Thousand Dollars ($10,000), payable upon execution of this Agreement and the balance paid on the day of the closing of the Offering. This fee is based upon the requirements of current regulations and the Plan as currently contemplated. Any unusual or additional items or duplication of service required as a result of a material change in the regulations or the Plan, a material delay, required resolicitation of the Offering or other similar events may result in extra charges that will be covered in a separate agreement if and when they occur and shall not exceed Ten Thousand Dollars ($10,000). The Company will inform Performance Trust within a reasonable period of any changes in the Plan that require changes in Performance Trust's services. Fees under this Agreement shall be payable in immediately available funds when invoiced.

It is understood that all expenses associated with the operation of the Stock Information Center will be borne by the Company. The Company also agrees to reimburse Performance Trust, upon request made from time to time, for its reasonable out-of-pocket expenses incurred in connection with its engagement hereunder, regardless of whether the Offering is consummated, including, without limitation, travel, lodging, food, telephone, postage, third-party data processing and data entry services, communications and other similar expenses, up to a maximum of Thirty Thousand Dollars ($30,000); provided, however*,* that Performance Trust shall document such expenses to the reasonable satisfaction of the Company. The provisions of this paragraph are not intended to apply to or in any way impair the indemnification provisions of this Agreement.

**<u>RELIANCE ON INFORMATION PROVIDED</u>**

The Company will provide Performance Trust with such information as Performance Trust may reasonably require to carry out its duties hereunder. The Company recognizes and confirms that Performance Trust (a) will use and rely on such information in performing the services contemplated by this Agreement without having independently verified the same, and (b) does not assume responsibility for the accuracy or completeness of the information provided by the Company.

To help the United States government fight the funding of terrorism and money laundering activities, the federal law of the United States requires all financial institutions to obtain, verify and record information that identifies each person with whom they do business. This means Performance Trust may ask the Company and its significant shareholders or equity holders for certain identifying information and documents, including a government-issued identification number (e.g., a U.S. taxpayer identification number) and copies of documents containing personal identifying information, and such other information or documents that Performance Trust and its counsel consider appropriate to verify the bona fide existence of the Company (e.g., certified articles of incorporation, a government-issued business license, a partnership agreement or a trust instrument) and the identities of its significant shareholders or equity holders.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

**<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, legal process or order of any court or governmental or regulatory authority, Performance Trust 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 Performance Trust may disclose such information to its affiliates, partners, directors, employees, agents and advisors who are assisting or advising Performance Trust in performing its services hereunder and who have been directed to comply with the terms and conditions of this section. As used in this section, 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 Performance Trust in breach of the confidentiality obligations contained herein, (b) was available to Performance Trust on a non-confidential basis prior to its disclosure to Performance Trust by the Company, (c) becomes available to Performance Trust on a non-confidential basis from a person other than the Company who is not otherwise known to Performance Trust to be bound not to disclose such information pursuant to a contractual, legal or fiduciary obligation owed to the Company, or (d) is independently developed by Performance Trust without use of or reference to the Confidential Information disclosed hereunder.

Upon the written request of the Company, Performance Trust will promptly, but in any event within ten (10) business days after receipt of such request, return, destroy (to the extent technically practicable) or cause the return or destruction of all Confidential Information in written form or set forth in other tangible media provided to it by or on behalf of the Company (in each case including all copies); provided, however, that nothing herein will be construed to limit Performance Trust's ability to retain archival copies of Confidential Information as may be required to fulfill its legal and regulatory obligations and its compliance and recordkeeping obligations policies or procedures. Any destruction of materials shall be verified promptly to the Company by Performance Trust in writing. Any Confidential Information that has not been returned or destroyed, including, without limitation, any oral Confidential Information, shall remain subject to the confidentiality obligations set forth in this Agreement.

If Performance Trust is requested or required under applicable law or by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or other legally binding process, to disclose any Confidential Information relating to the Company, it is agreed that Performance Trust (if legally permitted to do so) will provide the Company with prompt notice of any such request or requirement (written, if practical) and otherwise provide reasonable cooperation the Company (at the Company's expense) in order to enable the Company to seek an appropriate protective order or other appropriate remedy or to waive compliance with the provisions of this Agreement. Notwithstanding the foregoing, no such notice shall be required in the case of a routine audit or regulatory or administrative review of Performance Trust not specifically related to the Company. In the event that such protective order or other remedy is not obtained, or to the extent that the Company grants a written waiver hereunder, Performance Trust may furnish that portion (and only that portion) of the Confidential Information, which it is legally compelled to disclose and with respect to which it agrees to exercise its commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information by the receiving party compelling such disclosure. In any event, Performance Trust will not oppose action by the Company to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

**<u>LIMITATIONS</u>**

Performance Trust, as Records Agent and Stock Information Center Manager hereunder, (a) shall have no duties or obligations other than those specifically set forth herein; (b) will 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 statements of ownership or the shares represented thereby, and will not be required to and will make no representations as to the validity, value or genuineness of the Offering; (c) shall not be liable to any person or entity, 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; (d) will not be obliged to take any legal action hereunder which might in its judgment involve any expense or liability, unless it shall have been furnished with reasonable indemnity satisfactory to it (as provided for in the Indemnification section below); 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.

Anything in this Agreement to the contrary notwithstanding, in no event shall Performance Trust be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if Performance Trust has been advised of the likelihood of such loss or damage and regardless of the form of action.

**<u>INDEMNIFICATION</u>**

In connection with Performance Trust's engagement to advise and assist the Company as provided herein, each of the Bank and the Holding Company jointly and severally agrees to indemnify and hold Performance Trust and its affiliates and their respective partners, directors, officers, employees, agents and controlling persons within the meaning of Section 15 of the Securities Act of 1933 or Section 20 of the Securities Exchange Act of 1934 (Performance Trust and each such person being an "**Indemnified Party**") harmless, to the fullest extent permitted by law, from and against any and all losses, direct or class action claims, damages, costs and liabilities, joint or several, to which such Indemnified Party may become subject under applicable federal or state law, or otherwise, related to or arising out of Performance Trust's role as Records Agent and Stock Information Center Manager or the Offering or the engagement of Performance Trust pursuant to, or the performance by Performance Trust of the services contemplated by, this Agreement, and will reimburse any Indemnified Party for all expenses (including reasonable legal fees and expenses and costs of production or response) as they are incurred, including expenses incurred in connection with the investigation, responding, preparation for or defense of any pending or threatened regulatory inquiry, subpoena or discovery response, claim or any action or other proceeding arising therefrom, whether or not in connection with pending or threatened litigation in which Indemnified Party is a party or inquiry of which Indemnified Party is subject; provided, however*,* that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense which are finally judicially determined by the non-appealable decision of a court of competent jurisdiction to have resulted primarily from Performance Trust's gross negligence or willful misconduct.

If the foregoing indemnification is determined to be unavailable for any reason (other than the applicability of the proviso to the immediately preceding sentence), then, in lieu of indemnifying such Indemnified Party, the Company agrees to contribute to such losses, claims, damages, costs, liabilities and expenses (a) in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and Performance Trust, on the other hand, of the engagement provided for in this Agreement or (b) if the allocation provided for in clause (a) above is not available, in such proportion as is appropriate to reflect not only the relative benefits referred to in such clause (a) but also the relative fault of each of the Company and Performance Trust, as well as any other relevant equitable consideration; provided, however, in no event shall Performance Trust's aggregate contribution to the amount paid or payable exceed the aggregate amount of fees actually received by Performance Trust under this Agreement. For the purposes of this Agreement, the relative benefits to the Company and to Performance Trust of the engagement under this Agreement shall be deemed to be in the same proportion as (a) the total value paid or contemplated to be paid or received or contemplated to be received by the Company or the Company's members or other stakeholders, as the case may be, in the Offering that are [is] the subject of the engagement hereunder, whether or not any such Offering is consummated, bears to (b) the fees paid or to be paid to Performance Trust under this Agreement.

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

The Company agrees to notify Performance Trust promptly of the assertion against it or any other person of any claim or the commencement of any action or proceeding relating to any transaction contemplated by this Agreement. The Company will not, without Performance Trust's prior written consent, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any claim, action or proceeding in respect of which indemnity may be sought hereunder, whether or not any Indemnified Party is an actual or potential party thereto, unless such settlement, compromise, consent or termination (a) includes an explicit and unconditional release of each Indemnified Party from any liabilities arising out of such claim, action or proceeding and (b) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party.

Notwithstanding any other provision set forth in this Agreement, in no event shall any payments made by the Bank or the Holding Company pursuant to this Agreement 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.

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and can be altered only by written consent signed by the parties. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect to the conflicts of laws principles thereof. The Company and Performance Trust irrevocably agree to waive trial by jury in any action, proceeding, claim or counterclaim brought by or on behalf of either party related to or arising out of this Agreement or the performance of services hereunder.

Each of the parties hereto irrevocably agrees that, except as otherwise set forth in this paragraph, any state or federal court sitting in the City of Chicago shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute arising out of or relating to this Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts. The Company hereby agrees that service of any process, summons, notice or document by hand delivery or registered mail addressed to the Company, shall be effective service of process for any suit, action or proceeding brought in any such court. The Company irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. The Company agrees that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other court to whose jurisdiction the Company is or may in the future be subject, by suit upon judgment. The Company further agrees that nothing herein shall affect Performance Trust's right to effect service of process in any other manner permitted by law or to bring a suit, action or proceeding (including a proceeding for enforcement of a judgment) in any other court or jurisdiction in accordance with applicable law. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and can be altered only by written consent signed by the parties.

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![](tm268082d1_ex1-2img001.jpg)

If the Holding Company or the Bank enters into any agreement or arrangement with respect to, or effects, any proposed sale, exchange, dividend or other distribution or liquidation of all or substantially all of its assets in one or a series of transactions, the Bank or the Holding Company shall provide for the assumption of its obligations under this section by the purchaser or transferee of such assets or another party reasonably satisfactory to Performance Trust.

It is understood that the provisions herein relating to the payment of fees and expenses and those relating to governing law and submission to jurisdiction, and those contained under the captions "Reliance on Information Provided", "Confidentiality", "Limitations" and "Indemnification," will survive any termination of this Agreement.

*(Remainder of Page Intentionally Left Blank)*

![](tm268082d1_ex1-2img002.jpg)

![](tm268082d1_ex1-2img001.jpg)

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to Performance Trust the duplicate copy of this Agreement enclosed herewith.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Performance Trust Capital Partners, LLC** | **Performance Trust Capital Partners, LLC** |
| By: | /s/ James T. Crotty |
| Name: James T. Crotty | Name: James T. Crotty |
| Title: Managing Director | Title: Managing Director |

---

---

| | |
|:---|:---|
| Accepted and agreed to as of the date first above written: | Accepted and agreed to as of the date first above written: |
| **Community Savings Bank** | **Community Savings Bank** |
| By: | /s/ John E. Essen |
| Name: John E. Essen | Name: John E. Essen |
| Title: President and Chief Executive Officer | Title: President and Chief Executive Officer |

---

![](tm268082d1_ex1-2img002.jpg)

## Ex-2

**Exhibit 2**

**PLAN OF CONVERSION**

**OF**

**COMMUNITY SAVINGS BANK**

**TABLE OF CONTENTS**

1. INTRODUCTION 1

2. DEFINITIONS 1

3. PROCEDURES FOR CONVERSION 6

4. APPLICATIONS AND APPROVALS 8

5. SALE OF SUBSCRIPTION SHARES 9

6. PURCHASE PRICE AND NUMBER OF SUBSCRIPTION SHARES 9

7. RETENTION OF OFFERING PROCEEDS BY THE HOLDING COMPANY 10

8. SUBSCRIPTION RIGHTS OF ELIGIBLE ACCOUNT HOLDERS (FIRST PRIORITY) 10

9. SUBSCRIPTION RIGHTS OF EMPLOYEE PLANS (SECOND PRIORITY) 11

10. SUBSCRIPTION RIGHTS OF SUPPLEMENTAL ELIGIBLE ACCOUNT HOLDERS (THIRD PRIORITY) 11

11. SUBSCRIPTION RIGHTS OF OTHER MEMBERS (FOURTH PRIORITY) 12

12. COMMUNITY OFFERING 12

13. SYNDICATED COMMUNITY OFFERING OR FIRM COMMITMENT UNDERWRITTEN OFFERING 13

14. LIMITATIONS ON PURCHASES 14

15. PAYMENT FOR SUBSCRIPTION SHARES 15

16. MANNER OF EXERCISING SUBSCRIPTION RIGHTS THROUGH ORDER FORMS 16

17. UNDELIVERED, DEFECTIVE OR LATE ORDER FORM; INSUFFICIENT PAYMENT 17

18. RESIDENTS OF FOREIGN COUNTRIES AND CERTAIN STATES 17

19. CONTRIBUTION TO THE FOUNDATION 18

20. ESTABLISHMENT OF LIQUIDATION ACCOUNT 19

21. VOTING RIGHTS OF STOCKHOLDERS 19

22. RESTRICTIONS ON RESALE OR SUBSEQUENT DISPOSITION 19

23. REQUIREMENTS FOR STOCK PURCHASES BY DIRECTORS AND OFFICERS FOLLOWING THE CONVERSION 20

24. TRANSFER OF DEPOSIT ACCOUNTS 21

25. REGISTRATION AND MARKETING 21

26. TAX RULINGS OR OPINIONS 21

27. STOCK BENEFIT PLANS AND EMPLOYMENT AGREEMENTS 21

28. RESTRICTIONS ON ACQUISITION OF BANK AND HOLDING COMPANY 22

29. PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK 23

30. CONSUMMATION OF CONVERSION AND EFFECTIVE DATE 23

31. EXPENSES OF CONVERSION 23

32. AMENDMENT OR TERMINATION OF PLAN 23

33. CONDITIONS TO CONVERSION 23

34. INTERPRETATION 24

(i) **PLAN OF CONVERSION**

**OF**

**COMMUNITY SAVINGS BANK**

**1.** **INTRODUCTION** 

This Plan of Conversion (the "Plan") provides for the conversion of Community Savings Bank, an Ohio state-chartered mutual bank (the "Bank"), into the capital stock form of organization. A new stock holding company (the "Holding Company") will be established as part of the Conversion and will issue Common Stock in connection with the Conversion. The purpose of the Conversion is to convert the Bank to the capital stock form of organization and to raise capital in the Offering. The Holding Company will offer its Common Stock in the Offering upon the terms and conditions set forth in this Plan. The subscription rights granted to Participants in the Subscription Offering are set forth in Sections 8 through 11 hereof. All sales of Common Stock in the Community Offering, the Syndicated Community Offering or the Firm Commitment Underwritten Offering will be at the sole discretion of the Boards of Directors of the Bank and the Holding Company. The Conversion will have no impact on depositors, borrowers or other customers of the Bank (other than as to voting and liquidation rights as set forth in this Plan). After the Conversion, the Bank's insured deposits will continue to be insured by the FDIC to the fullest extent provided by applicable law.

In furtherance of the Bank's commitment to its community, the Plan provides for a contribution of Holding Company Common Stock 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 by allowing the Bank's local communities to share in the expected growth and profitability of the Holding Company and the Bank over the long term.

This Plan has been approved by the Board of Directors of the Bank. This Plan must be approved by two-thirds of the total number of votes eligible to be cast by Voting Members and the establishment of the Foundation must be approved by a majority of the total number of votes eligible to be cast by Voting Members of the Bank at a Meeting of Members to be called for that purpose. The Bank Regulators must approve this Plan and the transactions contemplated by it before it is presented to Voting Members for their approval. In addition, the Holding Company will make any and all filings in a timely manner with the Federal Reserve and the SEC to obtain any requisite regulatory approvals to complete the Conversion.

**2.** **DEFINITIONS** 

For the purposes of this Plan, the following terms have the following respective meanings:

**Account Holder** – Any Person holding a Deposit Account in the Bank.

**Acting in Concert** – The term Acting in Concert means (i) knowing participation in a joint activity or interdependent conscious 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. A person or company that acts in concert with another person or company ("other party") shall also be deemed to be acting in concert with any person or company that 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.

**Affiliate** – When applied to a specified Person, includes any Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person.

**Appraised Value Range** – The range of the estimated consolidated pro forma market value of the Holding Company, which shall also be equal to the estimated pro forma market value of the total number of Subscription Shares 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. The maximum of the Appraised Value Range may be increased by up to 15% after the commencement of the Subscription Offering to reflect changes in market or financial conditions or demand for the Common Stock.

**Associate** – When used to indicate a relationship with any Person, means (i) any corporation or organization (other than the Holding Company, the Bank or a majority-owned subsidiary of the Bank) if the Person is a senior officer or partner or beneficially owns, directly or indirectly, 10% or more of any class of equity securities of the corporation or organization, (ii) 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 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 (iii) 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 or a subsidiary of the Bank or the Holding Company.

**Bank** – Community Savings Bank, Bethel, Ohio.

**Bank Regulators** – The ODFI, the FDIC and, where applicable, the Federal Reserve.

**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** – Clermont and Highland Counties in Ohio.

**Community Offering** – The offering for sale to certain members of the general public directly by the Holding Company of Subscription Shares not subscribed for in the Subscription Offering. The Community Offering may occur concurrently with the Subscription Offering and 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. §5.50.

**Conversion** – The conversion of the Bank to stock form pursuant to this Plan, and all steps incident or necessary thereto including the Offering.

**Conversion** **Applications** – Applications for approval to consummate the Conversion, in such forms as may be prescribed by the FDIC and the ODFI, which the Bank will file with the FDIC and the ODFI, respectively.

**Deposit Account** – Any withdrawable account, including, without limitation, savings accounts, time accounts, demand accounts, NOW accounts, money market accounts, certificate accounts and passbook accounts.

**Director** – A member of the Board of Directors of the Bank or the Holding Company, as appropriate in the context.

**Eligible Account Holder** – Any Person holding a Qualifying Deposit as of the close of business on the Eligibility Record Date, for purposes of determining subscription rights and establishing subaccount balances in the Liquidation Account.

**Eligibility Record Date** – The date for determining Eligible Account Holders of the Bank, which is December 31, 2024.

**Employees** – All Persons who are employed by the Bank or the 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, including the Federal Reserve Bank of Cleveland.

**Firm Commitment Underwritten Offering** – The offering, at the sole discretion of the Holding Company, of Subscription Shares not subscribed for in the Subscription Offering and any Community Offering, to members of the general public through one or more underwriters. A Firm Commitment Underwritten Offering may occur following the Subscription Offering and the Community Offering as an alternative to a Syndicated Community Offering.

**Foundation**: A new charitable foundation intended to qualify as an exempt organization under Section 501(c)(3) of the Code 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** – The corporation formed for the purpose of acquiring all of the outstanding shares of capital stock of the Bank to be issued in connection with the Conversion, which shall be incorporated in such State as shall be designated by the Board of Directors. Shares of Common Stock of the Holding Company will be issued in the Conversion to Participants, and possibly others, in the Offering.

**Holding Company** **Application** – The application on such form as may be prescribed by the Federal Reserve, which will be filed by the Holding Company with the Federal Reserve in connection with the Conversion and the formation of the Holding Company.

**Independent Appraiser** – The independent appraiser retained by the Holding Company and the Bank to prepare an appraisal of the pro forma market value of the Subscription Shares.

**Liquidation Account** – The account established by the Bank 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 Bank immediately before the Conversion.

**Meeting of Members** – The special meeting or annual meeting of Voting Members, and any adjournments thereof, held to consider and vote upon this Plan.

**Member** – Any Person that qualifies as a member of the Bank pursuant to its articles of incorporation, constitution and bylaws.

**ODFI** – The Ohio Division of Financial Institutions, including the Superintendent of the Division of Financial Institutions.

**Offering** – The offering, sale and issuance, pursuant to this Plan, of Common Stock in the Subscription Offering, Community Offering, Syndicated Community Offering or Firm Commitment Underwritten Offering, as the case may be.

**Offering** **Range** – The range of the number of shares of Common Stock offered for sale in the Offering. The Offering Range shall equal the quotient of the Appraised Value Range divided by the Subscription Price.

**Officer** – The chief executive officer, 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, and any other person performing similar functions with respect to any organization whether incorporated or unincorporated. The term Officer also includes the Chairman of the Board of Directors if the Chairman is authorized by the articles of incorporation, constitution 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 acknowledgment) sent to any Participant or other Person containing, among other things, a description of the alternatives available to such Person under this Plan and by which any such Person may make elections regarding subscriptions for Subscription Shares.

**Other Member** – Any Member as of the close of business on the Voting Record Date who is not an Eligible Account Holder or a Supplemental Eligible Account Holder.

**Participant** – Any Eligible Account Holder, Employee Plan, Supplemental Eligible Account Holder or Other Member.

**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 hereof and as it may hereafter be amended according to its terms.

**Prospectus** – The one or more documents used in offering for sale the Subscription Shares.

**Qualifying Deposit** – The aggregate balance of all Deposit Accounts in the Bank of (i) an Eligible Account Holder as of the close of business on the Eligibility Record Date, provided the aggregate balance is not less than $50.00, or (ii) a Supplemental Eligible Account Holder as of the close of business on the Supplemental Eligibility Record Date, provided the aggregate balance is not less than $50.00.

**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. For a corporation or other business entity to be a Resident, the principal place of business or headquarters of such 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 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 of the Community. In all cases, however, such a determination shall be in the sole discretion of 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.

**Subscription Offering** – The offering of Subscription Shares for sale to Participants.

**Subscription Price** – The price per Subscription Share to be paid by Participants and others in the Offering. The Subscription Price will be determined by the Board of Directors of the Holding Company and fixed before the commencement of the Subscription Offering. The Subscription Price shall be between $5.00 per share and $50.00 per share.

**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 Bank and the Holding Company and their Associates (unless the applicable Bank Regulators grant a waiver permitting a Director or Officer to be included), holding a Qualifying Deposit as of 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 approval of the Conversion by the Bank Regulators. The Supplemental Eligibility Record Date will only occur if Bank Regulators have 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 Subscription Shares 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 concurrently with the Subscription Offering and any Community Offering, or upon conclusion of the Subscription Offering and 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. The Bank may make scheduled discretionary contributions to a tax-qualified employee stock benefit plan, provided they do not cause the Bank to fail to meet its regulatory capital requirements. A "Non-Tax-Qualified Employee Stock Benefit Plan" is any defined benefit plan or defined contribution plan that is not so qualified.

**Voting Member** – Any Person who at the close of business on the Voting Record Date is entitled to vote as a Member of the Bank pursuant to its articles of incorporation, constitution and bylaws.

**Voting Record Date** – The date fixed by the Board of Directors of the Bank for determining eligibility to vote at the Meeting of Members.

**3.** **PROCEDURES FOR CONVERSION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. After approval of this Plan by the Bank's Board of Directors, this Plan and the transactions contemplated hereby, together with all other requisite material, shall be submitted to the Bank Regulators for approval. Notice of the adoption of this Plan by the Bank's Board of Directors shall 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 Members. The Bank also shall publish any required notices of the filing of the Conversion Applications with the FDIC and the ODFI and of the filing of the Holding Company Application with the Federal Reserve.

Promptly following approval by the Bank Regulators, this Plan and the transactions contemplated by it will be submitted to a vote of the Voting Members at the Meeting of Members. The Bank will mail to all Voting Members, at their address appearing on the records of the Bank as of the close of business on the Voting Record Date, a proxy statement in either long or summary form describing this Plan. The Holding Company also will mail to all Participants a Prospectus and Order Form for the purchase of Subscription Shares, subject to other provisions of this Plan. In addition, all Participants will receive, or will be given the opportunity to request by telephone or by letter addressed to the Bank's Secretary, a copy of this Plan. Upon approval of this Plan by two-thirds of the total number of votes entitled to be cast by Voting Members, the Holding Company and the Bank will take all other necessary steps pursuant to applicable laws and regulations to consummate the Conversion, including amendment of the Bank's articles of incorporation, constitution and bylaws. The Conversion must be completed within 24 months of the approval of this Plan by Voting Members, unless a longer time period is permitted by governing laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. 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 shares of Common Stock for which subscriptions have not been received in the Subscription Offering may be issued in a Community Offering, a Syndicated Community Offering or a Firm Commitment Underwritten Offering, or in any other manner permitted by the Bank Regulators and the SEC. All sales of shares of Common Stock 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. No single extension of more than 90 days will be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. 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. Each of the steps 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 Board of Directors of the Holding Company and the Board of Directors of the Bank, and applicable federal and state regulations and policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bank will amend and restate its Ohio articles of incorporation, constitution and bylaws to authorize
the issuance of capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Holding Company will purchase all of the capital stock issued by the Bank in connection with its conversion
from mutual to stock form, for at least 50% of the net proceeds of the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Holding Company will issue the Common Stock sold in the Offering as provided in this Plan. The Holding
Company shall have registered the issuance of the Subscription Shares and the Foundation Shares with the SEC and any appropriate state
securities authorities.

Approval of this Plan by Voting Members shall constitute approval of each of the transactions necessary to implement this Plan, including the adoption of the Bank's amended and restated articles of incorporation, constitution and bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Board of Directors of the Bank may determine for any reason at any time before the issuance of the Subscription Shares not to utilize a holding company form of organization in the Conversion. If the Board of Directors determines not to complete the Conversion utilizing a holding company form of organization, the common stock of the Bank will be issued and sold according to this Plan. In such case, the Holding Company's registration statement will be withdrawn from the SEC, the Holding Company's Holding Company Application will be withdrawn from the Federal Reserve, and the Bank will take steps necessary to complete the Conversion, including filing any necessary documents with the Bank Regulators and any other applicable state or federal regulatory agencies and will issue and sell the Subscription Shares according to this Plan. In such event, any subscriptions or orders received for Subscription Shares of the Holding Company shall be deemed to be subscriptions or orders for common stock of the Bank, and the Bank shall take such steps as permitted or required by the Bank Regulators and any other applicable state or federal regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Upon completion of the Conversion, the legal existence of the Bank shall not terminate but the Bank (in stock form) shall be a continuation of the entity of the Bank (in mutual form) and all property of the Bank (in mutual form), including its right, title and interest in and to all property of whatever kind and nature, whether real, personal, or mixed, and things, and choses in action, and every right, privilege, interest and asset of every conceivable value or benefit then existing or pertaining to it, or which would inure to it, immediately by operation of law and without the necessity of any conveyance or transfer and without any further act or deed shall vest in the Bank (in stock form). The Bank (in stock form) shall have, hold, and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by the Bank (in mutual form). The Bank (in stock form) at the time and the taking effect of the Conversion shall continue to have and succeed to all the rights, obligations and relations of the Bank (in mutual form). All pending actions and other judicial or administrative proceedings to which the Bank was a party shall not be discontinued by reason of the Conversion, but may be prosecuted to final judgment or order in the same manner as if the Conversion had not been made and the Bank (in stock form) resulting from the Conversion may continue the actions in its name notwithstanding the Conversion. Upon completion of the Conversion, each Person having a Deposit Account at the Bank before the Conversion will continue to have a Deposit Account, without further payment therefor, in the same amount and subject to the same terms and conditions (except for voting and liquidation rights) as in effect before the Conversion. All of the Bank's insured Deposit Accounts will continue to be insured by the FDIC to the extent provided by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The home office and the branch office of the Bank shall be unaffected by the Conversion. The executive offices of the Holding Company shall be located at the main office of the Bank.

**4.** **APPLICATIONS AND APPROVALS** 

The Boards of Directors of the Holding Company and the Bank will take all necessary steps to convert the Bank to stock form, form the Holding Company, and complete the Conversion. The Bank shall file the Conversion Applications with the FDIC and the ODFI, and the Holding Company shall file the Holding Company Application with the Federal Reserve and a registration statement with the SEC. The Bank and Holding Company intend to make any additional filings necessary to obtain all approvals required to complete the Conversion.

In addition, the Boards of Directors of the Holding Company and the Bank intend to take all necessary steps to establish the Foundation and to fund the Foundation in the manner set forth in Section 19.

**5.** **SALE OF SUBSCRIPTION SHARES** 

The Subscription Shares will be offered for sale simultaneously in the Subscription Offering to the Participants in the respective priorities set forth in this Plan. The Subscription Offering may begin as early as the mailing of the Prospectus and the Proxy Statement for the Meeting of Members. The Common Stock will not be insured by the FDIC or any government agency. The Bank will not extend credit to any Person to purchase shares of Common Stock.

Any shares of Common Stock for which subscriptions have not been received in the Subscription Offering may be issued in the Community Offering. The Subscription Offering may begin before the Meeting of Members and, in that event, the Community Offering also may begin before the Meeting of Members. The sale of Common Stock offered for sale before the Meeting of Members, however, is subject to the approval of this Plan by Voting Members.

If feasible, any shares of Common Stock remaining available for sale after the Subscription Offering, and the Community Offering, if conducted, will be sold in a Syndicated Community Offering or a Firm Commitment Underwritten Offering, or in any other manner approved by the Bank Regulators that will achieve the widest distribution of the Common Stock. The issuance of Common Stock in the Subscription Offering and any Community Offering will be consummated simultaneously on the date of the sale of Common Stock in any Syndicated Community Offering or Firm Commitment Underwritten Offering, and only if the required minimum number of shares of Common Stock has been issued.

**6.** **PURCHASE PRICE AND NUMBER OF SUBSCRIPTION SHARES** 

The total number of shares, or range of number, of Subscription Shares to be offered for sale in the Offering will be determined jointly by the Boards of Directors of the Bank and the Holding Company immediately before the commencement of the Subscription Offering, and will be based on the Appraised Value Range and the Subscription Price. The Offering Range will equal the quotient of the Appraised Value Range divided by the Subscription Price. 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 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 Subscription Price multiplied by the number of shares of Common Stock to be sold in the Offering is below the minimum of the Appraised Value Range, or materially above the maximum of the Appraised Value Range, a resolicitation of subscribers may be required, provided that up to a 15% increase above the maximum of the Appraised Value Range shall be deemed not material and thus shall not require a resolicitation. Any such resolicitation shall be effected in such manner and within such time as the Bank and the Holding Company shall establish, provided that all required regulatory approvals are obtained.

Notwithstanding the foregoing, Subscription Shares will not be issued unless, before the consummation of the Offering, the Independent Appraiser confirms to the Bank, the Holding Company and the Bank Regulators, 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 shares of Common Stock to be sold in the Offering multiplied by the Subscription 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 Subscription Price and/or Appraised Value Range, hold a new Offering, or take such other action as the Bank Regulators may permit.

The Common Stock to be issued in the Offering shall be fully paid and non-assessable.

**7.** **RETENTION OF OFFERING PROCEEDS BY THE HOLDING COMPANY** 

The Holding Company may retain up to 50% of the net proceeds of the Offering. The Offering proceeds will provide additional capital to the Holding Company and the Bank for future growth of the Bank's assets, products and services in a highly competitive and regulated financial services environment, and would facilitate expansion through acquisitions of financial service organizations, diversification into other related businesses and for other business and investment purposes, including the possible payment of dividends and possible future repurchases of the Common Stock as permitted by applicable federal and state regulations and policy. Following the Conversion, the Bank may distribute additional capital to the Holding Company from time to time, subject to applicable regulations governing capital distributions.

**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 nontransferable subscription rights to subscribe for in the Subscription Offering up to the greater of 17,500 shares ($175,000) of Common Stock, 0.10% of the total number of shares of Common Stock 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 on the Eligibility Record Date, subject to the provisions of Section 14.

&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 their 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Subscription rights as Eligible Account Holders received by Directors and Officers and their Associates that are based on increased 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.

**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 shares of Common Stock issued and outstanding as of the consummation of the Conversion, including any Subscription Shares to be issued as a result of an increase in the maximum of the Offering Range after commencement of the Subscription Offering and before the completion of the Conversion and the Foundation Shares contributed to the Foundation. Consistent with applicable laws and regulations and 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 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 Conversion.

**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 nontransferable subscription rights to subscribe for in the Subscription Offering up to the greater of 17,500 shares ($175,000), 0.10% of the total number of shares of Common Stock 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 on the Supplemental Eligibility Record Date, subject to the availability of sufficient shares after filling in full all subscription orders of the Eligible Account Holders and Employee Plans and 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 such subscribing Supplemental Eligible Account Holder, to the extent possible, to purchase a number of shares sufficient to make their total allocation of Subscription Shares equal to the lesser of 100 shares or the number of shares for which each 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 each such Supplemental Eligible Account Holder 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.

**11.** **SUBSCRIPTION RIGHTS OF OTHER MEMBERS (FOURTH PRIORITY)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Other Member shall have nontransferable subscription rights to subscribe for in the Subscription Offering up to the greater of 17,500 shares ($175,000) of Common Stock or 0.10% of the total number of shares of Common Stock 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 to the purchase limitations specified in Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If Other Members 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 to Other Members so as to permit each such subscribing Other Member, to the extent possible, to purchase a number of shares sufficient to make their total allocation of Subscription Shares equal to the lesser of 100 shares or the number of shares for which each such Other Member has subscribed. Any remaining shares will be allocated among the subscribing Other Members whose subscriptions remain unsatisfied in the proportion that the amount of the subscription of each such Other Member bears to the total amount of the subscriptions of all Other Members whose subscriptions remain unsatisfied.

**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 offered for sale in the Community Offering through a direct community marketing program that 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. In the event orders for Common Stock 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 satisfy orders of other members of the general public, so that each Person in such category of the Community Offering may receive, to the extent possible, the lesser of 100 shares or the number of shares they ordered. In addition, orders received for shares in the Community Offering from natural persons (including trusts of natural persons) residing in the Community will be filled up to a maximum of two percent (2%) of the shares sold in the Offering, and thereafter any remaining shares will be allocated to Persons in such category of the Community Offering on an equal number of shares basis per order.

The Holding Company shall use its best efforts consistent with this Plan to distribute Common Stock 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 17,500 shares ($175,000) of Common Stock in the Community Offering, subject to the purchase limitations specified in Section 14.

**13.** **SYNDICATED COMMUNITY OFFERING OR FIRM COMMITMENT UNDERWRITTEN OFFERING** 

If feasible, the Board of Directors may determine to offer Subscription Shares not sold in the Subscription Offering or the Community Offering, if any, in a Syndicated Community Offering, subject to such terms, conditions and procedures as may be determined by the Holding Company, in a manner that will achieve the widest distribution of the Common Stock, 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 17,500 shares ($175,000) of Common Stock, subject to the purchase limitations specified in Section 14. Unless otherwise permitted by the Bank Regulators, orders received for shares in a Syndicated Community Offering will first be filled up to a maximum of two percent (2%) of the shares sold in the Offering, and thereafter any remaining 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 (including as soon as practicable after the termination of the Subscription Offering and any Community Offering), *provided* that the completion of the offer and sale of the Common Stock will be conditioned upon the approval of this Plan by Voting Members.

Alternatively, if feasible, the Board of Directors may determine to offer Subscription Shares not sold in the Subscription Offering and any Community Offering for sale in a Firm Commitment Underwritten Offering subject to such terms, conditions and procedures as may be determined by the Holding Company, subject to the right of the Holding Company to accept or reject in whole or in part any orders in the Firm Commitment Underwritten Offering. Provided the Subscription Offering has begun, the Holding Company may begin the Firm Commitment Underwritten Offering at any time.

If, for any reason, a Syndicated Community Offering or Firm Commitment Underwritten Offering of shares of Common Stock not sold in the Subscription and Community Offerings cannot be effected, or if any insignificant residue of shares of Common Stock is not sold in the Subscription and Community Offerings or in a Syndicated Community Offering or Firm Commitment Underwritten Offering, the Holding Company, if possible, will make other arrangements for the disposition of unsubscribed shares aggregating 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.

**14.** **LIMITATIONS ON PURCHASES** 

The following limitations shall apply to all purchases and issuances of shares of Subscription Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The maximum number of shares of Common Stock 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 ("In Concert Group") is 25,000 shares ($250,000), except that the Employee Plans may subscribe for up to 10% of the Subscription Shares sold (including shares issued in the event of an increase in the maximum of the Offering Range of 15%) and contributed to the Foundation. If the number of shares of Common Stock otherwise allocable pursuant to Sections 8 through 13, inclusive, would be in excess of the maximum number of shares permitted to be allocated to any In Concert Group as set forth in this section, the number of shares of Common Stock allocated to each Person that makes up such In Concert Group shall first be reduced to the lowest limitation applicable to each such Person and then the number of shares of Common Stock allocated to each such Person shall be reduced until the aggregate allocation to the In Concert Group complies with the limits of this Section 14. The method of reducing the allocation of each Person in any In Concert Group shall be determined by the Holding Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The maximum number of shares of Common Stock 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 33% of the shares of Common Stock sold in the Offering and contributed to the Foundation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A minimum of 25 shares of Common Stock must be purchased by each Person purchasing shares in the Offering to the extent those shares are available; provided, however, that in the event the minimum number of shares of Common Stock purchased times the Subscription 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;D. Depending upon market or financial conditions, the Board of Directors of the Holding Company, with the receipt of any required approvals of the Bank Regulators and without further approval of Voting Members, may decrease or increase any of the purchase limitations in this Plan, provided that the maximum purchase limitations may not be increased to a percentage in excess of 5.0% of the shares sold in the Offering, except as provided below. If the Holding Company increases the maximum purchase limitation(s), the Holding Company is only required to resolicit Persons who subscribed for the maximum purchase amount in the Subscription Offering and who indicated a desire to be resolicited on the Order Form. In the event of such 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 shares of Common Stock. Such persons will be prohibited from paying with a personal check, but the Holding Company may allow payment by wire transfer. If a maximum purchase limitation is increased to 5.0% of the shares sold in the Offering, such limitation may be further increased to 9.99% of the shares of Common Stock sold in the Offering; provided, that orders for Common Stock exceeding 5.0% of the shares of Common Stock sold in the Offering shall not exceed in the aggregate 10.0% of the total shares of Common Stock sold in the Offering. Whether to fill any requests to purchase additional Subscription Stock if the purchase limitation is so increased will be determined by the Board of Directors of the Holding Company in its sole discretion.

For purposes of this Section 14: (i) Directors, Officers and employees of the Bank 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) shares purchased by Tax-Qualified Employee Stock Benefit Plans shall not be attributable to the individual trustees or beneficiaries of any such plan for purposes of determining compliance with the limitations set forth in paragraphs A. and B. of this Section 14, and (iii) 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 Common Stock in the Offering shall be deemed to confirm that such purchase does not conflict with the above purchase limitations contained in this Plan.

**15.** **PAYMENT FOR SUBSCRIPTION SHARES** 

All payments for Common Stock subscribed for in the Subscription Offering and Community Offering must be delivered in full to the Bank, the Holding Company or an agent of the Bank or the Holding Company, as described in the Order Form, 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, then the Employee Plans shall not be required to pay for the shares of Common Stock at the time they subscribe for them but rather may pay for such shares of Common Stock at the Subscription Price upon consummation of the Offering. Subscription funds will be held in a segregated account at the Bank.

Except as set forth in Section 14.D., payment for Common Stock subscribed for in the Subscription Offering and any Community Offering shall be made by cash, personal check, money order or bank draft. Alternatively, subscribers in the Subscription and Community Offerings may pay for the shares for which they have subscribed by authorizing the Bank on the Order Form to make a withdrawal from designated types of Deposit Accounts at the Bank in an amount equal to the aggregate Subscription 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 passbook rate. Funds for which a withdrawal is authorized will remain in the subscriber's Deposit Account and will continue to earn interest therein, but may not be used by the subscriber during the Subscription and Community Offerings. 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 Subscription 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 cash, personal check, bank draft or money order will be paid by the Bank at not less than the passbook 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 and Community Offerings 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 making any loans or granting any lines of credit for the purchase of stock in the Offering, and therefore, will not do so.

**16.** **MANNER OF EXERCISING SUBSCRIPTION RIGHTS THROUGH ORDER FORMS** 

As soon as practicable after the registration statement prepared by the Holding Company and the Bank has been declared effective by the SEC, and the Bank Regulators have approved the Conversion, cleared the proxy statement to be provided to Voting Members, and cleared the Prospectus and other offering materials for distribution, Order Forms will be distributed to the Eligible Account Holders, Employee Plans, Supplemental Eligible Account Holders and Other Members at their addresses appearing on the records of the Bank as of the Voting Record Date for the purpose of subscribing for shares of Common Stock in the Subscription Offering and will be made available for use by those other Persons to whom a Prospectus is delivered.

Each Order Form will be preceded or accompanied by a Prospectus describing 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 Bank or the Holding Company or its agent, which date shall be at least 20 days but not more than 45 days following the date on which the Order Forms are mailed to Participants by the Holding Company, and which date will constitute the termination of the Subscription Offering unless extended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Subscription Price per share for shares of Common Stock 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 that may be subscribed for pursuant to the exercise of subscription rights or otherwise purchased in the Subscription and 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 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 Bank or 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 shares of Common Stock 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 at the Bank);

&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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Certain legends stating that subscription rights may not be transferred and that shares of the Common Stock are not deposits and are not insured or guaranteed by the federal government, and a certification stating that the subscriber is purchasing the shares for their own account.

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.

**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 back by the Holding Company or its agent or are received by the Holding Company or its agent after the expiration date specified thereon, (c) are defectively filled out or executed, (d) are not accompanied by the full required payment, unless waived by the Holding Company, for the shares of Common Stock 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 a corrected Order Form or the remittance of full payment for subscribed shares by such date as the Holding Company may specify. The interpretation of 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.

**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 shares of Common Stock pursuant to this Plan reside. However, no such Person will be issued subscription rights or be permitted to purchase shares of Common Stock in the Subscription Offering if such Person resides in a foreign country; or 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 shares under this Plan reside in such state; (B) the issuance of subscription rights or the offer or sale of shares of Common Stock 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 its securities for sale in such state; and (C) such registration or qualification would be impracticable for reasons of cost or otherwise.

**19.** **CONTRIBUTION TO THE FOUNDATION** 

As part of the Conversion, the Holding Company and the Bank intend to contribute the Foundation Shares and/or cash to the Foundation, in such amounts, subject to regulatory limits, as shall be approved by the Bank's Board of Directors. The 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 business a part of the Bank's financial success as a community minded, financial services institution. The contribution of the Foundation Shares to the Foundation may further this goal as it may enable the community to share in the growth and profitability of the Holding Company and the Bank over the long term.

The Foundation will be 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 to maintain its qualification under Section 501(c)(3) of the Code, the Foundation may sell, on an annual basis, a portion of the Foundation Shares.

For five years following the consummation of the Conversion, except for temporary periods resulting from death, resignation, removal or disqualification, (i) at least one director of the Foundation must be an independent director unaffiliated with the Holding Company and the Bank, must be from the Bank's local community, and must have experience with local community charitable organizations and grant making, and (ii) at least one director of the Foundation must also be a director of the Bank. The Foundation's Board of Directors will be responsible for establishing the Foundation's policies, including a conflicts of interest policy, 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 the Voting Members. If the contribution to the Foundation is not approved by the requisite vote of the Voting Members, then the shares of Common Stock consisting of the Foundation Shares that would have been contributed to the Foundation will not be issued and any cash that would have been contributed to the Foundation will be retained the Holding Company and/or the Bank. The decision to proceed with the formation of the Foundation and the grant of Foundation Shares and/or cash to the Foundation will be at the sole discretion of the Bank's Board of Directors.

**20.** **ESTABLISHMENT OF LIQUIDATION ACCOUNT** 

The Bank shall establish, at the time of the Conversion, the Liquidation Account in an amount equal to the Bank's total equity as reflected in the latest statement of financial condition contained in the final Prospectus used in the Offering. Following the Conversion, the Liquidation Account will be maintained by the Bank 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 their Deposit Account, hold a related inchoate interest in a portion of the Liquidation Account balance, in relation to their Deposit Account balance at the Eligibility Record Date or Supplemental Eligibility Record Date, respectively, or to such balance as it may be subsequently reduced, as hereinafter provided.

In the unlikely event of a complete liquidation of the Bank (and only in such event), following all liquidation payments to creditors (including those to Account Holders 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 their Deposit Account then held, before any liquidation distribution may be made to any holders of the Bank's capital stock. No merger, consolidation, purchase of bulk assets with assumption of Deposit Accounts and other liabilities, or similar transactions with an FDIC-insured institution, in which the Bank is not the surviving institution, shall be deemed to be a complete liquidation for this purpose. In such transactions, the Liquidation Account shall be assumed by the surviving institution.

The initial subaccount balance for a Deposit Account held by an Eligible Account Holder and Supplemental Eligible Account Holder shall be determined according to 12 C.F.R. §192.460. Such initial subaccount balance shall not be increased, but shall be subject to downward adjustment as described in 12 C.F.R. §192.470. 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.

The establishment and maintenance of the Liquidation Account shall not operate to restrict the use or application of any of the equity accounts of the Bank, except that 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 equity to be reduced below the amount required for the Liquidation Account.

**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.

**22.** **RESTRICTIONS ON RESALE OR SUBSEQUENT DISPOSITION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All shares of Common Stock purchased by Directors or Officers of 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 above in 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 Federal regulatory agency; 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.

**23.** **REQUIREMENTS FOR STOCK PURCHASES BY DIRECTORS AND OFFICERS FOLLOWING THE CONVERSION** 

For three years from the date of consummation of 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 their 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.

**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).

**25.** **REGISTRATION AND MARKETING** 

Within the time period required by applicable laws and regulations, the Holding Company will register the securities issued in connection with the Conversion pursuant to the Securities Exchange Act of 1934, as amended, and will not deregister such securities for a period of at least three years thereafter, except that the requirement that registration be maintained for three 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 the Common Stock and to list those securities on a national or regional securities exchange.

**26.** **TAX RULINGS OR OPINIONS** 

Consummation of the Conversion is expressly conditioned upon prior receipt by the Bank of either a ruling or an opinion of counsel with respect to federal tax laws, and either a ruling, an opinion of counsel, or a letter of advice from their tax advisor with respect to applicable state tax laws, to the effect that consummation of the transactions contemplated by the Conversion and this Plan will not result in a taxable reorganization under the provisions of the applicable codes or otherwise result in any adverse tax consequences to the Holding Company or the Bank, or to the account holders receiving subscription rights before or after the Conversion, except in each case to the extent, if any, that subscription rights are deemed to have value on the date such rights are issued.

**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 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 shares of Common Stock 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 enter into employment and other compensation agreements with their executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Holding Company and the Bank are authorized to adopt stock option plans, restricted stock plans and other Non-Tax-Qualified Employee Stock Benefit Plans no sooner than six months after the completion of the Conversion and Offering, provided that such stock plans conform to any applicable requirements of federal regulations, including 12 C.F.R. §192.500. The Holding Company intends to implement such stock plans after the completion of the Conversion and Offering, subject to any necessary stockholder approvals. 12 C.F.R. §192.500 includes provisions regarding plan size, size of grants, vesting requirements for grants, and stockholder approval requirements, which shall be disclosed in the Prospectus.

**28.** **RESTRICTIONS ON ACQUISITION OF** **BANK AND HOLDING COMPANY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. For a period of three years from the date of consummation of the Conversion, no person, other than the Holding Company, may directly or indirectly offer to acquire or acquire the beneficial ownership of more than 10% of any class of an equity security of the Bank without the prior written consent of the Bank Regulators. Nothing in this Plan shall prohibit the Holding Company from repurchasing its shares in compliance with applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with the Conversion, the Bank will amend and restate its articles of incorporation, constitution and bylaws. The Bank's amended articles of incorporation, constitution and bylaws may contain approved anti-takeover provisions, such as a provision stipulating that no person, except the Holding Company, for a period of five 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 Bank Regulators. The Bank's amended articles of incorporation or constitution may also provide that for a period of five 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. In addition, the Bank's amended articles of incorporation or constitution may also provide that special meetings of the stockholders relating to changes in control or amendment of the articles of incorporation or constitution may only be called by the Board of Directors, and shareholders shall not be permitted to cumulate their votes for the election of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The articles of incorporation of the Holding Company may contain a provision stipulating that in no event shall the record owners of any outstanding shares of Common Stock that are beneficially owned by a person 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%. In addition, the articles of incorporation and bylaws of the Holding Company may contain provisions that prohibit cumulative voting for the election of directors, provide for staggered terms for directors, limit the calling of special meetings, require supermajority shareholder votes to amend certain provisions of the articles of incorporation, allow the Board of Directors to issue preferred stock and increase the amount of authorized capital stock without shareholder approval, provide certain qualifications and restrictions for election as director, certain advance notice requirements for shareholder proposals and nominations and a fair price provision for certain business combinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. For the purposes of this Section 28:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The term "person" includes an individual, a firm, a corporation or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The term "offer" includes every offer to buy or acquire, solicitation of an offer to sell,
tender offer for, or request or invitation for tenders of, a security or interest in a security for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The term "acquire" includes every type of acquisition, whether effected by purchase, exchange,
operation of law or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The term "security" includes non-transferable subscription rights issued pursuant to a plan
of conversion as well as a "security" as defined in Section 2(a)(1) of the Securities Act of 1933, as amended.

**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 any applicable regulation in connection with the repurchase of any shares of its capital stock following consummation of the Conversion.

&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 (i) the amount required for the Liquidation Account, or (ii) applicable federal regulatory capital requirements.

**30.** **CONSUMMATION OF CONVERSION AND EFFECTIVE DATE** 

The effective date of the Conversion shall be the date of closing of the sale of all shares of the Common Stock after all requisite regulatory and Member 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 sale of all shares of Common Stock sold in the Offering shall occur simultaneously on the effective date of the closing.

**31.** **EXPENSES OF CONVERSION** 

The Bank and the Holding Company 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, including the Offering and contribution to the Foundation, and such parties shall use their best efforts to assure that such expenses are reasonable.

**32.** **AMENDMENT OR TERMINATION OF PLAN** 

If deemed necessary or desirable, this Plan may be substantively amended as a result of comments from the Bank Regulators or the SEC or otherwise at any time before the solicitation of proxies from Voting Members to vote on this Plan by the Board of Directors of the Bank, and at any time thereafter by the Board of Directors of the Bank with the concurrence of the Bank Regulators. Any amendment to this Plan made after approval by Voting Members with the approval of the Bank Regulators shall not require further approval by Voting Members unless otherwise required by the Bank Regulators. The Board of Directors of the Bank may terminate this Plan at any time before the Meeting of Members to vote on this Plan, and at any time thereafter with the concurrence of the Bank Regulators.

By adopting this Plan, Voting Members of the Bank authorize the Board of Directors of the Bank to amend or terminate this Plan under the circumstances set forth in this Section 32.

**33.** **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 Bank of rulings of the U.S. Internal Revenue Service and the state taxing authorities, or opinions of counsel or tax advisers as described in Section 25;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The issuance of at least the minimum number of Subscription Shares offered for sale 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.

**34.** **INTERPRETATION** 

All interpretations of this Plan, and the application of its provisions to particular circumstances, by a majority of the Board of Directors of the Bank or Holding Company, as applicable, shall be final, subject to the authority of the Bank Regulators.

Adopted: March 5, 2026

## Exhibit 3.1

**Exhibit 3.1**

**ARTICLES OF INCORPORATION**

**CSB FINANCIAL INC.**

The undersigned, John E. Essen, whose address is 503 West Plane Street, Bethel, Ohio 45106, being at least eighteen 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 "<u>Articles</u>"):

**ARTICLE 1. Name.** The name of the corporation is CSB Financial Inc. (the "<u>Corporation</u>").

**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 resident 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 fifteen million (15,000,000) shares, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fourteen million (14,000,000) shares of common stock, par value one cent ($0.01) per share (the "<u>Common Stock</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. One million (1,000,000) shares of preferred stock, par value one cent ($0.01) per share (the "<u>Preferred Stock</u>").

The aggregate par value of all the authorized shares of capital stock is one hundred fifty thousand dollars ($150,000.00). 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 "<u>Limit</u>"), 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 "<u>Holder in Excess</u>") 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 before 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 (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,
2023; 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;(c) A "Person" shall mean any individual, firm, corporation, or other entity.

&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 "<u>MGCL</u>") 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.

**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 six (6), 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 ("<u>Class I</u>") to expire at the conclusion of the first annual meeting of stockholders, the term of office of the second class ("<u>Class II</u>") to expire at the conclusion of the annual meeting of stockholders one year thereafter and the term of office of the third class ("<u>Class III</u>") 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 2027**: |
| &nbsp;&nbsp;Donna J. Gunn |
| &nbsp;&nbsp;Gerald T. Mueller |
| &nbsp;&nbsp;**Term to Expire in 2028**: |
| &nbsp;&nbsp;Ruth A. Lung |
| &nbsp;&nbsp;George S. Pearce |
| &nbsp;&nbsp;**Term to Expire in 2029** |
| &nbsp;&nbsp;John E. Essen |
| &nbsp;&nbsp;James R. Smith |

---

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 (2/3) 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 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 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 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 indispensible 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 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 (1) approved the proposed amendment or repeal, (2) determined that it is advisable, and (3) 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 (2/3) 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 (2/3) 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:

John E. Essen

503 West Plane Street

Bethel, Ohio 45106

*[Signature Page Immediately Follows]*

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 17th day of February, 2026.

---

| |
|:---|
| /s/ John E. Essen |
| John E. Essen |
| Incorporator |

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## Exhibit 3.2

**Exhibit 3.2**

**CSB FINANCIAL INC.**

**BYLAWS**

**ARTICLE I**

**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 or 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 (the "<u>Whole Board</u>"). 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 at least 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 the stockholder's 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 "<u>MGCL</u>") or any successor provision.

**Section 4. Quorum.**

Unless the Articles of Incorporation 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 10<sup>th</sup> day following the earlier of the day notice of the meeting was mailed to stockholders or such public disclosure was made.

The advance notice periods provided in this Section 6(a), 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 according 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) and the requirements of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), 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 (10<sup>th</sup>) day following the earlier of the day notice of the meeting was mailed to stockholders or such public disclosure was made.

The advance notice periods provided in this Section 6(b), 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 (i) as to each person whom the stockholder proposes to nominate for election as a director, (a) all information relating to such person that would indicate such person's qualification to serve on the Board of Directors of the Corporation; (b) an affidavit that such person would not be disqualified under the provisions of Article II, Section 12 of these Bylaws; (c) 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 (d) 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 (ii) as to the stockholder giving the notice: (a) 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; (b) 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; (c) 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; (d) a representation that such stockholder intends to appear in person or by proxy at the meeting to nominate the persons named in its notice; (e) 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 (f) 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, the stockholder shall deliver to the Corporation, no later than five (5) business days prior to 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 United States 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 Incorporation provide for a greater or lesser number of votes per share or limits or denies voting rights, each outstanding share of capital 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 Incorporation, 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 capital 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, a proxy 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 capital 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 Incorporation 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 capital 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 (2/3) 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), by the Chairperson of the Board, by 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 or by Other Electronic Communications Equipment.**

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 by means of other electronic 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 Articles of Incorporation 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. 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 Chairperson, 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 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 initial directors in connection with the formation of the Corporation and other than persons who are also executive officers of the Corporation or of the Corporation's banking subsidiary, Community Savings Bank, 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 a thirty (30)-mile radius of the main office of Community Savings Bank 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) 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 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 Chairperson of the Board may 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 Capital Stock****.* If the Board of Directors has given general authorization for the issuance of capital 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 capital 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 (1/3) 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, a President, 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.**

If appointed, 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.**

Securities 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 the stockholder 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 Articles of Incorporation, 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 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 capital 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 capital 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 twenty (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 Signatures.**

In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in these Bylaws, facsimile 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 the 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 of Incorporation 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**

These Bylaws may be adopted, amended or repealed as provided in the Articles of Incorporation.

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Adopted: March 5, 2026

## Ex-4

**Exhibit 4**

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| | | |
|:---|:---|:---|
| ![](tm268082d1_ex4-0img001.jpg) | <br> **CSB FINANCIAL INC.**<br>**INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND** | ![](tm268082d1_ex4-0img002.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 CSB Financial 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, CSB Financial 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: ________________, 2026

By:   [SEAL] By:   <br> Ruth A. Lung John E. Essen <br> Corporate Secretary President and Chief Executive Officer

The Board of Directors of CSB Financial 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 | Under Uniform Gifts to Minors Act | Under Uniform Gifts to Minors Act |
| JT TEN | - as joint tenants with right of survivorship and not as <br> tenants in common |  | *(State)* | *(State)* | *(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,

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

March 13, 2026

The Board of Directors

CSB Financial Inc.

503 West Plane Street

Bethel, Ohio 45106

---

| | |
|:---|:---|
| **Re:** | **CSB Financial Inc.<br> 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 (the "Common Stock"), of CSB Financial Inc. (the "Company"). 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 Community Savings Bank (the "Plan"), as well as applicable statutes and regulations governing the Company, the offer and sale of the shares of Common Stock, and the contribution of the shares of Common Stock to Community Savings Bank Foundation, Inc. (the "Foundation"). 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 according to the Plan, will be legally issued, fully paid and non-assessable, and (ii) the shares of Common Stock, when contributed to the Foundation according to the Plan, will be legally issued, fully paid and non-assessable.

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.

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| |
|:---|
| Sincerely, |
| /s/ 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>**

March 13, 2026

Boards of Directors

Community Savings Bank

CSB Financial Inc.

503 West Plane Street

Bethel, Ohio 45106

Boards of Directors:

You have requested this firm's opinion regarding the material federal income tax consequences of the proposed conversion (the "<u>Conversion</u>") of Community Savings Bank (the "<u>Bank</u>") from an Ohio-chartered mutual savings bank to an Ohio-chartered stock savings bank ("<u>Stock Bank</u>"), pursuant to the Plan of Conversion of Community Savings Bank adopted by the Board of Directors of the Bank (the "<u>Plan</u>"). In the Conversion, all of the Bank's to-be-issued capital stock, consisting entirely of voting common stock, will be acquired by CSB Financial Inc., a Maryland corporation (the "<u>Holding Company</u>"). All capitalized terms used but not defined herein shall have the same meaning as set forth in the Plan.

For purposes of this opinion, we have examined documents as we determined necessary or appropriate, including but not limited to: (1) the Holding Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "<u>Registration Statement</u>"), relating to the proposed issuance of shares of common stock; (2) the applications or notices for approval/non-objection of the Conversion and the formation of a new bank holding company filed with the Ohio Department of Financial Institutions, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System, respectively (the "<u>Applications</u>"); (3) the Plan; (4) the Articles of Incorporation and Bylaws of the Stock Bank; and (5) the Articles of Incorporation and Bylaws of the Holding Company. We have also relied upon, without independent verification, the representations of the Bank and the Holding Company contained in their letter to us dated as of the date hereof. We have assumed and have not independently verified the authenticity of all original documents, the accuracy of all copies, and the genuineness of all signatures. We have further assumed the absence of adverse facts not apparent from the face of the instruments and documents we examined.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

In issuing our opinion, we have assumed that the Bank and the Holding Company will comply with the terms and conditions of the Plan, and that the various representations provided to us are accurate, complete, true and correct. Accordingly, we express no opinion concerning the effect, if any, of variations from the foregoing. We specifically express no opinion concerning tax matters relating to the Plan under state and local tax laws or under federal income tax laws except on the basis of the documents and assumptions described above.

In issuing the opinion set forth below, we have relied solely on existing provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), existing and proposed Treasury regulations (the "<u>Treas. Reg.</u>") thereunder, current administrative rulings, notices and procedures, and court decisions. Such laws, regulations, administrative rulings, notices and procedures and court decisions are subject to change at any time. Any such change could affect the continuing validity of the opinions set forth below. 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.

In rendering our opinion, we have assumed that the persons and entities identified in the Plan will at all times comply with applicable state and federal laws and the factual representations of the Bank and the Holding Company. In addition, we have assumed that the activities of the persons and entities identified in the Plan will be conducted strictly in accordance with the Plan. Any variations may affect the opinions we are rendering. For purposes of this opinion, we are relying on the factual representations provided to us by the Bank and the Holding Company, which are incorporated herein by reference.

We emphasize that the outcome of litigation cannot be predicted with certainty and, although we have attempted in good faith to opine as to the probable outcome of the merits of each tax issue with respect to which an opinion was requested, there can be no assurance that our conclusions are correct or that they would be adopted by the Internal Revenue Service ("IRS") or by a court.

**<u>BACKGROUND</u>**

The Bank, a mutual savings bank organized under the law of Ohio, is in the process of converting to an Ohio-chartered stock savings bank. As an Ohio-chartered mutual savings bank, the Bank has no authorized capital stock. Instead the Bank, in mutual form, has a unique equity structure. A depositor in the Bank is entitled to payment of interest on the depositor's account balance as declared and paid by the Bank. A depositor has no right to a distribution of any earnings of the Bank, except for interest paid on the deposit balance, and such earnings become retained earnings of the Bank. However, a depositor has a pro-rata ownership interest in the net worth of the Bank based upon the deposit balance in the depositor's account. This interest may only be realized in the event of a complete liquidation of the Bank. A depositor who reduces or closes the depositor's deposit account with the Bank receives solely the balance of the depositor's deposit account. In connection with and at the effective time of the Conversion, Eligible Account Holders and Supplemental Eligible Account Holders will exchange their liquidation interests in the Bank for an interest in a liquidation account ("<u>Liquidation Account</u>") established at the Stock Bank.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

**<u>PROPOSED TRANSACTION</u>**

The Holding Company has been formed under the laws of the State of Maryland for the purpose of the proposed transactions described herein, to engage in business as a bank holding company and to own all of the outstanding capital stock of the Stock Bank. The Holding Company will issue shares of its voting common stock ("<u>Common Stock</u>"), upon completion of the Conversion, to persons purchasing such shares as described in greater detail below.

Following regulatory approval, the Plan provides for the offer and sale of shares of Common Stock in a Subscription Offering pursuant to nontransferable subscription rights on the basis of the following preference categories: (1) Eligible Account Holders; (2) the Bank's tax-qualified employee benefit plans, including the newly formed employee stock ownership plan; (3) Supplemental Eligible Account Holders; and (4) Other Members, all as described in the Plan. The number of shares at the minimum of the offering range must be sold. If shares remain after all orders are filled in the categories described above, the Plan provides for a community offering to the general public with a preference given to residents of the general public residing in Clermont and Highland Counties in Ohio ("<u>Community Offering</u>"), followed by a syndicated community offering for the shares not sold in the Community Offering.

Pursuant to the Plan, all shares of Common Stock will be issued and sold at a uniform price per share. The aggregate purchase price at which all shares of Common Stock will be offered and sold pursuant to the Plan will be equal to the estimated *pro forma* market value of the Holding Company and the Bank, as converted. The estimated *pro forma* market value will be determined by FinPro Capital Advisors, Inc., an independent appraiser. The conversion of the Bank from mutual-to-stock form and the sale of newly issued shares of the stock of the Stock Bank to the Holding Company will be deemed effective concurrently with the closing of the sale of Common Stock.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

**<u>OPINION OF COUNSEL</u>**

Based solely upon the foregoing information, we render the following opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The change in the form of operation of the Bank from an Ohio mutual savings bank to an Ohio stock savings bank, as described above, will constitute a reorganization within the meaning of Code Section 368(a)(1)(F), and no gain or loss will be recognized to either the Bank or to Stock Bank as a result of such Conversion. <u>See</u> Revenue Ruling ("Rev. Rul.") 80-105, 1980-1 C.B. 78. The Bank and Stock Bank will each be a party to a reorganization within the meaning of Code Section 368(b). Rev. Rul. 72-206, 1972-1 C.B. 104.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by Stock Bank on the receipt of money from Holding Company in exchange for its shares or by Holding Company upon the receipt of money from the sale of Common Stock. Code Section 1032(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The assets of the Bank will have the same basis in the hands of Stock Bank as they had in the hands of the Bank immediately prior to the Conversion. Code Section 362(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The holding period of the Bank's assets to be received by Stock Bank will include the period during which the assets were held by the Bank prior to the Conversion. Code Section 1223(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No gain or loss will be recognized by the account holders of the Bank upon the issuance to them of withdrawable deposit accounts in Stock Bank in the same dollar amount and under the same terms as their deposit accounts in the Bank and no gain or loss will be recognized by Eligible Account Holders or Supplemental Eligible Account Holders upon receipt by them of an interest in the Liquidation Account of Stock Bank, in exchange for their liquidation interests in the Bank. Code Section 354(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The basis of the account holders' deposit accounts in the Stock Bank will be the same as the basis of their deposit accounts in the Bank surrendered in exchange therefor. The basis of each Eligible Account Holder's and Supplemental Eligible Account Holder's interests in the Liquidation Account of the Stock Bank will be zero, that being the cost of such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. It is more likely than not that the fair market value of the nontransferable subscription rights to purchase Common Stock will be zero. Accordingly, no gain or loss will be recognized by Eligible Account Holders or Supplemental Eligible Account Holders or Other Members upon the distribution to them of the nontransferable subscription rights to purchase Common Stock. No taxable income will be realized by the Eligible Account Holders, Supplemental Eligible Account Holders or Other Members as a result of the exercise of the nontransferable subscription rights. Rev. Rul. 56-572, 1956-2 C.B. 182.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. It is more likely than not that the basis of the Common Stock to its holders will be the purchase price thereof. Code Section 1012. The stockholder's holding period will commence upon the exercise of the subscription rights. Code Section 1223(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. For purposes of Section 381 of the Code, the Stock Bank will be treated as if there had been no reorganization. Accordingly, the taxable year of the Bank will not end on the effective date of the Conversion merely because of the transfer of assets of the Bank to the Stock Bank, and the tax attributes of the Bank will be taken into account by the Stock Bank as if there had been no reorganization. Treas. Reg. Section 1.381(b)-(1)(a)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The part of the taxable year of the Bank before the reorganization and the part of the taxable year of Stock Bank after the reorganization will constitute a single taxable year of Stock Bank. <u>See</u> Rev. Rul. 57-276, 1957-1 C.B. 126. Consequently, the Bank will not be required to file a federal income tax return for any portion of that taxable year solely by reason of the Conversion. Treas. Reg. Section 1.381(b)-1(a)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The tax attributes of the Bank enumerated in Code Section 381(c) will be taken into account by Stock Bank. Treas. Reg. Section 1.381(b)-1(a)(2).

Notwithstanding any reference to Code Section 381 above, no opinion is expressed or intended to be expressed herein as to the effect, if any, of the Conversion on the continued existence of, the carryover or carryback of, or the limitation on, any net operating losses of the Bank or its successor, Stock Bank, under the Code.

Our opinion under paragraphs 5 and 6 above is based on the premise that the benefit provided by the Liquidation Account in the Stock Bank has a fair market value of zero at the time of the Conversion. The Stock Bank Liquidation Account payment obligation arises only in a liquidation of the Stock Bank including if the Stock Bank 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 (other than as set forth below); (ii) the interests in the Stock Bank Liquidation Account are not transferable by an Eligible Account Holder or Supplemental Eligible Account Holder; (iii) the amounts due under the Stock Bank Liquidation Account with respect to each Eligible Account Holder and Supplemental Eligible Account Holder will be reduced as their deposits in the Stock 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 a bank's assets by a credit union. However, not all states permit the sale of a bank's assets to a credit union, 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:

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

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 a 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 transaction to a stock bank and who later engaged in a purchase and assumption transaction with a credit union. We are aware of less than ten instances out of hundreds of converted former mutual banks since 1816 (the date the first mutual bank was chartered, in Massachusetts) 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."

In addition, we are relying on a letter from FinPro Capital Advisors, Inc., dated March 3, 2026, to you stating its belief that the benefit provided by the Stock Bank 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 liquidation interests in the Stock Bank Liquidation Account have no value.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

If the IRS were to subsequently find that the Stock 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 Stock 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 of a mutual bank or a second-step conversion of a mutual holding company.

Our opinion under paragraph 7 above is predicated on the representation that no person shall receive any payment, whether in money or property, in lieu of the issuance of subscription rights. Our opinion under paragraphs 7 and 8 is based on the facts that the subscription rights will be granted at no cost to the recipients, will be 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. We also note that FinPro Capital Advisors, Inc. has issued a letter dated March 3, 2026, stating that the subscription rights will have no ascertainable market value. We further note that the IRS has not in the past reached a different conclusion with respect to the value of nontransferable subscription rights. If the subscription rights are subsequently found to have 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 Stock Bank may be taxable on the distribution of the subscription rights.

**<u>CONSENT</u>**

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and as an exhibit to the Applications with respect to the Conversion, as applicable. We also hereby consent to the references to this firm in the Prospectus which is a part of the Registration Statement and the Applications.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

**<u>USE OF OPINION</u>**

We hereby consent to the use of and reliance on this opinion by Wipfli Advisory, LLC in issuing its state tax opinion to the Bank and the Holding Company related to the Conversion.

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| |
|:---|
| Very truly yours, |
| /s/ LUSE GORMAN, PC |
| LUSE GORMAN, PC |

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## Exhibit 8.2

**Exhibit 8.2**

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|:---|:---|:---|
| ![](tm268082d1_ex8-2img001.jpg) | 10000 Innovation Drive<br> Suite 250<br> Milwaukee, WI 53226 | 414 431 9300<br> wipfli.com |

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March 13, 2026

Boards of Directors

Community Savings Bank

CSB Financial Inc.

503 West Plane Street

Bethel, Ohio 45106

Boards of Directors:

You have requested this firm's opinion regarding the material Ohio Financial Institution Tax ("<u>FIT</u>") and Ohio individual income tax consequences to the account holders of the proposed conversion (the "<u>Conversion</u>") of Community Savings Bank (the "<u>Bank</u>") from an Ohio-chartered mutual savings bank to an Ohio-chartered stock savings bank ("<u>Stock Bank</u>"), pursuant to the Plan of Conversion of Community Savings Bank adopted by the Board of Directors of the Bank (the "<u>Plan</u>"). In the Conversion, all of the Bank's to-be-issued capital stock, consisting entirely of voting common stock, will be acquired by CSB Financial Inc., a Maryland corporation (the "<u>Holding Company</u>"). All capitalized terms used but not defined herein shall have the same meaning as set forth in the Plan.

**<u>FACTS</u>**

For purposes of this opinion, we have reviewed the applicable Ohio authority. In forming and issuing our opinion, we have relied on the written opinion regarding the federal tax treatment of the transaction prepared by Luse Gorman, PC. ("<u>Federal Opinion</u>" and **Attachment A**). Consistent with that Federal Opinion, our opinion assumes that the Conversion will constitute a reorganization within the meaning of Code Section 368(a)(1)(F), and no gain or loss will be recognized to either the Bank or to the Stock Bank as a result of such Conversion.

We have also received assurances from you that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Bank has in the past filed a quarterly Report of Condition and
 Income, referred to as a "Call Report." The Federal Deposit Insurance Corporation
 ("FDIC") has been the Bank's primary federal regulator.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Bank previously filed the Ohio Form FIT 10 for tax year
 2025 based on its total equity capital and total consolidated assets as stated in its Call
 Report for the calendar year ended December 31, 2024. The Bank has not yet filed the
 Ohio Form FIT 10 for tax year 2026, because that return is not due until October 15<sup>th</sup>,
 2026.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Bank will file a Call Report for the first quarter of the calendar
 year ending December 31, 2026. There will be no gain or loss on the Conversion realized
 or recognized in the Bank's Call Report for the first quarter of the calendar year
 ending December 31, 2026.

"Wipfli" is the brand name under which Wipfli LLP and Wipfli Advisory LLC and its respective subsidiary entities provide professional services. Wipfli LLP and Wipfli Advisory LLC (and its respective subsidiary entities) practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. Wipfli LLP is a licensed independent CPA firm that provides attest services to its clients, and Wipfli Advisory LLC provides tax and business consulting services to its clients. Wipfli Advisory LLC and its subsidiary entities are not licensed CPA firms.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

&nbsp;&nbsp;&nbsp;&nbsp;4. Stock Bank's beginning balance sheet after the Reorganization
 will start with Bank's ending balance sheet for purposes of United States Generally
 Accepted Accounting Principles (" <u>GAAP</u> ") and preparation of the Call Report.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Bank is and will continue to qualify as, after the Conversion
 when it becomes Stock Bank, a "Bank Organization" under Ohio R.C. 5726.01(B)(3) (which
 includes a "bank, … savings bank, or other banking institution that is organized
 or incorporated under the laws of … any state").

&nbsp;&nbsp;&nbsp;&nbsp;6. The FDIC will continue to act as the Stock Bank's primary federal
 regulator. Stock Bank will use the Bank's charter and certificate of authority to continue
 business after the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Stock Bank will file a Call Report for the second, third and
 fourth quarters of the calendar year ending December 31, 2026. The Call Reports for
 the second, third and fourth quarters will contain the cumulative income of the Bank and
 Stock Bank through second quarter and for all of calendar year 2026 for the fourth quarter.
 There will be no gain or loss recognized on the Conversion in the Stock Bank's Call
 Report for the second, third and fourth quarters of the calendar year ending December 31,
 2026.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Bank is not, and after the Conversion when it becomes a Stock
 Bank will not be, an institution organized under the "Federal Farm Loan Act," 39
 Stat. 360 (1916), or a successor of such an institution, a company chartered under the "Farm
 Credit Act of 1933," 48 Stat. 257, or a successor of such a company, an association
 formed pursuant to 12 U.S.C. 2279c-1, an insurance company, or a credit union.

&nbsp;&nbsp;&nbsp;&nbsp;9. Holding Company is a newly-formed legal entity. It did not and will
 not file a Form FR Y–9 or FR Y-SP9 for the period prior to the Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;10. Holding Company will qualify as a bank holding company and its primary
 regulator will be the Board of Governors of the Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;11. Holding Company will file a Form FR Y- SP9 Parent Only Financial
 Statements for Small Holding Companies for the period ending December 31, 2026. The
 FR Y-SP9 will only contain Holding Company's activity from the date it owns Stock Bank.

&nbsp;&nbsp;&nbsp;&nbsp;12. There will be no gain or loss on the Conversion recognized in Holding
 Company's Form FR Y-SP9 for the period ending December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;13. The issuance of stock and capital infusion will cause Holding Company's
 net worth to increase as compared to Bank's net worth prior to the Conversion. The
 increase in capital will increase Holding Company's common stock and it's Additional
 Paid-In Capital (" <u>APIC</u> ") as reflected on the balance sheet portion of
 its Form FR Y-SP9. The cost of the Conversion (estimated to be $1.6 million) will be
 netted against the value of the common stock and APIC listed on the balance sheet after the
 Reorganization.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

&nbsp;&nbsp;&nbsp;&nbsp;14. Holding Company is not and will not be considered a "Grandfathered
 unitary savings and loan holding company" as defined in 12 U.S.C. 1467a(c)(9)(C), as
 that section existed on December 31, 1999.

&nbsp;&nbsp;&nbsp;&nbsp;15. Holding Company is not and will not be considered a "Diversified
 savings and loan holding company" as defined in 12 U.S.C. 1467a, as that section existed
 on January 1, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;16. Holding Company will file the Ohio Form FIT 10 for tax year
 2027 based on its total equity capital as stated on the Form FR Y-9SP, which would include
 all of Bank and Stock Bank's activity in calendar year 2026 under equity accounting
 and its total consolidated assets as reflected on its Schedule SC-M of the Form FR Y-9SP
 for the calendar year ending December 31, 2026. Holding Company will be the reporting
 person and will report Stock Bank and any other subsidiaries included in consolidated total
 assets on Schedule SC-M.

**<u>BACKGROUND</u>**

The Bank, a mutual savings bank organized under the law of Ohio, is in the process of converting to an Ohio-chartered stock savings bank. As an Ohio-chartered mutual savings bank, the Bank has no authorized capital stock. Instead the Bank, in mutual form, has a unique equity structure. A depositor in the Bank is entitled to payment of interest on the depositor's account balance as declared and paid by the Bank. A depositor has no right to a distribution of any earnings of the Bank, except for interest paid on the deposit balance, and such earnings become retained earnings of the Bank. However, a depositor has a pro-rata ownership interest in the net worth of the Bank based upon the deposit balance in the depositor's account. This interest may only be realized in the event of a complete liquidation of the Bank. A depositor who reduces or closes the depositor's deposit account with the Bank receives solely the balance of the depositor's deposit account. In connection with and at the effective time of the Conversion, Eligible Account Holders and Supplemental Eligible Account Holders will exchange their liquidation interests in the Bank for an interest in a liquidation account ("<u>Liquidation Account</u>") established at the Stock Bank.

**<u>PROPOSED TRANSACTION</u>**

The Holding Company has been formed under the laws of the State of Maryland for the purpose of the proposed transactions described herein, to engage in business as a bank holding company and to own all of the outstanding capital stock of the Stock Bank. The Holding Company will issue shares of its voting common stock ("<u>Common Stock</u>"), upon completion of the Conversion, to persons purchasing such shares as described in greater detail below.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

Following regulatory approval, the Plan provides for the offer and sale of shares of Common Stock in a Subscription Offering pursuant to nontransferable subscription rights on the basis of the following preference categories: (1) Eligible Account Holders; (2) the Bank's tax-qualified employee benefit plans, including the newly formed employee stock ownership plan; (3) Supplemental Eligible Account Holders; and (4) Other Members, all as described in the Plan. The number of shares at the minimum of the offering range must be sold. If shares remain after all orders are filled in the categories described above, the Plan provides for a community offering to the general public with a preference given to residents of the general public residing in Clermont and Highland Counties in Ohio ("Community Offering"), followed by a syndicated community offering for the shares not sold in the Community Offering.

Pursuant to the Plan, all shares of Common Stock will be issued and sold at a uniform price per share. The aggregate purchase price at which all shares of Common Stock will be offered and sold pursuant to the Plan will be equal to the estimated *pro forma* market value of the Holding Company and the Bank, as converted. The estimated *pro forma* market value will be determined by FinPro Capital Advisors, Inc., an independent appraiser. The conversion of the Bank from mutual-to-stock form and the sale of newly issued shares of the stock of the Stock Bank to the Holding Company will be deemed effective concurrently with the closing of the sale of Common Stock.

**<u>OPINION</u>**

Based solely upon the foregoing information, we render the following opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Ohio Revised Code (the " <u>Revised Code</u> " or " <u>R.C.</u> ")
 does not impose a state income tax on C corporations and associations. R.C. 5726.02(A) levies
 a tax on the total Ohio equity capital (see R.C. 5726.04(C)(1))) of a "financial institution,"
 which is defined as any "Bank Organization" not excluded under R.C. 5726.01(H)(1) –
 (3). The FIT is imposed on financial institutions that are doing business in Ohio on the
 lien date of January 1<sup>st</sup> (R.C. 5726.02(A)). The calendar year including the
 lien date is defined as the "tax year" (R.C. 5726.01(P)), and the FIT report
 is due on or before the 15<sup>th</sup> day of October of the tax year (R.C. 5726.03(A)(1)).
 The "taxable year" is the calendar year preceding the year in which an annual
 report is required to be filed (R.C. 5726.01(Q), based on the reporting person's total
 equity capital as reflected on the Form FR Y–9 (as detailed in #2, including the
 FR Y-SP9) or Call Report as of the end of the taxable year (R.C. 5726.04(B)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The filer of an Ohio FIT return is called the "reporting person"
 (R.C. 5726.03(A)(1)), and in cases where a bank and bank holding company are consolidated
 for purposes of filing an FR Y-9, the "reporting person" is the top-tier holding
 company required to file an FR Y-9 (R.C. 5726.01(B)(1)). Because Holding Company and Stock
 Bank will be consolidated for purposes of filing 2026 Form FR Y-9, Holding Company will
 be the reporting person for the tax year 2027 Ohio FIT report, due October 15<sup>th</sup>,
 2027, based on total equity capital as of the end of the 2026 calendar/taxable year. For
 a small bank holding company such as Holding Company, Ohio Administrative Code 5703-33-05(B)(1) provides
 that the total equity capital from the FR Y-SP9 (for calendar/taxable year 2026) will be
 used as the total equity capital on the tax year 2027 Form FIT 10. The Rule reasons
 that because "total equity capital" in the Form FR Y-SP9 is based on the
 parent company's net worth under equity accounting and includes all subsidiaries for
 which it exercises significant control, only one Form FIT 10 needs to be filed for the
 group. The statutory provisions do not explicitly address small holding company structures,
 but R.C. 5726.01(H), (N)(1) and (S) provide a similar conclusion as applied for
 large holding companies that file a FR Y-9.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Because Holding Company will not recognize a gain or loss on the Conversion
 on its Form FR Y-SP9 for calendar/taxable year 2026, no gain or loss will be recognized
 in taxable equity capital for purposes of the imposition of the FIT imposed in Ohio on banks
 doing business in Ohio. Holding Company will likely have a greater amount of common stock
 and APIC as a result of the issuance of its stock in the Conversion as compared to Bank's
 separate taxable equity capital before the Conversion resulting in an increase in its taxable
 equity capital subject to the Ohio FIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Ohio personal income tax incorporates the Internal Revenue Code
 of 1986 (R.C. 5747.01(A), (H)) as amended through March 5, 2026 (R.C. 5701.11(A)(1),
 2026 Ohio S.B. 9, enacted March 5, 2026). The calculation of Ohio adjusted gross income
 or adjusted gross income starts with "federal adjusted gross income, as defined in
 the Internal Revenue Code" pursuant to R.C. 5747.01(A) and Chapter 5747 does not
 contain a provision modifying I.R.C. Sections 368 or 354. Therefore, consistent with IRC
 Section 354(a) and the Federal Opinion, no gain or loss will be recognized by the
 account holders of the Bank upon the issuance to them of withdrawable deposit accounts in
 Stock Bank in the same dollar amount and under the same terms as their deposit accounts in
 the Bank and no gain or loss will be recognized by Eligible Account Holders or Supplemental
 Eligible Account Holders upon receipt by them of an interest in the Liquidation Account of
 Stock Bank, in exchange for their ownership interests in the Bank under Chapter 5747 of the
 Ohio Revised Code.

**<u>SCOPE OF OPINION</u>**

We have further assumed the absence of adverse facts not apparent from the Federal Opinion and representations provided. In issuing our opinion, we have assumed that the Bank will comply with the terms and conditions of the Plan of Conversion and that the various representations and warranties that are provided to us are accurate, complete, true, and correct. Accordingly, we express no opinion concerning the effect, if any, of variations from the foregoing. We specifically express no opinion concerning tax matters related to the Plan under federal income tax law. We specifically express no opinion concerning tax matters relating to the Plan under state and local tax laws except on the basis of the documents and assumptions described above.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

In issuing the opinion set forth below, we have relied solely on existing provisions of the Revised Code, existing provisions of the Ohio Administrative Code ("<u>Rules</u>") thereunder, current administrative rulings, notices, and procedures, and court decisions. Such laws, regulations, administrative rulings, notices and procedures and court decisions are subject to change at any time and such change may be retroactively effective. If so, our views as set forth may be affected and may not be relied upon. 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.

In rendering our opinion, we have assumed that the persons and entities identified in the Plan will at all times comply with applicable state and federal laws and the factual representations of the Bank, Stock Bank, and Holding Company. In addition, we have assumed that the activities of the persons and entities identified in the Plan will be conducted strictly in accordance with the Plan. Any variations or differences in facts or representations recited herein, for any reason, may affect our conclusions, possibly in an adverse manner, and the opinions we are rendering inapplicable. For purposes of this opinion, we are relying on the factual representations provided to us by the Bank, which are incorporated herein by reference.

We emphasize that the outcome of litigation cannot be predicted with certainty and, although we have attempted in good faith to opine as to the probable outcome of the merits of each tax issue with respect to which an opinion was requested, there can be no assurance that our conclusions are correct or that they would be adopted by the government, taxing authorities, or a court. This letter represents our views as to interpretation of existing law and, accordingly, no assurance can be given that the Ohio Department of Taxation upon audit will agree with the above analysis.

**<u>CONSENT</u>**

We hereby consent to the filing of this opinion: (i) as an exhibit to the Holding Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "<u>Registration Statement</u>") relating to the proposed issuance of shares of common stock, and (ii) as an exhibit to the applications or notices for approval/non-objection of the Conversion and the formation of a new bank holding company filed with the Ohio Department of Financial Institutions, the FDIC and the Board of Governors of the Federal Reserve System, with respect to the Conversion, as applicable (the "<u>Applications</u>"). We also hereby consent to the references to this firm in the Prospectus which is a part of the Registration Statement and the Applications.

Boards of Directors

Community Savings Bank

CSB Financial Inc.

March 13, 2026

If you have any questions regarding this letter, please contact Jessica Macklin at 815 269 4271.

Sincerely,

![](tm268082d1_ex8-2img002.jpg)

Wipfli Advisory LLC

Enc.

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT** **AGREEMENT**

This Employment Agreement (this "**Agreement**") is made effective as of [Insert Closing Date]<sup>1</sup>, 2026 (the "**Effective Date**"), by and between Community Savings Bank (the "**Bank**") and John E. Essen (the "**Executive**"). The Bank and Executive are sometimes collectively referred to herein as the "**parties**." Any reference to the "**Company**" shall mean CSB Financial Inc., the holding company of the Bank. The Company is a signatory to this Agreement for the purpose of guaranteeing the Bank's performance hereunder.

**WITNESSETH**

**WHEREAS**, Executive is currently employed as President and Chief Executive Officer of the Bank;

**WHEREAS**, the Bank has adopted a Plan of Conversion pursuant to which the Bank will convert to a federal stock savings bank and become a wholly owned subsidiary of the Company;

**WHEREAS**, the Bank desires to assure itself of the continued availability of the Executive's services as provided in this Agreement; and

**WHEREAS**, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.

**NOW, THEREFORE**, in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the parties hereby agree as follows:

**1.** **POSITION AND RESPONSIBILITIES.**

During the term of this Agreement Executive agrees to serve as President and Chief Executive Officer of the Bank, and will perform all duties and will have all powers that are generally incident to the office of the President and Chief Executive Officer. Without limiting the generality of the foregoing, Executive will be responsible for the overall management of the Bank, and will be responsible for establishing the business objectives, policies and strategic plans of the Bank in conjunction with the Board of Directors of the Bank (the "**Board**"). Executive also will be responsible for providing leadership and direction to all departments or divisions of the Bank, and will be the primary contact between the Board and other officers and employees of the Bank. As President and Chief Executive Officer, Executive will report directly to the Board. Executive also agrees to serve, if elected, as an officer and director of any affiliate of the Bank.

**2.** **TERM AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Three Year Contract; Annual Renewal</u>. The term of this Agreement shall commence as of the Effective Date and continue until December 31, 2026. Commencing on January 1, 2027, the term shall continue thereafter for a period of three (3) years (the "**Term**") and on January 1, 2028 and each January 1 thereafter (each, a "**Renewal Date**"), the Term shall automatically renew for an additional year such that the remaining Term is three (3) years from such Renewal Date, unless either the Bank or Executive by written notice to the other given at least thirty (30) days prior to such Renewal Date notifies the other of its intent not to extend the Term (the "**Non-Renewal Notice**"). In the event that a Non-Renewal Notice is timely given by either the Bank or the Executive, this Agreement shall terminate as of the last day of the then current Term. Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change in Control as defined below, then the Term shall be extended automatically and shall terminate thirty-six (36) months following the date on which the Change in Control occurs.

<sup>1</sup> The agreement will be signed at closing. If the closing does not occur for any reason, this agreement will be void and of no effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of Agreement</u>. Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Bank may terminate Executive's employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Continued Employment Following Expiration of Term</u>. Nothing in this Agreement shall mandate or prohibit a continuation of Executive's employment following the expiration of the Term, upon such terms and conditions as the Bank and Executive may mutually agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Duties; Membership on Other Boards</u>. During the term of this Agreement, except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence approved by the Board, Executive shall devote substantially all of his business time, attention, skill, and efforts to the faithful performance of his duties hereunder, including activities and services related to the organization, operation and management of the Bank; provided, however, that, Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, business companies or business or civic organizations, which, in the Board's judgment, will not present any conflict of interest with the Bank, or materially affect the performance of Executive's duties pursuant to this Agreement. Executive shall provide the Board annually for its approval a list of organizations for which the Executive acts as a director or officer.

**3.** **COMPENSATION, BENEFITS AND REIMBURSEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. In consideration of Executive's performance of the duties set forth in Section 2, the Bank shall provide Executive the compensation specified in this Agreement. The Bank shall pay Executive a salary of $[\*] per year ("**Base Salary**"). The Base Salary shall be payable biweekly, or with such other frequency as officers of the Bank are generally paid. During the term of this Agreement, the Base Salary shall be reviewed at least annually by the Board or by a committee designated by the Board, and the Bank may increase, but not decrease (except for a decrease that is generally applicable to all employees) Executive's Base Salary. Any increase in Base Salary shall become "Base Salary" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus and Incentive Compensation</u>. Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Employee Benefits</u>. The Bank shall provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or from which he was deriving benefit immediately prior to the commencement of the term of this Agreement, and the Bank shall not, without Executive's prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive's rights or benefits thereunder, except as to any changes that are applicable to all participating employees. Without limiting the generality of the foregoing provisions of this Section 3(c), Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank and/or the Company in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Paid Time Off</u>. Executive shall be entitled to paid vacation time each year during the term of this Agreement (measured on a fiscal or calendar year basis, in accordance with the Bank's usual practices), as well as sick leave, holidays and other paid absences in accordance with the Bank's policies and procedures for senior executives. Any unused paid time off during an annual period shall be treated in accordance with the Bank's personnel policies as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expense Reimbursements</u>. The Bank shall also pay or reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate in connection with the performance of his duties under this Agreement, upon presentation to the Bank of an itemized account of such expenses in such form as the Bank may reasonably require, provided that such payment or reimbursement shall be made as soon as practicable but in no event later than March 15 of the year following the year in which such right to such payment or reimbursement occurred.

**4.** **PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Termination (as herein defined) during the term of this Agreement, the provisions of this Section 4 shall apply; provided, however, that in the event such Event of Termination occurs within eighteen (18) months following a Change in Control (as defined in Section 5 hereof), Section 5 shall apply instead. As used in this Agreement, an "**Event of Termination**" shall mean and include any one or more of the following:

&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) the involuntary termination of Executive's employment hereunder by the Bank for any reason other than termination governed by Section 5 (in connection with or following a Change in Control), Section 6 (due to Disability or death), Section 7 (due to Retirement), or Section 8 (for Cause), provided that such termination constitutes a "**Separation from Service**" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended ("**Code**"); 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) Executive's resignation from the Bank's employ upon any of the following, unless consented to by Executive:

&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;(A) failure to appoint Executive to the position set forth in Section 1, or a material change in Executive's function, duties, or responsibilities, which change would cause Executive's position to become one of lesser responsibility, importance, or scope from the position and responsibilities described in Section 1, to which Executive has not agreed in writing (and any such material change shall be deemed a continuing breach of this Agreement by the Bank);

&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;(B) a relocation of Executive's principal place of employment to a location that is more than twenty-five (25) miles from such office as of the Effective Date hereof (unless the relocated office is closer to the Executive's then principal residence);

&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;(C) a reduction in the Executive's Base Salary;

&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;(D) a liquidation or dissolution of the Bank; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a material breach of this Agreement by the Bank.

Upon the occurrence of any event described in clause (ii) above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation for "**Good Reason**" upon not less than thirty (30) days prior written notice given within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect, which termination by Executive shall be an Event of Termination. The Bank shall have thirty (30) days to cure the condition giving rise to the Event of Termination, provided that the Bank may elect to waive said thirty (30) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of an Event of Termination, the Bank shall pay Executive the Accrued Obligations. For purposes of this Agreement, the term "**Accrued Obligations**" means the sum of: (i) any Base Salary earned but unpaid through Executive's date of termination, (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 3(e)), (iii) unused paid time off accrued through the date of termination (subject to and in accordance with Section 3(d)), (iv) any earned or approved but unpaid short-term and long-term incentive compensation pursuant to the terms of the applicable compensation plans, and (v) any vested benefits Executive may have under any employee benefit plan of the Bank through the date of termination, which vested benefits will be paid and/or provided in accordance with the terms of the applicable employee benefit plans. Unless otherwise provided by the applicable employee benefit plan, the Accrued Obligations, if any, will be paid to Executive (or Executive's estate or beneficiary) within thirty (30) days following Executive's date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of an Event of Termination, the Bank shall pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, the Base Salary and bonuses that Executive would be entitled to for the remaining unexpired term of the Agreement. For purposes of determining the bonus(es) payable hereunder, the bonus(es) will be deemed to be (i) equal to the highest bonus paid at any time during the prior three years, and (ii) otherwise paid at such time as such bonus would have been paid absent an Event of Termination. Such payments shall not be reduced in the event Executive obtains other employment following the Event of Termination. Notwithstanding the foregoing, Executive shall not be entitled to any payments or benefits under this Section 4 unless and until (i) Executive executes a general release of claims against the Bank, the Company and any affiliate, and their officers, directors, successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship, including claims under the Age Discrimination in Employment Act, but not including claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement (the "**Release**"), and (ii) the payments and benefits under this Section 4 shall begin on the 30<sup>th</sup> day following the date of the Executive's Separation from Service, provided that before that date, the Executive has signed (and not revoked) the Release and the Release is irrevocable under the time period set forth under applicable law, provided further, that if the 30-day period spans two (2) calendar years, then, to the extent necessary to comply with Section 409A of the Code, the payments and benefits will be paid, or commence, in the second calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence of an Event of Termination, the Bank shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum cash payment reasonably estimated to be equal to the present value of the contributions that would have been made on the Executive's behalf under the Bank's defined contribution plans (e.g., 401(k) Plan, ESOP, and any other defined contribution plan maintained by the Bank), as if Executive had continued working for the Bank for the remaining unexpired term of the Agreement following such Event of Termination, earning the salary that would have been achieved during such period. Such payments shall be paid in a lump sum within thirty (30) days of the Executive's Separation from Service and shall not be reduced in the event Executive obtains other employment following the Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the occurrence of an Event of Termination, the Bank shall provide, at the Bank's expense, for the remaining unexpired term of the Agreement, nontaxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to the Event of Termination, except to the extent such coverage may be changed in its application to all Bank employees, and provided that Executive timely elects continued insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("**COBRA**"). Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental insurance premiums (based on COBRA premiums), with such payment to be made by lump sum within thirty (30) business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

**5.** **CHANGE IN CONTROL.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any payments made to Executive pursuant to this Section 5 are in lieu of any payments that may otherwise be owed to Executive pursuant to this Agreement under Section 4, such that Executive shall either receive payments pursuant to Section 4 or pursuant to Section 5, but not pursuant to both Sections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, the term "**Change in Control**" shall means: (i) a change in the ownership of the Corporation; (ii) a change in the effective control of the Corporation; or (iii) a change in the ownership of a substantial portion of the assets of the Corporation as defined in accordance with Code Section 409A. For purposes of this Section 5(a), the term "**Corporation**" means the Company, Bank or any of its successors, as applicable.

&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) A change in the ownership of a Corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Corporation that, together with stock held by such person or group, constitutes more than fifty (50) percent of the total fair market value or total voting power of the stock of the Corporation.

&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 change in the effective control of the Corporation occurs on the date that either (A) any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) 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 Corporation possessing thirty (30) percent or more of the total voting power of the stock of the Corporation, or (B) a majority of the members of the board of directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the board of directors prior to the date of the appointment or election, provided that this subsection "(B)" is inapplicable where a majority stockholder of the Corporation is another corporation.

&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) A change in a substantial portion of the Corporation's assets occurs on the date that any one person or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Corporation that have a total gross fair market value equal to or more than forty (40) percent of the total gross fair market value of (A) all of the assets of the Corporation, or (B) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets.

&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) For all purposes hereunder, the definition of Change in Control shall construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything herein to the contrary, a Change in Control shall not be deemed to have occurred in connection with a conversion of the Bank from a mutual to a stock Bank and/or the Bank's reorganization as a subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), Executive, shall receive as severance pay or liquidated damages, or both, any Accrued Obligations and a lump sum cash payment equal to three times the sum of (i) Executive's highest annual rate of Base Salary paid to Executive at any time under this Agreement, plus (ii) the highest bonus paid to Executive with respect to the three completed fiscal years prior to the Change in Control. Such payment shall be paid in a lump sum within ten (10) days of the Executive's Separation from Service (within the meaning of Section 409A of the Code) and shall not be reduced in the event Executive obtains other employment following the Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), the Bank shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum cash payment reasonably estimated to be equal to the present value of the contributions that would have been made on Executive's behalf under the Bank's defined contribution plans (e.g., 401(k) Plan, ESOP, and any other defined contribution plan maintained by the Bank), as if Executive had continued working for the Bank for thirty-six (36) months after the effective date of such termination of employment, earning the salary that would have been achieved during such period. Such payments shall be paid in a lump sum within ten (10) days of the Executive's Separation from Service and shall not be reduced in the event Executive obtains other employment following the Event of Termination. If Executive is a Specified Employee, as defined in Code Section 409A and any payment to be made under this sub-paragraph (c) or (d) of this Section 5 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive's Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), the Bank (or its successor) shall provide at the Bank's (or its successor's) expense, nontaxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to his termination, except to the extent such coverage may be changed in its application to all Bank employees (and then the coverage provided to Executive shall be commensurate with such changed coverage), and provided that Executive timely elects continued insurance coverage COBRA. Such coverage shall cease thirty-six (36) months following the termination of Executive's employment. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental insurance premiums (based on COBRA premiums), with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the preceding paragraphs of this Section 5, in the event that the aggregate payments or benefits to be made or afforded to Executive in the event of a Change in Control would be deemed to include an "excess parachute payment" under Section 280G of the Internal Revenue Code or any successor thereto, then such payments or benefits shall be reduced to an amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive's "base amount," as determined in accordance with Section 280G of the Code. In the event a reduction is necessary, then the cash severance payable by the Bank pursuant to Section 5 shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Bank under Section 5 being non-deductible to the Bank pursuant to Section 280G of the Code and subject to excise tax imposed under Section 4999 of the Code.

**6.** **TERMINATION FOR DISABILITY OR DEATH.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Termination of Executive's employment based on "**Disability**" shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive's employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive shall be entitled to receive any Accrued Obligations and any benefits under all short-term or long-term disability plans maintained by the Bank for its executives. To the extent such benefits are less than Executive's Base Salary, the Bank shall pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive's Base Salary for the longer of one (1) year following the termination of his employment due to Disability or the remaining term of this Agreement, which shall be payable in accordance with the regular payroll practices of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank shall cause to be continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to the termination of his employment based on Disability, except to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated based on Disability and provided that the Executive timely elects COBRA. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive's full-time employment by another employer; (iii) expiration of the remaining term of this Agreement; or (iv) Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of Executive's death during the term of this Agreement, his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive's: (i) Accrued Obligations, (ii) Base Salary at the rate in effect at the time of Executive's death in accordance with the regular payroll practices of the Bank for a period of one (1) year from the date of Executive's death, and (iii) the Bank shall continue to provide non-taxable medical, and dental insurance benefits to the Executive's dependents, as was in effect immediately prior to the date of Executive's death and in accordance with the Bank's customary co-pay percentages for active employees, for twelve (12) months after Executive's death provided that the applicable dependents timely elect COBRA. Such payments are in addition to any other life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank's tax-qualified retirement plans.

**7.** **TERMINATION FOR CAUSE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may terminate Executive's employment at any time, but any termination other than termination for "**Cause**," as defined herein, shall not prejudice Executive's right to compensation or other benefits under this Agreement. In the event the Executive's employment is terminated for Cause, the Bank's sole obligation will be to pay or provide to the Executive any Accrued Obligations; provided, however, that the Bank will have no obligation to pay any earned but unpaid short-term and long-term cash incentive compensation for the year immediately preceding the year of termination in the event the Executive is terminated for Cause. The term "Cause" as used herein, shall exist when there has been a good faith determination by the Board that there shall have occurred one or more of the following events with respect to the Executive:

&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) personal dishonesty in performing Executive's duties on behalf of the Bank;

&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) incompetence in performing Executive's duties on behalf of the Bank;

&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) willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation of the Bank;

&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) breach of fiduciary duty involving personal profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) material breach of the Bank's Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; 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; (viii) material breach by Executive of any provision of this Agreement.

Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the Executive to be heard before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof. Prior to holding a meeting at which the Board is to make a final determination whether Cause exists, if the Board determines in good faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause for it to find that the Executive was guilty of conduct constituting Cause as described above, the Board may suspend the Executive from his duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further meeting at which the Executive shall be given the opportunity to be heard before the Board. Upon a finding of Cause, the Board shall deliver to the Executive a Notice of Termination, as more fully described in Section 9 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Section 7, no act or failure to act, on the part of Executive, shall be considered "willful" unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive's action or omission was in the best interests of the Bank. Any act, or failure to act, based upon the direction of the Board or based upon the advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Bank.

**8.** **RESIGNATION FROM BOARDS OF DIRECTORS**

In the event of Executive's termination of employment due to an Event of Termination, Executive's service as a director of the Bank, the Company, and any affiliate of the Bank or the Company shall immediately terminate. This Section 8 shall constitute a resignation notice for such purposes.

**9.** **NOTICE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any purported termination by the Bank for Cause shall be communicated by Notice of Termination to Executive. If, within thirty (30) days after any Notice of Termination for Cause is given, Executive notifies the Bank that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration, as provided in Section 19. Notwithstanding the pendency of any such dispute, the Bank shall discontinue paying Executive's compensation until the dispute is finally resolved in accordance with this Agreement. If it is determined that Executive is entitled to compensation and benefits under Section 4 or 5, the payment of such compensation and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest due Executive on the cash amount that would have been paid pending arbitration (at the prime rate as published in *The Wall Street Journal* from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any other purported termination by the Bank or by Executive shall be communicated by a "Notice of Termination" (as defined in Section 9(c)) to the other party. If, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in Section 19. Notwithstanding the pendency of any such dispute, the Bank shall continue to pay Executive his Base Salary, and other compensation and benefits in effect when the notice giving rise to the dispute was given (except as to termination of Executive for Cause); provided, however, that such payments and benefits shall not continue beyond the date that is 36 months from the date the Notice of Termination is given. In the event the voluntary termination by Executive of his employment is disputed by the Bank, and if it is determined in arbitration that Executive is not entitled to termination benefits pursuant to this Agreement, he shall return all cash payments made to him pending resolution by arbitration, with interest thereon at the prime rate as published in *The Wall Street Journal* from time to time, if it is determined in arbitration that Executive's voluntary termination of employment was not taken in good faith and not in the reasonable belief that grounds existed for his voluntary termination. If it is determined that Executive is entitled to receive severance benefits under this Agreement, then any continuation of Base Salary and other compensation and benefits made to Executive under this Section 9 shall offset the amount of any severance benefits that are due to Executive under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, a "Notice of Termination" shall mean a written notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated.

**10.** **POST-TERMINATION OBLIGATIONS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>One Year Non-Solicitation</u>**. Executive hereby covenants and agrees that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly:

&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) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank or the Company, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of the Bank or the Company, or any of their direct or indirect subsidiaries or affiliates or has headquarters or offices within 25 miles of the locations in which the Bank or the Company has business operations or has filed an application for regulatory approval to establish an office, 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;(ii) contact (with a view toward selling any product or service competitive with any product or service sold or proposed to be sold by the Company, the Bank, or any subsidiary of such entities) any person, firm, Bank or corporation (A) to which the Company, the Bank, or any subsidiary of such entities sold any product or service within thirty-six months of the Executive's termination of employment, (B) which Executive solicited, contacted or otherwise dealt with on behalf of the Company, the Bank, or any subsidiary of such entities within one year of the Executive's termination of employment, or (C) which Executive was otherwise aware was a client of the Company, the Bank, or any subsidiary of such entities at the time of termination of employment. Executive will not directly or indirectly make any such contact, either for his own benefit or for the benefit of any other person, firm, Bank, or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Six Month Non-Competition</u>**. Executive hereby covenants and agrees that, for a period of six months following his termination of employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly become an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity owner or stockholder, partner or trustee of any savings bank, savings and loan bank, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other financial services entity or business that competes with the business of the Bank or its affiliates or has headquarters or offices within 25 miles of Bethel, Ohio. Notwithstanding the foregoing, this non-competition restriction shall not apply if Executive's employment is terminated following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Agreement, "**Confidential Information**" means information belonging to the Bank which is of value to the Bank in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Bank. Confidential Information includes information developed by the Executive in the course of the Executive's employment by the Bank, as well as other information to which the Executive may have access in connection with the Executive's employment. Confidential Information also includes the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain. The Executive understands and agrees that the Executive's employment creates a relationship of confidence and trust between the Executive and the Bank with respect to all Confidential Information. At all times, both during the Executive's employment with the Bank and after its termination, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Bank, except as may be necessary in the ordinary course of performing the Executive's duties to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between the Executive and the Bank or any of its subsidiaries or affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All payments and benefits to Executive under this Agreement shall be subject to Executive's compliance with this Section 10. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive's breach of this Section 10, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive and all persons acting for or with Executive. Executive represents and admits that Executive's experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank or the Company from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from Executive.

**11.** **SOURCE OF PAYMENTS.**

All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company may accede to this Agreement but only for the purposed of guaranteeing payment and provision of all amounts and benefits due hereunder to Executive.

**12.** **EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.**

This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement.

**13.** **NO ATTACHMENT; BINDING ON SUCCESSORS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

**14.** **MODIFICATION AND WAIVER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

**15.** **REQUIRED PROVISIONS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may terminate Executive's employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive's right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any period after termination for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything else in this Agreement to the contrary, Executive's employment shall not be deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Code Section 409A. For purposes of this Agreement, a "**Separation from Service**" shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50 percent of the average level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). Notwithstanding the foregoing, this Section 15(c) shall not apply in the event of the Executive's termination for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, if Executive is a "<u>specified employee</u>" (i.e., a "key employee" of a publicly traded company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered due to Executive's Separation from Service, then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment shall be made during the first six (6) months following Executive's Separation from Service. Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in the manner specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent not specifically provided in this Agreement, any compensation or reimbursements payable to Executive shall be paid or provided no later than two and one-half (2.5) months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture within the meaning of Treasury Regulation Section 1.409A-1(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything in this Agreement to the contrary, Executive understands that nothing contained in this Agreement limits Executive's ability to file a charge or complaint with the Securities and Exchange Commission or any other federal, state or local governmental agency or commission ("**Government Agencies**") about a possible securities law violation without approval of the Bank (or any affiliate). Executive further understands that this Agreement does not limit Executive's ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Bank (or any affiliate) related to the possible securities law violation. This Agreement does not limit Executive's right to receive any resulting monetary award for information provided to any Government Agency.

**16.** **SEVERABILITY.**

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

**17.** **HEADINGS FOR REFERENCE ONLY.**

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

**18.** **GOVERNING LAW.**

This Agreement shall be governed by the laws of the State of Ohio except to the extent superseded by federal law.

**19.** **ARBITRATION.**

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the main office of the Bank, in accordance with the rules of the American Arbitration Bank's National Rules for the Resolution of Employment Disputes ("**National Rules**") then in effect. One arbitrator shall be selected by Executive, one arbitrator shall be selected by the Bank and the third arbitrator shall be selected by the arbitrators selected by the parties. If the arbitrators are unable to agree within fifteen (15) days upon a third arbitrator, the arbitrator shall be appointed for them from a panel of arbitrators selected in accordance with the National Rules. Judgment may be entered on the arbitrator's award in any court having jurisdiction.

**20.** **INDEMNIFICATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive shall be provided with coverage under a standard directors' and officers' liability insurance policy, and shall be indemnified for the term of this Agreement and for a period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank or any affiliate (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys' fees and the cost of reasonable settlements (such settlements must be approved by the Board), provided, however, Executive shall not be indemnified or reimbursed for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive. Any such indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any indemnification by the Bank shall be subject to compliance with any applicable regulations of the Federal Deposit Insurance Corporation.

**21.** **Notice.**

For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

---

| | |
|:---|:---|
| To the Bank: | Chairman of the Board<br> Community Savings Bank<br> 503 West Plane Street<br> Bethel, Ohio 45106 |
| To Executive:<br>| At the address last appearing on<br> the personnel records of the Bank |

---

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Bank and the Company have caused this Agreement to be executed by their duly authorized representatives, and Executive has signed this Agreement, on the date first above written.

---

| | |
|:---|:---|
| **COMMUNITY SAVINGS BANK** | **COMMUNITY SAVINGS BANK** |
| By: |  |
|  | Chairman of the Board |
| **CSB FINANCIAL INC.** | **CSB FINANCIAL INC.** |
| By: |  |
|  | Chairman of the Board |
| **EXECUTIVE** | **EXECUTIVE** |
| John E. Essen | John E. Essen |

---

## Exhibit 10.2

**Exhibit 10.2**

**THREE-YEAR CHANGE IN CONTROL AGREEMENT**

This Change in Control Agreement (the "**Agreement**") is made effective as of [Insert Closing Date]<sup>1</sup>, 2026 (the "**Effective Date**"), by and between Community Savings Bank, (the "**Bank**") and ______________ (the "**Executive**").

**WITNESSETH**

**WHEREAS**, Executive is currently employed as executive of the Bank;

**WHEREAS**, the Bank has adopted a Plan of Conversion pursuant to which the Bank will convert to a [\*] and become a wholly owned subsidiary of CSB Financial Inc. (the "**Company**");

**WHEREAS**, the Bank desires to assure itself of the Executive's continued active participation in the business of the Bank; and

**WHEREAS**, in order to induce Executive to remain in the employ of the Bank and in consideration of Executive's agreeing to remain in the employ of the Bank, the parties desire to specify the severance benefits which shall be due Executive in the event that Executive's employment with the Bank is terminated under specified circumstances.

**NOW THEREFORE**, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

1. TERM OF AGREEMENT

<u>Three Year Contract; Annual Renewal</u>. The term of this Agreement shall commence as of the Effective Date and continue until December 31, 2026. Commencing on January 1, 2027, the term shall continue thereafter for a period of three years (the "**Term**") and on January 1, 2028 and each January 1 thereafter (each, a "**Renewal Date**"), the Term shall automatically renew for an additional year such that the remaining Term is three (3) years from such Renewal Date, unless either the Bank or Executive by written notice to the other given at least thirty (30) days prior to such Renewal Date notifies the other of its intent not to extend the Term (the "**Non-Renewal Notice**"). In the event that a Non-Renewal Notice is timely given by either the Bank or the Executive, this Agreement shall terminate as of the last day of the then current Term. Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change in Control as defined below, then the Term shall be extended automatically and shall terminate thirty-six (36) months following the date on which the Change in Control occurs.

<sup>1</sup> The agreement will be signed at closing. If the closing does not occur for any reason, this agreement will be void and of no effect.

2. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Change in Control</u>. For purposes of this Agreement, a "**Change in Control**" means: (i) a change in the ownership of the Corporation; (ii) a change in the effective control of the Corporation; or (iii) a change in the ownership of a substantial portion of the assets of the Corporation as defined in accordance with Code Section 409A. For purposes of this Section 2, the term "**Corporation**" means the Company, Bank or any of its successors, as applicable.

&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) A change in the ownership of a Corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Corporation that, together with stock held by such person or group, constitutes more than fifty (50) percent of the total fair market value or total voting power of the stock of the Corporation.

&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 change in the effective control of the Corporation occurs on the date that either (A) any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) 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 Corporation possessing thirty (30) percent or more of the total voting power of the stock of the Corporation, or (B) a majority of the members of the board of directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the board of directors prior to the date of the appointment or election, provided that this subsection "(B)" is inapplicable where a majority stockholder of the Corporation is another corporation.

&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) A change in a substantial portion of the Corporation's assets occurs on the date that any one person or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Corporation that have a total gross fair market value equal to or more than forty (40) percent of the total gross fair market value of (A) all of the assets of the Corporation, or (B) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets.

&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) For all purposes hereunder, the definition of Change in Control shall construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything herein to the contrary, a Change in Control shall not be deemed to have occurred in connection with a conversion of the Bank from a mutual to a stock bank and/or the Bank's reorganization as a subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Good Reason</u> shall mean a termination by Executive following a Change in Control if, without Executive's express written consent, any of the following occurs:

&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) failure to elect or reelect or to appoint or reappoint Executive to the title and position that the Executive held immediately prior to the Change in Control;

&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 material change in Executive's position to become one of lesser responsibility, importance or scope then the position Executive held immediately prior to the Change in Control;

&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) a liquidation or dissolution of the Bank;

&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) a reduction in Executive's base salary; 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;(v) a relocation of Executive's principal place of employment, which, for purposes of clarity, may be an office at the Bank or the Executive's principal residence (or a combination of the two), by more than twenty-five (25) miles from such principal place of employment as of the date immediately prior to the Change in Control (unless the relocated office is closer to the Executive's then principal residence);

provided, however, that prior to any termination of employment for Good Reason, Executive must first provide written notice to the Bank (or its successor) within ninety (90) days following the initial existence of the condition, describing the existence of such condition, and the Bank shall thereafter have the right to remedy the condition within thirty (30) days of the date the Bank received the written notice from Executive. If the Bank remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Bank does not remedy the condition within such thirty (30) day cure period, then Executive may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination for Cause</u> shall mean termination because of, in the good faith determination of the Board, Executive's:

&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) personal dishonesty in performing Executive's duties on behalf of the Bank;

&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) incompetence in performing Executive's duties on behalf of the Bank;

&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) willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation of the Bank;

&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) breach of fiduciary duty involving personal profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) material breach of the Bank's Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; 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; (viii) material breach by Executive of any provision of this Agreement.

A determination of whether Executive's employment shall be terminated for Cause shall be made at a meeting of the Board called and held for such purpose, at which the Board makes a finding that in good faith opinion of the Board an event set forth in clauses (1), (2), (3), (4), (5), (6), (7), or (8) above has occurred and specifying the particulars thereof in detail.

3. BENEFITS UPON TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Executive's employment by the Bank shall be terminated subsequent to a Change in Control and during the term of this Agreement by (i) the Bank for other than Cause, or (ii) Executive for Good Reason, then the Bank shall:

&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) pay Executive the Accrued Obligations. For purposes of this Agreement, the term "**Accrued Obligations**" means the sum of: (i) any base salary earned but unpaid through Executive's date of termination, (ii) unpaid expense reimbursements, (iii) any earned or approved but unpaid short-term and long-term incentive compensation pursuant to the terms of the applicable compensation plans, and (iv) any vested benefits Executive may have under any employee benefit plan of the Bank through the date of termination, which vested benefits will be paid and/or provided in accordance with the terms of the applicable employee benefit plans. Unless otherwise provided by the applicable employee benefit plan, the Accrued Obligations, if any, will be paid to Executive (or Executive's estate or beneficiary) within thirty (30) days following Executive's date of termination.

&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) pay Executive, or in the event of Executive's subsequent death, Executive's beneficiary or beneficiaries or estate, as applicable, a cash severance amount equal to:

&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;a. three (3) times the greater of: (i) Executive's base salary in effect as of the Date of Termination, or (ii) Executive's base salary immediately prior to a Change in Control,

&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;b. three (3) times the highest rate of bonus earned by Executive from the Bank in any one of the three calendar years immediately preceding the year in which the termination occurs, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. payable by lump sum within ten (10) business days of the Date of Termination.

&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) cause to be continued at no cost to Executive, non-taxable medical and dental coverage substantially identical to the coverage maintained by the Bank for Executive prior to Executive's termination for thirty-six (36) months provided that Executive timely elects continued insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("**COBRA**"). Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no event shall the payments or benefits to be made or provided to Executive under Section 3 hereof (the "**Termination Benefits**") constitute an "excess parachute payment" under Section 280G of the Code or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive's "base amount," as determined in accordance with Section 280G of the Code. The reduction of the Termination Benefits provided by this Section 3 shall be applied to the cash severance benefits otherwise payable under Section 3(a) hereof.

4. NOTICE OF TERMINATION

Any purported termination by the Bank or by Executive in connection with or following a Change in Control shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a "**Notice of Termination**" shall mean a written notice which shall indicate the Date of Termination and, in the event of termination by Executive, the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated. "**Date of Termination**" shall mean the date specified in the Notice of Termination (which, in the case of a termination for Cause, shall be immediate). In no event shall the Date of Termination exceed thirty (30) days from the date the Notice of Termination is given.

5. SOURCE OF PAYMENTS

All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank.

6. REQUIRED PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may terminate Executive's employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive's right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any period after termination for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything else in this Agreement to the contrary, Executive's employment shall not be deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Code Section 409A. For purposes of this Agreement, a "**Separation from Service**" shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50 percent of the average level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). Notwithstanding the foregoing, this Section 6(c) shall not apply in the event of the Executive's termination for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, if Executive is a "<u>specified employee</u>" (i.e., a "key employee" of a publicly traded company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered due to Executive's Separation from Service, then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment shall be made during the first six (6) months following Executive's Separation from Service. Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in the manner specified in this Agreement.

7. NO ATTACHMENT

Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

8. ENTIRE AGREEMENT; MODIFICATION AND WAIVER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to her without reference to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

9. SEVERABILITY

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

10. HEADINGS FOR REFERENCE ONLY

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

11. GOVERNING LAW

This Agreement shall be governed by the laws of the State of Ohio but only to the extent not superseded by federal law.

12. ARBITRATION

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator, mutually acceptable to the Bank and Executive, sitting in a location selected by the Bank within fifty (50) miles from the main office of the Bank, in accordance with the rules of the American Arbitration Bank's National Rules for the Resolution of Employment Disputes then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction.

13. PAYMENT OF LEGAL FEES

To the extent that such payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been resolved in Executive's favor, and such reimbursement shall occur no later than sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive's favor.

14. OBLIGATIONS OF BANK

The termination of Executive's employment, other than following a Change in Control, shall not result in any obligation of the Bank under this Agreement.

15. SUCCESSORS AND ASSIGNS

The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank's obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place.

[*Signature Page Follows*]

**SIGNATURES**

**IN WITNESS WHEREOF**, the Bank has caused this Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement, as of the Effective Date.

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## Exhibit 10.3

**Exhibit 10.3**

**COMMUNITY SAVINGS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN RECITALS**

This Supplemental Executive Retirement Plan (the "Plan") is adopted by Community Savings Bank (the "Bank"), an Ohio banking corporation, for the benefit of a select group of the Bank's management or highly compensated employees. The purpose of the Plan is to provide Participants, who are largely responsible for the Bank's success, the opportunity to receive supplemental executive retirement benefits, thereby increasing the incentive of such key employees to remain in the employ of the Bank.

The Plan is an unfunded nonqualified deferred compensation plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly-compensated Employees, and as such, is intended to be exempt from the provisions of Parts 2,3, and 4 of Title I of the Employee Retirement Income Security Act of 1974 ("ERISA") by operation of Sections 201(2), 301(a)(3) and 401(a)(1) thereof. The Plan will be administered, operated and construed in accordance with this intention.

The Plan is intended to comply in form and operation with all applicable law, including, to the extent applicable, the requirements of U.S. Internal Revenue Code Section 409A ("Section 409A") and will be administered, operated and construed in accordance with this intention.

Accordingly, this Plan is adopted as of January 1, 2020.

**ARTICLE 1<br> DEFINITIONS**

This Article provides definitions of terms used throughout this Plan, and whenever used herein in a capitalized form, except as otherwise expressly provided, the terms shall be deemed to have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **"Accrued Liability"** shall mean the dollar value of the liability accrued and expensed by the Bank under Generally Accepted Accounting Principles ("GAAP"), for the Bank's obligation as to a Participant's benefit to be paid under the terms of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **"Affiliate"** shall mean any corporation, partnership, joint venture, association, or similar organization or entity, other than the Bank, that is a member of a controlled group of corporations in which the Bank is a member, as defined in Section 414(b) of the Internal Revenue Code and all other trade or business (whether or not incorporated) under common control of or with the Bank, as defined in Section 414(c) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **"Bank"** shall mean Community Savings Bank, and its successors and assigns, unless otherwise provided in this Plan, or any other corporation or business organization which, with the consent of Community Savings Bank, or its successors or assigns, assumes the Bank's obligations under this Plan, or any Affiliate which agrees, with the consent of Community Savings Bank, or its successors or assigns, to become a party to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **"Beneficiary" or "Beneficiaries"** shall mean the person or persons, natural or otherwise, designated by a Participant in accordance with the Plan to receive Plan benefits in the event of the death of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **"Beneficiary Designation Form"** shall mean the form established from time to time by the Plan Administrator that a Participant completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **"Board"** shall mean the board of directors of the Bank, as from time to time constituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 **"Cause"** shall mean conduct by a Participant determined by the Bank to be: (a) gross negligence or willful malfeasance in the performance of his or her duties; (b) actions or omissions that harm the Bank and are undertaken or omitted knowingly or are criminal or fraudulent or involve material dishonesty or moral turpitude; (c) being indicted in a court of law for any felony or for a crime involving misuse or misappropriation of Bank funds; or (d) breach of fiduciary duty to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 **"Change in Control"** shall mean and shall include a change in ownership or effective control of the Bank, or a change in the ownership of a substantial portion of the assets of the Bank, within the meaning of Internal Revenue Code Section 409A and as described in Treasury Regulation §§1.409A-3(i)(5)(v), (vi) and (vii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 **"Claimant"** shall mean a Participant or a Beneficiary who believes that he or she is entitled to a benefit under this Plan or is being denied a benefit to which he or she is entitled hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 **"Code"** shall mean the U.S. Internal Revenue Code of 1986 and the Treasury Regulations or other authoritative guidance issued thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 **"Disability" or "Disabled"** shall be defined as a condition of a Participant whereby he or she has been deemed disabled by the Social Security Administration or has been determined to be disabled in accordance with a disability insurance program of the Bank, provided that the program covers the Participant and the definition of disability applied under such program complies with Code Section 409A. Upon the request of the Plan Administrator, the Participant must submit proof to the Plan Administrator of the Social Security Administration's or disability insurance provider's determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 **"Discount Rate"** shall mean the rate used by the Plan Administrator for determining a Participant's Accrued Liability under the Plan. The Plan Administrator, in its sole discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 **"Effective Date"** shall mean January 1, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 **"Eligibility Date"** shall mean the date designated by the Plan Administrator in a Participant's Participation Agreement on which an Eligible Employee shall become eligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 **"Eligible Employee"** shall mean for any calendar year (or applicable portion of a calendar year), an Employee who is determined by the Bank, or its designee, to be eligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 **"Employee"** shall mean an individual who provides services to the Bank in the capacity of a common law employee of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 **"ERISA"** shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time, and any authoritative guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 **"Participant"** shall mean each Eligible Employee who has met the requirements of participation under Article 2 and who participates in the Plan in accordance with the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 **"Participation Agreement"** shall mean the agreement executed by an Eligible Employee whereby the Eligible Employee agrees to participate in the Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 **"Plan"** shall mean this Supplemental Executive Retirement Plan, as evidenced by this written instrument, Participation Agreements, and any other forms required by the Plan Administrator, as may be amended from time to time. For purposes of applying Code Section 409A requirements, the benefit of the Participant under this Plan is a non-account balance plan under Treasury Regulation §1.409A-l(c)(2)(i)(C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 **"Plan Administrator"** shall mean the Board or such committee or person as the Board shall appoint. A Participant may not vote in any Bank decision relating solely to his or her individual benefits under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 **"Retirement Age"** shall mean age sixty**-**five (65), unless otherwise described in a Participant's Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 **"Retirement Benefit"** shall mean the amount described in a Participant's Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 **"Section 409A"** shall mean Code Section 409A and the Treasury Regulations or other authoritative guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 **"Separation from Service"** or **"Separates from Service"** shall mean a Participant has experienced a termination of employment with the Bank. Whether a termination of employment or service has occurred is determined based on whether the facts and circumstances indicate that the Bank and the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period during which the Participant performed services for the Bank, if that is less than thirty-six (36) months).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 **"Specified Employee"** shall mean a Participant meets the definition of a "key employee" as such term is defined in Code Section 416(i)(l)(A)(i), (ii) or (iii) (without regard to the Treasury Regulations thereunder and Section 416(i)(5)). However, a Participant is not a Specified Employee unless any stock of the Bank is publicly traded on an established securities market or otherwise, as defined in Treasury Regulation §1.897-1(m). If a Participant is a key employee at any time during the twelve (12) months ending on the identification date (see below), the Participant is a Specified Employee for the twelve (12) month period commencing on the first day of the fourth (4<sup>th</sup>) month following the identification date. For purposes of this Section, the identification date is December 31. The determination of a Participant as a Specified Employee shall be made by the Plan Administrator in accordance with Code Section 416(i) and the "specified employee" requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 **"Treasury Regulation"** or **"Treasury Regulations"** shall mean the regulation(s) promulgated by the Internal Revenue Service for the U.S. Department of the Treasury, as they may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 **"Year of Plan Participation"** shall mean a twelve (12) month period during which a Participant is employed on a full-time basis by the Company, inclusive of any approved leaves of absence, beginning on the Participant's Eligibility Date

**ARTICLE 2<br> ELIGIBILITY AND PARTICIPATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Selection**. Participation in this Plan shall be limited to those Eligible Employees of the Bank or Affiliates, as determined by the Plan Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Enrollment Requirements.** As a condition of participation in this Plan, each Eligible Employee shall complete, execute, and return to the Plan Administrator a Participation Agreement and any applicable election form(s) within the time specified by the Plan Administrator in accordance with the terms and conditions of the Plan. In addition, the Plan Administrator shall establish such other enrollment requirements as it determines necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Re-employment.** The re-employment of a former Participant by the Bank shall not entitle such individual to become a Participant hereunder. Such individual shall not become a Participant until the individual is again designated as an Eligible Employee in accordance with Section 2.1. If a Participant who has experienced a Separation from Service is receiving installment distributions pursuant to the terms of the Plan and is re-employed by the Bank, distributions due to the Participant shall not be suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Termination of Active Participation.** If the Plan Administrator determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Plan Administrator shall have the right, in its sole discretion, to cease further benefit accruals hereunder on behalf of the Participant.

**ARTICLE 3<br> DISTRIBUTION OF BENEFITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Normal Retirement.** In the event a Participant Separates from Service (other than for Cause or death) on or after Retirement Age but prior to the occurrence of any other event under Article 3, the Bank shall pay to the Participant the Retirement Benefit over a period of ten (10) years in equal annual installments. (For example: if the Retirement Benefit is $500,000, the benefit to be paid is $500,000 /10 = $50,000 per year.) The first installment shall be paid on the first day of the second month following Separation from Service, with subsequent installments being paid on the anniversary of the first installment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Early Retirement**. In the event a Participant Separates from Service (other than for Cause or death) prior to Retirement Age and the occurrence of any other event under Article 3, the Bank shall pay to the Participant his or her vested Retirement Benefit, measured as of the date of Separation from Service, over a period of ten (10) years in equal annual inst<u>allm</u>ents. The first installment shall be paid on the first day of the second month following Retirement Age, with subsequent installments being paid on the anniversary of the first installment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of determining the benefit amount hereunder, a Participant becomes vested in the Retirement Benefit in accordance with the table below. Additionally, vesting will automatically increase to one hundred percent (100%) upon the earlier of Retirement Age or the Bank's Change in Control.

---

| | |
|:---|:---|
| **Complete Years of Plan Participation** | **Percent Vested** |
| Less than 1 | 0% |
| 1 but less than 3 | 20% |
| 3 but less than 5 | 40% |
| 5 but less than 7 | 60% |
| 7 but less than 9 | 80% |
| 9 or more | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Disability**. In the event of a Participant's Disability while employed by the Bank, and prior to the occurrence of any other event under Article 3, the Bank shall pay to the Participant his or her vested Retirement Benefit, measured as of the date of Disability and calculated using the vesting schedule in Section 3.2(a), over a period of ten (10) years in equal annual installments. The first installment shall be paid on the first day of the second month following Retirement Age, with subsequent installments being paid on the anniversary of the first installment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Change in Control**. In the event of a Change in Control while employed by the Bank, and prior to the occurrence of any other event under Article 3, the Bank shall pay to the Participant his or her Retirement Benefit in a lump sum within sixty (60) days following the date of the Change in Control. In the event of a Change in Control following Separation from Service, death, or Disability, the sum of any remaining benefit payments shall be paid to the Participant in a lump sum within sixty (60) days following the date of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Death.** While Employed. In the event a Participant dies while employed by the Bank, prior to the occurrence of any other event under Article 3, the Bank shall pay to the Participant's Beneficiary the Participant's vested Retirement Benefit, measured as of the date of the Participant's death and calculated using the vesting schedule in Section 3.2(a), in a lump sum within ninety (90) days following the date of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **During Installments.** In the event a Participant dies after installments have commenced under the Plan but prior to receiving all installments owed, the Bank shall pay the sum of any remaining installments to the Participant's Beneficiary in a lump sum within ninety (90) days following the date of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Death during a Delay.** In the event of a Participant's death after becoming entitled to a benefit but prior to payment commencement, the Bank shall pay to the Participant's Beneficiary the same benefit amount the Participant would have received had the Participant survived, except that it will be paid in a lump sum within ninety (90) days following the date of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **Forfeiture of Benefit.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination for Cause.** Notwithstanding any provision of this Plan to the contrary, if a Participant's employment is terminated for Cause by the Bank, the Participant shall not be entitled to any benefits under the terms of this Plan. In the event that subsequent to a Participant's Separation from Service for any reason, the Plan Administrator determines that the Participant could have been terminated for Cause, then without limiting any other remedy available to it, the Plan Administrator may direct that any further payments to the Participant or his or her Beneficiary cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unvested Amounts. A Participant will forfeit any portion of his or her benefit under this Plan that is unvested at the time of Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Removal.** Notwithstanding any provision of this Plan to the contrary, the Bank shall not distribute any benefit under this Plan if a Participant is subject to a final removal or prohibition order issued by an appropriate banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 **Acceleration of Payments.** Except as specifically permitted herein or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank (without any direct or indirect election **on** the part of a Participant), in accordance with the provisions of Treasury Regulation §1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department. Accordingly, payments may be accelerated, in accordance with the provisions of Treasury Regulation §1.409A-3(j)(4) in the following circumstances; (a) in limited cashouts (but not in excess of the limit under Code Section 402(g)(1)(B)); (b) to pay employment-related taxes; or (c) to pay any taxes that may become due at any time that the Plan fails to meet the requirements **of** Section 409A (but in no case shall such payments exceed the amount to be included in income as a result of the failure to comply with the requirements of Section 409A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 **Restrictions on Time of Payment**. Solely to the extent necessary to avoid penalties under Section 409A, payments to be made as a result of a Separation from Service under this Article 3 may not commence earlier than six (6) months after a Participant's Separation from Service if, pursuant to Section 409A, the Participant is considered a Specified Employee. In the event a distribution is delayed pursuant to this paragraph, any amounts otherwise payable during the six (6) months shall be accumulated and paid in a lump sum on the first day of the seventh (7<sup>th</sup>) month following Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 **Changes in Time** or Form of Distributions. Upon the Bank's approval, a Participant may delay the time of payment or change the form of payment as expressly provided under this Section and Section 409A (a "Subsequent Deferral Election"). Notwithstanding the foregoing, a Subsequent Deferral Election cannot accelerate any payment. A Subsequent Deferral Election which delays payment or changes the form of payment is permitted only if all of the following requirements are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subsequent Deferral Election does not take effect until at least twelve (12) months after the date on which the election is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Subsequent Deferral Election relates to a payment based on Separation from Service, Change in Control, or a payment made at a specified time, the election must result in payment being deferred for a period of not less than five (5) years from the date the first amount was scheduled to be paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Subsequent Deferral Election relates to a payment at a specified time, the election must be made not less than twelve (12) months before the date the first amount was scheduled to be paid.

For purposes of applying the Subsequent Deferral Election requirements, installment payments shall be treated as a "single payment." Any Subsequent Deferral Election made pursuant to this Section shall be made on such election forms or electronic media as is required by the Plan Administrator, in accordance with the rules established by the Plan Administrator and shall comply with all requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 **Unsecured General Creditor Status of Participant.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment to a Participant or a Beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of the legally available assets of the Bank and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Bank's obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Bank under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank and no such person shall have or acquire any legal or equitable right, interest, or claim in or to any property or assets of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Bank purchases an insurance policy or policies insuring the life of a Participant or an Employee, to allow the Bank to recover or meet the cost of providing benefits, in whole or in part, hereunder, neither the Participant nor Beneficiary shall have any rights whatsoever in said policy or the proceeds therefrom. If the Bank and a Participant have entered into a separate endorsement "split dollar" arrangement, the rights to said policy or the proceeds therefrom will be described in such separate arrangement. The Bank shall be the sole owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. No insurance policy with regard to any "highly compensated employee" or "highly compensated individual," as defined in Code Section 101 (j), shall be acquired before satisfying the Code Section 101 (j) "Notice and Consent" requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Bank purchases an insurance policy or policies on the life of a Participant as provided for above, then all such policies shall be subject to the claims of the creditors of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Bank chooses to obtain insurance on the life of a Participant in connection with its obligations under this Plan, the Participant shall take such physical examinations and truthfully and completely supply such information as may be required by the Bank or the insurance company designated by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 **Delays**. If the Bank reasonably anticipates that any payment scheduled to be made under this Plan would violate securities laws (or other applicable laws) or jeopardize the ability of the Bank to continue as a going concern if paid as scheduled, then the Bank may defer that payment, provided the Bank treats payments to all similarly situated Participants participating in all aggregated plans on a reasonably consistent basis. In addition, the Bank may, in its discretion, delay a payment upon such other events and conditions as the IRS may prescribe, provided the Bank treats payments to all similarly situated Participants participating in all aggregated plans on a reasonably consistent basis. The amounts so accrued in accordance with the terms of the Plan shall be distributed to a Participant or his or her Beneficiary (in the event of the Participant's death) at the earliest possible date on which the Bank reasonably anticipates that such violation or material harm would be avoided or as otherwise prescribed by the IRS.

**ARTICLE 4<br> BENEFICIARY DESIGNATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Designation of Beneficiaries.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant may designate any person or persons (who may be named contingently or successively) to receive any benefits payable under the Plan upon the Participant's death, and the designation may be changed from time to time by the Participant by filing a new Beneficiary Designation Form. Each designation will revoke all prior designations by the same Participant, shall be in the form prescribed by the Plan Administrator, and shall be effective only when filed with the Plan Administrator during the Participant's lifetime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there is no living Beneficiary validly named by a Participant, the Bank shall pay the benefit payment to the Participant's spouse, if then living, and if the spouse is not then living to the Participant's then living descendants, if any, *per stirpes,* and if there are no living descendants, to the Participant's estate. In determining the existence or identity of anyone entitled to a benefit payment, the Bank may rely conclusively upon information supplied by the Participant's personal representative, executor, or administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant's designation of a Beneficiary will be deemed automatically revoked if the Beneficiary predeceases the Participant or if the Participant names a spouse as Beneficiary and the marriage is subsequently dissolved. Should a Participant wish to change the designated Beneficiary in the event of a future marriage or divorce, the Participant will have to do so by means of filing a new Beneficiary Designation Form with the Plan Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a question arises as to the existence or identity of anyone entitled to receive a death benefit payment under the Plan, or if a dispute arises with respect to any death benefit payment under the Plan, the Bank may distribute the payment to a Participant's estate without liability for any tax or other consequences, or may take any other action which the Bank deems to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Information to be furnished by Participant and Beneficiaries; Inability to Locate Participant or Beneficiaries**. Any communication, statement or notice addressed to a Participant or to a Beneficiary at his or her last post office address as shown on the Bank's records shall be binding on the Participant or Beneficiary for all purposes of the Plan. The Bank shall not be obliged to search for a Participant or Beneficiary beyond the sending of a registered letter to such last known address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Facility of Payment. If** the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person legally declared incompetent, or to a person legally deemed incapable of handling the disposition of that person's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to payment of the benefit. Any distribution of a benefit shall be a distribution for the account of the Participant and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such distribution amount

**ARTICLE 5<br> PLAN ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Plan Administrator Duties.** The Plan Administrator shall be responsible for the management, operation, and administration of the Plan. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by the Bank, Participants, or Beneficiaries. No provision of this Plan shall be construed as imposing on the Plan Administrator any fiduciary duty under ERISA or other law, or any duty similar to any fiduciary duty under ERISA or other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Plan Administrator Authority.** The Plan Administrator shall enforce this Plan in accordance with its terms, shall be charged with the general administration of this Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To construe and interpret the terms and provisions of this Plan and to reconcile any inconsistency, in its sole and absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To compute and certify the amount payable to a Participant and his or her Beneficiaries; to determine the time and manner in which such benefits are paid; and to determine the amount of any withholding taxes to be deducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To maintain all records that may be necessary for the administration of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To provide for the disclosure of all information and the filing or provision of all reports and statements to Participants, Beneficiaries, and governmental agencies as shall be required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To make and publish such rules for the regulation of this Plan and procedures for the administration of this Plan so long as no such rules or procedures are not inconsistent with the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To administer this Plan's claims procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To approve the forms and procedures for use under this Plan; 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;(h) To employ such persons or organizations, including without limitation, actuaries, attorneys, accountants, independent fiduciaries, recordkeepers and administrative consultants, to render advice or perform services with respect to the responsibilities of the Plan Administrator under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Binding Effect of Decision.** The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of this Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Compensation and Expenses.** The Plan Administrator shall serve without compensation for services rendered hereunder. The Plan Administrator is authorized at the expense of the Bank to employ such legal counsel and/or Plan recordkeeper as it may deem advisable to assist in the performance of its duties hereunder. Expense and fees in connection with the administration of this Plan shall be paid by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Compliance with Section 409A.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of this Plan to the contrary, the interpretation and distribution of a Participant's benefits under the Plan shall be made in a manner and at such times as to comply with all applicable provisions of Section 409A and the regulations and guidance promulgated thereunder, or an exception or exclusion therefrom to avoid the imposition of any accelerated or additional taxes. Any defined terms shall be construed consistent with Section 409A and any terms not specifically defined shall have the meaning set forth in Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The intent of this Section is to ensure that a Participant is not subject to any tax liability or interest penalty, by reason of the application of Code Section 409A(a)(l) as a result of any failure to comply with all the requirements of Section 409A, and this Section shall be interpreted in light of, and consistent with, such requirements. This Section shall apply to distributions under the Plan, but only to the extent required in order to avoid taxation of, or interest penalties on, the Participant under Section 409A. These rules shall also be deemed modified or supplemented by such other rules as may be necessary, from time to time, to comply with Section 409A.

**ARTICLE 6<br> AMENDMENT AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Right to Amend.** This Plan may be amended or modified by the Bank at any time, in whole or part, provided that no amendment may reduce the benefits described hereunder as of the date of said amendment without written consent of the Participant or, if applicable, the Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Amendments Required By Law**. Notwithstanding the provisions of Section 6.1, the Bank may unilaterally amend this Plan, retroactively if required, to conform with written directives to the Bank from its auditors, to ensure that the Plan is characterized as a "top-hat" plan of deferred compensation maintained for a select group of management or highly compensated employees as described under ERISA Sections 201(2), 301(a)(3), and 401(a)(1), or to conform the Plan to the provisions of Section 409A, and to conform the Plan to the requirements of any other applicable law (including ERISA, banking regulations and the Code). No such amendment shall be considered prejudicial to any interest of a Participant or a Beneficiary hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Plan Suspension. The** Bank may suspend the Plan at any time in its sole discretion. In the event the Plan is suspended, a Participant shall be due a benefit to the extent the Participant is vested, and such vested benefit shall be calculated as of the date this Plan is suspended. Except as provided in Section 6.4, the suspension of this Plan shall not cause a distribution of benefits. Rather, after such suspension, benefit distributions will be made at the earliest distribution event permitted under Article 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Plan Termination and Liquidation under Section 409A**. Notwithstanding anything to the contrary in Section 6.3, any acceleration of the payment of benefits due to Plan termination and liquidation shall comply with the following subparagraphs, but only as permitted in accordance with Section. 409A and Treasury Regulation §1.409A-3(j)(4)(ix). Unless otherwise provided below, the lump sum benefit to be paid upon such Plan termination and liquidation shall be no less than a Participant's vested benefit as of the date of Plan termination. The Bank may distribute this benefit to all Participants subject to the terms below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the Bank's termination of this and all other arrangements that would be aggregated with this Plan, pursuant to Treasury Regulation §1.409A-l(c), if the Participant participated in such arrangements ("Similar Arrangements"), provided that: (i) the termination does not occur proximate to a downturn in the financial health of the Bank; (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination; and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Bank's dissolution taxed under Code Section 331, or with approval of a bankruptcy court, provided that the amounts deferred under the Plan are included in the Participant's gross income in the latest of: (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable; 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;(c) Within thirty (30) days before, or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of the Plan and further provided that all the Bank's arrangements which are substantially similar to the Plan are terminated so the Participant and all Participants in the Similar Arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the Plan. Notwithstanding the benefit amount described in Section 6.3 above, in the event of a Plan termination and liquidation due to a Change in Control, the lump stun benefit to be paid upon such Plan termination and liquidation shall be equal to the total value of all remaining payments under the Plan without discounting for interest.

**ARTICLE 7<br> CLAIMS PROCEDURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Claims Procedure.** This Article is based on Department of Labor Regulation Section 2560.503-1. If any provision of this Article conflicts with the requirements of those regulations, the requirements of those regulations will prevail. A Claimant who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Initiation - Written Claim**. The Claimant initiates a claim by submitting a written request for the benefits to the Plan Administrator. The Plan Administrator will, upon written request of a Claimant, make available copies of all forms and instructions necessary to file a claim for benefits or advise the Claimant where such forms and instructions may be obtained. If the claim relates to Disability benefits, then the Plan Administrator shall designate a sub-committee to conduct the initial review of the claim (and applicable references below to the Plan Administrator shall mean such sub-committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Timing of Bank Response.** The Plan Administrator shall respond to such Claimant within ninety (90) days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying the Claimant in writing prior to the end of the initial 90-day period that an additional period is required. In the event that the claim for benefits pertains to Disability, the Plan Administrator shall provide written response within forty-five (45) days, but can extend this response period by an additional thirty (30) days, if necessary, due to circumstances beyond the Plan Administrator's control. Any notice of extension must set forth the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render its decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notice of Decision**. If the Plan Administrator denies the claim, in whole or in part, the Plan Administrator shall notify the Claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth:

&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) The specific reasons for the denial;

&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 reference to the specific provisions of the Plan on which the denial is based;

&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) A description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why
it is needed;

&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) An explanation of the Plan's review procedures and the time limits applicable to such procedures; 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;(v) A statement of the Claimant's right to bring a civil action under ERISA Section 502(a) following an adverse benefit
determination on review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Review Procedure.** If the Plan Administrator denies the claim, in whole or in part, the Claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Initiation - Written Request.** To initiate the review, the Claimant, within sixty (60) days after receiving the Plan Administrator's notice of denial, must file with the Plan Administrator a written request for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Review of a Disability Benefit Claim**. If the Claimant's initial claim is for Disability benefits, any review of a denied claim shall be made by members of the Plan Administrator other than the original decision maker(s) and such person(s) shall not be a subordinate of the original decision maker(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Additional Submissions - Information Access.** The Claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable **ERISA** regulations) to the Claimant's claim for benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Considerations on Review**. In considering the review, the Plan Administrator shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. Additional considerations shall be required in the case of a claim for Disability benefits. For example, the claim will be reviewed without deference to the initial adverse benefits determination and, if the initial adverse benefit determination was based in whole or in part on a medical judgment, the Plan Administrator will consult with a health care professional with appropriate training and experience in the field of medicine involving the medical judgment. The health care professional who is consulted on appeal will not be the same individual who was consulted during the initial determination or the subordinate of such individual. If the Plan Administrator obtained the advice of medical or vocational experts in making the initial adverse benefits determination (regardless of whether the advice was relied upon), the Plan Administrator will identify such experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Timing of Bank Response.** The Plan Administrator shall respond in writing to such Claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to the end of the initial 60-day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Notice of Decision.** The Plan Administrator shall notify the Claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth;

&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) The specific reasons for the denial;

&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 reference to the specific provisions of the Plan on which the denial is based;

&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) A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access
to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant's
claim for benefits; 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) A statement of the Claimant's right to bring a civil action under ERISA Section 502(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Calculation of Time Periods**. For purposes of the time periods specified in this Article, the period of time during which a benefit determination is required to be made begins at the time a claim is filed in accordance with the Plan procedures without regard to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant's failure to submit all information necessary, the period for making the determination shall be tolled from the date the notification is sent to the Claimant until the date the Claimant responds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Exhaustion of Remedies**. A Claimant must follow the claims review procedures under this Plan and exhaust his or her administrative remedies before taking any further action with respect to a claim for benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Failure of Plan to Follow Procedures.** If the Plan fails to establish or follow the claims procedures required by this Article, a Claimant shall be deemed to have exhausted the administrative remedies available under the Plan and shall be entitled to immediately pursue any available remedy under ERISA Section 502(a) on the basis that the Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim. The Claimant may request a written explanation of the violation from the Plan, and the Plan must provide such explanation within ten (10) days, including a specific description of its bases, if any, for asserting that the violation should not cause the administrative remedies to be deemed exhausted. If a court rejects the Claimant's request for immediate review on the basis that the Plan met the standards for the exception, the claim shall be considered as re-filed on appeal upon the Plan's receipt of the decision of the court. Within a reasonable time after the receipt of the decision, the Plan shall provide the claimant with notice of the resubmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Arbitration.** If a Claimant continues to dispute the benefit denial based upon completed performance of the Plan or the meaning and effect of the terms and conditions thereof, then the Claimant must submit the dispute to an arbitrator for final arbitration. The arbitrator shall be selected by mutual agreement of the Bank and the Claimant. The arbitrator shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such arbitrator with respect to any controversy properly submitted to it for determination. Where a dispute arises as to the Bank's discharge of a Participant for Cause, such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision thereunder.

**ARTICLE 8<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Validity**. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Nonassignability**. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate, alienate, or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part hereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment, or sequestration for the payment of any debts, judgments, alimony, or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of the Participant's or any other person's bankruptcy or insolvency, or be transferable to a spouse as a result of a property settlement or otherwise. If a Participant, Beneficiary, or successor in interest is adjudicated bankrupt or purports to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber transfer, hypothecate, alienate, or convey in advance of actual receipt, the amount, if any, payable hereunder, or any part thereof, the Plan Administrator, in its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary, or successor in interest in such manner as the Plan Administrator shall direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Not a Contract of Employment**. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Bank and a Participant. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the Bank as an Employee or otherwise or to interfere with the right of the Bank to discipline or discharge the Participant at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Governing Law.** The Plan shall be administered, construed and governed in all respects under and by the laws of the State of Ohio, without reference to the principles of conflicts of law (except and to the extent preempted by applicable federal law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Notice**. Any notice or filing required or permitted under this Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail or overnight delivery service to the Bank's address. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, or overnight delivery service as of the date shown on the postmark on the receipt for registration or certification. Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail or overnight delivery service, to the last known address of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Coordination with Other Benefits**. The benefits provided for a Participant or the Participant's Beneficiary under this Plan are in addition to any other benefits available to such Participant under any other plan or program for Employees of the Bank. This Plan shall supplement and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Income Tax Withholding.** The Bank may make such provisions and take such action as it may deem necessary or appropriate for the withholding of any taxes which the Bank is required by any law or regulation of any governmental authority, whether federal, state, or local, to withhold in connection with any benefits under the Plan, including, but not limited to, the withholding of appropriate sums from any amounts otherwise payable to a Participant (or his or her Beneficiary). A Participant is responsible for the payment of all individual tax liabilities relating to any such benefits.

The Bank executes this Plan as of the date first written above.

---

| | |
|:---|:---|
| **COMMUNITY SAVINGS BANK:** | **COMMUNITY SAVINGS BANK:** |
| By: | /s/ James Smith |
| Title: | Compensation Committee Chair |
| Printed Name: | James Smith |

---

## Exhibit 10.4

**Exhibit 10.4**

**Community Savings Bank**

**Survivor Benefit Plan**

**Table of Contents**

---

| | |
|:---|:---|
| SECTION 1 - STATEMENT OF PURPOSE | 2.0 |
| SECTION 2 - DEFINITIONS | 2.0 |
| SECTION 3 - PLAN ADMINISTRATION | 3.0 |
| SECTION 4 - ELIGIBILITY AND PARTICIPATION | 5.0 |
| SECTION 5 - PRE-RETIREMENT SURVIVOR BENEFIT | 5.0 |
| SECTION 6 - DISABILITY AND AUTHORIZED LEAVE OF ABSENCE | 6.0 |
| SECTION 7 - BANK-OWNED LIFE INSURANCE ("BOLI") | 6.0 |
| SECTION 8 - ADMINISTRATOR | 6.0 |
| SECTION 9 - AMENDMENT AND TERMINATION | 7.0 |
| SECTION 10 - MISCELLANEOUS | 7.0 |
| SECTION 11 - CONSTRUCTION | 8.0 |
| EXHIBIT A - PARTICIPATION AGREEMENT | 10.0 |

---

**Section 1 - Statement of Purpose**

1.1 **Community Savings Bank Survivor Benefit Plan ("Plan")** is designed and implemented for the purpose of providing to designated employees of Community Savings Bank (the "Bank") the opportunity to participate in a survivor benefit plan, thereby increasing the incentive of such employees to remain in the employ of the Bank and to make the Bank more profitable. Special payments shall be made to Participants' Beneficiaries if a Participant is employed by the Bank at death; such benefits are intended to provide Participants with additional financial security.

**Section 2 – Definitions**

2.1 **"Administrator"** means the person, persons or committee designated by the Board to administer the Plan on behalf of the Bank.

2.2 **"Bank"** means Community Savings Bank and its successors that shall maintain this Plan. The Bank is a state bank with principal offices in the State of Ohio.

2.3 **"Beneficiary"** means any person, persons or trust designated by a Participant in writing on a form satisfactory to the Bank. In the absence of any living designated beneficiary, a deceased Participant's Beneficiary shall be the deceased Participant's then living spouse, if any, for his or her life; if none, or from and after such spouse's death, then the children of the deceased Participant taking by right of representation; and if none, the estate of the deceased Participant.

2.4 **"Board"** means the Board of Directors of the Bank, or any committee of such Board that is authorized to oversee, administer and amend the Plan.

2.5 **"Disability"** means a situation where a Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Bank. The Disability of a Participant shall be determined by a licensed physician selected by the Administrator.

2.6 **"Effective Date"** means December 1, 2015.

2.7 **"Employee"** means an employee of the Bank or subsidiary, if any.

2.8 **"Participant"** means an Employee of the Bank selected by the Board for participation in the Plan and who has complied with the requirements in accordance with Section 4 hereof, and who has not for any reason become ineligible to participate further in this Plan. An individual shall be deemed to continue as a Participant until all benefits payable to the Participant under this Plan have been distributed.

2.9 **"Participation Agreement"** means a written agreement between a Participant and the Bank in substantially the form attached hereto as Exhibit A.

2.10 **"Plan"** means Community Savings Bank Survivor Benefit Plan as contained in this document, including all amendments thereto.

2.11 **"Plan Year"** means the twelve month period commencing on January 1 of each year and ending the following December 31. The initial Plan Year shall be December 1, 2015, through December 31, 2015.

**Section 3 - Plan Administration**

3.1 **Powers and Duties of the Administrator.** The Board shall appoint the Plan Administrator, who shall administer the Plan for the exclusive benefit of the Participants and their Beneficiaries, subject to the specific terms of the Plan. The Administrator shall administer the Plan in accordance with its terms and shall have the power and discretion to interpret and construe the terms of the Plan and to determine all questions arising in connection with the administration, interpretation, and application of the Plan and the eligibility of any individual to participate in and receive benefits from the Plan. The Administrator may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the Plan; provided, however, that any procedure, discretionary act, interpretation or construction shall be done in a nondiscriminatory manner based upon uniform principles consistently applied. The Administrator shall have all powers necessary or appropriate to accomplish his duties under this Plan, including the power to delegate, in writing, any of the Administrator's responsibilities or authority, discretionary or otherwise, to carry out the general administration of the Plan.

The Administrator shall be charged with the duties of the general administration of the Plan, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The discretion to determine all questions relating to the eligibility of Employees to participate or remain a Participant hereunder and for a Participant or his or her Beneficiaries to receive benefits under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To compute and make determinations with respect to the amount of benefits to which any Participant or his or her Beneficiaries shall be entitled hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To authorize and make nondiscretionary or otherwise directed disbursements to Participants or their Beneficiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To maintain all necessary records for the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To interpret the provisions of the Plan and to make and publish such rules for the regulation of the Plan as are consistent with the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To prepare and implement a procedure to notify employees that they have been selected as eligible to participate in the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To assist any Participant or his or her Beneficiary regarding his or her rights, benefits or elections available under the Plan.

3.2 **Records and Reports.** The Administrator shall keep a record of all actions taken and shall keep all other books of account, records, and other data that may be necessary for proper administration of the Plan and shall be responsible for supplying all information and reports to the Bank, Participants and Beneficiaries.

3.3 **Participant Statement.** The Administrator shall provide each Participant as soon as practicable following each Plan Year a statement showing the Participant's current and projected survivor benefit under the Plan.

3.4 **Information from the Bank.** To enable the Administrator to perform his functions, the Bank shall supply full and timely information to the Administrator on all matters relating to the compensation of all Participants, their retirement, death, disability or termination of employment, and such other pertinent facts as the Administrator may require. The Administrator may rely upon such information as is supplied by the Bank and shall have no duty or responsibility to verify such information.

3.5 **Claims Procedure.** Claims for benefits under the Plan may be filed with the Administrator on forms supplied by the Bank, by any Employee, former Employee, or Beneficiary ("Claimant"). Any claim for benefits must be filed within one year of the Participant's death. Written or electronic notice of the disposition of a claim shall be furnished to the Claimant wi<u>thin</u> 90 days after the claim is filed. If additional time (up to 90 days) is required by the Administrator to process the claim, written notice shall be provided to the Claimant within the initial 90 day period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Administrator expects to render a determination.

If the request for benefits is based on the Claimant's Disability, written or electronic notice of the disposition of a claim shall be furnished to the Claimant or Claimant's authorized representative within 45 days after the claim is filed. If additional time (up to 30 days) is required by the Administrator, written notice shall be provided to the Claimant within the initial 45 day period, which additional time may be extended for another 30 days upon written notice. In the event the claim is denied in whole or in part, the notice shall set forth in language calculated to be understood by the Claimant (i) the specific reason or reasons for the denial, (ii) specific reference to pertinent Plan provisions on which the denial is based, (iii) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary, and (iv) a description of the Plan's review procedures and the time limits applicable to such procedures, including a statement of the Claimant's right, if any, to bring a civil action following an adverse benefit determination on review.

3.6 **Claims Review Procedure.** Any Claimant who has been denied a benefit by a decision of the Administrator pursuant to Section 3.5 shall be entitled to request the Administrator to give further consideration to his claim by filing with the Administrator a request for a hearing. Such request, together with a written statement of the reasons why the Claimant believes his claim should be allowed, shall be filed with the Administrator no later than 60 days after receipt of the written notification provided for in Section 3.5. The Claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claimant's claim for benefits. Upon written notification of a Claimant's request for a hearing, the Board shall appoint a committee of three, none of whom are either the individual who made the adverse benefit determination that is the subject of the appeal, nor the subordinate of such individual. Such committee shall conduct a hearing within the next 60 days, at which the Claimant shall have the right to appear in person and an opportunity to submit comments, documents, records and other information relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination.

The appointed committee shall make a final decision as to the allowance of a claim based on disability within 45 days, or within 90 days if special circumstances require an extension of time. Decisions as to all other claims will be made within 60 days of receipt of the appeal (unless there has been an extension due to special circumstances, provided the delay and the special circumstances occasioning it are communicated to the Claimant in writing within the 60 day period), in which case a decision shall be rendered as soon as possible but not later than 120 days after receipt of the request for review; provided, however, that in the event the Claimant fails to submit information necessary to make a benefit determination on review, such period shall be tolled from the date on which the extension notice is sent to the Claimant until the date on which the Claimant responds to the request for additional information. The decision on review shall be written or electronic and, in the case of an adverse determination, shall include specific reasons for the decision, in a manner calculated to be understood by the Claimant, and specific references to the pertinent Plan provisions on which the decision is based. The decision on review shall also include (i) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claimant's claim for benefits, and (ii) a statement describing any voluntary appeal procedures offered by the Plan, and a statement of the Claimant's right, if any, to bring an action and shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based. The procedures set forth in Sections 3.5 and 3.6 shall be administered in accordance with the claims procedure regulations of the Department of Labor set forth at 29 C.F.R. 2560.503-1. No Claimant shall bring suit under the Plan unless and until he or she has exhausted his or her right to review under the Plan's claims procedures.

**Section 4 - Eligibility and Participation**

4.1 **Eligibility.** The Board, in its sole discretion, shall select the Employees of the Bank who are eligible to become Participants.

4.2 **Participation.** The Ad<u>mi</u>nistrator shall notify Employees selected for participation of the benefits available under the Plan. An eligible Employee becomes a Participant in the Plan upon the execution and delivery by <u>him</u> or her and the Bank of a Survivor Benefit Plan Participation Agreement. The Board may exclude from participation in the Plan any Employee on whose life the Bank is not able to secure life insurance equal to the anticipated survivor benefit.

**Section 5 - Pre-Retirement Survivor Benefit**

5.1 **Pre-Retirement Survivor Benefit.** If a Participant dies while employed by the Bank, the Bank will pay to the deceased Participant's Beneficiary, as a survivor benefit, an amount equal to three hundred percent (300%) of the Participant's base salary just prior to death.

This Survivor Benefit shall be paid over three years in equal installments in accordance with the Bank's usual payroll practices, commencing in the second month following Participant's death.

The Bank shall deduct from any payment of benefits the amount of any federal, state or local income or employment taxes required to be withheld or paid with respect to this distribution. No interest shall be paid on payments delayed for administrative processing of the claim.

5.2 **Participant Misrepresentation.** If a Participant makes a material misrepresentation which affects the cost to the Bank of benefits under this Plan, then the Board, in its sole discretion, may correspondingly adjust any benefits otherwise receivable under this Plan.

5.3 **Suicide.** If a Participant dies by reason of suicide while sane or insane within two (2) years of becoming a Participant, then Participant (and Participant's Beneficiary) shall have no right to any benefits under this Plan.

**Section 6 - Disability and Authorized Leave of Absence**

6.1 **Disability.** Notwithstanding anything to the contrary herein, if a Participant's employment with the Bank is terminated prior to retirement as a result of the Participant's Disability, then, for purposes of this Plan, it shall be deemed that the Participant has remained in the employ of the Bank until the earliest to occur of: (a) the Participant's death; (b) the Participant's attaining age 65 or (c) the cessation of the Participant's Disability and the failure of the Participant to return to active employment with the Bank within a reasonable time after recovery from the Disability.

6.2 **Authorized Leave of Absence**. A Participant's employment with the Bank shall not be deemed to have terminated for purposes of this Plan during any authorized leave of absence.

**Section 7 - Bank-Owned Life Insurance ("BOLI")**

7.1 **Bank Owns All Rights.** In the event that, in its discretion, the Bank purchases a life insurance policy or policies insuring the life of any Participant to allow the Bank to informally finance and/or recover, in whole or in part, the cost of providing the benefits hereunder, neither the Participant nor any Beneficiary shall have any rights whatsoever therein. The Bank shall be the sole owner and beneficiary of any such policy or policies and shall possess and may exercise all incidents of ownership therein, except in the event of the establishment of and transfer of said policy or policies to a trust by the Bank as described in Section 10.9 hereof.

7.2 **Participant Cooperation.** If the Bank decides to purchase a life insurance policy or policies on any Participant, the Bank will so notify such Participant. Such Participant shall consent to being insured for the benefit of the Bank and shall take whatever actions may be necessary to enable the Bank to timely apply for and acquire such life insurance and to fulfill the requirements of the insurance carrier relative to the issuance thereof as a condition of eligibility to participate in the Plan.

**Section 8 – Administrator**

8.1 **Resignation.** The Administrator may resign at any time by written notice to the Board, which shall be effective thirty (30) days after receipt of such notice unless the Administrator and the Board agree otherwise.

8.2 **Removal.** The Administrator may be removed by the Board on thirty (30) days notice or upon shorter notice accepted by the Administrator.

8.3 **Appointment of Successor.** If the Administrator resigns or is removed, a successor shall be appointed, in accordance with Section 8.4, by the effective date of resignation or removal under this Section 8. If no such appointment has been made, or in the absence of an administrator for any reason, the Bank shall be the Administrator. All expenses of the Administrator in connection with the proceeding shall be allowed as administrative expenses of the Bank.

8.4 **Successor Administrator.** If the Administrator resigns or is removed in accordance with Section 8.1 or 8.2, the Board may appoint any party as successor Administrator. The appointment shall be effective when accepted in writing by the new Administrator. The new Administrator shall have all of the rights and powers of the former Administrator.

**Section 9 - Amendment and Termination**

9.1 **Amendment.** The Bank shall have the right at any time to amend or terminate this Plan. However, no amendment or termination shall be effective so as to reduce or delay the amount of any benefit payable with respect to a Participant whose death had already occurred. Such amendment or termination shall be by resolution of the Board or by other written instrument of any Bank officer or officers duly authorized for such purposes by the Board.

**Section 10 – Miscellaneous**

10.1 **Nonalienation of Benefits.** No right or benefit under this Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right or benefit under this Plan shall be void. No such right or benefit shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled thereto. If a Participant or any Beneficiary hereunder shall become bankrupt, or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right hereunder, then such right or benefit shall, in the discretion of the Board, cease and terminate, and in such event, the Board may hold or apply the same or any part thereof for the benefit of the Participant or his or her Beneficiary, spouse, children or other dependents, or any of them in such manner and in such amounts and proportions as the Board may deem proper.

10.2 **Unsecured Liability.** The obligation of the Bank to make payments hereunder to a Participant or Beneficiary shall constitute an unsecured liability of the Bank. Such payments shall be made from the general funds of the Bank and the Bank shall not be required to establish or maintain any special or separate fund, to purchase or acquire life insurance on a Participant's life, or otherwise to segregate assets to assure that such payments shall be made. Neither a Participant nor any other person shall have any interest in any particular asset of the Bank by reason of its obligations hereunder and the right of any of them to receive payments under this Plan shall be no greater than the right of any other unsecured general creditor of the Bank. Nothing contained in the Plan shall create or be construed as creating a trust of any kind or any other fiduciary relationship between the Bank and a Participant or any other person.

10.3 **No Contract of Employment.** This Plan shall not be deemed to constitute a contract between the Bank and any Participant or to be a consideration or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the right to be retained in the service of the Bank or to interfere with the right of the Bank to discharge any Participant or Employee at any time regardless of the effect which such discharge may have upon him or her as a Participant of this Plan.

10.4 **Designation of Beneficiary.** Each Participant shall file with the Bank a notice in writing, in a form acceptable to the Bank, designating one or more Beneficiaries to whom payments becoming due by reason of or after his or her death shall be made. Participants shall have the right to change the Beneficiary or Beneficiaries so designated from time to time; provided, however, that no such designation or change shall become effective until received in writing and acknowledged by the Bank.

10.5 **Distribution for Minor Beneficiary.** In the event a distribution is to be made to a minor, then the Ad<u>mini</u>strator may direct that such distribution be paid to the legal guardian, or if none, to a parent of such Beneficiary, or to the custodian of such Beneficiary under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act, if such is permitted by the laws of the state in which said Beneficiary resides. Such a payment to the legal guardian, custodian or parent of a minor Beneficiary shall fully discharge the Bank and the Plan from further liability on account thereof.

10.6 **Payment to Incompetents.** The Bank shall make the payments provided herein directly to the Beneficiary entitled thereto or, if such Beneficiary has been determined by a court of competent jurisdiction to be mentally or physically incompetent, then payment shall be made to the duly appointed guardian, committee or other authorized representative of such Beneficiary. The Bank shall have the right to make payment directly to a Beneficiary until it has received actual notice of the physical or mental incapacity of such Beneficiary and actual notice of the appointment of a duly authorized representative of his or her estate. Any payment to or for the benefit of a Beneficiary shall be a complete discharge of all liability of the Bank and the Plan therefore.

10.7 **Interpretation.** The interpretation and construction of the Plan by the Administrator, and any action taken hereunder, shall be binding and conclusive upon all parties in interest, subject only to the Participant's rights under ERISA. Neither the Administrator nor any member of the Board or any authorized employee of the Bank shall be liable to any person for any action taken or omitted to be taken in connection with the interpretation, construction or administration of the Plan, so long as such action or omission be made in good faith.

10.8 **Authority to Appoint a Committee.** The Board, within its discretion, shall have the authority to appoint a committee of not less than three (3) of its members, which shall have authority over the Plan in lieu of the entire Board.

10.9 **Authority to Establish a Trust.** The Bank in its sole discretion may establish a trust for the purpose of providing funds for the payment of amounts due Participants under the Plan. Such trust shall be a grantor trust containing provisions which are the same as, or similar to, the provisions contained in the model "rabbi trust" set forth in Internal Revenue Service Revenue Procedure 92-64 (or any successor guidance). The Bank shall pay all costs relating to the establishment and maintenance of the trust and the investment of funds held in such trust.

10.10 **Binding Effect.** Obligations incurred by the Bank pursuant to this Plan shall be binding and shall inure to the benefit of the Participant, his or her Beneficiaries, personal representatives, heirs, and legatees.

10.11 **Entire Plan.** This document and any amendments hereto contain all the terms and provisions of the Plan and shall constitute the entire Plan, with any other alleged terms or provisions being of no effect.

**Section 11 – Construction**

11.1 **Construction of this Plan.** This Plan shall be construed and enforced according to the laws of the State of Ohio, other than its laws respecting choice of law.

11.2 **Gender and Number.** The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender, and the singular shall include the plural, unless the context clearly indicates to the contrary.

11.3 **Headings.** All headings used in this Plan are for convenience of reference only and are not part of the substance of this Plan.

11.4 **Enforceability.** If any term or condition of this Plan shall be invalid or unenforceable to any extent or in any application, then the remainder of the Plan, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every term and condition of the Plan shall be valid and enforced to the fullest extent and in the broadest application permitted by law.

11.5 **Uniformity.** All provisions of this Plan shall be interpreted and applied in a uniform, nondiscriminatory manner. In the event of any conflict between the terms of this Plan and any summaries or other descriptions of this Plan, the Plan provisions shall control.

IN WITNESS WHEREOF, this Plan, having been duly approved and adopted by the Board of Directors of the Bank, is executed by a duly authorized officer of the Bank as of the Effective Date set forth above.

---

| | |
|:---|:---|
| Community Savings Bank | Community Savings Bank |
| By: |  |
|  | Name |
|  | Title |

---

## Ex-16

**Exhibit 16**

March 13, 2026

United States Securities and Exchange Commission

Washington, D.C. 20549

We have read the statements of Community Savings Bank under the heading "Change in Independent Auditor" in the Prospectus contained in the Registration Statement on Form S-1 filed by CSB Financial Inc. on March 13, 2026, and we are in agreement with the statements contained therein with respect to our firm.

![](tm268082d1_ex16img001.jpg)

Clark, Schaefer, Hackett & Co.

## Ex-21

**Exhibit 21**

**Subsidiaries of the Registrant**

The following is a list of the subsidiaries of CSB Financial Inc.:

<u>Name</u> <u>State of Incorporation</u> <br>Community Savings Bank Ohio

## Exhibit 23.2

**Exhibit 23.2**

![](tm268082d1_ex23-2img002.jpg)

March 13, 2026

The Boards of Directors

Community Savings Bank

CSB Financial Inc.

503 West Plane Street

Bethel, OH 45106

Members of the Boards:

We hereby consent to the use of our firm's name in the Registration Statement on Form S-1 filed by CSB Financial Inc. with the United States Securities and Exchange Commission, as amended and supplemented. We also hereby consent to the inclusion of, summary of and references to our appraisal, our appraisal update report and our statement concerning subscription rights and liquidation rights in such Registration Statement, including the Prospectus of CSB Financial Inc., and being named as an expert in the Prospectus.

Sincerely,

FINPRO CAPITAL ADVISORS, INC.

![](tm268082d1_ex23-2img001.jpg)

**46 East Main Street • Suite 303 • Somerville, NJ 08876 • 908.234.9398 ● <u>www.finprocapitaladvisors.com</u>**

FinPro Capital Advisors, Inc. (Member FINRA/SIPC) is a wholly owned subsidiary of FinPro, Inc.

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the inclusion in this Registration Statement on Form S-1 of CSB Financial, Inc. of our report dated March 13, 2026, relating to the financial statements of Community Savings Bank as of and for the years ended December 31, 2025 and 2024, appearing in the Prospectus that forms a part of this Registration Statement. We also consent to the reference to our firm under the heading "Experts" in the Prospectus.

![](tm268082d1_ex23-3img001.jpg)

Wipfli LLP

March 13, 2026

Eau Claire, Wisconsin

## Exhibit 99.1

**Exhibit 99.1**

![](tm268082d1_ex99-1img001.jpg)

**STATEMENT OF WORK**

**for**

**Community** **Savings Bank**

 

The undersigned client (the "**Client"** or "**Bank")** hereby requests FinPro, Inc. (the **"Service Provider"** or **"FinPro")** to assist the Client by providing the scope of services detailed on the Service Sheets attached to this Statement of Work (the **"SOW").** This SOW adopts and incorporates by reference the attached Scope, Service Sheets, and the terms and conditions of the Professional Services Agreement (the **"PSA")** which can be found at the following link <u>(Professional Services Agreement)</u>..

I hereby acknowledge I am authorized to enter into this contract and that I have read this SOW and understand and agree to the terms and conditions of FinPro's <u>PSA</u>.

*J.E.*

Please review this SOW and indicate your acceptance where appropriate. We look forward to furthering our relationship with you.

**TERM**

This SOW is effective as of the date set forth below (the **"Effective Date").** Any future work that would require extra expense to the Bank will be proposed on separately from this engagement prior to any work being performed.

If at any time during the term of this SOW the Client undergoes a change of control, or terminates this SOW for any other reason than failure to perform by the Service Provider, then the remaining fees under this SOW will be accelerated and become due in full at the time of closing of the change of control or termination.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Approximate Timeframe for Completion:** | &nbsp;&nbsp; Six months - Elapsed time to complete all tasks in the SOW |
| &nbsp;&nbsp;**Effective Date of SOW:** | &nbsp;&nbsp;11/21/2025 |

---

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img001.jpg)

 

**FEES**

FinPro's fees for this engagement are set forth below. This fee shall be payable in installments based on the schedule set forth below. FinPro utilizes an electronic billing and collection procedure. Upon execution of this SOW, Client shall indicate the appropriate e-mail address to direct wire instructions and any future correspondence regarding billing and collections.

**PAYMENT MILESTONES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Appraisal Fees and Milestones** |  |
| &nbsp;&nbsp;**One-time Fee** | &nbsp;&nbsp;$40000 |
| &nbsp;&nbsp;**Payment Schedule** | &nbsp;&nbsp;Payable according to the Payment Milestone(s) below |
| &nbsp;&nbsp;**Payment Milestone(s):** | &nbsp;&nbsp;**Payment Milestone(s):** |
| &nbsp;&nbsp;$12500 | &nbsp;&nbsp;Upon the signing of this SOW. |
| &nbsp;&nbsp;$12500 | &nbsp;&nbsp;Upon the submission of the appraisal to regulators. |
| &nbsp;&nbsp;$10000 | &nbsp;&nbsp;Upon the completion of the stock offering. |
| &nbsp;&nbsp;$5000 | &nbsp;&nbsp;For each appraisal update, this includes the final appraisal. |

---

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

 

![](tm268082d1_ex99-1img001.jpg)

 

**EXPENSES**

In the event that the Bank needs to be set up on FinPro's systems as part of this engagement, there is also a one-time set-up fee for the Bank and the Bank's users on FinPro's systems which will be invoiced upon signing of this SOW. To the extent that the Bank makes significant changes to its systems (e.g. core conversion) such that FinPro is tasked with resetting the Client on its systems, an additional set up fee will be charged on each such occurrence. A separate e-mail or request will be sent to establish the initial Bank users and permissions.

In addition to any fees that may be payable to FinPro hereunder, the Bank hereby agrees to promptly reimburse FinPro for the following:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**INITIAL OR SUBSEQUENT SETUP FEE** | &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;If Applicable |
| &nbsp;&nbsp;**DATA/DOWNLOAD** **CORRECTION FEE\*** | &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;If Applicable |
| &nbsp;&nbsp;**OUT-OF** **-POCKET EXPENSES** |  | &nbsp;&nbsp;All of FinPro's reasonable travel and other out-of-pocket expenses incurred in connection with FinPro's engagement. It is FinPro policy to itemize expenses for each project so that the client can review, by line item, each expense. |
| &nbsp;&nbsp;**DATA** **COST** | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;There is a pass-through cost for competitor financial/regulatory data. |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;N/A | &nbsp;&nbsp;There is a pass-through cost for bond and MBS market pricing, CMO cash flows, and MBS prepayment speeds. |
| &nbsp;&nbsp;**MARKET DATA**<br> *(if necessary)* | &nbsp;&nbsp;N/A | &nbsp;&nbsp;A market is defined as each branch market or zip code for which specific market data is provided. The purchase of any real estate data will be passed through. |
| &nbsp;&nbsp;**CYBERSECURITY CONTROLS** | &nbsp;&nbsp;$200 | &nbsp;&nbsp;There is a partial pass-through cost for requisite cybersecurity controls. These cybersecurity elements are necessary under an effective vendor management program. |

---

***\**** ***Please note:*** *If Client data (including account level download files and general ledger files), materials or other information provided to the Service Provider is incomplete, inaccurate, or does not conform to the format required by the Service Provider, and Client is unable to remedy any such issue in a timely fashion, Service Provider may extend the timeline for delivery of Services outlined in a given* SOW, *or in the alternative, may charge a data/download correction fee for the additional time and effort required to resolve the data issues. In addition, if Client requests to have its report rerun after the results have been provided to Client, not due to any error by FinPro, a similar data/download correction fee will be applied.*

 

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

 

![](tm268082d1_ex99-1img001.jpg)

 

This SOW will expire 30 days from this date unless accepted by you in accordance with the terms set forth above and in the PSA. Any changes to this SOW will require approval of the Service Provider. Please sign and return a copy of this SOW to indicate acceptance.

---

| | |
|:---|:---|
| ACCEPTED BY: | **SIGNED BY:** |
| FinPro, Inc. | **Community Savings Bank** |
| 46 East Main Street, Suite 303 | **503 West Plane Street** |
| Somerville, NJ 08876 | **Bethel, Ohio 45106** |
| /s/ Scott Martorana | **/s/ John Essen** |
| 11 / 21 / 2025 | **12 / 19 / 2025** |
| Scott Martorana | **John Essen** |
| Executive Vice President | **President/CEO** |

---

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img002.jpg)

**APPRAISAL SERVICE SHEET**

FinPro, Inc. is pleased to assist the Client and the financial institution (the "Company") by providing appraisal services for the planned offering.

**SCOPE OF WORK:**

*FinPro will perform each of the activities listed below as needed or requested by the Client.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct
 financial due diligence, including interviews of senior management and reviews of financial
 and other records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gather
 an understanding of the Bank's current and projected financial condition, profitability,
 risk characteristics, operations and external factors that might influence or impact the
 Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 a detailed written valuation report of the Bank and the Company, that is consistent with
 applicable regulatory guidelines and standard valuation practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Include
 an in-depth analysis of the operating results and financial condition of the Bank and the
 Company Assess the interest rate risk, credit risk and liquidity risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Describe
 the business strategies of the Bank and the Company, the market area, competition and potential
 for the future

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Include
 a detailed peer analysis of publicly traded savings institutions for use in determining appropriate
 valuation adjustments based upon multiple factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Include
 a midpoint pro forma valuation along with a range of value around the midpoint value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Comply,
 in form and substance with all appropriate requirements of regulatory authorities for purposes
 of its use to establish the estimate pro forma market value of the common stock of the Company
 following the Conversion and Stock Offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 valuation report may be periodically updated throughout the Conversion process and will be
 updated at the time of the closing of the Stock Offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 and deliver an opinion, in form and substance acceptable to legal and tax counsel of the
 Bank and the Company, to the effect that the subscription rights granted to eligible account
 holders, the applicable stock benefit plans and others in connection with the stock offering,
 have no value

**INFORMATION REQUIREMENTS OF THE BOARD:**

*To accomplish the tasks set forth above, the following minimum information is requested to be made available during the course of the review. This list is not exhaustive and other items may be requested.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide
 FinPro with all financial and other information, whether or not publicly available, necessary
 to familiarize FinPro with the business and operations of the Bank and the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allow
 FinPro the opportunity, from time to time, to discuss the operations of the Bank and the
 Company with Bank and Company personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promptly
 advise FinPro of any material or contemplated material transactions that may have an effect
 on the day-to-day operations of the Bank and Company

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide
 FinPro with all support schedules required to compile Regulatory, Board and Management reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide
 FinPro with offering circular, prospectus and all other materials relevant to the appraisal
 function for the Conversion

**DELIVERABLES:**

*The following is a list of deliverables that will result from FinPro's effort.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Appraisal
 document

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Final
 Appraisal document

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img001.jpg)

**MUTUAL CONFIDENTIALITY AGREEMENT**

This Mutual Confidentiality Agreement (the "**Agreement**") is by and between FinPro, Inc., a New Jersey corporation, with offices located at 46 East Main Street, Somerville, New Jersey, 08876 and the undersigned Client, whose address is set forth below (together, the "**Parties**", and each, a "**Party**"). This Agreement is effective when signed by both Parties (the "**Effective Date**").

WHEREAS, in connection with the exploration of a business opportunity of mutual interest (the "**Purpose**"), the Parties desire to share certain information that is non-public, confidential or proprietary in nature.

NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Confidential Information</u>. Except as set forth in Section 2 below, "**Confidential Information**" means all non-public, confidential or proprietary information disclosed before, on or after the Effective Date, by either Party (a "**Disclosing Party**") to the other Party (a "**Recipient**") or its affiliates, or to any of such Recipient's or its affiliates' employees, officers, directors, partners, shareholders, agents, attorneys, accountants or advisors (collectively, "**Representatives**"), whether disclosed orally or disclosed or accessed in written, electronic or other form or media, and whether or not marked, designated or otherwise identified as "confidential," including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all information concerning the Disclosing Party's and its affiliates', and their customers', suppliers' and other third parties' past, present and future business affairs including, without limitation, personal information, if any, finances, customer information, supplier information, products, services, organizational structure and internal practices, forecasts, sales and other financial results, records and budgets, and business, marketing, development, sales and other commercial strategies;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Disclosing Party's unpatented inventions, ideas, methods and discoveries, trade secrets, know-how, unpublished patent applications and other confidential intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;(c) all designs, specifications, documentation, components, source code, object code, images, icons, audiovisual components and objects, schematics, drawings, protocols, processes, and other visual depictions, in whole or in part, of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;(d) any third-party confidential information included with, or incorporated in, any information provided by the Disclosing Party to the Recipient or its Representatives, including but not limited to, when applicable, any non-public supervisory information from any state or federal regulator as that term may be defined by such state or federal regulator; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) all notes, analyses, compilations, reports, forecasts, studies, samples, data, statistics, summaries, interpretations and other materials (the "**Notes**") prepared by or for the Recipient or its Representatives that contain, are based on, or otherwise reflect or are derived from, in whole or in part, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exclusions from Confidential Information</u>. Except as required by applicable federal, state or local law or regulation, the term "Confidential Information" as used in this Agreement shall not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) at the time of disclosure is, or thereafter becomes, generally available to and known by the public other than as a result of, directly or indirectly, any violation of this Agreement by the Recipient or any of its Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time of disclosure is, or thereafter becomes, available to the Recipient on a non-confidential basis from a third-party source, provided that such third party is not and was not prohibited from disclosing such Confidential Information to the Recipient by a contractual obligation to the Disclosing Party;

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(c) was known by or in the possession of the Recipient or its Representatives, as established by documentary evidence, prior to being disclosed by or on behalf of the Disclosing Party pursuant to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) was or is independently developed by the Recipient, as established by documentary evidence, without reference to or use of, in whole or in part, any of the Disclosing Party's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Disclosing Party Obligations</u>. The Disclosing Party is responsible for obtaining any required third-party permission (private or governmental) prior to disclosure of Confidential Information. Depending on the Purpose of the engagement, the Receiving Party may need access to certain examination information and related documents. The banking regulators have regulations which govern the circumstances under which regulated financial institutions can disclose examination information. It is the sole responsibility of the Disclosing Party to determine which regulations apply to the disclosure of examination information for the Disclosing Party and to obtain all requisite governmental approvals, if any, before disclosing any such information to the Receiving Party. The Receiving Party hereby (a) recognizes, and agrees to abide by, the prohibition on the dissemination of non-public supervisory information as that term may be defined by the individual state and federal banking regulators, and (b) agrees not to use the non-public supervisory information for any purpose other than as provided under its contract to provide services to the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Recipient Obligations</u>. The Recipient shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) protect and safeguard the confidentiality of all such Confidential Information with at least the same degree of care as the Recipient would protect its own Confidential Information, but in no event with less than a commercially reasonable degree of care;

&nbsp;&nbsp;&nbsp;&nbsp;(b) keep a record of the location of the Confidential Information, and any copies thereof, in the Receiving Party's possession or control and shall provide such record to the Disclosing Party upon written request;

&nbsp;&nbsp;&nbsp;&nbsp;(c) not transfer, export, distribute or otherwise communicate any Confidential Information outside of the United States for any purpose without the prior written approval of the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;(d) not use the Disclosing Party's Confidential Information, or permit it to be accessed or used, for any purpose other than the Purpose, or otherwise in any manner to the Disclosing Party's detriment, including without limitation, to reverse engineer, disassemble, decompile or design around the Disclosing Party's proprietary services, products and/or confidential intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;(e) not disclose any such Confidential Information to any person or entity, except to the Recipient's Representatives who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) need to know the Confidential Information to assist the Recipient, or act on its behalf, in relation to the Purpose or to exercise its rights under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are informed by the Recipient of the confidential nature of the Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are subject to confidentiality duties or obligations to the Recipient that are no less restrictive than the terms and conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(f) not act as an intermediary or provide for the release of confidential information or examination report(s), either directly or indirectly, to any other parties;

&nbsp;&nbsp;&nbsp;&nbsp;(g) only request examination information and related documents which the Receiving Party considers necessary to provide services for the Purpose of the engagement with the Disclosing Party; and

&nbsp;&nbsp;&nbsp;&nbsp;(h) be aware of and agree to abide by any relevant federal or state regulations governing the prohibition on the dissemination of non-public regulatory information and agree not to use the non-public regulatory information for any purpose other than as provided under its engagement with the Disclosing Party.

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Additional Confidentiality Obligations</u>. Except as required by applicable federal, state or local law or regulation, or otherwise as mutually agreed to in writing by the Parties, neither Party shall, nor permit any of its Representatives to, disclose to any person:

&nbsp;&nbsp;&nbsp;&nbsp;(a) that the Confidential Information has been made available to it or its Representatives, or that it has inspected any portion of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;(b) that discussions or negotiations may be, or are, underway between the Parties regarding the Confidential Information or the Purpose, including the status thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) any terms, conditions or other arrangements that are being discussed or negotiated in relation to the Confidential Information or the Purpose.

***Applicable if OCC regulated:***

In addition to the above, FinPro (i) is aware of, and agrees to abide by, the prohibition on the dissemination of non-public OCC information contained in paragraph (b)(1) of of 12 CFR 4.37(b); and (ii) hereby agrees not to use the non-public OCC information for any purpose other than as provided under its contract to provide services to the bank or Federal savings association.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Securities Law Compliance</u>. The Recipient hereby acknowledges that it understands that: (a) certain information obtained under Agreement or any possible related engagement may contain or constitute material non-public information concerning the Disclosing Party and its Affiliates (b) trading in the Disclosing Party's securities while in possession of material nonpublic information or communicating that information to any other Person who trades in such securities could subject the Recipient to liability under the U.S. federal and state securities laws, and the rules and regulations promulgated thereunder, including Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The Recipient agrees that it and its Affiliates will not trade in the Disclosing Party's securities while in possession of material nonpublic information or at all until the Recipient can do so in compliance with all applicable laws and without breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Required Disclosure</u>. Any Disclosure by the Recipient or its Representatives of any of the Disclosing Party's Confidential Information pursuant to applicable federal, state or local law, regulation or a valid order issued by a court or governmental agency of competent jurisdiction (a "**Legal Order**") shall be subject to the terms of this Section. Prior to making any such disclosure, the Recipient shall provide the Disclosing Party with:

&nbsp;&nbsp;&nbsp;&nbsp;(a) prompt written notice of such requirement so that the Disclosing Party may seek, at its sole cost and expense, a protective order or other remedy; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) reasonable assistance, at the Disclosing Party's sole cost and expense, in opposing such disclosure or seeking a protective order or other limitations on disclosure.

If, after providing such notice and assistance as required herein, the Recipient remains subject to a Legal Order to disclose any Confidential Information, the Recipient (or its Representatives or other persons to whom such Legal Order is directed) shall disclose no more than that portion of the Confidential Information which, on the advice of the Recipient's legal counsel, such Legal Order specifically requires the Recipient to disclose.

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Term and Termination</u>. The term of this Agreement shall commence on the Effective Date and shall expire two (2) years following the conclusion of the engagement or the termination of the relationship between the Parties, provided that either Party may terminate this Agreement at any time by providing written notice to the other Party. Notwithstanding anything to the contrary herein, each Party's rights and obligations under this Agreement shall survive any expiration or termination of this Agreement for such two (2) year period from the date of such expiration or termination, even after the return or destruction of Confidential Information by the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Representations or Warranties</u>. Neither the Disclosing Party nor any of its Representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of the Confidential Information disclosed to the Recipient hereunder. Neither the Disclosing Party nor any of its Representatives shall be liable to the Recipient or any of its Representatives relating to or resulting from the Recipient's use of any of the Confidential Information or any errors therein or omissions therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Transfer of Rights, Title or Interest</u>. Each Party hereby retains its entire right, title and interest, including all intellectual property rights, in and to all of its Confidential Information. Any disclosure of such Confidential Information hereunder shall not be construed as an assignment, grant, option, license or other transfer of any such right, title or interest whatsoever to the Recipient or any of its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Other Obligation</u>. The Parties agree that neither Party shall be under any legal obligation of any kind whatsoever, or otherwise be obligated to enter into any business or contractual relationship, investment, or transaction, by virtue of this Agreement, except for the matters specifically agreed to herein. Either Party may at any time, at its sole discretion with or without cause, terminate discussions and negotiations with the other Party, in connection with the Purpose or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Remedies</u>. Each Party acknowledges and agrees that money damages might not be a sufficient remedy for any breach or threatened breach of this Agreement by such Party or its Representatives. Therefore, in addition to all other remedies available at law (which neither Party waives by the exercise of any rights hereunder), the non-breaching Party shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any such breach or threatened breach.

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law, Jurisdiction and Venue</u>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New Jersey without giving effect to any choice or conflict of law provision or rule (whether of the State of New Jersey or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of New Jersey. Any legal suit, action or proceeding arising out of or related to this Agreement or the matters contemplated hereunder shall be instituted in the federal courts of the United States or the courts of the State of New Jersey in each case located in the city of Somerville and County of Somerset, and each Party irrevocably submits to the jurisdiction of such courts in any such suit, action or proceeding and waives any objection based on improper venue or forum non conveniens. Service of process, summons, notice or other document by mail to such Party's address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses set forth on the first page of this Agreement (or to such other address that may be designated by a Party from time to time in accordance with this Section).

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Entire Agreement</u>. This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Assignment</u>. Neither Party may assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the other Party. Any purported assignment or delegation in violation of this Section shall be null and void. No assignment or delegation shall relieve the assigning or delegating Party of any of its obligations hereunder. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

![](tm268082d1_ex99-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Waivers</u>. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Effective Date.

---

| | |
|:---|:---|
| **ACCEPTED BY:** | **SIGNED BY:** |
| FinPro, Inc. | **Community Savings Bank** |
| 46 East Main Street, Suite 303 | **503 West Plane Street** |
| Somerville, NJ 08876 | **Bethel, Ohio 45106** |
| /s/ Scott Martorana | **/s/ John Essen** |
| November 21, 2025 | **December 19, 2025** |
| Scott Martorana | **John Essen** |
| Executive Vice President | **President/CEO** |

---

FinPro, Inc. \| 46 East Main Street \| Suite 303 \| Somerville, NJ 08876 \| 908-234-9398

## Exhibit 99.2

**Exhibit 99.2**

![](tm268082d1_ex99-2img001.jpg)

March 3, 2026

The Boards of Directors

Community Savings Bank

CSB Financial Inc.

503 West Plane Street

Bethel, OH 45106

Re: Plan of Conversion Subscription Rights

Community Savings Bank

Members of the Boards of Directors:

The purpose of this letter is to provide an opinion of the value of the subscription rights of the "to be issued" common stock of CSB Financial Inc. (the "Company"), with regard to the stock offering of the Company.

Because the subscription rights to purchase shares of common stock of the Company, which are to be issued to certain depositors of Community Savings Bank and other persons, and will be acquired by such recipients without cost, will be nontransferable and of short duration and will afford the recipients the right only to purchase shares of common stock at the same price as will be paid by members of the general public in any direct community offering, we are of the opinion that:

(1) The subscription rights will have no ascertainable fair market value, and

(2) The price at which the subscription rights are exercisable will not be more or less than the fair market value of the shares on the date of the exercise.

Further, it is our opinion that the subscription rights will have no economic value on the date of distribution or at the time of exercise, whether or not a community offering takes place.

Sincerely,

FinPro Capital Advisors

![](tm268082d1_ex99-2img002.jpg)

**46 East Main Street • Suite 303 • Somerville, NJ 08876 • 908.234.9398 ● <u>www.finprocapitaladvisors.com</u>**

FinPro Capital Advisors, Inc. (Member FINRA/SIPC) is a wholly owned subsidiary of FinPro, Inc.

## Exhibit 99.3

**Exhibit 99.3**

![](tm268082d1_ex99-3img001.jpg)

Conversion Valuation Appraisal Report

**Table of Contents**

Community Savings Bank

---

| | |
|:---|:---|
| **Table of Contents** | **1** |
| **Introduction** | **3** |
| **1. Overview and Financial Analysis** | **6** |
| &nbsp;&nbsp;&nbsp;**General Overview** | **6** |
| &nbsp;&nbsp;&nbsp;**History and overview** | **6** |
| &nbsp;&nbsp;&nbsp;**Strategic Direction** | **6** |
| &nbsp;&nbsp;&nbsp;**balance sheet trends** | **7** |
| &nbsp;&nbsp;&nbsp;**Loan Portfolio** | **8** |
| &nbsp;&nbsp;&nbsp;**investments** | **9** |
| &nbsp;&nbsp;&nbsp;**asset quality** | **11** |
| &nbsp;&nbsp;&nbsp;**Funding composition** | **14** |
| &nbsp;&nbsp;&nbsp;**Asset liability management** | **15** |
| &nbsp;&nbsp;&nbsp;**Capital** | **16** |
| &nbsp;&nbsp;&nbsp;**income and expense trends** | **17** |
| &nbsp;&nbsp;&nbsp;**Legal proceedings** | **18** |
| &nbsp;&nbsp;&nbsp;**subsidiaries** | **18** |
| **2. Market Area Analysis** | **19** |
| **3. Comparisons with Publicly Traded Thrifts** | **20** |
| &nbsp;&nbsp;&nbsp;**Overview of the Comparables** | **23** |
| **4. Market Value Determination** | **25** |
| &nbsp;&nbsp;&nbsp;**Financial Condition** | **26** |
| &nbsp;&nbsp;&nbsp;**Balance Sheet Growth** | **29** |
| &nbsp;&nbsp;&nbsp;**Earnings Quality, Predictability and Growth** | **30** |
| &nbsp;&nbsp;&nbsp;**Market area** | **33** |
| &nbsp;&nbsp;&nbsp;**Cash Dividends** | **34** |
| &nbsp;&nbsp;&nbsp;**Recent Regulatory Matters** | **35** |
| **5. Other Factors** | **36** |
| &nbsp;&nbsp;&nbsp;**Management** | **36** |
| &nbsp;&nbsp;&nbsp;**Liquidity of the shares** | **37** |
| &nbsp;&nbsp;&nbsp;**marketing of the issuance** | **38** |

---

Conversion Valuation Appraisal Report

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Valuation Adjustments** | **40** |
| **6. Valuation** | **41** |
| &nbsp;&nbsp;&nbsp;**Discussion of Weight Given to Valuation Multiples** | **41** |
| &nbsp;&nbsp;&nbsp;**Offering Value in Relation to Comparables** | **44** |
| &nbsp;&nbsp;&nbsp;**Comparison to Recent Standard Conversions** | **46** |
| &nbsp;&nbsp;&nbsp;**Valuation Conclusion** | **47** |
| **7. Exhibits** | **48** |

---

Conversion Valuation Appraisal Report

Introduction

February 18, 2026

Board of Directors

Community Savings Bank

503 West Plane Street

Bethel, OH 45106

Members of the Board Directors:

At your request, FinPro Capital Advisors, Inc. ("FinPro" or "FCA") has completed and hereby provides 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") originally issued by 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"), Ohio Division of Financial Institutions and other state banking regulatory agencies, and applicable regulatory interpretations thereof.

<u>Description of Plan of Conversion</u>

The Board of Directors of Community Savings Bank ("Community Savings" or the "Bank") has adopted the plan of conversion (the "Plan"); whereby the Bank will convert to stock form. As a result of the conversion, the Bank will convert to the stock form of ownership and issue all of its common stock to a to-be-formed holding company called CSB Financial Inc., a newly formed Maryland corporation, (the Company). It is our understanding that the Bank will offer its stock in a subscription offering to Eligible Account Holders, to the Employee Plans, to Supplemental Eligible Account Holders of the Bank and to other members of the Bank. 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 direct community offering and/or 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 Community 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, a cash contribution to a charitable foundation to be established by the Bank and reinvestment of the proceeds that are retained by the Bank. In the future, the Company 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 will also provide for the establishment of a new charitable foundation which is detailed further within the appraisal.

Conversion Valuation Appraisal Report

In compiling the pro formas, FinPro relied upon the assumptions provided by the Bank and its agents. The pro forma assumptions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 100.0% of the total shares will be sold to the depositors and public,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the stock will be issued at $10.00 per share,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the conversion expenses will be $1.6 million at the midpoint

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· there will be an ESOP equal to 8.0% of the total of the shares sold and the shares issued to the foundation, funded internally, and
amortized over 20 years straight-line,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· there will be an MRP equal to 4.0% of the total of the shares sold and the shares issued to the foundation amortized over 5 years
straight-line,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· there will be a Stock Option Plan equal to 10% of the total of the shares sold and the shares issued to the foundation, expensed at
$2.74 per option over 5 years straight-line,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the tax rate is assumed at 21%, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the net proceeds will be invested at the one-year treasury rate of 3.48%, pre-tax

In the course of preparing our report, we reviewed the Bank's financials for the year ended December 31, 2025. We also reviewed the registration statement as filed with the Securities and Exchange Commission ("SEC"). We have conducted due diligence analysis of the Bank and held due diligence related discussions with the Bank's Management and its Board of Directors. The valuation parameters set forth in the appraisal were predicated on these discussions, but all conclusions related to the valuation were reached and made independent of such discussions.

Where appropriate, we considered information based upon other publicly available sources, which we believe to be reliable; however, we cannot guarantee the accuracy or completeness of such information. We reviewed the Bank's primary market area and reviewed the market area's economic condition. We also reviewed the competitive environment in which the Bank operates and its relative strengths and weaknesses. We compared the Bank's performance with selected publicly traded institutions. We reviewed conditions in the securities markets in general and in the market for similar institutions in particular. Our analysis included a review of the estimated effects of the Conversion of the Bank on the operations and expected financial performance as they related to the Company's estimated pro forma value.

In preparing our valuation, we relied upon and assumed the accuracy and completeness of financial and other information provided to us by the Bank and its independent accountants. We did not independently verify the financial statements and other information provided by the Bank and its independent accountants, nor did we independently value any of the Bank's assets or liabilities. This estimated valuation considers the Bank only as a going concern and should not be considered as an indication of its liquidation value.

**Our valuation is not intended, and must not be construed, to be a recommendation of any kind as the advisability of purchasing shares of Common Stock in the stock issuance. Moreover, because such valuation 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 stock issuance will thereafter be able to sell such shares at prices related to the foregoing valuation of the pro forma market value thereof. FinPro is not a seller of securities within the meaning of any federal or state securities laws. Any report prepared by FinPro shall not be used as an offer or solicitation with respect to the purchase or sale of any securities.**

Conversion Valuation Appraisal Report

The estimated valuation herein will be updated as appropriate. These updates will consider, among other factors, any developments or changes in the Bank's financial condition, operating performance, management policies and procedures and current conditions in the securities market for thrift institution common stock. Should any such developments or changes, in our opinion, be material to the estimated pro forma market value of the Bank, appropriate adjustments to the estimated pro forma market value will be made. The reasons for any such adjustments will be explained at that time.

<u>Valuation Conclusion</u>

It is, FinPro's opinion that as of February 18, 2026, the estimated aggregate pro forma market value of the Bank was $11,000,000 at the midpoint of a range with a minimum of $9,350,000 to a maximum of $12,650,000, at 15% below and 15% above the midpoint of the range respectively. Assuming an adjusted maximum value of 15% above the maximum value, the adjusted maximum value or super maximum value is $14,547,500. The stock will be issued at $10.00 per share.

<u>FinPro Capital Advisors</u>

FCA is a registered broker dealer and is a wholly owned subsidiary of FinPro, Inc. FCA addresses numerous areas of capital markets in the heavily regulated financial institution industry including M&A advisory, capital raising, strategic advice, valuation, due diligence, accounting, mark-to-market, enterprise risk management, business planning and regulatory advice. FCA further 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. We believe that, except for the fee we will receive for the Appraisal to assist in the stock conversion process, we are independent of the Bank, CSB Financial Inc., and the other parties engaged by the Bank.

Conversion Valuation Appraisal Report

1. Overview and Financial Analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**General Overview**

As of December 31, 2025, the Bank had $110.2 million in total assets, $82.2 million in deposits, $92.6 million in net loans, and $15.9 million in equity. The following table shows the Bank's facilities.

**Figure– List of Branch Offices**

**US Branch List for Community SB**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|<br>**S&P Branch Key** | <br>**Street Address** | <br>**City** | <br>**State** | **2025**<br>**Deposits ($000)** | **2024**<br>**Deposits ($000)** | **2020**<br>**Deposits ($000)** | **2024-2025**<br>**Growth Rate (%)** | **2020-2025**<br>**Growth Rate (%)** |
| 2611 | 355 Jefferson St | Greenfield | OH | 31155 | 28930 | 26902 | 7.69 | 15.81 |
| 2609 | 503 W Plane St | Bethel | OH | 52999 | 43826 | 39064 | 20.93 | 35.67 |

---

Source: S&P Global

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**History and overview**

Community Savings Bank is a bank. Community Savings is a locally focused, mutual community bank headquartered at its main office located at 503 West Plane Street, Bethel, OH, with a branch office in Greenfield, OH. The Bank offers demand deposits and non-interest-bearing time and savings deposits. The Bank's deposits include deposits in transaction accounts, brokered deposits which represent funds, retail time deposits, individual retirement accounts, money market deposit accounts and jumbo deposits. The Bank provides consumer loans, including credit card loans, revolving credit plans and personal loans. It provides commercial and industrial loans. The Bank offers commercial real estate loans for land development and on-site construction of industrial, commercial, residential, or farm buildings in the United States. Also, the Bank offers real estate-backed residential loans. It provides commercial loans collateralized by real estate properties. It was formerly known as Bethel Building and Loan Company and changed its name to Community Savings Bank in January 2011. It was founded in 1889 and is headquartered in Bethel, Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Strategic Direction**

The Bank's mission is to remain an independent locally owned and managed community bank by growing earnings to cover increasing overhead expenses. The Bank plans to achieve these goals with the focuses on the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;· Staffing and succession planning

&nbsp;&nbsp;&nbsp;&nbsp;· Core deposit growth

&nbsp;&nbsp;&nbsp;&nbsp;· Improved branding message

Conversion Valuation Appraisal Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**balance sheet trends**

The Bank's balance sheet increased by approximately $17.4 million from $92.8 million on December 31, 2024, to $110.2 million on December 31, 2025.

The Bank's total equity increased by $536.7 thousand from $15.3 million on December 31, 2024, to $15.8 million on December 31, 2025. The Bank's capital ratios decreased from December 31, 2024, to December 31, 2025, but remain above FinPro Industry Thresholds for both tangible equity / tangible assets ratio and Tier 1 (Core) Capital / average total assets ratio.

**Figure– Balance Sheet Trends**

---

| | | |
|:---|:---|:---|
|  | Community Savings Bank | Community Savings Bank |
|  | Balance Sheets | Balance Sheets |
|  | December 31, 2025 and 2024 | December 31, 2025 and 2024 |
|  | December 31, 2025 | December 31, 2024 |
| Assets |  |  |
| Cash and due from banks | $275464 | $280749 |
| Interest-bearing deposits in other financial institutions | 6153204 | 4997728 |
| Cash and cash equivalents | $6428668 | $5278477 |
| Available-for-sale securities (amortized cost of $5,668,833 and |  |  |
| $5,957,678 at December 31, 2025 and 2024, respectively) | $5538692 | $5703913 |
| Loans receivable (net of deferred loan fees) | 92991369 | 77034539 |
| Allowance for credit losses | (435675) | (351837) |
| Net loans | $92555694 | $76682702 |
| Premises and equipment, net | $561605 | $553476 |
| Federal Home Loan Bank stock | 599500 | 276600 |
| Bank owned life insurance | 3067607 | 2999159 |
| Accrued interest receivable | 424559 | 317710 |
| Net deferred federal income taxes | 518381 | 569510 |
| Other assets | 507777 | 395297 |
| Total assets | $110202483 | $92776844 |
| Liabilities |  |  |
| Demand deposits | $10863097 | $9585602 |
| Savings and money market | 24041834 | 23372171 |
| Time deposits | 47249270 | 39479157 |
| Total deposits | $82154201 | $72436930 |
| Advances from the Federal Home Loan Bank | $10600000 | $3550000 |
| Advances by borrowers for taxes and insurance | 582076 | 485852 |
| Allowance for credit losses on off-balance sheet credit exposures | 5073 | 9412 |
| Accrued interest payable and other liabilities | 1067113 | 1037329 |
| Total liabilities | $94408463 | $77519523 |
| Stockholders' Equity |  |  |
| Retained earnings | 15896832 | 15457795 |
| Accumulated other comprehensive loss | (102812) | (200474) |
| Total equity | $15794020 | $15257321 |
| Total liabilities and equity | $110202483 | $92776844 |

---

Source: Audited Financial Statements

**Figure– Capital Ratios**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FinPro Industry Thresholds** | **FinPro Industry Thresholds** | **COMMUNITY SAVINGS BANK** | **COMMUNITY SAVINGS BANK** | **COMMUNITY SAVINGS BANK** | **COMMUNITY SAVINGS BANK** | |
| <br>**Capital** | **High** | **Moderate** | **2024Q4** | **2025Q1** | **2025Q2** | **2025Q3** |<br>**Results** |
| Tangible Equity / Tangible Assets | 8.00 | 9.00 | 16.46 | 16.70 | 13.84 | 14.02 | 14.31 |
| Tier 1 (Core) Capital / Average Total Assets | 8.00 | 9.00 | 16.46 | 16.80 | 14.92 | 14.10 | 14.30 |
| Tier 1 (core) Capital / Risk-Weighted Assets | 10.00 | 11.25 |  |  |  |  |  |
| Risk Based Capital / Risk Weighted Assets | 10.00 | 13.00 |  |  |  |  |  |

---

Component Inherent Score

*Note: Individual metric risk is derived solely from that metric and is based on the threshold option selected. Individual metric risks have no bearing on other individual metric risks.*

Source: FinPro Scorecard Combined Report (Call Report Data)

Conversion Valuation Appraisal Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loan Portfolio**

The Bank offers single family, multifamily and nonresidential, construction and land, second mortgages, and commercial loans to customers. The Bank's largest loan portfolio is represented by single family mortgage loans, representing roughly 44.2% of the Bank's total loan portfolio. As of December 31, 2025, the Bank had $41.2 million in single family mortgage loans. As of December 31, 2024, the Bank had $42.0 in single family mortgages. Growth has primarily been in the consumer loan portfolio where the Bank has grown the portfolio by $14.9 million.

**Figure – Loan Composition**

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Mortgage loans on real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Single family | $41228633 | $42030991 |
| &nbsp;&nbsp;&nbsp;Multifamily and nonresidential | 21432455 | 19829678 |
| &nbsp;&nbsp;&nbsp;Construction and land | 2652831 | 913295 |
| &nbsp;&nbsp;&nbsp;Second mortgage | 2772340 | 2662637 |
| &nbsp;&nbsp;&nbsp;Commercial | 7657780 | 9171098 |
| Consumer loans | 17471750 | 2619772 |
|  | $93215789 | $77227471 |
| Less: Net deferred loan origination fees | (224420) | (192932) |
| Allowance for credit losses | (435675) | (351837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $92555694 | $76682702 |

---

Overdrafts on customer deposit accounts are included in consumer loans. Overdraft balances totaled approximately $200 and $2,400 at December 31, 2025 and 2024, respectively.

Mortgage loans sold and serviced for others, and the portion of loans participated to others, with the Bank as lead lender and servicer, are not included in the accompanying financial statements. The unpaid principal balance of loans serviced for others at December 31, 2025 and 2024 was approximately $20,078,000 and $21,299,000, respectively.

The Bank had minimal accretable yield remaining on acquired loans. The remaining balance of approximately $5,319 at the beginning of 2024 was fully recognized through accretion during the year, resulting in no remaining accretable yield at December 31, 2024 or 2025. The carrying value of purchased credit-impaired loans was immaterial and totaled approximately $0 and $54 at December 31, 2025 and 2024, respectively.

Source: Audited Financial Statements

Conversion Valuation Appraisal Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**investments**

The Bank's investment securities are classified entirely as available-for-sale and are presented as a single line item on the balance sheet. The amortized cost and approximate fair values of securities are as follows:

**Figure– Investment Composition**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Amortized<br>Cost | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses |<br>Fair<br>Value |
| Available-for-sale securities: December 31, 2025: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal securities | $2837990 | $2253 | $4207 | $2836036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized mortgage obligation bonds | 50980 |  | 1263 | 49717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government agencies | 1497747 |  | 59911 | 1437836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 1282116 | 6981 | 73994 | 1215103 |
|  | $5668833 | $9234 | $139375 | $5538692 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Amortized<br>Cost | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses |<br>Fair<br>Value |
| Available-for-sale securities: December 31, 2024: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal securities | $2854587 | $- | $13200 | $2841387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized mortgage obligation bonds | 67538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 3643 | 63895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government agencies | 1497221 |  | 114085 | 1383136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 1538332 | - | 122837 | 1415495 |
|  | $5957678 | $- | $253765 | $5703913 |

---

There were no sales of available-for-sale securities for the years ended December 31, 2025 and 2024. The amortized cost and fair value of securities at December 31, 2025, by contractual maturity, are shown below. Contractual maturity information is presented as of December 31, 2025, the most recent balance sheet date. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Conversion Valuation Appraisal Report

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | Available-for-sale | Available-for-sale |
|  | Amortized<br> Cost | Fair<br> Value |
| Municipal securities and U.S. government agencies |  |  |
| &nbsp;&nbsp;&nbsp; Due less than one year | $310000 | $310032 |
| &nbsp;&nbsp;&nbsp;Due one to five years | 1497747 | 1437836 |
| &nbsp;&nbsp;&nbsp;Due five to ten years | 1995000 | 1997222 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 532990 | 528782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $4335737 | $4273872 |
| Mortgage-backed securities and collateralized mortgage obligation bonds | 1333096 | 1264820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $5668833 | $5538692 |

---

The maturity of mortgage-backed securities and collateralized mortgage obligation bonds are based on the repayment of the underlying mortgages.

The following table shows the Bank's investments' gross unrealized losses and fair value of the Bank's investments with unrealized losses, aggregated by investment class and length of time that individual securities have been in a continuous loss position at December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Less than 12 Months | Less than 12 Months | 12 Months or Longer | 12 Months or Longer | Total | Total |
|  | Fair <br> Value | Unrealized<br> Losses | Fair <br> Value | Unrealized<br> Losses | Fair<br> Value | Unrealized<br> Losses |
| <u>December 31, 2025</u> |  |  |  |  |  |  |
| Municipal securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $528782 | $4207 | $528782 | $4207 |
| Collateralized mortgage obligation bonds |  |  | 49717 | 1263 | 49717 | 1263 |
| Mortgage-backed securities |  |  | 825648 | 73994 | 825648 | 73994 |
| U.S. government agencies | - | - | 1437836 | 59911 | 1437836 | 59911 |
| &nbsp;&nbsp;&nbsp;Total | $- | $- | $2841983 | $139375 | $2841983 | $139375 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Less than 12 Months | Less than 12 Months | 12 Months or Longer | 12 Months or Longer | Total | Total |
|  | Fair <br> Value | Unrealized<br> Losses | Fair <br> Value | Unrealized<br> Losses | Fair<br> Value | Unrealized<br> Losses |
| <u>December 31, 2024</u> |  |  |  |  |  |  |
| Municipal securities | $1447166 | $4522 | $1394221 | $8678 | $2841387 | $13200 |
| Collateralized mortgage obligation bonds |  |  | 63895 | 3643 | 63895 | 3643 |
| Mortgage-backed securities | 420988 | 1289 | 994507 | 121548 | 1415495 | 122837 |
| U.S. government agencies | - | - | 1383136 | 114085 | 1383136 | 114085 |
| &nbsp;&nbsp;&nbsp;Total | $1868154 | $5811 | $3835759 | $247954 | $5703913 | $253765 |

---

Source: Audited Financial Statements

Conversion Valuation Appraisal Report

**Asset Quality**

The Bank evaluates the loan risk grading system definitions on an ongoing basis. No significant changes were made during the years ended December 31, 2025 and 2024. Analysis of the Bank's loan portfolio by credit quality indicators at December 31 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving** | **Total** |
| Single family |  |  |  |  |  |  |  |  |
| Pass | $5983526 | $2694260 | $3707506 | $6191774 | $7731470 | $14847338 | $- | $41155874 |
| Special mention |  |  |  |  |  | 41414 |  | 41414 |
| Substandard |  |  |  |  |  | 31345 |  | 31345 |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $5983526 | $2694260 | $3707506 | $6191774 | $7731470 | $14920097 | $- | $41228633 |
| Gross charge offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Multifamily and nonresidential |  |  |  |  |  |  |  |  |
| Pass | $5703362 | $1338858 | $981509 | $4425969 | $1975842 | $7006915 | $- | $21432455 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $5703362 | $1338858 | $981509 | $4425969 | $1975842 | $7006915 | $- | $21432455 |
| Gross charge offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Construction and land |  |  |  |  |  |  |  |  |
| Pass | $1228023 | $706450 | $303735 | $69497 | $- | $345126 | $- | $2652831 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $1228023 | $706450 | $303735 | $69497 | $- | $345126 | $- | $2652831 |
| Gross charge offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Second mortgage |  |  |  |  |  |  |  |  |
| Pass | $55716 | $- | $25054 | $- | $- | $15899 | $2675671 | $2772340 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $55716 | $- | $25054 | $- | $- | $15899 | $2675671 | $2772340 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Commercial |  |  |  |  |  |  |  |  |
| Pass | $395075 | $882621 | $1006291 | $1236962 | $110556 | $756438 | $3269837 | $7657780 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $395075 | $882621 | $1006291 | $1236962 | $110556 | $756438 | $3269837 | $7657780 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Consumer loans |  |  |  |  |  |  |  |  |
| Pass | $15361842 | $2086467 | $- | $- | $- | $23441 | $- | $17471750 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $15361842 | $2086467 | $- | $- | $- | $23441 | $- | $17471750 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |

---

Conversion Valuation Appraisal Report

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving** | **Total** |
| Single family |  |  |  |  |  |  |  |  |
| Pass | $3183907 | $3984287 | $7459669 | $8414453 | $4373964 | $14470646 | $- | $41886926 |
| Special mention |  |  |  |  |  | 48005 |  | 48005 |
| Substandard |  |  |  | 63379 |  | 32681 |  | 96060 |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $3183907 | $3984287 | $7459669 | $8477832 | $4373964 | $14551332 | $- | $42030991 |
| Gross charge-offs | $- | $- | $- | $- | $- | $5387 | $- | $5387 |
| Multifamily and nonresidential |  |  |  |  |  |  |  |  |
| Pass | $2467533 | $1300957 | $4610021 | $2057958 | $2116709 | $7055149 | $- | $19608327 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  | 221351 |  | 221351 |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $2467533 | $1300957 | $4610021 | $2057958 | $2116709 | $7276500 | $- | $19829678 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Construction and land |  |  |  |  |  |  |  |  |
| Pass | $160595 | $309349 | $76978 | $- | $290808 | $75565 | $- | $913295 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $160595 | $309349 | $76978 | $- | $290808 | $75565 | $- | $913295 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Second mortgage |  |  |  |  |  |  |  |  |
| Pass | $- | $27292 | $- | $- | $12895 | $6460 | $2615990 | $2662637 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $- | $27292 | $- | $- | $12895 | $6460 | $2615990 | $2662637 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Commercial |  |  |  |  |  |  |  |  |
| Pass | $948457 | $1242497 | $2126754 | $277663 | $369204 | $868339 | $3338184 | $9171098 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $948457 | $1242497 | $2126754 | $277663 | $369204 | $868339 | $3338184 | $9171098 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |
| Consumer loans |  |  |  |  |  |  |  |  |
| Pass | $2595244 | $- | $- | $- | $24528 | $- | $- | $2619772 |
| Special mention |  |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |  |
| Doubtful | - | - | - | - | - | - | - | - |
| Total | $2595244 | $- | $- | $- | $24528 | $- | $- | $2619772 |
| Gross charge-offs | $- | $- | $- | $- | $- | $- | $- | $- |

---

Conversion Valuation Appraisal Report

The following represents a loan portfolio aging analysis at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 2025 | 30-59<br> Days<br> Past<br> Due | 60-89<br> Days<br> Past<br> Due | Greater<br> Than 90<br> Days | Total<br> Past Due | Current | Total |
| Mortgage loans on real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Single family | $85171 | $31772 | $2213 | $119156 | $41109477 | $41228633 |
| &nbsp;&nbsp;&nbsp;Multifamily and nonresidential |  |  |  |  | 21432455 | 21432455 |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |  |  | 2652831 | 2652831 |
| &nbsp;&nbsp;&nbsp;Second mortgage |  |  |  |  | 2772340 | 2772340 |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |  | 7657780 | 7657780 |
| &nbsp;&nbsp;&nbsp;Consumer | - | - | - | - | 17471750 | 17471750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $85171 | $31772 | $2213 | $119156 | $93096633 | $93215789 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 2024 | 30-59<br> Days<br> Past<br> Due | 60-89<br> Days<br> Past<br> Due | Greater<br> Than 90<br> Days | Total<br> Past Due | Current | Total |
| Mortgage loans on real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Single family | $268913 | $39236 | $98751 | $406900 | $41624091 | $42030991 |
| &nbsp;&nbsp;&nbsp;Multifamily and nonresidential |  |  | 221351 | 221351 | 19608327 | 19829678 |
| &nbsp;&nbsp;&nbsp;Construction and land |  |  |  |  | 913295 | 913295 |
| &nbsp;&nbsp;&nbsp;Second mortgage |  |  |  |  | 2662637 | 2662637 |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |  | 9171098 | 9171098 |
| &nbsp;&nbsp;&nbsp;Consumer | - | - | - | - | 2619772 | 2619772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $268913 | $39236 | $320102 | $628251 | $76599220 | $77227471 |

---

Nonaccrual loans at December 31 are as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Single family | $104146 | $185492 |
| Multifamily and nonresidential | - | 221351 |
| Total | $104146 | $406843 |

---

Source: Audited Financial Statements

Conversion Valuation Appraisal Report

**Funding composition**

**Figure– Deposit Composition**

---

| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2024 |
| Demand deposits | 10863097 | 9585602 |
| Savings and money market | 24041834 | 23372171 |
| Time deposits | 47249270 | 39479157 |
| Total deposits | 82154201 | 72436930 |

---

Deposits increased by $9.7 million to $82.2 million as of December 31, 2025, from $72.4 million as of December 31, 2024. The Bank experienced growth within all major deposit product categories with the largest amount growth seen in Time Deposits.

**Figure– Borrowing Composition**

<u>December 31, 2025</u> <u>December 31, 2024</u> <br> Advances from the Federal Home Loan Bank 10,600,000 3,550,000

At December 31, 2025, the Bank had a Blanket Security Agreement with the FHLB collateralized by the Bank's 1-4 family mortgage loans with a carrying value of approximately $41,467,000 and $40,696,000 as of December 31, 2025 and 2024, respectively. Based on this collateral, the Bank was eligible to borrow up to a total of approximately $27,300,000 and $26,099,000 as of December 31, 2025 and 2024, respectively. Borrowings under this agreement totaled $10,600,000 and $3,550,000 at December 31, 2025 and 2024, respectively, and bear fixed interest rates ranging from 3.68% to 4.72% and 3.68% to 5.06% at December 31, 2025 and 2024, respectively. The Bank maintains an unsecured line of credit with its correspondent bank, United Bankers' Bank, with a borrowing capacity of $5,000,000. There were no outstanding borrowings under this line at December 31, 2025.

Contractual maturities of all outstanding borrowings at December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Year | Outstanding Amount | Weighted Average Rate |
| 2026 | $4400000 | 4.10% |
| 2027 | 2150000 | 3.99% |
| 2028 | 3200000 | 4.38% |
| 2029 | **850000** | 4.04% |
| **Total** | $**10600000** | **4.16%** |

---

Source: Audited Financial Statements

Conversion Valuation Appraisal Report

**Asset liability management**

The following chart provides the Bank's estimated net portfolio value at various interest rate shock scenarios as measured by Economic Value of Equity (EVE) and Net Interest Income (NII). The Bank's starting flat rate EVE of 17.47% is adequate. The Bank is liability sensitive from an EVE perspective as the Bank's EVE ratio declines in rising rate scenarios and increases as rates decline. The Bank's NII results display decline in NII as rates fall and an increase in NII in rising rates scenarios.

**Figure– EVE Results as of September 30, 2025**

**Economic Value of Equity Risk**

The Economic Value of Equity is a function of the duration difference between the asset and liabilities. The risk in this case is that rates will RISE and cause the bank's equity value to fall. The rate of change for the equity value is -3% for a 100bp of immediate rate RISE. This change should be compared to the bank's rate risk policy for acceptability. The severity of the potential loss is measured by the Equity Risk Cushion which tells that the bank is in a position to absorb a loss and maintain minimum equity ratio.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** |
|  | **-400bp** | **-100bp** | **Flat** | **+100bp** | **+400bp** |
| Asset Value | 122922 | 113487 | 110844 | 108303 | 101175 |
| Liability Value | 100062 | 93493 | 91484 | 89503 | 84019 |
| Economic Value of Equity | 22860 | 19994 | 19360 | 18800 | 17156 |
| EVE Ratio | 18.60% | 17.62% | 17.47% | 17.36% | 16.96% |
| **EVE Percent Change** | **18.08%** | **3.27%** |  | **-2.89%** | **-11.38%** |
| Minimum Equity (7%) | 8605 | 7944 |  | 7581 | 7082 |
| Equity Cushion | 14255 | 12050 |  | 11219 | 10074 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** | **Fair Values** |
| **Rate Shocks** | **-400bp** | **-300bp** | **-200bp** | **-100bp** | **Current** | **+100bp** | **+200bp** | **+300bp** | **+400bp** |
| FFS & Other | 5402 | 5402 | 5402 | 5402 | 5402 | 5402 | 5402 | 5402 | 5402 |
| Loans \* | 106439 | 102486 | 99776 | 97132 | 94556 | 92099 | 89768 | 87607 | 85579 |
| Loan Loss Reserve | (420) | (420) | (420) | (420) | (420) | (420) | (420) | (420) | (420) |
| Securities (Fair Value) | 5776 | 5760 | 5704 | 5648 | 5581 | 5497 | 5324 | 5107 | 4889 |
| Non-Earning Assets | 5725 | 5725 | 5725 | 5725 | 5725 | 5725 | 5725 | 5725 | 5725 |
| **Assets (EV)** | **122922** | **118953** | **116187** | **113487** | **110844** | **108303** | **105799** | **103421** | **101175** |
| Non-Int Bearing Chkg | 3498 | 3437 | 3331 | 3229 | 3141 | 3066 | 2982 | 2900 | 2822 |
| Int Bearing Chkg | 6968 | 6826 | 6584 | 6354 | 6187 | 6065 | 5892 | 5725 | 5565 |
| MMDA | 8671 | 8570 | 8352 | 8143 | 7944 | 7696 | 7458 | 7230 | 7012 |
| Savings | 16510 | 15361 | 14292 | 13335 | 12474 | 11617 | 10843 | 10144 | 9509 |
| CDs | 52214 | 51836 | 51279 | 50739 | 50216 | 49708 | 49215 | 48736 | 48271 |
| FFP and Repos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Borrowings | 11281 | 11110 | 10940 | 10770 | 10600 | 10430 | 10260 | 10090 | 9919 |
| Non - Paying Liabs | 921 | 921 | 921 | 921 | 921 | 921 | 921 | 921 | 921 |
| **Liabilities (EV)** | **100062** | **98061** | **95700** | **93493** | **91484** | **89503** | **87570** | **85745** | **84019** |
| **EV Equity** | **22860** | **20892** | **20488** | **19994** | **19360** | **18800** | **18229** | **17676** | **17156** |
| **EVE Risk (% Change)** | **18.08%** | **7.91%** | **5.82%** | **3.27%** | **0.00%** | **(2.89)%** | **(5.84)%** | **(8.70)%** | **(11.38)%** |

---

Source: Community Savings Bank – September 2025 Risk GPS

Conversion Valuation Appraisal Report

**Figure– NII Sensitivity Results as of September 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate Change Immediate** | **-400bp** | **-300bp** | **-200bp** | **-100bp** | **Current** | **+100bp** | **+200bp** | **+300bp** | **+400bp** |
| **<u>Int. Income</u>** |  |  |  |  |  |  |  |  |  |
| FFS, Repos & Bank CD | 8 | 62 | 116 | 170 | 224 | 278 | 332 | 386 | 440 |
| Loans \* | 4995 | 5175 | 5478 | 5765 | 6038 | 6306 | 6571 | 6837 | 7104 |
| Securities (Tax Eqv.) | 213 | 215 | 217 | 219 | 220 | 222 | 223 | 225 | 226 |
| **Total Interest Income** | **5217** | **5452** | **5811** | **6153** | **6482** | **6806** | **7126** | **7448** | **7770** |
| **<u>Int. Expense</u>** |  |  |  |  |  |  |  |  |  |
| Interest Bearing Checking | 29 | 31 | 33 | 35 | 37 | 38 | 40 | 41 | 43 |
| MMDA | 11 | 30 | 49 | 68 | 87 | 87 | 87 | 87 | 87 |
| Savings | 108 | 120 | 133 | 145 | 158 | 158 | 158 | 158 | 158 |
| CDs | 1429 | 1451 | 1721 | 2001 | 2281 | 2399 | 2516 | 2634 | 2752 |
| Fed Funds & Borrowings | 387 | 399 | 411 | 423 | 435 | 447 | 459 | 471 | 483 |
| **Total Costs of Funds** | **1964** | **2031** | **2346** | **2672** | **2998** | **3129** | **3260** | **3391** | **3522** |
| **Net Interest Income** | **3253** | **3421** | **3464** | **3481** | **3485** | **3677** | **3867** | **4057** | **4248** |
| Actual Dollar Risk | (232) | (64) | (20) | (3) |  | 192 | 382 | 573 | 764 |
| Percent of Risk | (6.65)% | (1.84)% | (0.58)% | (0.10)% |  | 5.52% | 10.95% | 16.43% | 21.91% |
| Percent of Avg. Assets | (0.20)% | (0.06)% | (0.02)% | 0% |  | 0.17% | 0.33% | 0.50% | 0.66% |

---

\* Yield Adjusted for PPP based on user input in Loan Assumptions.

Source: Community Savings Bank – September 2025 Risk GPS

**Capital**

The Bank opted into the CBLR framework beginning with the Call Report filed as of March 31, 2020, and will no longer be subject to other capital and leverage requirements. A CBLR bank meeting qualifying criteria is deemed to have met the "well capitalized" ratio requirements and be in compliance with the generally applicable capital rule. The Bank's CBLR as of December 31, 2025 and 2024 was 14.34% and 16.49%, respectively. In accordance with regulatory capital rules applicable to community banking organizations, accumulated other comprehensive income is excluded from regulatory capital.

Source: Audited Financial Statements

Conversion Valuation Appraisal Report

**income and expense trends**

The Bank's net interest income increased from $2.8 million as of December 31, 2024 to $3.5 million as of December 31, 2025. Total noninterest expense decreased from $3.8 million as of December 31, 2024 to $3.1 million as of December 31, 2025. The Bank's net income as of December 31, 2025 was $439.0 thousand.

**Figure– Income Statement**

Community Savings Bank<br> Statements of Operations<br> December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | Year Ended<br> December 31, 2025 | Year Ended <br> December 31, 2024 |
| Interest income |  |  |
| Loans, including fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5373683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234975 |
| Investment securities | 190255 | 176791 |
| Interest-bearing deposits and other | 236283 | 260015 |
| Total interest income | $5800221 | $4671781 |
| Interest expense |  |  |
| Deposits | $1957560 | $1717566 |
| Borrowings | 359454 | 172258 |
| Total interest expense | $2317014 | $1889824 |
| Net interest income | $3483207 | $2781957 |
| Provision for credit losses | 69583 | - |
| Net interest income after provision | $3413624 | $2781957 |
| Noninterest income |  |  |
| Service fees on deposits | $27125 | $26865 |
| Loan servicing fees | 51533 | 55802 |
| Increase in cash surrender value of BOLI | 68448 | 67790 |
| Other income | 20811 | 29143 |
| Total noninterest income | $167917 | $179600 |
| Noninterest expense |  |  |
| Salaries and employee benefits | $1891003 | $1847472 |
| Directors fees | 166410 | 154410 |
| Occupancy and equipment | 130033 | 133657 |
| Data processing fees | 336481 | 352301 |
| Franchise taxes | 103603 | 98920 |
| FDIC insurance premiums | 45012 | 38384 |
| Professional services | 79145 | 63549 |
| Advertising | 17954 | 17900 |
| Other | 343157 | 1056563 |
| Total noninterest expense | $3112798 | $3763156 |
| Income (loss) before income taxes | $468743 | $(801599) |
| Provision (benefit) for income taxes | 29706 | (432950) |
| Net income (loss) | $439037 | $(368649) |

---

Source: Audited Financial Statements

Conversion Valuation Appraisal Report

**Legal proceedings**

As of 12/31/2025, the Bank is not a party to any material legal proceedings and is not aware of any pending or threatened litigation that would have a material adverse effect on its financial position or results of operations.

**subsidiaries**

The Bank does not have any subsidiaries. Upon completion of the conversion and stock offering, Community Savings Bank will become the sole and wholly owned subsidiary of CSB Financial Inc.

Conversion Valuation Appraisal Report

2. Market Area Analysis

The following tables provide deposit and demographic data for the counties in which the Bank has branches.

**Figure– Deposit Market Share**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Share Data\*** | **Market Share Data\*** | **Market Share Data\*** | **Market Share Data\*** | **Market Share Data\*** | **Market Share Data\*** | **Market Share Data\*** | **Market Share Data\*** | **Market Share Data\*** |
|  |  |  |  | ***2025*** | ***2025*** | ***2025*** | ***2024*** | ***2024*** |
| ***Institution (ST)*** | ***Type*** | ***2025 Rank*** | ***2024 Rank*** | ***Number of<br> Branches*** | ***Total Deposits In <br> Market ($000)*** | ***Total Market <br> Share (%)*** | ***Total Deposits In <br> Market ($000)*** | ***Total Market<br> Share (%)*** |
| **Clermont, OH** |  |  |  |  |  |  |  |  |
| Fifth Third Bancorp (OH) | Bank | 1 | 1 | 6 | 1123607 | 23.73 | 1025902 | 22.36 |
| Bank of America Corporation (NC) | Bank | 2 | 2 | 1 | 598023 | 12.63 | 734035 | 16.00 |
| JPMorgan Chase & Co. (NY) | Bank | 3 | 4 | 5 | 515404 | 10.89 | 465221 | 10.14 |
| The PNC Finl Svcs Grp (PA) | Bank | 4 | 3 | 3 | 509706 | 10.77 | 492465 | 10.73 |
| U.S. Bancorp (MN) | Bank | 5 | 5 | 3 | 373914 | 7.90 | 348183 | 7.59 |
| New Richmond Bancorp. (OH) | Bank HC | 6 | 7 | 5 | 291645 | 6.16 | 244372 | 5.33 |
| Huntington Bancshares Inc. (OH) | Bank | 7 | 6 | 3 | 283513 | 5.99 | 290445 | 6.33 |
| Park National Corp. (OH) | Bank | 8 | 8 | 2 | 207636 | 4.39 | 200194 | 4.36 |
| First Commonwealth Financial (PA) | Bank | 9 | 9 | 1 | 176993 | 3.74 | 173700 | 3.79 |
| Peoples Bancorp Inc. (OH) | Bank | 10 | 10 | 3 | 162997 | 3.44 | 148151 | 3.23 |
| **Community SB (OH)** | **Comm'l Bank** | **15** | **16** | **1** | **52999** | **1.12** | **43826** | **0.95** |
| **Total For Institutions In Market** |  |  |  | **43** | **4734608** |  | **4589127** |  |
| **Highland, OH** |  |  |  |  |  |  |  |  |
| National Consumer Coop Bk (VA) | Bank HC | 1 | 1 | 1 | 3471164 | 78.82 | 2997947 | 77.90 |
| Merchants Bancorp Inc. (OH) | Bank HC | 2 | 2 | 5 | 446736 | 10.14 | 402610 | 10.46 |
| Fifth Third Bancorp (OH) | Bank | 3 | 3 | 1 | 197284 | 4.48 | 192913 | 5.01 |
| Southern Hills Community Bank (OH) | Thrift | 4 | 4 | 4 | 105136 | 2.39 | 90314 | 2.35 |
| First State Bancorp Inc. (OH) | Bank HC | 5 | 5 | 1 | 64574 | 1.47 | 50835 | 1.32 |
| U.S. Bancorp (MN) | Bank | 6 | 6 | 1 | 33325 | 0.76 | 35124 | 0.91 |
| Peoples Bancorp Inc. (OH) | Bank | 7 | 7 | 1 | 32834 | 0.75 | 32484 | 0.84 |
| **Community SB (OH)** | **Comm'l Bank** | **8** | **8** | **1** | **31155** | **0.71** | **28930** | **0.75** |
| Wilmington Savings Bank (OH) | Comm'l Bank | 9 | 9 | 1 | 21550 | 0.49 | 17177 | 0.45 |
| **Total For Institutions In Market** |  |  |  | **16** | **4403758** |  | **3848334** |  |

---

\*The market share data displayed is for Community Savings Bank

Note: Market Share is for U.S. Territories only and non-retail branches are not included.

Source: S&P Global

**Figure– County Demographics**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | ***Percent of*** | ***presentt of*** | **2026** | **2020-2026** | **2026-2031** | **2026** | **2026-2031** |
| **County** | **Market<br> Rank** | **Number of<br> Branches** | **Deposits In<br> Market <br> ($000)** | **Deposit<br> Market <br> Share (%)** | **State<br> Franchise <br> (%)** | **National<br> Franchise <br> (%)** | **Total<br> Population<br> (Actual)** | **Population<br> Change (%)** | **Projected<br> Population<br> Change (%)** | **Median<br> Household<br> Income ($)** | **Projected HH<br> Income<br> Change (%)** |
| **Ohio (OH)** |  |  |  |  |  |  |  |  |  |  |  |
| Clermont | 15 | 1 | 52999 | 1.12 | 62.98 | 62.98 | 215571 | 3.34 | 2.29 | 86242 | 7.98 |
| Highland | 8 | 1 | 31155 | 0.71 | 37.02 | 37.02 | 43838 | 1.20 | 0.79 | 71377 | 10.52 |
| **OH Totals** |  | **2** | **84154** |  | **100.00** | **100.00** | **259409** |  |  |  |  |
| **Weighted Average: Ohio Franchise** |  |  |  |  |  |  |  | **2.55** | **1.73** | **80739** | **8.92** |
| **Aggregate: Entire State of Ohio** |  |  |  |  |  |  | **11898145** | **0.84** | **0.63** | **75586** | **12.06** |
| **Aggregate: National** |  |  |  |  |  |  | **342965686** | **3.47** | **2.58** | **86867** | **11.30** |

---

Source: S&P Global

Conversion Valuation Appraisal Report

3. Comparisons with Publicly Traded Thrifts

INTRODUCTION

This section presents an analysis of the Bank's operations against a selected group ("Comparable Group") of publicly traded, fully converted thrifts. The Comparable Group was selected based upon similarity of characteristics to the Bank. The Comparable Group multiples provide the basis for the valuation of the Bank.

Factors that influence the Bank's value such as balance sheet structure and size, profitability, income and expense trends, capital levels, credit risk, and recent operating results can be measured against the Comparable Group. The Comparable Group's current market pricing, coupled with the appropriate aggregate adjustment for differences between the Bank and the Comparable Group, will then be utilized as the basis for the pro forma valuation of the Bank's to-be-issued common stock.

SELECTION CRITERIA

The goal of the selection criteria process is to find those institutions with characteristics that most closely match those of the Bank. In an ideal world, all of the Comparable Group would contain the exact characteristics of the Bank. However, none of the Comparables selected will be exact clones of the Bank.

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 merger of equals.

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 31 publicly traded savings 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 the Company will be a full public company upon completion of the offering, we considered only full public companies to be viable candidates for inclusion in the Peer Group. From the universe of publicly traded thrifts, we selected institutions with characteristics similar to those of the Bank. In the selection process, we applied the following "screen" to the universe of all public companies that were eligible for consideration:

Next in the screening process, FinPro selected all fully converted thrifts located in the Mid-West, Mid-Atlantic, New England and West Regions. This resulted in 27 organizations.

FinPro excluded institutions that have recently converted, as the earnings of newly converted institutions do not reflect a full historical benefit from the reinvestment of proceeds, and thus the price/earnings multiples and return on equity measures for these institutions tend to be skewed upward and downward, respectively. As such, three institutions were excluded that converted after January 1, 2023.

Conversion Valuation Appraisal Report

Of the remaining 24, FinPro then eliminated 14 of the institutions with assets excess of $2.2 billion as these entities do not have comparable financial and managerial resources and branch networks.

FinPro eliminated one institution that was in the process of being bought in an M&A transaction.

This results in a total of 10 for the Comparable Group. FinPro reviewed the recent performance and news releases of these companies and determined that all were acceptable for the Comparable Group.

**Figure– Comparable Group**

**<u>Corporate</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company Name** | **Ticker** | **Exchange** | **Date<br> Established** | **IPO Date** | **Number of<br> Offices** | **City** | **State** | **FTE's** |
| Broadway Financial Corporation (NASDAQCM:BYFC) | BYFC | NASDAQCM | 11/24/1998 | 1/8/1996 | 4 | Los Angeles | CA | NA |
| BV Financial, Inc. (NASDAQCM:BVFL) | BVFL | NASDAQCM | 9/1/1873 | 1/12/2005 | 12 | Baltimore | MD | 105 |
| Finward Bancorp (NASDAQCM:FNWD) | FNWD | NASDAQCM | 1/1/1910 | 1/0/1900 | 26 | Munster | IN | 302 |
| First Northwest Bancorp (NASDAQGM:FNWB) | FNWB | NASDAQGM | 1/0/1900 | 1/29/2015 | 15 | Port Angeles | WA | 240 |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | FSEA | NASDAQCM | 1/1/1890 | 7/16/2019 | 5 | Dover | NH | 73 |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | NECB | NASDAQCM | 1/0/1900 | 7/5/2006 | 12 | White Plains | NY | 143 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | NSTS | NASDAQCM | 1/1/1921 | 1/18/2022 | 3 | Waukegan | IL | 49 |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | PROV | NASDAQGS | 3/26/1956 | 6/27/1996 | 14 | Riverside | CA | 164 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | RVSB | NASDAQGS | 1/1/1923 | 10/26/1993 | 17 | Vancouver | WA | 243 |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | TSBK | NASDAQGM | 1/1/1915 | 1/12/1998 | 24 | Hoquiam | WA | 268 |
| 25% Percentile: |  |  |  |  | 7 |  |  |  |
| **Median:** |  |  |  |  | **13** |  |  |  |
| 75% Percentile: |  |  |  |  | 17 |  |  |  |
| **Community Savings Bank** |  |  | **4/6/1889** |  | **2** | **Bethel** | **OH** | **17** |

---

Source: S&P Global

Conversion Valuation Appraisal Report

List below provides a list of the institutions that were eliminated and included by the Comparable screens.

**Figure– List of all Publicly-traded Savings Institutions**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Entity Name | Industry<br> Classification | Exchange | Ownership<br> Structure | Merger Target? | U.S. Region | IPO Date | Total Assets<br> (Most Recent<br> Reported) | Reason<br> Eliminated |
| Affinity Bancshares, Inc. (NASDAQCM:AFBI) | Savings Institutions | NASDAQCM | Stock Corporation | No | SE | 4/27/2017 | 881697 | Out of Region |
| Axos Financial, Inc. (NYSE:AX) | Savings Institutions | NYSE | Stock Corporation | No | WE | 3/14/2005 | 28201406 | Outside Asset Range |
| Broadway Financial Corporation (NASDAQCM:BYFC) | Savings Institutions | NASDAQCM | Stock Corporation | No | WE | 1/8/1996 | 1335565 | In Comparable Group |
| BV Financial, Inc. (NASDAQCM:BVFL) | Savings Institutions | NASDAQCM | Stock Corporation | No | MA | 1/12/2005 | 912213 | In Comparable Group |
| Capitol Federal Financial, Inc. (NASDAQGS:CFFN) | Savings Institutions | NASDAQGS | Stock Corporation | No | MW | 3/31/1999 | 9778400 | Outside Asset Range |
| Catalyst Bancorp, Inc. (NASDAQCM:CLST) | Savings Institutions | NASDAQCM | Stock Corporation | No | SW | 10/12/2021 | 282927 | Out of Region |
| Central Plains Bancshares, Inc. (NASDAQCM:CPBI) | Savings Institutions | NASDAQCM | Stock Corporation | No | MW | 10/19/2023 | 535738 | Recently Converted |
| FB Bancorp, Inc. (NASDAQCM:FBLA) | Savings Institutions | NASDAQCM | Stock Corporation | No | SW | 10/22/2024 | 1264141 | Out of Region |
| Fifth District Bancorp, Inc. (NASDAQCM:FDSB) | Savings Institutions | NASDAQCM | Stock Corporation | No | SW | 7/31/2024 | 539500 | Recently Converted |
| Finward Bancorp (NASDAQCM:FNWD) | Savings Institutions | NASDAQCM | Stock Corporation | No | MW |  | 2021181 | In Comparable Group |
| First Northwest Bancorp (NASDAQGM:FNWB) | Savings Institutions | NASDAQGM | Stock Corporation | No | WE | 1/29/2015 | 2107895 | In Comparable Group |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | Savings Institutions | NASDAQCM | Stock Corporation | No | NE | 7/16/2019 | 609627 | In Comparable Group |
| Flagstar Bank, National Association (NYSE:FLG) | Savings Institutions | NYSE | Stock Corporation | No | MA | 11/23/1993 | 87512000 | Outside Asset Range |
| FS Bancorp, Inc. (NASDAQCM:FSBW) | Savings Institutions | NASDAQCM | Stock Corporation | No | WE | 7/9/2012 | 3196847 | Outside Asset Range |
| Hingham Institution for Savings (NASDAQGM:HIFS) | Savings Institutions | NASDAQGM | Stock Corporation | No | NE | 12/13/1988 | 4542654 | Outside Asset Range |
| Home Federal Bancorp, Inc. of Louisiana (NASDAQCM:HFBL) | Savings Institutions | NASDAQCM | Stock Corporation | No | SW | 1/18/2005 | 621449 | Out of Region |
| Hoyne Bancorp, Inc. (NASDAQCM:HYNE) | Savings Institutions | NASDAQCM | Stock Corporation | No | MW | 12/3/2025 | 454754 | Recently Converted |
| Kearny Financial Corp. (NASDAQGS:KRNY) | Savings Institutions | NASDAQGS | Stock Corporation | No | MA | 2/23/2005 | 7620878 | Outside Asset Range |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | Savings Institutions | NASDAQCM | Stock Corporation | No | MA | 7/5/2006 | 2063508 | In Comparable Group |
| Northwest Bancshares, Inc. (NASDAQGS:NWBI) | Savings Institutions | NASDAQGS | Stock Corporation | No | MW | 11/4/1994 | 16766617 | Outside Asset Range |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | Savings Institutions | NASDAQCM | Stock Corporation | No | MW | 1/18/2022 | 269842 | In Comparable Group |
| OP Bancorp (NASDAQGM:OPBK) | Savings Institutions | NASDAQGM | Stock Corporation | No | WE | 3/27/2018 | 2650226 | Outside Asset Range |
| Ponce Financial Group, Inc. (NASDAQGM:PDLB) | Savings Institutions | NASDAQGM | Stock Corporation | No | MA | 9/29/2017 | 3223970 | Outside Asset Range |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | Savings Institutions | NASDAQGS | Stock Corporation | No | WE | 6/27/1996 | 1227892 | In Comparable Group |
| Provident Financial Services, Inc. (NYSE:PFS) | Savings Institutions | NYSE | Stock Corporation | No | MA | 1/15/2003 | 24980710 | Outside Asset Range |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | Savings Institutions | NASDAQGS | Stock Corporation | No | WE | 10/26/1993 | 1512311 | In Comparable Group |
| Southern Missouri Bancorp, Inc. (NASDAQGM:SMBC) | Savings Institutions | NASDAQGM | Stock Corporation | No | MW | 4/13/1994 | 5094387 | Outside Asset Range |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | Savings Institutions | NASDAQGM | Stock Corporation | No | WE | 1/12/1998 | 2006127 | In Comparable Group |
| TrustCo Bank Corp NY (NASDAQGS:TRST) | Savings Institutions | NASDAQGS | Stock Corporation | No | MA |  | 6440700 | Outside Asset Range |
| Western New England Bancorp, Inc. (NASDAQGS:WNEB) | Savings Institutions | NASDAQGS | Stock Corporation | No | NE | 12/27/2001 | 2736480 | Outside Asset Range |
| WSFS Financial Corporation (NASDAQGS:WSFS) | Savings Institutions | NASDAQGS | Stock Corporation | No | MA | 11/26/1986 | 21314076 | Outside Asset Range |

---

Source: S&P Global

Conversion Valuation Appraisal Report

**Overview of the Comparables**

The members of the Comparable Group were reviewed against the Bank to ensure comparability based upon the following criteria:

1. Asset size

2. Profitability

3. Capital Level

4. Balance Sheet Mix

5. Operating Strategy

6. Date of conversion

&nbsp;&nbsp;&nbsp;&nbsp;1. Asset Size: The Comparable Group should have a similar asset size to the Bank. The Comparable Group ranged in size from $269.8 million
to $2.1 billion in total assets with a median of $1.4 billion. The Bank's asset size was $110.2 million as of December 31,
2025. On a pro forma basis, the Bank's assets are projected to grow to approximately $118.3 million at the midpoint of the estimated
value range.

&nbsp;&nbsp;&nbsp;&nbsp;2. Profitability: The Comparable Group had a median ROAA of 0.36% and a median ROAE of 4.04% for the last twelve months. The Comparable
Group profitability measures had a dispersion about the mean for the ROAA measure ranging from a low of (1.88)% to a high of 2.21%, while
the ROAE measure ranged from a low of (8.58)% to a high of 13.12%. The Bank had a ROAA of 0.38% and a ROAE of 2.58% for the twelve months
ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;3. Capital Level: The Comparable Group had a median equity to assets ratio of 12.12% with a high of 29.25% and a low of 7.46%. On December 31,
2025, the Bank had an equity to assets ratio of 14.33%. Both the Bank and the Peer Group's equity ratios reflected surpluses with respect
to the regulatory capital requirements.

&nbsp;&nbsp;&nbsp;&nbsp;4. Balance Sheet Mix: As of December 31, 2025, the Bank had a gross loans held for investment to asset ratio of 84.38%. The median
loan to asset ratio for the Comparables was 75.13%, ranging from a low of 49.73% to a high of 90.15%. On the liability side, the Bank's
deposit to asset ratio was 74.55% at December 31, 2025 while the Comparable median was 77.11%, ranging from 63.58% to 85.44%. The
Bank's debt and borrowings to asset ratio of 9.62% is above the Comparable median of 4.17%.

&nbsp;&nbsp;&nbsp;&nbsp;5. Operating Strategy: An institution's operating characteristics are important because they determine future performance. Operational
strategy also affects expected rates of return and investors' general perception of the quality, risk and attractiveness of a given
company. Specific operating characteristics include profitability, balance sheet growth, asset quality, capitalization and non-financial
factors such as management strategies and lines of business.

&nbsp;&nbsp;&nbsp;&nbsp;6. Date of Conversion: Recent conversions or second steps, those completed on or after January 1, 2023, were excluded since the
earnings of a newly converted institution do not reflect the reinvestment of conversion proceeds. Additionally, new issues tend to trade
at a discount to the market averages.

Conversion Valuation Appraisal Report

Based on the above analysis, FinPro concluded that the Peer Group forms a reasonable basis for determining the pro forma market value of the Bank. 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. Those areas where differences exist will be addressed in the form of valuation adjustments to the extent necessary.

Conversion Valuation Appraisal Report

4. Market Value Determination

MARKET VALUE ADJUSTMENTS

The estimated pro forma market value of the Company, along with certain adjustments to its value relative to market values for the Comparable Group are delineated in this section. The adjustments are made from potential investors' viewpoint and are adjustments necessary when comparing the Bank to the Comparable Group. The adjustment factors are subjectively weighed using the appraiser's knowledge and expertise and an aggregate adjustment is determined. Potential investors include depositors holding subscription rights and unrelated parties who may purchase stock in the community offering and who are assumed to be aware of all relevant and necessary facts as they pertain to the value of the Bank relative to other publicly traded thrift institutions and relative to alternative investment opportunities.

There are numerous criteria on which the market value adjustments are based. The major criteria utilized for purposes of this report include:

Adjustments Relative to the Comparable Group:

&nbsp;&nbsp;&nbsp;&nbsp;· Financial Condition

&nbsp;&nbsp;&nbsp;&nbsp;· Balance Sheet Growth

&nbsp;&nbsp;&nbsp;&nbsp;· Earnings Quality, Predictability and Growth

&nbsp;&nbsp;&nbsp;&nbsp;· Market Area

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Dividends

&nbsp;&nbsp;&nbsp;&nbsp;· Liquidity of the Issue

&nbsp;&nbsp;&nbsp;&nbsp;· Recent Regulatory Matters

Adjustments for Other Factors:

&nbsp;&nbsp;&nbsp;&nbsp;· Management

&nbsp;&nbsp;&nbsp;&nbsp;· Subscription Interest

To ascertain the market value of the Bank, the median trading multiple values for the Comparable Group are utilized as the starting point. The adjustment, up or down, to the Comparable Group median multiple values is made based on the comparison of the Bank to the Comparable Group.

Conversion Valuation Appraisal Report

**Financial Condition**

The balance sheet strength of an institution is an important market value determinant, as the investment community considers such factors as cash liquidity, capitalization, asset composition, funding mix, intangible levels and interest rate risk in assessing the attractiveness of investing in the common stock of a thrift. The following figures summarize the key financial elements of the Bank measured against the Comparable Group.

**Figure– Key Balance Sheet Data**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance Sheet Composition & Liquidity** | **Balance Sheet Composition & Liquidity** | **Balance Sheet Composition & Liquidity** | **Balance Sheet Composition & Liquidity** | **Balance Sheet Composition & Liquidity** | **Balance Sheet Composition & Liquidity** | **Balance Sheet Composition & Liquidity** |
| <br>**Company Name** | **Total Assets**<br>**($000s)** | **Gross Loans<br> HFI/ Total<br> Assets**<br>**(%)** | **Deposits/<br> Assets**<br>**(%)** | **Gross Loans<br> HFI/ Deposits**<br>**(%)** | **Debt and<br> Borrowings/<br> Assets**<br>**(%)** | **Nonint.<br> Bearing<br> Deposits/<br> Total<br> Deposits**<br>**(%)** | **Cash/<br> Deposits**<br>**(%)** |
| Broadway Financial Corporation (NASDAQCM:BYFC) | 1335565 | 76.63 | 63.58 | 120.52 | 16.01 | 11.13 | 2.32 |
| BV Financial, Inc. (NASDAQCM:BVFL) | 912213 | 82.76 | 74.12 | 111.66 | 3.84 | 20.46 | 8.24 |
| Finward Bancorp (NASDAQCM:FNWD) | 2021181 | 71.76 | 85.44 | 83.98 | 4.19 | 15.49 | 6.93 |
| First Northwest Bancorp (NASDAQGM:FNWB) | 2107895 | 77.28 | 75.86 | 101.87 | 15.40 | 15.37 | 5.32 |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | 609627 | 71.12 | 78.74 | 90.32 | 9.62 | 14.49 | 4.08 |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 2063508 | 90.15 | 78.36 | 115.06 | 3.65 | 16.82 | 5.03 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | 269842 | 49.73 | 68.95 | 72.12 |  | 14.61 | 19.01 |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 1227892 | 84.97 | 71.05 | 119.58 | 17.55 | 8.63 | 6.23 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 1512311 | 71.76 | 81.57 | 87.97 | 4.14 | 23.61 | 2.32 |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 2006127 | 73.62 | 84.96 | 86.65 | 1.15 | 23.72 | 14.86 |
| 25% Percentile: | 991133 | 71.76 | 71.82 | 86.98 | 3.69 | 14.52 | 4.31 |
| **Median:** | **1423938** | **75.13** | **77.11** | **96.09** | **4.17** | **15.43** | **5.78** |
| 75% Percentile: | 2017418 | 81.39 | 80.86 | 114.21 | 13.95 | 19.55 | 7.91 |
| **Community Savings Bank** | **110202** | **84.38** | **74.55** | **113.19** | **9.62** | **6.23** | **7.82** |
| **Adjustment Factor:** |  | + |  |  |  |  |  |
| **Collective Adjustment:** | **Downward** | **Downward** | **Downward** | **Downward** | **Downward** | **Downward** | **Downward** |

---

Data is: LTM (Last 12 Months)

Source: S&P Global, Offering Circular and FinPro Computations

<u>Asset Size</u> – The Bank, at $110.2 million, is much smaller than the comparable group median. The Comparable Group median is larger than the assets of the Bank, with median assets of $1.4 billion. At the pro forma midpoint of the offering range, the Bank is expected to have assets of approximately $118.2 million, still significantly below the peers.

<u>Asset Composition</u> – The Bank's gross loans held for investment to assets ratio of 84.38% is above the Comparable Group median of 75.13%. The Bank has a higher level of borrowings and lower level of noninterest bearing deposits to total deposits compared to the Comparable Group.

Conversion Valuation Appraisal Report

<u>Funding Mix</u> – The Bank's deposits to asset ratio of 74.55% is below the Comparable Group median of 77.11%. Gross loans to deposit ratio of the Bank is below the comparable group. The Bank utilizes a higher level of borrowings and debt compared to the Comparable Group. The Bank has a debt and borrowings to asset ratio of 9.62%. The Comparable Group median has a debt and borrowings to asset ratio of 4.17%. Lastly, the Bank has a significantly lower amount of non-interest-bearing deposits as a percentage of total deposits as compared to the comparable group.

<u>Interest Rate Risk</u> - The Bank's interest rate risk position is illustrated and discussed previously. The Bank's appears to be within regulatory guidance and shows strong EVE ratios in all modeled scenarios. No similar data is available for the Comparable Group.

**Figure– Capital Data**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Capitalization** | **Capitalization** | **Capitalization** | **Capitalization** | **Capitalization** | **Capitalization** | **Capitalization** |  |
| <br>**Company Name** | **Equity/ Assets**<br>**(%)** | **Tangible Equity/ Tangible Assets**<br>**(%)** | **Tangible Common Equity/ Tangible Assets**<br>**(%)** | **Tier 1 Leverage Ratio**<br>**(%)** | **Tier 1 Risk Based Ratio**<br>**(%)** |  | **Risk Based Capital Ratio**<br>**(%)** |  |
| Broadway Financial Corporation (NASDAQCM:BYFC) | 19.61 | 19.52 | 8.26 | 14.12 | NA |  | NA |  |
| BV Financial, Inc. (NASDAQCM:BVFL) | 20.15 | 18.81 | 18.81 | 16.44 | 21.13 |  | 22.06 |  |
| Finward Bancorp (NASDAQCM:FNWD) | 8.64 | 7.51 | 7.51 | 8.93 | 11.86 |  | 13.09 |  |
| First Northwest Bancorp (NASDAQGM:FNWB) | 7.46 | 7.41 | 7.41 | 9.51 | 12.49 |  | 13.55 |  |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | 10.36 | 10.33 | 10.33 | 8.41 | 14.56 |  | 15.60 |  |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 17.04 | 17.04 | 17.04 | 16.39 | 15.36 |  | 15.62 |  |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | 29.25 | 29.25 | 29.25 | 24.32 | NA |  | NA |  |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 10.38 | 9.65 | 9.65 | 9.79 | 18.67 |  | 19.56 |  |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 10.86 | 9.23 | 9.23 | 11.24 | 15.09 |  | 16.35 |  |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 13.38 | 12.71 | 12.71 | 12.67 | 19.86 |  | 21.12 |  |
| 25% Percentile: | 10.37 | 9.33 | 8.50 | 9.58 | 14.04 |  | 15.09 |  |
| **Median:** | **12.12** | **11.52** | **9.99** | **11.96** | **15.23** |  | **15.99** |  |
| 75% Percentile: | 18.97 | 18.37 | 15.96 | 15.82 | 18.97 |  | 19.95 |  |
| **Community Savings Bank** | **14.33** | **14.33** | **14.33** | **14.34** |  |  |  |  |
| **Adjustment Factor:** | + | + | + | + |  | = |  | = |
| **Collective Adjustment:** | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward |

---

Source: S&P Global, Offering Circular and FinPro Computations

Conversion Valuation Appraisal Report

<u>Capitalization</u> - The Comparable Group's median equity to assets ratio of 12.12% is below the Bank's ratio of 14.33%. The Bank has room to leverage the existing balance sheet to a higher level when compared to the comparable group. In summary, FinPro concluded that capital strength was a modest upward factor in our adjustment for financial condition.

<u>Asset Quality</u> - The asset quality of an institution is an important determinant of market value. The investment community considers levels of nonperforming loans, Real Estate Owned ("REO") and levels of Loan Loss Reserves ("LLR", "ACL" or "ALLL") in assessing the attractiveness of investing in the common stock of an institution.

**Figure– Asset Quality Data**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Asset Quality** | **Asset Quality** | **Asset Quality** | **Asset Quality** | **Asset Quality** | **Asset Quality** | **Asset Quality** | **Asset Quality** | **Asset Quality** |
| <br>**Company Name** | **Adjusted<br> Texas<br> Ratio**<br>**(%)(12)** | **NPA &<br> Loans<br> 90+ PD/<br> Tangible<br> Equity + LLR**<br>**(%)** | **Texas<br> Ratio**<br>**(%)(2)** | **Nonaccrual<br> Loans/<br> Loans**<br>**(%)** | **NPLs/ <br> Loans**<br>**(%)** | **NPAs/<br> Assets**<br>**(%)** | **NPA ex.<br> Performing <br> TDRs/ Total <br> Assets**<br>**(%)** | **LLR/ <br> Gross<br> Loans**<br>**(%)** | **NCOs/ <br> Avg <br> Loans**<br>**(%)** |
| Broadway Financial Corporation (NASDAQCM:BYFC) | 1.70 | 1.71 | 1.71 | 1.32 | 1.32 | 0.25 | 0.25 | 1.01 | 0.12 |
| BV Financial, Inc. (NASDAQCM:BVFL) | 2.02 | 2.13 | 1.42 | 0.30 | 0.45 | 0.37 | 0.25 | 0.85 | (0.01) |
| Finward Bancorp (NASDAQCM:FNWD) | 8.60 | 8.39 | 7.16 | 0.82 | 0.83 | 0.69 | 0.59 | 1.21 | 0.14 |
| First Northwest Bancorp (NASDAQGM:FNWB) | 13.41 | 14.61 | 12.29 | 1.39 | 1.67 | 1.37 | 1.15 | 1.04 | 0.98 |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | 0.72 | 0.29 | 0.95 | 0.04 | 0.04 | 0.03 | 0.03 | 0.81 |  |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) |  |  |  |  |  |  |  | 0.25 | (0.01) |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | 0.46 | 0.46 | 0.46 | 0.21 | 0.21 | 0.11 | 0.11 | 0.92 | (0.07) |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 1.53 | 0.81 | 0.81 | 0.10 | 0.10 | 0.08 | 0.08 | 0.54 |  |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 4.37 | 0.74 | 0.65 | 0.10 | 0.10 | 0.07 | 0.07 | 1.41 |  |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 1.67 | 1.67 | 1.67 | 0.29 | 0.29 | 0.23 | 0.23 | 1.22 | 0.02 |
| 25% Percentile: | 0.92 | 0.53 | 0.69 | 0.10 | 0.10 | 0.08 | 0.08 | 0.82 | (0.01) |
| **Median:** | **1.69** | **1.24** | **1.19** | **0.25** | **0.25** | **0.17** | **0.17** | **0.97** | **-** |
| 75% Percentile: | 3.78 | 2.03 | 1.70 | 0.69 | 0.74 | 0.34 | 0.25 | 1.17 | 0.10 |
| **Community Savings Bank** | **0.64** | **0.64** | **0.64** | **0.11** | **0.11** | **0.09** | **0.09** | **0.47** | **(0.01)** |
| **Adjustment Factor:** | **+** | **+** | **+** | **+** | **+** | **+** | **+** | **-** | **=** |
| **Collective Adjustment:** | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward | Modest Upward |

---

Data is: LTM (Last 12 Months)

(1) Note: NPLs and NPAs include TDRs unless otherwise stated and Adjusted = Adjusted for FDIC Loss Share coverage

(2) Texas Ratio is defined as NPA ex. Performing TDRs / Tangible Equity + LLR; Adjusted Texas Ratio includes Performing TDRs into calculation

Source: S&P Global, Offering Circular and FinPro Computations

The Bank's level of nonperforming loans ("NPL") to total loans is low at 0.11%, and is below the Comparable Group median at 0.25%. The Bank had a nonperforming asset to assets ratio of 0.09%, which is below the Comparable median of 0.17%. The Bank's Texas ratio of 0.64% is below the Comparable Groups median of 1.69%.

The Bank has pristine asset quality metrics while the comparable group, has modestly higher levels of nonaccrual loans, nonperforming loans, and nonperforming assets. Taken collectively, FinPro determined that a modest upward adjustment was warranted for this factor.

Conversion Valuation Appraisal Report

**Balance Sheet Growth**

The Bank's asset, loan, and deposits have grown faster than the Comparable Group.

**Figure– Growth Rate Data**

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| | | | |
|:---|:---|:---|:---|
| | **Growth Rates** | **Growth Rates** | **Growth Rates** |
| <br>**Company Name** | **Asset <br> Growth <br> Rate**<br>**(%)** | **Loan <br> Growth <br> Rate**<br>**(%)** | **Deposit <br> Growth <br> Rate**<br>**(%)** |
| Broadway Financial Corporation (NASDAQCM:BYFC) | 0.64 | 1.77 | 20.67 |
| BV Financial, Inc. (NASDAQCM:BVFL) | (0.12) | 2.28 | 0.43 |
| Finward Bancorp (NASDAQCM:FNWD) | (1.10) | (2.28) | (0.02) |
| First Northwest Bancorp (NASDAQGM:FNWB) | (6.27) | (6.14) | (2.96) |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | 1.26 | (0.74) | 6.75 |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 3.33 | 3.32 | (3.15) |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | (4.35) | 1.09 | (5.32) |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | (2.11) | (0.70) | 1.44 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | (2.48) | 0.87 | (0.22) |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 4.64 | 3.04 | 4.17 |
| 25% Percentile: | (2.39) | (0.73) | (2.28) |
| **Median:** | **(0.61)** | **0.98** | **0.21** |
| 75% Percentile: | 1.11 | 2.15 | 3.49 |
| **Community Savings Bank** | **18.72** | **20.79** | **13.45** |
| **Adjustment Factor:** | + | + | + |
| **Collective Adjustment:** | Modest Upward | Modest Upward | Modest Upward |

---

Data is: LTM (Last 12 Months)

Source: S&P Global, Offering Circular and FinPro Computations

<u>Growth Rate</u> - The Bank's asset growth rate is above that of the peer group, 18.72% for the Bank, compared to (0.61)% for the Comparable Group. However, given the size of the Bank, the growth metrics are expected to be stronger. Taken collectively, a modest upward adjustment is warranted.

Conversion Valuation Appraisal Report

**Earnings Quality, Predictability and Growth**

The earnings quality, predictability and growth are critical components in the establishment of market values for thrifts. Thrift earnings are primarily a function of:

&nbsp;&nbsp;&nbsp;&nbsp;· net
 interest income

&nbsp;&nbsp;&nbsp;&nbsp;· loan
 loss provision

&nbsp;&nbsp;&nbsp;&nbsp;· non-interest
 income

&nbsp;&nbsp;&nbsp;&nbsp;· non-interest
 expense

The quality and predictability of earnings is dependent on both internal and external factors. Some internal factors include the mix of the balance sheet, the interest rate sensitivity of the balance sheet, the asset quality, and the infrastructure in place to deliver the assets and liabilities to the public. External factors include the competitive market for both assets and liabilities, the global interest rate scenario, local economic factors and regulatory issues.

Investors are focusing on earnings sustainability as interest rate volatility has caused a wide variation in income levels. With the intense competition for both assets and deposits, banks cannot easily replace lost spread and margin with balance sheet growth.

Each of these factors can influence the earnings of an institution, and each of these factors is volatile. Investors prefer stability and consistency. As such, solid, consistent earnings are preferred to high but risky earnings. Investors also prefer earnings to be diversified and not entirely dependent on interest income.

Conversion Valuation Appraisal Report

Net income has trended upwards over the last year from December 31, 2024 to December 31, 2025. The increase is predominately attributable to higher net interest income combined with lower noninterest expense. As of December 31, 2024 the Bank had Net Income of ($368.6) thousand while as of December 31, 2025, the Bank had Net Income of $439.0 thousand. The Bank's net loss in 2024 was primarily due to one-time core data conversion costs.

**Figure– Income Statement Data**

Community Savings Bank<br> Statements of Operations<br> December 31, 2025 and 2024<br>

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| | | |
|:---|:---|:---|
|  | Year Ended <br> December 31, 2025 | Year Ended<br> December 31, 2024 |
| Interest income |  |  |
| Loans, including fees | $5373683 | $4234975 |
| Investment securities | 190255 | 176791 |
| Interest-bearing deposits and other | 236283 | 260015 |
| Total interest income | $5800221 | $4671781 |
| Interest expense |  |  |
| Deposits | $1957560 | $1717566 |
| Borrowings | 359454 | 172258 |
| Total interest expense | $2317014 | $1889824 |
| Net interest income | $3483207 | $2781957 |
| Provision for (recovery of) credit losses | 69583 | - |
| Net interest income after provision | $3413624 | $2781957 |
| Noninterest income |  |  |
| Service fees on deposits | $27125 | $26865 |
| Loan servicing fees | 51533 | 55802 |
| Increase in cash surrender value of BOLI | 68448 | 67790 |
| Other income | 20811 | 29143 |
| Total noninterest income | $167917 | $179600 |
| Noninterest expense |  |  |
| Salaries and employee benefits | $1891003 | $1847472 |
| Directors fees | 166410 | 154410 |
| Occupancy and equipment | 130033 | 133657 |
| Data processing fees | 336481 | 352301 |
| Franchise taxes | 103603 | 98920 |
| FDIC insurance premiums | 45012 | 38384 |
| Professional services | 79145 | 63549 |
| Advertising | 17954 | 17900 |
| Other | 343157 | 1056563 |
| Total noninterest expense | $3112798 | $3763156 |
| (Loss) income before income taxes | $468743 | $(801599) |
| Benefit for income taxes | 29706 | (432950) |
| Net (loss) income | $439037 | $(368649) |

---

Source: Audited Financial Statements

Conversion Valuation Appraisal Report

The Bank's ROAA and ROAE over the cumulative last twelve months are below the Comparable Group median. The Bank's net interest margin is above the Comparable Group median. The Bank's margin is improved as a result of the strong asset and loan growth levels. The Bank's cost of funds is above the comparable group median.

The Bank's efficiency ratio of 84.86% is above the Comparable median of 83.95%.

**Figure– Income Statement Data**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Overall Profitability** | **Overall Profitability** | **Components of Profitability** | **Components of Profitability** | **Components of Profitability** | **Components of Profitability** | **Components of Profitability** | **Components of Profitability** |
| <br>**Company Name** | **ROAA**<br>**(%)** | **ROAE**<br>**(%)** | **Yield on<br> Earning <br> Assets**<br>**(%)** | **Cost of<br> Funds**<br>**(%)** | **Net<br> Interest<br> Margin<br> (FTE)**<br>**(%)** | **Noninterest<br> Income/ <br> Avg Assets**<br>**(%)** | **Noninterest<br> Expense/ <br> Avg Assets**<br>**(%)** | **Efficiency<br> Ratio (FTE)**<br>**(%)** |
| Broadway Financial Corporation (NASDAQCM:BYFC) | (1.88) | (8.58) | 4.89 | 2.61 | 2.64 | 0.13 | 4.32 | 85.52 |
| BV Financial, Inc. (NASDAQCM:BVFL) | 1.48 | 7.01 | 5.86 | 1.69 | 4.46 | 0.30 | 2.54 | 56.02 |
| Finward Bancorp (NASDAQCM:FNWD) | 0.39 | 5.10 | 4.99 | 1.68 | 2.76 | 0.55 | 2.71 | 83.95 |
| First Northwest Bancorp (NASDAQGM:FNWB) | (0.20) | (2.74) | 5.38 | 2.47 | 2.83 | 0.42 | 2.83 | 90.08 |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | (0.36) | (3.50) | 4.57 | 2.44 | 2.22 | 0.26 | 2.79 | 111.89 |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 2.21 | 13.12 | 8.04 | 3.21 | 5.23 | 0.18 | 2.01 | 38.77 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | (0.21) | (0.73) | 4.26 | 1.73 | 2.76 | 0.80 | 3.24 | 92.94 |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 0.54 | 5.08 | 4.70 | 1.89 | 2.98 | 0.28 | 2.45 | 76.40 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 0.32 | 2.99 | 4.33 | 1.53 | 2.83 | 0.94 | 3.06 | 85.22 |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 1.55 | 11.89 | 5.51 | 1.88 | 3.76 | 0.64 | 2.32 | 54.34 |
| 25% Percentile: | (0.20) | (2.24) | 4.60 | 1.70 | 2.76 | 0.27 | 2.47 | 61.12 |
| **Median:** | **0.36** | **4.04** | **4.94** | **1.89** | **2.83** | **0.36** | **2.75** | **84.59** |
| 75% Percentile: | 1.24 | 6.53 | 5.48 | 2.46 | 3.57 | 0.62 | 3.00 | 88.94 |
| **Community Savings Bank** | **0.38** | **2.58** | **5.74** | **2.70** | **3.47** | **0.16** | **2.97** | **84.86** |
| **Adjustment Factor:** | = | - | + | - | + | - | - | - |
| **Collective Adjustment:** | Downward | Downward | Downward | Downward | Downward | Downward | Downward | Downward |

---

Data is: LTM (Last 12 Months)

Source: S&P Global, Call Reports and FinPro Computations

The Bank is less profitable than the Comparables on an ROAE basis. The Bank's noninterest income is below the comparable group median while noninterest expense levels are above the comparable group median. Taken collectively, a downward adjusted is warranted for this factor.

Conversion Valuation Appraisal Report

**Market area**

The market area that an institution serves has a significant impact on value, as future success is interrelated with the economic, demographic, and competitive aspects of the market. The location of an institution will have an impact on the trading value of an institution, as many analysts compare the pricing of institutions relative to a state or regional multiples in investor presentations.

The following figure compares the demographic for the market areas serviced by the Bank, to the demographics of the Comparable Group members.

**Figure– Market Demographics For Comparables**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Community Savings Bank** | **BV Financial,<br> Inc. (NASDAQCM:<br> BVFL)** | **Finward <br> Bancorp<br> (NASDAQCM:<br> FNWD)** | **First <br> Northwest <br> Bancorp <br> (NASDAQGM:<br> FNWB)** | **First Seacoast<br> Bancorp, Inc. <br> (NASDAQCM:<br> FSEA)** | **Northeast<br> Community<br> Bancorp, Inc.<br> (NASDAQCM:<br> NECB)** | **NSTS<br> Bancorp, Inc. <br> (NASDAQCM:<br> NSTS)** | **Provident <br> Financial <br> Holdings, Inc.<br> (NASDAQGS:<br> PROV)** | **Riverview <br> Bancorp, Inc.<br> (NASDAQGS:<br> RVSB)** | **Timberland<br> Bancorp, Inc.<br> (NASDAQGM:<br> TSBK)** | **Comparable<br> Group<br> Median** |
|  | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** | **Current 2026** |
| **Population** |  |  |  |  |  |  |  |  |  |  |  |
| Population (actual) | 2781 NA | 24628 | 46584 | 54794 | 24382 | 42227 | 4954 | 54525 | 70707 | 105347 | 44406 |
| Aggregate Change: CAGR (%) | 0.42 NA | 0.20 | 0.10 | 0.33 | 0.49 | 0.06 | 0.16 | 0.78 | 0.90 | 0.60 | 0.27 |
| Market Weighted Change: CAGR (%) | 0.34 NA | 0.13 | 0.02 | 0.28 | 0.49 | 0.24 | 0.15 | 0.78 | 0.77 | 0.57 | 0.26 |
| National Change: CAGR (%) | 0.51 NA | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 |
| **Age brackets (actual)** |  |  |  |  |  |  |  |  |  |  |  |
| Population 0-14 (actual) | 463 NA | 4164 | 8258 | 6967 | 3385 | 8192 | 861 | 10137 | 11666 | 17650 | 7580 |
| Population 15-34 (actual) | 668 NA | 5792 | 11735 | 11001 | 7197 | 10960 | 1312 | 14987 | 17490 | 25424 | 10981 |
| Population 35-54 (actual) | 683 NA | 5850 | 11867 | 12095 | 5895 | 10337 | 1252 | 14200 | 18902 | 27157 | 11102 |
| Population 55-69 (actual) | 509 NA | 4956 | 8564 | 12251 | 4721 | 7570 | 932 | 9015 | 13092 | 19668 | 8067 |
| Population 70+ (actual) | 458 NA | 3866 | 6161 | 12480 | 3184 | 5168 | 597 | 6185 | 9558 | 15448 | 5665 |
| **Percent of total (%)** |  |  |  |  |  |  |  |  |  |  |  |
| Pop Age 0-14/ Pop (%) | 16.65 NA | 16.91 | 17.73 | 12.71 | 13.88 | 19.40 | 17.38 | 18.59 | 16.50 | 16.75 | 17.14 |
| Pop Age 15-34/ Pop (%) | 24.02 NA | 23.52 | 25.19 | 20.08 | 29.52 | 25.95 | 26.48 | 27.49 | 24.74 | 24.13 | 25.53 |
| Pop Age 35-54/ Pop (%) | 24.56 NA | 23.75 | 25.47 | 22.07 | 24.18 | 24.48 | 25.27 | 26.04 | 26.73 | 25.78 | 24.88 |
| Pop Age 55-69/ Pop (%) | 18.30 NA | 20.12 | 18.38 | 22.36 | 19.36 | 17.93 | 18.81 | 16.53 | 18.52 | 18.67 | 18.59 |
| Pop Age 70+/ Pop (%) | 16.47 NA | 15.70 | 13.23 | 22.78 | 13.06 | 12.24 | 12.05 | 11.34 | 13.52 | 14.66 | 13.14 |
|  | 0.00 NA | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Households (actual)** | 1114 NA | 9950 | 18428 | 23806 | 9722 | 14693 | 1778 | 17211 | 26867 | 40509 | 15952 |
| Aggregate Change: CAGR (%) | 0.55 NA | 0.22 | 0.28 | 0.39 | 0.72 | 0.01 | 0.35 | 0.82 | 0.92 | 0.54 | 0.37 |
| Market Weighted Change: CAGR (%) | 0.46 NA | 0.15 | 0.21 | 0.36 | 0.71 | 0.16 | 0.35 | 0.82 | 0.80 | 0.52 | 0.36 |
| National Change: CAGR (%) | 0.57 NA | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 |
| **Income** |  |  |  |  |  |  |  |  |  |  |  |
| Per Capita Income ($) | 47078 NA | 50961 | 45690 | 48329 | 54790 | 61553 | 62146 | 42385 | 52743 | 46869 | 49645 |
| National Median Per Capita ($) | 54670 NA | 48879 | 48879 | 48879 | 48879 | 48879 | 48879 | 48879 | 48879 | 48879 | 48879 |
| **Median Household Income ($)** | 87851 NA | 88988 | 82825 | 79950 | 101018 | 111091 | 118261 | 98976 | 101582 | 93997 | 96487 |
| National Median Household ($) | 96684 NA | 86867 | 86867 | 86867 | 86867 | 86867 | 86867 | 86867 | 86867 | 86867 | 86867 |
| **Income brackets (actual)** |  |  |  |  |  |  |  |  |  |  |  |
| HH w Income < $25K (actual) | 119 NA | 1437 | 2697 | 3529 | 1137 | 2387 | 163 | 1920 | 2643 | 5077 | 2154 |
| HH w Income $25K-$49K (actual) | 169 NA | 1567 | 3034 | 3960 | 1291 | 2081 | 187 | 2368 | 3494 | 5634 | 2225 |
| HH w Income $50K-$99K (actual) | 320 NA | 2603 | 5299 | 6904 | 2442 | 3401 | 405 | 4404 | 7006 | 11389 | 3903 |
| HH: Annual Income $100K+ (actual) | 506 NA | 4343 | 7398 | 9413 | 4851 | 6825 | 1023 | 8519 | 13725 | 18409 | 7112 |
| **Percent of total (%)** |  |  |  |  |  |  |  |  |  |  |  |
| HH w Income < $25K/ HH (%) | 10.68 NA | 14.44 | 14.64 | 14.82 | 11.70 | 16.25 | 9.17 | 11.16 | 9.84 | 12.53 | 13.48 |
| HH w Income $25K-$49K/ HH (%) | 15.17 NA | 15.75 | 16.46 | 16.63 | 13.28 | 14.16 | 10.52 | 13.76 | 13.00 | 13.91 | 14.04 |
| HH w Income $50K-$99K/ HH (%) | 28.73 NA | 26.16 | 28.76 | 29.00 | 25.12 | 23.15 | 22.78 | 25.59 | 26.08 | 28.11 | 26.12 |
| Annual Income $100K+/ HH (%) | 45.42 NA | 43.65 | 40.15 | 39.54 | 49.90 | 46.45 | 57.54 | 49.50 | 51.08 | 45.44 | 45.95 |

---

Source: S&P Global

The Bank's market demographics of the Bank represent a market that's population grown faster than the Comparable Group Median. The Bank's per capita and median household income are both slightly below the Comparable Group's markets. Based upon these factors, no adjustment is warranted for market area.

Conversion Valuation Appraisal Report

**Cash Dividends**

Currently, most conversions are not establishing a dividend policy concurrent with the conversion. Historical issues have been fully or oversubscribing without the need for the additional enticement of dividends. After the conversion is another issue, however. Pressures on ROAE and on internal rates of return to investors prompted the industry toward cash dividends. This trend is exacerbated by the lack of growth in the market and tighter liquidity conditions. Typically, when institutions are in a growth mode, they issue stock dividends or do not declare a dividend. When growth is stunted, these institutions shift toward reducing equity levels and thus utilize cash dividends as a tool in managing equity. Historical tax code changes have made cash dividends more attractive to investors.

**Figure– Dividends**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dividends** | **Dividends** | **Dividends** | **Dividends** |
| <br>**Company Name** | **Quarterly<br> Dividends Per<br> Share**<br>**($)** | **LTM<br> Dividends Per<br> Share**<br>**($)** | **LTM Dividend<br> Payout Ratio**<br>**(%)** | **Dividend <br> Yield**<br>**(%)** |
| Broadway Financial Corporation (NASDAQCM:BYFC) |  |  | NM |  |
| BV Financial, Inc. (NASDAQCM:BVFL) | 0.03 |  | NM |  |
| Finward Bancorp (NASDAQCM:FNWD) | 0.12 | 0.36 | 19.15 | 1.30 |
| First Northwest Bancorp (NASDAQGM:FNWB) |  | 0.07 | NM |  |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | NA |  | NM | NA |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 0.20 | 1.00 | 30.77 | 3.27 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | NA |  | NM | NA |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 0.14 | 0.56 | 56.57 | 3.44 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 0.02 | 0.08 | 34.78 | 1.49 |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 0.29 | 1.09 | 28.24 | 2.95 |
| 25% Percentile: | 0.02 |  | 28.24 |  |
| **Median:** | **0.08** | **0.08** | **30.77** | **1.39** |
| 75% Percentile: | 0.16 | 0.51 | 34.78 | 3.03 |
| **Community Savings Bank** |  |  |  |  |
| **Adjustment Factor:** | - | - | - | - |
| **Collective Adjustment:** | Downward | Downward | Downward | Downward |

---

Data is: LTM (Last 12 Months)

Source: S&P Global, Call Reports and FinPro Computations

Conversion Valuation Appraisal Report

Seven of the twelve Comparable institutions had declared cash dividends. The median dividend payout ratio for the Comparable Group was 30.77%. Currently, the Bank does not pay a cash dividend as it is a mutual bank. As such, a downward adjustment is warranted for this factor.

**Recent Regulatory Matters**

Regulatory matters influence the market for thrift conversions. The Bank will operate in substantially the same regulatory environment as the Comparable Group.

Community Savings Bank is subject to comprehensive regulation and examination by the FDIC and the Ohio Division of Financial Institutions.

As such, no adjustment for this factor is warranted.

Conversion Valuation Appraisal Report

5. Other Factors

**Management**

The Bank has developed a good management team with considerable banking experience. The Bank's organizational structure is reasonable for an institution of its size and complexity. The Board is active and oversees and advises on all key strategic and policy decisions and holds the management to performance standards.

As such, no adjustment appears to be warranted for this factor.

Conversion Valuation Appraisal Report

**Liquidity of the shares**

The Peer Group is by definition composed of companies that are traded in the public markets. All of the Peer Group companies trade on the NASDAQ or NYSE. 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 $59.3 million to $340.0 million as of February 13, 2026, with a median market capitalization of $107.8 million.

CSB Financial Inc. is a newly formed company and has never issued capital stock. Community Savings Bank, as a mutual institution, is not authorized to issue capital stock.

Overall, we anticipate that the Company's stock will have a lower level of trading liquidity as the Peer Group companies on average and, therefore, we concluded that a downward was necessary for this factor.

***Figure– Market Pricing and Valuation***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** |
| | | | | | | | | | | **Avg Daily Volume** | **Avg Daily Volume** |
| <br>**Company Name** | **Date of<br> Closing<br> Price**<br>**($)** | **Market Cap.**<br>**($mil)** | **Price/ LTM<br> EPS**<br>**(x)(1)** | **Price/ LTM<br> Core EPS**<br>**(x)** | **Price/ Book**<br>**(%)** | **Price/<br> Tangible<br> Book**<br>**(%)** | **LTM<br> Dividend<br> Payout Ratio**<br>**(%)** | **Dividend<br> Yield**<br>**(%)** | **Price/<br> Assets (%)**<br>**(%)** | **(Three Month)** | **(One Year)** |
| Broadway Financial Corporation (NASDAQCM:BYFC) | 2/13/2026 | 75.8 | NM | NM | 67.9 | 68.8 | NM | 0.0 | 5.6 | 7259 | 5755 |
| BV Financial, Inc. (NASDAQCM:BVFL) | 2/13/2026 | 187.3 | 13.6 | 13.5 | 94.0 | 102.4 | NM | 0.0 | 17.6 | 17536 | 34445 |
| Finward Bancorp (NASDAQCM:FNWD) | 2/13/2026 | 162.9 | 20.0 | 16.8 | 93.2 | 107.8 | 19.1 | 1.3 | 7.5 | 24928 | 23396 |
| First Northwest Bancorp (NASDAQGM:FNWB) | 2/13/2026 | 90.3 | NM | NM | 61.6 | 62.1 | NM | 0.0 | 4.2 | 38535 | 27122 |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | 2/13/2026 | 59.3 | NM | NM | 101.2 | 101.5 | NM | NA | 8.9 | 3999 | 6401 |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 2/13/2026 | 340.0 | 7.5 | 7.5 | 96.2 | 96.2 | 30.8 | 3.3 | 15.3 | 50958 | 46422 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | 2/13/2026 | 59.7 | NM | NM | 81.0 | 81.0 | NM | NA | 22.4 | 4237 | 3967 |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 2/13/2026 | 103.4 | 16.4 | 15.7 | 81.6 | 81.6 | 56.6 | 3.4 | 8.3 | 7801 | 6577 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 2/13/2026 | 112.3 | 23.6 | 24.1 | 68.4 | 81.9 | 34.8 | 1.5 | 6.9 | 49150 | 96516 |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 2/13/2026 | 307.9 | 10.1 | 10.4 | 114.6 | 121.6 | 28.2 | 2.9 | 14.1 | 17240 | 15121 |
| 25% Percentile: |  | 79.4 | 11.0 | 11.1 | 71.5 | 81.2 | 28.2 | 0.0 | 7.0 | 7395 | 6445 |
| **Median:** |  | **107.8** | **15.0** | **14.6** | **87.4** | **89.1** | **30.8** | **1.4** | **8.6** | **17388** | **19259** |
| 75% Percentile: |  | 181.2 | 19.1 | 16.5 | 95.7 | 102.1 | 34.8 | 3.0 | 15.0 | 35133 | 32614 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Community Savings Bank** |  | **NA** |  |
| **Adjustment Factor:** |  |  |  |
| **Collective Adjustment:** | Downward |  | Downward |

---

Market Pricing and Valuation As Of 02/13/26

Source: S&P Global, Call Reports and FinPro Computations

Conversion Valuation Appraisal Report

**marketing of the issuance**

Three separate markets exist for thrift stocks: (1) the after-market for public companies, both fully-converted stock companies and MHC's, in which trading 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 publicly-held Bank and stock trading history; and (3) the thrift acquisition market. All three of these markets were considered in the valuation of the Company's to-be-issue stock.

The Public Market- The value of publicly traded thrift stocks is easily measurable and is tracked by most investment houses and related organizations. 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.

The New Issue Market- 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 often reflects 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.

The Acquisition Market- Also considered in the valuation was the potential impact on the Company's stock price of recently completed and pending acquisitions of other savings institutions operating in the region. There have been numerous bank and thrift acquisitions completed over the past number of years. To the extent that acquisition speculation may impact the Company's stock 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 Bank's market area and, thus, are subject to the same type of acquisition speculation that may influence the Company's stock. However, since converting thrifts are subject to a three-year regulatory moratorium from being acquired, acquisition speculation in the Company's stock would tend to be less compared to the stocks of the Peer Group companies.

Conversion Valuation Appraisal Report

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 Bank acquisition market for thrift stocks. Overall, current market conditions coupled with the potential change in interest rates impacting the banking industry leads to some future uncertainty. Taking these factors and trends into account, FinPro concluded that no adjustment was appropriate in the valuation analysis for purposes of marketing of the issue.

Conversion Valuation Appraisal Report

**Valuation Adjustments**

Relative to the Comparables the following adjustments need to be made to the Company's pro forma market value.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Valuation Factor | &nbsp;&nbsp;Valuation Adjustment |
| &nbsp;&nbsp;Financial Condition | &nbsp;&nbsp;Downward |
| &nbsp;&nbsp;Balance Sheet Growth | &nbsp;&nbsp;Upward |
| &nbsp;&nbsp;Earnings Quality, Predictability and Growth | &nbsp;&nbsp;Downward |
| &nbsp;&nbsp;Market Area | &nbsp;&nbsp;No Adjustment |
| &nbsp;&nbsp;Dividends | &nbsp;&nbsp;Downward |
| &nbsp;&nbsp;Liquidity of the Issue | &nbsp;&nbsp;Downward |
| &nbsp;&nbsp;Recent Regulatory Matters | &nbsp;&nbsp;No Adjustment |

---

Additionally, the following adjustments should be made to the Company's market value.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Valuation Factor | &nbsp;&nbsp;Valuation Adjustment |
| &nbsp;&nbsp;Management | &nbsp;&nbsp;No Adjustment |
| &nbsp;&nbsp;Marketing of the Issuance | &nbsp;&nbsp;No Adjustment |

---

Conversion Valuation Appraisal Report

6. Valuation

In applying the accepted valuation methodology promulgated by the regulators, i.e., the pro forma market value approach, three key pricing multiples were considered. The three multiples include:

Price to core earnings ("P/E")

Price to book value ("P/B") / Price to tangible book value ("P/TB")

Price to assets ("P/A")

All of the approaches were calculated on a pro forma basis including the effects of the conversion proceeds. All of the assumptions utilized are presented.

**Discussion of Weight Given to Valuation Multiples**

To ascertain the pro forma estimated market value of the Bank, the market multiples for the Comparable Group were utilized. As a secondary check, all publicly traded thrifts, Mid-west regional thrifts and recent (2020 to date) conversions along with historical standard conversions were assessed. The data for the Comparable Group, all publicly traded thrifts, and historical offerings are shown on the following pages.

***Figure–Comparable Group Market Pricing and Valuation***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** |
| | | | | | | | | | | **Avg Daily Volume** | **Avg Daily Volume** |
| <br>**Company Name** | **Date of<br> Closing<br> Price**<br>**($)** | **Market Cap.**<br>**($mil)** | **Price/ LTM<br> EPS**<br>**(x)(1)** | **Price/ LTM<br> Core EPS**<br>**(x)** | **Price/ Book**<br>**(%)** | **Price/<br> Tangible<br> Book**<br>**(%)** | **LTM<br> Dividend<br> Payout Ratio**<br>**(%)** | **Dividend<br> Yield**<br>**(%)** | **Price/<br> Assets (%)**<br>**(%)** | **(Three Month)** | **(One Year)** |
| Broadway Financial Corporation (NASDAQCM:BYFC) | 2/13/2026 | 75.8 | NM | NM | 67.9 | 68.8 | NM | 0.0 | 5.6 | 7259 | 5755 |
| BV Financial, Inc. (NASDAQCM:BVFL) | 2/13/2026 | 187.3 | 13.6 | 13.5 | 94.0 | 102.4 | NM | 0.0 | 17.6 | 17536 | 34445 |
| Finward Bancorp (NASDAQCM:FNWD) | 2/13/2026 | 162.9 | 20.0 | 16.8 | 93.2 | 107.8 | 19.1 | 1.3 | 7.5 | 24928 | 23396 |
| First Northwest Bancorp (NASDAQGM:FNWB) | 2/13/2026 | 90.3 | NM | NM | 61.6 | 62.1 | NM | 0.0 | 4.2 | 38535 | 27122 |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | 2/13/2026 | 59.3 | NM | NM | 101.2 | 101.5 | NM | NA | 8.9 | 3999 | 6401 |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 2/13/2026 | 340.0 | 7.5 | 7.5 | 96.2 | 96.2 | 30.8 | 3.3 | 15.3 | 50958 | 46422 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | 2/13/2026 | 59.7 | NM | NM | 81.0 | 81.0 | NM | NA | 22.4 | 4237 | 3967 |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 2/13/2026 | 103.4 | 16.4 | 15.7 | 81.6 | 81.6 | 56.6 | 3.4 | 8.3 | 7801 | 6577 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 2/13/2026 | 112.3 | 23.6 | 24.1 | 68.4 | 81.9 | 34.8 | 1.5 | 6.9 | 49150 | 96516 |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 2/13/2026 | 307.9 | 10.1 | 10.4 | 114.6 | 121.6 | 28.2 | 2.9 | 14.1 | 17240 | 15121 |
| 25% Percentile: |  | 79.4 | 11.0 | 11.1 | 71.5 | 81.2 | 28.2 | 0.0 | 7.0 | 7395 | 6445 |
| **Median:** |  | **107.8** | **15.0** | **14.6** | **87.4** | **89.1** | **30.8** | **1.4** | **8.6** | **17388** | **19259** |
| 75% Percentile: |  | 181.2 | 19.1 | 16.5 | 95.7 | 102.1 | 34.8 | 3.0 | 15.0 | 35133 | 32614 |

---

Source: S&P Global and FinPro Computations

Conversion Valuation Appraisal Report

***Figure–All Publicly Traded Thrifts Market Pricing and Valuation***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** |
| | | | | | | | | | | **Avg Daily Volume** | **Avg Daily Volume** |
| <br>**Company Name** | **Date of<br> Closing<br> Price**<br>**($)** | **Market Cap.**<br>**($mil)** | **Price/ LTM<br> EPS**<br>**(x)(1)** | **Price/ LTM<br> Core EPS**<br>**(x)** | **Price/ Book**<br>**(%)** | **Price/<br> Tangible<br> Book**<br>**(%)** | **LTM<br> Dividend<br> Payout Ratio**<br>**(%)** | **Dividend<br> Yield**<br>**(%)** | **Price/<br> Assets (%)**<br>**(%)** | **(Three Month)** | **(One Year)** |
| Affinity Bancshares, Inc. (NASDAQCM:AFBI) | 2/13/2026 | 126.18 | 16 | 15.4 | 99.3 | 115.7 | 116.3 | NA | 14.2 | 3367 | 8829 |
| Axos Financial, Inc. (NYSE:AX) | 2/13/2026 | 5513.66 | 12.3 | 12.1 | 188.2 | 201.7 | NM | NA | 17.3 | 358903 | 365233 |
| Broadway Financial Corporation (NASDAQCM:BYFC) | 2/13/2026 | 75.83 | NM | NM | 67.9 | 68.8 | NM | 0 | 5.6 | 7259 | 5755 |
| BV Financial, Inc. (NASDAQCM:BVFL) | 2/13/2026 | 187.31 | 13.6 | 13.5 | 94 | 102.4 | NM | 0 | 17.6 | 17536 | 34445 |
| Capitol Federal Financial, Inc. (NASDAQGS:CFFN) | 2/13/2026 | 972.21 | 13.6 | 13.6 | 95.3 | 96.1 | 67.9 | 4.5 | 9 | 967761 | 831214 |
| Catalyst Bancorp, Inc. (NASDAQCM:CLST) | 2/13/2026 | 66.61 | 28.6 | 31.2 | 79.8 | 79.8 | NM | NA | 22.7 | 5426 | 6173 |
| Central Plains Bancshares, Inc. (NASDAQCM:CPBI) | 2/13/2026 | 69.29 | 17.2 | 17.2 | 84.8 | NA | NM | NA | 13.3 | 3567 | 4629 |
| FB Bancorp, Inc. (NASDAQCM:FBLA) | 2/13/2026 | 246.96 | NM | 159.2 | 78.9 | 78.9 | NM | NA | 18.9 | 137319 | 105236 |
| Fifth District Bancorp, Inc. (NASDAQCM:FDSB) | 2/13/2026 | 84.00 | 20.7 | 20.7 | 63.6 | 63.6 | NM | NA | 14.2 | 20207 | 11884 |
| Finward Bancorp (NASDAQCM:FNWD) | 2/13/2026 | 162.86 | 20 | 16.8 | 93.2 | 107.8 | 19.1 | 1.3 | 7.5 | 24928 | 23396 |
| First Northwest Bancorp (NASDAQGM:FNWB) | 2/13/2026 | 90.25 | NM | NM | 61.6 | 62.1 | NM | 0 | 4.2 | 38535 | 27122 |
| First Seacoast Bancorp, Inc. (NASDAQCM:FSEA) | 2/13/2026 | 59.26 | NM | NM | 101.2 | 101.5 | NM | NA | 8.9 | 3999 | 6401 |
| Flagstar Bank, National Association (NYSE:FLG) | 2/13/2026 | 5898.63 | NM | NM | 77.2 | 81.3 | NM | 0.3 | 6 | 5115228 | 5784053 |
| FS Bancorp, Inc. (NASDAQCM:FSBW) | 2/13/2026 | 311.58 | 9.8 | 9.4 | 102.7 | 107.6 | 31.5 | 2.8 | 9.7 | 11715 | 14868 |
| Hingham Institution for Savings (NASDAQGM:HIFS) | 2/13/2026 | 683.13 | 12.6 | 21.7 | 142.4 | 142.4 | 13 | 0.8 | 13.6 | 69409 | 60719 |
| Home Federal Bancorp, Inc. of Louisiana (NASDAQCM:HFBL) | 2/13/2026 | 56.82 | 11.3 | 10.8 | 100.9 | 107.9 | 31.8 | 2.9 | 8.9 | 3146 | 2668 |
| Hoyne Bancorp, Inc. (NASDAQCM:HYNE) | 2/13/2026 | 115.71 | NA | NA | NA | NA | NA | NA | NA | 110149 | 110149 |
| Kearny Financial Corp. (NASDAQGS:KRNY) | 2/13/2026 | 508.09 | 15.5 | 15.6 | 69.1 | 82 | 84.6 | 5.5 | 6.3 | 401900 | 377435 |
| Northeast Community Bancorp, Inc. (NASDAQCM:NECB) | 2/13/2026 | 340.02 | 7.5 | 7.5 | 96.2 | 96.2 | 30.8 | 3.3 | 15.3 | 50958 | 46422 |
| Northwest Bancshares, Inc. (NASDAQGS:NWBI) | 2/13/2026 | 1897.94 | 14.1 | 10.9 | 100.4 | 134.9 | 87 | 6.2 | 10.5 | 958755 | 874152 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | 2/13/2026 | 59.66 | NM | NM | 81 | 81 | NM | NA | 22.4 | 4237 | 3967 |
| OP Bancorp (NASDAQGM:OPBK) | 2/13/2026 | 209.20 | 8.2 | NA | 91.8 | 94.7 | 27.9 | 3.4 | 7.9 | 39073 | 54400 |
| Ponce Financial Group, Inc. (NASDAQGM:PDLB) | 2/13/2026 | 377.10 | 13.8 | 14.3 | 126.1 | 126.1 | NM | NA | 13.2 | 87842 | 55214 |
| Provident Financial Holdings, Inc. (NASDAQGS:PROV) | 2/13/2026 | 103.40 | 16.4 | 15.7 | 81.6 | 81.6 | 56.6 | 3.4 | 8.3 | 7801 | 6577 |
| Provident Financial Services, Inc. (NYSE:PFS) | 2/13/2026 | 2999.03 | 10.3 | 10.3 | 105.9 | 146.2 | 43 | 4.2 | 10.3 | 918388 | 717797 |
| Riverview Bancorp, Inc. (NASDAQGS:RVSB) | 2/13/2026 | 112.25 | 23.6 | 24.1 | 68.4 | 81.9 | 34.8 | 1.5 | 6.9 | 49150 | 96516 |
| Southern Missouri Bancorp, Inc. (NASDAQGM:SMBC) | 2/13/2026 | 717.15 | 11.2 | 10.6 | 126.8 | 144.4 | 17 | 1.5 | 12.9 | 50499 | 43238 |
| Timberland Bancorp, Inc. (NASDAQGM:TSBK) | 2/13/2026 | 307.88 | 10.1 | 10.4 | 114.6 | 121.6 | 28.2 | 2.9 | 14.1 | 17240 | 15121 |
| TrustCo Bank Corp NY (NASDAQGS:TRST) | 2/13/2026 | 824.29 | 14.1 | 14.1 | 120.1 | 120.2 | 45.5 | 3.4 | 11.6 | 109990 | 101044 |
| WSFS Financial Corporation (NASDAQGS:WSFS) | 2/13/2026 | 3652.35 | 13.1 | 12.9 | 130.3 | 207.5 | 13.4 | 1 | 13.8 | 438203 | 363039 |
| Western New England Bancorp, Inc. (NASDAQGS:WNEB) | 2/13/2026 | 283.14 | 18.7 | 18.6 | 115.6 | 122.3 | 37.3 | 2 | 9.4 | 53079 | 73943 |
| 25% Percentile: |  | 96.8 | 11.2 | 10.9 | 80.1 | 81.6 | 28 | 1 | 8.3 | 9758 | 10357 |
| **Median:** |  | **20.0** | **13.6** | **14.2** | **96.2** | **81.4** | **11.5** | **8.2** | **11.0** | **49150** | **46422** |
| 75% Percentile: |  | 700.1 | 16.6 | 17.5 | 112.4 | 122.3 | 53.8 | 3.4 | 14.2 | 123734 | 107693 |

---

***Figure–Midwest Thrifts Market Pricing and Valuation***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** | **Market Pricing and Valuation** |
| | | | | | | | | | | **Avg Daily Volume** | **Avg Daily Volume** |
| <br>**Company Name** | **Date of<br> Closing<br> Price**<br>**($)** | **Market Cap.**<br>**($mil)** | **Price/ LTM<br> EPS**<br>**(x)(1)** | **Price/ LTM<br> Core EPS**<br>**(x)** | **Price/ Book**<br>**(%)** | **Price/<br> Tangible<br> Book**<br>**(%)** | **LTM<br> Dividend<br> Payout Ratio**<br>**(%)** | **Dividend<br> Yield**<br>**(%)** | **Price/<br> Assets (%)**<br>**(%)** | **(Three Month)** | **(One Year)** |
| Capitol Federal Financial, Inc. (NASDAQGS:CFFN) | 2/13/2026 | 972.2 | 13.6 | 13.6 | 95.3 | 96.1 | 67.9 | 4.5 | 9.0 | 967761 | 831214 |
| Central Plains Bancshares, Inc. (NASDAQCM:CPBI) | 2/13/2026 | 69.3 | 17.2 | 17.2 | 84.8 | NA | NM | NA | 13.3 | 3567 | 4629 |
| Finward Bancorp (NASDAQCM:FNWD) | 2/13/2026 | 162.9 | 20.0 | 16.8 | 93.2 | 107.8 | 19.1 | 1.3 | 7.5 | 24928 | 23396 |
| Hoyne Bancorp, Inc. (NASDAQCM:HYNE) | 2/13/2026 | 115.7 | NA | NA | NA | NA | NA | NA | NA | 110149 | 110149 |
| Northwest Bancshares, Inc. (NASDAQGS:NWBI) | 2/13/2026 | 1897.9 | 14.1 | 10.9 | 100.4 | 134.9 | 87.0 | 6.2 | 10.5 | 958755 | 874152 |
| NSTS Bancorp, Inc. (NASDAQCM:NSTS) | 2/13/2026 | 59.7 | NM | NM | 81.0 | 81.0 | NM | NA | 22.4 | 4237 | 3967 |
| Southern Missouri Bancorp, Inc. (NASDAQGM:SMBC) | 2/13/2026 | 717.2 | 11.2 | 10.6 | 126.8 | 144.4 | 17.0 | 1.5 | 12.9 | 50499 | 43238 |
| Minimum: |  | 59.7 | 11.2 | 10.6 | 81.0 | 81.0 | 17.0 | 1.3 | 7.5 | 3567 | 3967 |
| 25% Percentile: |  | 92.5 | 13.6 | 10.9 | 86.9 | 96.1 | 18.6 | 1.5 | 9.4 | 14583 | 14013 |
| **Median:** |  | **162.9** | **14.1** | **13.6** | **94.3** | **107.8** | **43.5** | **3.0** | **11.7** | **50499** | **43238** |
| 75% Percentile: |  | 844.7 | 17.2 | 16.8 | 99.1 | 134.9 | 72.6 | 4.9 | 13.2 | 534452 | 470682 |

---

Source: S&P Global and FinPro Computations

Conversion Valuation Appraisal Report

<u>Price to Earnings</u> – According to the Appraisal Guidelines: "When both the converting institution and the comparable companies are recording "normal" earnings, a P/E approach may be the simplest and most direct method of valuation. When earnings are low or negative, however, this approach may not be appropriate, and the greater consideration should be given to the P/BV approach." In this particular case, the Bank's earnings are "low" and was not primarily relied upon.

In the pro forma figures for the Company, FinPro incorporated the impact of SFAS 123, which requires the expensing of stock options. In preparing the fully converted pro forma figures for the Comparable Group, FinPro also incorporated the impact of SFAS 123.

<u>Price to Book/Price to Tangible Book</u> - According to the Appraisal Guidelines: "The P/BV approach works best when the converting institution and the Comparables have a normal amount of book value. The P/BV approach could seriously understate the value of an institution that has almost no book value but has an outstanding future earnings potential. For converting institutions with high net worth, the appraiser may have difficulty in arriving at a pro forma market value because of pressure placed on the P/E multiple as higher P/BV levels are required to reflect a similar P/BV ratio as the peer group average. The P/BV approach also suffers from the use of historical cost accounting data."

Since thrift earnings in general have had a high degree of volatility over the past decade, the P/B is utilized frequently as the benchmark for market value. A better approach is the P/TB approach. In general, investors tend to price financial institutions on a tangible book basis, because it incorporates the P/B approach adjusted for intangibles. Initially following conversion, FinPro believes that thrifts often trade on a price to tangible book basis.

<u>Price to Assets</u> - According to the Appraisal Guidelines: "This approach remedies the problems of a small base that can occur with the P/BV approach, but the approach has many of the other limitations of the latter approach (the P/BV approach)." FinPro places little weight on this valuation approach due to the lack of consideration of asset and funding mixes and the resulting earnings impact.

Conversion Valuation Appraisal Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Offering Value in Relation to Comparables**

Based upon the premiums and discounts defined in the section above, the Company's aggregate pro forma market value at the midpoint is estimated to be $11,000,000. Based upon a range below and above the midpoint value, the relative values are $9,350,000 at the minimum and $12,650,000 at the maximum, respectively. At the super maximum of the estimated value range, the offering value would be $14,547,500.

At the various levels of the estimated value range, the full offering would result in the following offering data:

**Figure - Value Range - Full Offering**

---

| | | | |
|:---|:---|:---|:---|
|  | Total Shares | Price | Total |
| Conclusion | Shares | Per Share | Value |
| Appraised Value - Midpoint | 1100000 | $10.00 | $11000000 |
| Range: |  |  |  |
| &nbsp;&nbsp;&nbsp;- Minimum | 935000 | $10.00 | 9350000 |
| &nbsp;&nbsp;&nbsp;- Maximum | 1265000 | 10.00 | 12650000 |
| &nbsp;&nbsp;&nbsp;- Super Maximum | 1454750 | 10.00 | 14547500 |

---

Source: FinPro Inc. Pro Forma Model

This equates to the following multiples:

**Figure - Value Range Pricing Multiples**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Bank | Comparables | Comparables | Region | Region | National | National |
|  |  | | Mean | Median | Mean | Median | Mean | Median |
|  | Min | 18.87 |  |  |  |  |  |  |
| <u>Price-Core Earnings Ratio P/E</u> | Mid | 21.28 | 14.70 | 14.60 | 13.80 | 13.60 | 21.10 | 14.20 |
|  | Max | 23.81 |  |  |  |  |  |  |
|  | Smax | 26.32 |  |  |  |  |  |  |
|  | Min | 43.03% |  |  |  |  |  |  |
| <u>Price-to-Book Ratio P/B</u> | Mid | 47.33% | 86.00% | 87.40% | 96.90% | 94.30% | 98.00% | 96.20% |
|  | Max | 51.15% |  |  |  |  |  |  |
|  | Smax | 55.01% |  |  |  |  |  |  |
|  | Min | 43.12% |  |  |  |  |  |  |
| <u>Price-to-Tangible Book Ratio P/TB</u> | Mid | 47.44% | 90.50% | 89.10% | 112.90% | 107.80% | 108.90% | 81.40% |
|  | Max | 51.26% |  |  |  |  |  |  |
|  | Smax | 55.13% |  |  |  |  |  |  |
|  | Min | 8.24% |  |  |  |  |  |  |
| <u>Price-to-Assets Ratio P/A</u> | Mid | 9.54% | 11.10% | 8.60% | 12.60% | 11.70% | 11.80% | 11.00% |
|  | Max | 10.80% |  |  |  |  |  |  |
|  | Smax | 12.22% |  |  |  |  |  |  |

---

Source: FinPro Inc. Pro Forma Model

Conversion Valuation Appraisal Report

**Figure - Comparable Pricing Multiples to the Company's Pro Forma Midpoint**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Price Relative to | Price Relative to | Price Relative to | Price Relative to | Price Relative to |
|  | Earnings | Core Earnings | Book | Tangible Book | Assets |
| The Bank (at midpoint) Full Conversion | 21.28 | 21.28 | 47.33% | 47.44% | 9.54% |
| Comparable Group Median | 15.00 | 14.60 | 87.40% | 89.10% | 8.60% |
| (Discount) Premium | 41.87% | 45.75% | -45.85% | -46.76% | 10.93% |

---

Source: FinPro Calculations

Figure above illustrates that at the midpoint of the estimated valuation range the Bank's earnings are above the comparable group, resulting in 41.87% premium. On a tangible book basis, the Company is priced at a 45.85% discount.

**Figure - Comparable Pricing Multiples to the Company's Pro Forma Super maximum**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Price Relative to | Price Relative to | Price Relative to | Price Relative to | Price Relative to |
|  | Earnings | Core Earnings | Book | Tangible Book | Assets |
| The Bank (at the supermax) Full Conversion | 26.32 | 26.32 | 55.01% | 55.13% | 12.22% |
| Comparable Group Median | 15.00 | 14.60 | 87.40% | 89.10% | 8.60% |
| (Discount) Premium | 75.47% | 80.27% | -37.06% | -38.13% | 42.09% |

---

Source: FinPro Calculations

Figure above illustrates that at the super maximum of the estimated valuation range the Company is priced on a tangible book basis at a 38.13% discount.

Conversion Valuation Appraisal Report

**Comparison to Recent Standard Conversions**

As a secondary check FinPro reviewed the pro forma pricing multiples of the Company relative to the other recent completed standard conversion pro forma pricing multiples.

***Figure–Recent Standard Conversion Offerings***

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Offering Data** | **Offering Data** | **Offering Data** | **Offering Data** | **Offering Data** | **Offering Data** | **Financial Performance** | **Financial Performance** | **Financial Performance** | **Financial Performance** |
| <br>**Institution Name** | <br>**State** | <br>**Trading Symbol** | **Offering<br> Completion**<br>**Date** | **Offering<br> Announcement**<br>**Date** | **Net<br> Proceeds**<br>**$000s** | **Pro Forma<br> Price/<br> Earnings**<br>**(x)** | **Pro Forma<br> Price/ Book**<br>**(%)** | **Pro Forma<br> Price/<br> Tangible<br> Book**<br>**(%)** | **Total <br> Assets**<br>**$000s** | **ROAE <br> LTM**<br>**(%)** | **Tangible<br> Equity/<br> Tangible<br> Assets**<br>**(%)** | **NPAs/<br> Assets<br> MRQ**<br>**(%)** |
| Arlo Bank | MO | Arlo Bank (SSSB) | 10/13/2020 | 3/18/2020 | 5101 | 62.5 | 58.7 | 58.7 | 39995 | 2.18 | 12.64 | 0.08 |
| Eastern Bankshares, Inc. | MA | Eastern Bankshares, Inc. (EBC) | 10/14/2020 | 6/12/2020 | 1526176 | 143.59 | 58.2 | 65.9 | 13996523 | 6.47 | 9.67 | 0.66 |
| PB Bankshares, Inc. | PA | PB Bankshares, Inc. (PBBK) | 7/14/2021 | 3/8/2021 | 23083 | NM | 61.7 | 61.7 | 281066 | (1.66) | 7.76 | 1.04 |
| Texas Community Bancshares, Inc. | TX | Texas Community Bancshares, Inc. (TCBS) | 7/14/2021 | 3/3/2021 | 26776 | 86.28 | 53.2 | 56 | 316501 | 2.27 | 9.85 | 0.00 |
| Blue Foundry Bancorp | NJ | Blue Foundry Bancorp (BLFY) | 7/15/2021 | 1/20/2021 | 239189 | NM | 66.1 | 66.1 | 1963614 | (10.07) | 10.46 | 0.00 |
| TC Bancshares, Inc. | GA | TC Bancshares, Inc. (TCBC) | 7/20/2021 | 3/5/2021 | 41777 | NM | 59.9 | 59.9 | 363624 | 2.02 | 11.14 | 0.00 |
| Catalyst Bancorp, Inc. | LA | Catalyst Bancorp, Inc. (CLST) | 10/12/2021 | 3/12/2021 | 44958 | NM | 55.5 | 55.5 | 238329 | (1.38) | 21.29 | 1.92 |
| NSTS Bancorp, Inc. | IL | NSTS Bancorp, Inc. (NSTS) | 1/18/2022 | 7/19/2021 | 44494 | NM | 59.7 | 59.7 | 259881 | 0.19 | 17.68 | 0.68 |
| VWF Bancorp, Inc. | OH | VWF Bancorp, Inc. (VWFB) | 7/13/2022 | 3/3/2022 | 15422 | 250 | 50.2 | 50.2 | 137048 | 0.11 | 17.62 | 0.00 |
| ECB Bancorp, Inc. | MA | ECB Bancorp, Inc. (ECBK) | 7/27/2022 | 3/10/2022 | 75794 | 25.87 | 59.8 | 59.8 | 688639 | 5.40 | 11.42 | 0.00 |
| Mercer Bancorp, Inc. | OH | Mercer Bancorp, Inc. (MSBB) | 7/26/2023 | 3/3/2023 | 6957 | 6.85 | 47.5 | 47.5 | 149024 | 0.00 | 10.00 | 0.39 |
| SR Bancorp, Inc. | NJ | SR Bancorp, Inc. (SRBK) | 9/19/2023 | 7/25/2022 | 75508 | 15.71 | 49 | 57.3 | 651486 | 1.32 | 18.74 | 0.02 |
| PFS Bancorp, Inc. | IL | PFS Bancorp, Inc. (PFSB) | 10/17/2023 | 3/6/2023 | 13530 | 16.67 | 50.8 | 50.8 | 184701 | 3.85 | 11.01 | 0.00 |
| Central Plains Bancshares, Inc. | NE | Central Plains Bancshares, Inc. (CPBI) | 10/19/2023 | 6/6/2023 | 34431 | 19.23 | 56.5 | 56.5 | 450407 | 5.09 | 0.00 | 0.00 |
| NB Bancorp, Inc. | MA | NB Bancorp, Inc. (NBBK) | 12/27/2023 | 6/7/2023 | 350682 | 11.9 | 60.1 | 60.2 | 4231792 | 10.10 | 8.61 | 0.00 |
| Fifth District Bancorp, Inc. | LA | Fifth District Bancorp, Inc. (FDSB) | 7/31/2024 | 2/29/2024 | 45647 | 44.05 | 45 | 45 | 485665 | (0.93) | 15.85 | 0.05 |
| EWSB Bancorp, Inc. | WI | EWSB Bancorp, Inc. (EWSB) | 9/18/2024 | 3/4/2024 | 5011 | NM | 46.3 | 46.3 | 267518 | (12.88) | 4.08 | 0.00 |
| FB Bancorp, Inc. | LA | FB Bancorp, Inc. (FBLA) | 10/22/2024 | 2/28/2024 | 171114 | 40 | 60.5 | 61.6 | 1171529 | 0.83 | 12.86 | 1.07 |
| Monroe Federal Bancorp, Inc. | OH | Monroe Federal Bancorp, Inc. (MFBI) | 10/23/2024 | 6/10/2024 | 3337 | 55.56 | 44.2 | 44.2 | 147943 | 0.00 | 0.00 | 0.00 |
| Magnolia Bancorp, Inc. | LA | Magnolia Bancorp, Inc. (MGNO) | 1/14/2025 | 2/1/2024 | 5972 | NM | 41.8 | 41.8 | 35105 | (0.39) | 39.76 | 0.00 |
| Avidia Bancorp, Inc. | MA | Avidia Bancorp, Inc. (AVBC) | 7/31/2025 | 3/11/2025 | 161900 | 14.29 | 56.2 | 58.2 | 2656539 | 6.18 | 6.88 | 0.15 |
| Security Midwest Bancorp, Inc. | IL | Security Midwest Bancorp, Inc. (SBMW) | 7/31/2025 | 9/9/2024 | 6658 | 9.63 | 45.3 | 45.3 | 217640 | 5.89 | 6.95 | 0.00 |
| Hoyne Bancorp, Inc. | IL | Hoyne Bancorp, Inc. (HYNE) | 12/3/2025 | 5/16/2025 | 66939 | 50 | 51.9 | 52 | 449928 | (1.79) | 19.11 | 0.53 |
| 25th Percentile: |  |  |  |  | $6658 | 12.5 | 46.3 | 46.3 | 149024 | (0.39) | 6.95 | 0.00 |
| **Median** |  |  |  |  | $**34431** | **22.6** | **53.2** | **56.0** | **281066** | **0.19** | **10.46** | **0.00** |
| **Average** |  |  |  |  | $**119618** | **47.3** | **49.5** | **50.4** | **1175380** | **0.91** | **11.34** | **0.26** |
| 75th Percentile: |  |  |  |  | $75508 | 54.2 | 59.7 | 59.8 | 651486 | 3.85 | 15.85 | 0.39 |

---

Source: S&P Global

***Figure–Median Pro Forma Price/ TBV Trend***

![](tm268082d1_ex99-3img039.gif)

Source: S&P Global and FinPro Computations

Conversion Valuation Appraisal Report

**Valuation Conclusion**

It is, FinPro's opinion that as of February 18, 2026, the estimated aggregate pro forma market value of the Company was $11,000,000 at the midpoint of a range with a minimum of $9,350,000 to a maximum of $12,650,000, at 15% below and 15% above the midpoint of the range respectively. Assuming an adjusted maximum value of 15% above the maximum value, the adjusted maximum value or super maximum value is $14,547,500. The stock will be issued at $10.00 per share.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pre Foundation** | **Pre Foundation** | **Pre Foundation** | **Pre Foundation** |
|  | Appraised Value | Appraised Value | Appraised Value | Appraised Value |
| Conclusion | Minimum | Midpoint | Maximum | SuperMaximum \* |
| Total Shares | 935000 | 1100000 | 1265000 | 1454750 |
| Price per Share | $10 | $10 | $10 | $10 |
| Full Conversion Value | $9350000 | $11000000 | $12650000 | $14547500 |
| Exchange Shares | 0 | 0 | 0 | 0 |
| Exchange Percent | 0.00% | 0.00% | 0.00% | 0.00% |
| Conversion Shares | 935000 | 1100000 | 1265000 | 1454750 |
| Conversion Percent | 100.00% | 100.00% | 100.00% | 100.00% |
| Gross Proceeds | $9350000 | $11000000 | $12650000 | $14547500 |
| Exchange Value | $- | $- | $- | $- |
| Exchange Ratio | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Exchange Value per Minority Share | $- | $- | $- | $- |

---

\*SuperMaximum is an overallotment option that is 15% above the maximum amount.

The document represents an initial valuation for the Company. Due to the duration of time that passes between the time this document is compiled and the time the offering closes, numerous factors could lead FinPro to update or revised the appraised value of the Company. Some factors that could lead FinPro to adjust the appraised value include: (1) changes in the Bank's operations and financial condition; (2) changes in the market valuation or financial condition of the Comparable Group; (3) changes in the broader market; and (4) changes in the market for thrift conversions. Should there be material changes to any of these factors, FinPro will prepare an appraisal update to appropriately adjust the value of the Company. At the time of closing, FinPro will prepare a final appraisal to determine if the valuation range is still appropriate and determine the exact valuation amount appropriate for the Company.

Conversion Valuation Appraisal Report

7. Exhibits

Exhibit 1. Pro Forma Regulatory Capital Ratios at Bank Level- 12.31.2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>Historical | Minimum<br>935000 | Midpoint<br>1100000 | Maximum<br>1265000 | Adj. Maximum<br>1454750 |
|  | $% | $% | $% | $% | $% |
| GAAP Capital | 15.1% | 17.2% | 17.7% | 18.2% | 18.7% |
| Tier 1 Leverage Capital | 14.3% | 16.4% | 16.9% | 17.3% | 17.8% |
| Tier 1 Leverage Requirement | 9.0% | 9.0% | 9.0% | 9.0% | 9.0% |
| Excess | 5.3% | 7.4% | 7.9% | 8.3% | 8.8% |
| Reconcilation of Capital Infused into the bank: |  |  |  |  |  |
| 50% of Net Proceeds |  |  |  |  |  |
| Less: ESOP |  |  |  |  |  |
| Less: MRP |  |  |  |  |  |
| Pro Forma Increase |  |  |  |  |  |

---

*Note: As the Bank has opted into the Community Bank Leverage Ratio (CBLR) framework and does not report risk-based capital, risk-based capital ratios have intentionally been excluded.*

Conversion Valuation Appraisal Report

Exhibit 2. Pro Forma Analysis Sheet - 12.31.2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Company Pro Forma Based Upon Sale at $10.00 Per Share | Company Pro Forma Based Upon Sale at $10.00 Per Share | Company Pro Forma Based Upon Sale at $10.00 Per Share | Company Pro Forma Based Upon Sale at $10.00 Per Share |
|  |<br><br>Bank<br>Historical | 935000<br>Shares<br>(Minimum of<br>Estimated<br>Price Range) | 1100000<br>Shares<br>(Midpoint of<br>Estimated<br>Price Range) | 1265000<br>Shares<br>(Maximum of<br>Estimated<br>Price Range) | 1454750<br>Shares<br>(15% above Max of<br>Estimated<br>Price Range) |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Deposits | $82154 | $82154 | $82154 | $82154 | $82154 |
| Borrowings | 10600 | 10600 | 10600 | 10600 | 10600 |
| Total Deposits and Borrowings | $92754 | $92754 | $92754 | $92754 | $92754 |
| Stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Common |  | 10 | 11 | 13 | 15 |
| &nbsp;&nbsp;&nbsp;APIC |  | 7740 | 9389 | 11037 | 12933 |
| &nbsp;&nbsp;&nbsp;Retained Earnings | 15897 | 15897 | 15897 | 15897 | 15897 |
| &nbsp;&nbsp;&nbsp;Net unrealized g/(l) on AFS, net | (103) | (103) | (103) | (103) | (103) |
| Plus: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amount of the foundation |  | 275 | 275 | 275 | 275 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash After Tax Expense of foundation |  | (79) | (79) | (79) | (79) |
| &nbsp;&nbsp;&nbsp;Stock After Tax Expense of foundation |  | (217) | (217) | (217) | (217) |
| &nbsp;&nbsp;&nbsp;CS to be acquired by ESOP |  | (770) | (902) | (1034) | (1186) |
| &nbsp;&nbsp;&nbsp;CS to be acquired by MRP | - | (385) | (451) | (517) | (593) |
| Total Stockholder's equity | $15794 | $22368 | $23820 | $25272 | $26942 |
| Total Shares Outstanding |  | 962500 | 1127500 | 1292500 | 1482250 |
| Foundation Shares |  | 27500 | 27500 | 27500 | 27500 |
| Equity to Assets | 14.33% | 29.15% | 20.43% | 21.41% | 22.51% |
| Equity to Tangiable Assets | 16.46% | 29.16% | 20.44% | 21.42% | 22.52% |

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Conversion Valuation Appraisal Report

Exhibit 3. Pro Forma Analysis Sheet - 12.31.2025

---

| | | | |
|:---|:---|:---|:---|
| Valuation Parameters |  |  |  |
| Prior Twelve Mos. Earning Base | Y |  |  |
| Period Ended December 31, 2025 |  | $439 | (1) |
| Pre-Conversion Book Value | B |  |  |
| As of December 31, 2025 |  | $15794 |  |
| Pre-Conversion Assets | A |  |  |
| As of December 31, 2025 |  | $110197 |  |
| Return on Money | R | 2.75 | % (2) |
| Conversion Expenses |  | $1600 |  |
|  | X | 14.55 | % (3) |
| Proceeds Not Invested |  | $1353 | (4) |
| Estimated ESOP Borrowings |  | $902 |  |
| ESOP Purchases | E | 8.00 | % (5) |
| Cost of ESOP Borrowings |  | $45 | (5) |
| Cost of ESOP Borrowings | S | 0.00 | % (5) |
| Amort of ESOP Borrowings | T | 20 | Years |
| Amort of MRP Amount | N | 5 | Years |
| Estimated MRP Amount |  | $451 | (6) |
| MRP Purchases | M | 4.00 | % |
| MRP Expense |  | $90 |  |
| Stock Foundation Amount |  | $275 | (7) |
| Stock Foundation Amount | F | 2.50% 0.00% |  |
| Foundation Opportunity Cost |  | $8 |  |
| Tax Benefit | Z | $58 | (8) |
| Tax Rate | TAX | 21.00 | % |
| Percentage Sold | PCT | 100.00 | % |
| Amount to be issued to Public |  | $11000 | (9) |
| Earnings Multiple |  | 12 |  |

---

Conversion Valuation Appraisal Report

Exhibit 4. Pro Forma Effect of Conversion - 12.31.2025

**Pro Forma Effect of Conversion Proceeds**

**As of December 31, 2025**

**(Dollars in Thousands)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Minimum | Midpoint | Maximum | SuperMax |
| <u>Conversion Proceeds</u> |  |  |  |  |  |
| Total Shares Offered |  | 935000 | 1100000 | 1265000 | 1454750 |
| Conversion Shares Offered |  | 935000 | 1100000 | 1265000 | 1454750 |
| Price Per Share |  | $10 | $10 | $10 | $10 |
| Gross Proceeds |  | $9350 | $11000 | $12650 | $14548 |
| Plus: Value issued to Foundation | (9) | 275 | 275 | 275 | 275 |
| Pro Forma Market Capitalization |  | 9625 | 11275 | 12925 | 14823 |
| Gross Proceeds |  | 9350 | 11000 | 12650 | 14548 |
| Less: Est. Conversion Expenses |  | (1600) | (1600) | (1600) | (1600) |
| Net Proceeds |  | 7750 | 9400 | 11050 | 12948 |
| Less: Cash issued to Foundation |  | (100) | (100) | (100) | (100) |
| Less: ESOP Adjustment | (3) | (770) | (902) | (1034) | (1186) |
| Less: MRP Adjustment | (3) | (385) | (451) | (517) | (593) |
| Net Proceeds Reinvested |  | $6495 | $7947 | $9399 | $11069 |
| Estimated Incremental Rate of Return |  | 2.75% | 2.75% | 2.75% | 2.75% |
| Estimated Incremental Return |  | $179 | $219 | $258 | $304 |
| Less: Cost of ESOP | (4) |  |  |  |  |
| Less: Amortization of ESOP | (7) | (30) | (36) | (41) | (47) |
| Less: Option Expense | (10) | (53) | (62) | (71) | (81) |
| Less: MRP Adjustment | (7) | (61) | (71) | (82) | (94) |
| Pro Forma Net Income |  | 35 | 50 | 64 | 82 |
| Earnings Before Conversion |  | 439 | 439 | 439 | 439 |
| Earnings Excluding Adjustment |  | 474 | 489 | 503 | 521 |
| Earnings Adjustment | (6) | - | - | - | - |
| Earnings After Conversion |  | $474 | $489 | $503 | $521 |

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Conversion Valuation Appraisal Report

**Pro Forma Effect of Conversion Proceeds**

**As of December 31, 2025**

**(Dollars in Thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Minimum | Midpoint | Maximum | SuperMax |
| <u>Pro Forma Equity</u> |  |  |  |  |  |
| Equity at December 31, 2025 |  | $15794 | $15794 | $15794 | $15794 |
| Net Conversion Proceeds |  | 7750 | 9400 | 11050 | 12948 |
| Plus: MHC Adjustment | (7) |  |  |  |  |
| Plus: Value issued to Foundation |  | 275 | 275 | 275 | 275 |
| Less: After Tax Expense of Foundation |  | (296) | (296) | (296) | (296) |
| Less: ESOP Adjustment | (1) | (770) | (902) | (1034) | (1186) |
| Less: MRP Adjustment | (2) | (385) | (451) | (517) | (593) |
| Pro Forma Equity |  | $22368 | $23820 | $25272 | $26942 |
| Less: Intangible | (5) | 50 | 50 | 50 | 50 |
| Pro Forma Tangible Equity |  | $22318 | $23770 | $25222 | $26892 |
| <u>Pro Forma Assets</u> |  |  |  |  |  |
| Total Assets at December 31, 2025 |  | $110197 | $110197 | $110197 | $110197 |
| Net Conversion Proceeds |  | 7750 | 9400 | 11050 | 12948 |
| Plus: MHC Adjustment | (7) |  |  |  |  |
| Plus: Value issued to Foundation |  | 275 | 275 | 275 | 275 |
| Less: After Tax Expense of Foundation |  | (296) | (296) | (296) | (296) |
| Less: ESOP Adjustment | (1) | (770) | (902) | (1034) | (1186) |
| Less: MRP Adjustment | (2) | (385) | (451) | (517) | (593) |
| Pro-forma Total Assets |  | 116771 | 118223 | 119675 | 121345 |
| <u>Stockholder's Equity Per Share \*</u> |  |  |  |  |  |
| Equity at December 31, 2025 |  | $16.41 | $14.01 | $12.22 | $10.66 |
| Estimated Net Proceeds |  | 8.05 | 8.34 | 8.55 | 8.74 |
| Plus: MHC Adjustment |  |  |  |  |  |
| Plus: Value issued to Foundation |  | 0.29 | 0.24 | 0.21 | 0.19 |
| Less: After Tax Expense of Foundation |  | (0.31) | (0.26) | (0.23) | (0.20) |
| Less: ESOP Stock |  | (0.80) | (0.80) | (0.80) | (0.80) |
| Less: MRP Stock |  | (0.40) | (0.40) | (0.40) | (0.40) |
| Pro Forma Equity Per Share \* |  | 23.24 | 21.13 | 19.55 | 18.18 |
| Less: Intangible |  | 0.05 | 0.04 | 0.04 | 0.03 |
| Pro Forma Tangible Equity Per Share \* |  | $23.19 | $21.08 | $19.51 | $18.14 |

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Conversion Valuation Appraisal Report

**Pro Forma Effect of Conversion Proceeds**

**As of December 31, 2025**

**(Dollars in Thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Minimum | Midpoint | Maximum | SuperMax |
| <u>Net Earnings Per Share \*</u> |  |  |  |  |  |
| Historical Earnings Per Share | (8) | $0.49 | $0.42 | $0.37 | $0.32 |
| Incremental return Per Share | (8) | 0.20 | 0.21 | 0.22 | 0.22 |
| ESOP Adjustment Per Share | (8) | (0.03) | (0.03) | (0.03) | (0.03) |
| Option Expense Per Share | (10) | (0.06) | (0.06) | (0.06) | (0.06) |
| MRP Adjustment Per Share | (8) | (0.07) | (0.07) | (0.07) | (0.07) |
| Normalizing Adjustment Per Share |  | - | - | - | - |
| Pro Forma Earnings Per Share \* | (8) | $0.53 | $0.47 | $0.42 | $0.38 |
| Shares Utilized for EPS |  | 889350 | 1041810 | 1194270 | 1369599 |
| <u>Pro Forma Ratios</u> |  |  |  |  |  |
| Price/EPS without Adjustment |  | 18.87 | 21.28 | 23.81 | 26.32 |
| Price/EPS with Adjustment |  | 18.87 | 21.28 | 23.81 | 26.32 |
| Price/Book Value per Share |  | 43.03% | 47.33% | 51.15% | 55.01% |
| Price/Tangible Book Value |  | 43.12% | 47.44% | 51.26% | 55.13% |
| Market Value/Assets |  | 8.24% | 9.54% | 10.80% | 12.22% |

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\* The totals for the per share data are actual figures rounded to two decimals. The component parts may not add to the total due to rounding.

(1) ESOP Borrowings are deducted from net worth and assets, and
amortized over 20 years.

(2) MRP Borrowings are omitted from net worth and assets, and amortized
over 5 years.

(3) Consists of ESOP and MRP amortization.

(4) The ESOP loan is from the Holding Company and therefore, there
are no costs.

(5) Call Report.

(6) Not applicable.

(7) ESOP and MRP are amortized over 20 and 5 years respectively,
and tax impacted at 21%.

(8) All EPS computations are done in accordance with SOP 93-6.

(9) The Foundation is assumed to be 3% of the gross proceeds.

(10) Assumed option expense in accordance with SFAS No. 123.

Conversion Valuation Appraisal Report

Exhibit 5. Use of Proceeds

**Use of Proceeds**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 935000<br>Shares | % of Gross<br>Proceeds | 1100000<br>Shares | Gross<br>Proceeds | 1265000<br>Shares | Gross<br>Proceeds | 1454750<br>Shares | Gross<br>Proceeds |
| Gross Offering Proceeds | $9350 |  | $11000 |  | $12650 |  | $14548 |  |
| Less: Expense | (1600) |  | (1600) |  | (1600) |  | (1600) |  |
| Net Proceeds | $7750 | 100.0% | $9400 | 100.0% | $11050 | 100.0% | $12948 | 100.0% |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds to Bank | (3875) | -50.0% | (4700) | -50.0% | (5525) | -50.0% | (6474) | -50.0% |
| &nbsp;&nbsp;&nbsp;ESOP | (770) | -9.9% | (902) | -9.6% | (1034) | -9.4% | (1186) | -9.2% |
| &nbsp;&nbsp;&nbsp;Cash to Foundation | (100) | -1.3% | (100) | -1.1% | (100) | -0.9% | (100) | -0.8% |
| Proceeds for HC | 3005 | 38.8% | 3698 | 39.3% | 4391 | 39.7% | 5188 | 40.1% |

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Exhibit 6. Key Ratios

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| | | | |
|:---|:---|:---|:---|
|  | Price-Core Earnings Ratio P/E | Price-to-Book Ratio P/B | Price-to-Tangible Book Ratio P/TB |
| **CSB Financial (…)** |  |  |  |
| Adjusted Max | 26.32 | 55.01% | 55.13% |
| Max | 23.81 | 51.15% | 51.26% |
| MidPoint | 21.28 | 47.33% | 47.44% |
| Minimum | 18.87 | 43.03% | 43.12% |
| Valuation of Peer Group Companies, all of whice are fully converted (historical basis) | Valuation of Peer Group Companies, all of whice are fully converted (historical basis) |  |  |
| Average | 14.67 | 85.98% | 90.49% |
| Median | 14.60 | 87.43% | 89.08% |

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Exhibit 7. Peer Group

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| | | | |
|:---|:---|:---|:---|
| **Company Name (Ticker Symbol)** | **Exchange** | **Heaquarters** | **Total assets, In<br> Millions (1)** |
| Broadway Financial Corporation (BYFC) | NASDAQCM | Los Angeles, CA | 1335565 |
| BV Financial, Inc. (BVFL) | NASDAQCM | Baltimore, MD | 912213 |
| Finward Bancorp (FNWD) | NASDAQCM | Munster, IN | 2021181 |
| First Northwest Bancorp (FNWB) | NASDAQGM | Port Angeles, WA | 2107895 |
| First Seacoast Bancorp, Inc. (FSEA) | NASDAQCM | Dover, NH | 609627 |
| Northeast Community Bancorp, Inc. (NECB) | NASDAQCM | White Plains, NY | 2063508 |
| NSTS Bancorp, Inc. (NSTS) | NASDAQCM | Waukegan, IL | 269842 |
| Provident Financial Holdings, Inc. (PROV) | NASDAQGS | Riverside, CA | 1227892 |
| Riverview Bancorp, Inc. (RVSB) | NASDAQGS | Vancouver, WA | 1512311 |
| Timberland Bancorp, Inc. (TSBK) | NASDAQGM | Hoquiam, WA | 2006127 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Total Assets of 12/31/2025

Conversion Valuation Appraisal Report

Exhibit 8. ESOP, MRP and Options

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares to be Granted of Purchased (1)** | **Number of Shares to be Granted of Purchased (1)** | **Number of Shares to be Granted of Purchased (1)** | | **Value of Grants (2)** | **Value of Grants (2)** |
|  | At Minimum of<br> Offering Range | At Maximum<br> of Offering<br> Range | As a<br> Percentage of<br> Common Stock<br> to be Issued |<br>Dilution<br> Resulting<br> From<br> Issuance<br> of Share<br> for Stock<br> Benefit Plans | At<br> Mimnium<br> of Offering<br> Range | At Maximu<br> of Offering<br> Range |
|  | | | | | (dollars thousands) | (dollars thousands) |
| ESOP | 77000 | 103400 | 8% | n/a | 770 | 1034 |
| MRP | 38500 | 51700 | 4% | 3.85% | 385 | 517 |
| Stock Options | 96250 | 129250 | 10% | 9.09% | 264 | 354 |
| Total | 211750 | 284350 | 22% | 12.94% | 1419 | 1905 |

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## Exhibit 99.4

**Exhibit 99.4**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dear Valued Member: I am pleased to tell you about an investment opportunity and, just as importantly, to request your vote. Pursuant to a plan of conversion (the "Plan"), Community Savings Bank will convert from the mutual (meaning no stockholders) to the stock form of ownership. To accomplish the conversion, CSB Financial Inc., a newly formed Maryland corporation that will become the holding company for Community Savings Bank, is conducting an offering of its shares of common stock. Enclosed you will fi nd a Prospectus, Proxy Materials and a Questions and Answers Brochure describing the conversion and stock offering and the Plan. THE PROXY VOTE: As a member of Community Savings Bank, your vote is very important. Although we have received conditional regulatory approval to implement the Plan, we must receive the approval of our members, who are the depositors of Community Savings Bank. NOT VOTING YOUR ENCLOSED PROXY CARD(S) WILL HAVE THE SAME EFFECT AS VOTING "AGAINST" THE PLAN AND "AGAINST" THE CHARITABLE FOUNDATION. Note that you may receive more than one Proxy Card, depending on the ownership structure of your accounts at Community Savings Bank. Please vote all the Proxy Cards you receive! 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 OF CONVERSION AND "FOR" THE CHARITABLE FOUNDATION. Please note: • The proceeds resulting from the sale of stock by CSB Financial 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 Community Savings Bank. • Deposit accounts will not be converted to stock. Your deposit accounts will continue to be insured by the FDIC, up to the maximum legal limits, 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 the stock offering. THE STOCK OFFERING: As an eligible depositor of Community Savings Bank, you have non-transferable rights, but no obligation, to purchase shares of common stock during the Subscription Offering before any shares may be 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 to purchasers during the stock offering. The enclosed Prospectus describes the stock offering in more detail. Please read the Prospectus carefully before making an investment decision. If you are interested in ordering shares of CSB Financial Inc. common stock, complete the enclosed Stock Order Form and return it with full payment. You may return your stock order form and payment by (1) overnight delivery to the address indicated on the stock order form for this purpose; (2) in-person delivery to Community Savings Bank's main offi ce located at 503 West Plane Street, Bethel, Ohio; or (3) regular mail using the stock order reply envelope provided. Stock Order Forms and full payment must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date]. I invite you to consider this opportunity to share in our future as a CSB Financial Inc. stockholder. Thank you for your continued support of Community Savings Bank. Sincerely, John E. Essen President and CEO CSB-M QUESTIONS? Call our Information Center at __________, from 9:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays. 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. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ba LT \| Sequence: 1 CHKSUM Content: 95427 Layout: 12424 Graphics: 81168 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, Cyan, Yellow, ~note color GRAPHICS: community_savings_4c_logo.eps  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-B Dear Member: Pursuant to a plan of conversion (the "Plan"), Community Savings Bank will convert from the mutual (meaning no stockholders) to the stock form of ownership. To accomplish the conversion, CSB Financial Inc., a newly formed Maryland corporation that will become the holding company for Community Savings Bank, is conducting an offering of its shares of common stock. Enclosed you will fi nd a Prospectus, Proxy Materials and a Questions and Answers Brochure describing the conversion and stock offering and the Plan. We are asking you to help us in this endeavor, by voting to approve our Plan of Conversion. THE PROXY VOTE: OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" THE PLAN AND "FOR" THE CHARITABLE FOUNDATION. Your vote is extremely important for us. Although we have received conditional regulatory approval to implement the Plan, we must receive the approval of our members, who are the depositors of Community Savings Bank. NOT VOTING YOUR ENCLOSED PROXY CARD(S) WILL HAVE THE SAME EFFECT AS VOTING "AGAINST" THE PLAN AND "AGAINST" THE CHARITABLE FOUNDATION. Note that you may receive more than one Proxy Card, depending on the ownership structure of your accounts at Community 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. Please note: • The proceeds resulting from the sale of stock by CSB Financial 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 Community Savings Bank. • Deposit accounts will not be converted to stock. Your deposit accounts will continue to be insured by the FDIC, up to the maximum legal limits, without interruption. • You will continue to enjoy the same services with the same board of directors, management and staff. THE STOCK OFFERING: Unfortunately, CSB Financial Inc. is unable to either offer or sell its common stock to you, because the small number of eligible subscribers in your state makes registration or qualifi cation of the common stock under the securities or other laws of your state impractical for reasons of cost or otherwise. Accordingly, this letter and the enclosures should not be considered an offer to sell or a solicitation of an offer to buy the common stock of CSB Financial Inc. Thank you for your continued support as of Community Savings Bank. Sincerely, John E. Essen President and 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. QUESTIONS? Call our Information Center at __________, from 9:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.bc LT \| Sequence: 1 CHKSUM Content: 3385 Layout: 2531 Graphics: 81168 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, Cyan, Yellow, ~note color GRAPHICS: community_savings_4c_logo.eps  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dear Friend: I am pleased to tell you about an investment opportunity. CSB Financial Inc., a newly formed Maryland corporation that will become the holding company of Community 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 during the stock offering. The stock offering is being conducted pursuant to a plan of conversion that provides for the conversion of Community Savings Bank from the mutual (meaning no stockholders) to the stock form of ownership. Our records indicate that you were a depositor of Community Savings Bank as of the close of business on December 31, 2024 or March 31, 2026, whose account(s) was later closed. As such, you have non-transferable rights, but no obligation, to subscribe for shares of common stock during the Subscription Offering before any shares may be offered for sale to the general public. The enclosed Prospectus describes the stock offering in more detail. Please read the Prospectus carefully before making an investment decision. If you are interested in ordering shares of CSB Financial Inc. common stock, complete the enclosed Stock Order Form and return it with full payment. You may return your stock order form and payment by (1) overnight delivery to the address indicated on the stock order form for this purpose; (2) in-person delivery Community Savings Bank's main offi ce located at 503 West Plane Street, Bethel, Ohio; or (3) regular mail using the stock order reply envelope provided. Stock Order Forms and full payment must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date]. If you have questions about Community Savings Bank or ordering shares, please refer to the enclosed Prospectus and Questions and Answers Brochure, 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 CSB Financial Inc. stockholder. Sincerely, John E. Essen President and CEO CSB-F QUESTIONS? Call our Information Center at __________, from 9:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays. 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. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ca LT \| Sequence: 1 CHKSUM Content: 20084 Layout: 42039 Graphics: 81168 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, Cyan, Yellow, ~note color GRAPHICS: csb_financial_4c_logo.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-C Dear Potential Investor: I am pleased to tell you about an investment opportunity. CSB Financial Inc., a newly formed Maryland corporation that will become the holding company of Community 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 during the stock offering. The stock offering is being conducted pursuant to a plan of conversion that provides for the conversion of Community 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 CSB Financial Inc. common stock, complete the enclosed Stock Order Form and return it with full payment. You may return your stock order form and payment by (1) overnight delivery to the address indicated on the stock order form for this purpose; (2) in-person delivery to Community Savings Bank's main offi ce located at 503 West Plane Street, Bethel, Ohio; or (3) regular mail using the stock order reply envelope provided. Stock Order Forms and full payment must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date]. If you have questions about Community Savings Bank or ordering shares, 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 CSB Financial Inc. stockholder. Sincerely, John E. Essen President and CEO QUESTIONS? Call our Information Center at __________, from 9:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays. 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 and when accompanied by a stock order form. These securities are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.cb LT \| Sequence: 1 CHKSUM Content: 82770 Layout: 90249 Graphics: 81168 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, Cyan, Yellow, ~note color GRAPHICS: csb_financial_4c_logo.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-BD Dear Prospective Investor: Performance Trust Capital Partners, LLC has been retained by Community Savings Bank and its proposed holding company, CSB Financial Inc., as marketing agent in connection with the stock offering by CSB Financial Inc. At the request of CSB Financial Inc., we are enclosing a Prospectus and Stock Order Form regarding the offering of shares of CSB Financial Inc. common stock for sale. We encourage you to read the enclosed Prospectus carefully before making an investment decision. If you have questions after reading the enclosed material, please call the Stock Information Center at __________, from 9:00a.m. to 5:00 p.m., Eastern Time, Monday through Friday (excluding bank holidays), to speak witha Performance Trust representative. We have been asked to forward these documents to you in view of certain requirements of the securities laws of your state. This is not a recommendation or solicitation for any action by you with regard to the enclosed material. Sincerely, 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. Performance Trust Capital Partners is a member of FINRA and SIPC. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.cc LT \| Sequence: 1 CHKSUM Content: 4455 Layout: 16370 Graphics: 7744 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: , Black, PANTONE 3405 C, PANTONE 655 C, ~note color GRAPHICS: perfor_trust_cap_pms_logo.eps, perfor_trust_cap_pms_logo.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S FOLD AND DETACH THE PROXY CARD HERE S FOR AGAINST CSB-PC PROXY CARD SUMMARY MEETING LOGISTICS DATE & TIME PLACE RECORD DATE [meeting date] [meeting time] , Eastern Time. The Special Meeting of Members will be held at Community Savings Bank's main offi ce,located at 503 West Plane Street, Bethel , Ohio. All Community Savings Bank members as of ______, 2026 are being asked to vote. Your vote is very important. We cannot complete the conversion and stock offering without your approval. Please vote this Proxy Card as soon as possible, whether or not you plan to attend the Special Meeting of Members. You can find voting instructions below. The Board of Directors unanimously recommends a vote " FOR" approval of the plan of conversion and "FOR" approval of the charitable foundation. Not voting is the equivalent of voting "Against" the plan of conversion and "Against" the charitable foundation.Please vote all cards that you receive. Voting does not require you to purchase shares of CSB Financial Inc. common stock in the stock offering. BY PHONE BY MAIL (844) 254-8899 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 your 12-digit control number, located in the shaded box above. Each Proxy Card has a unique control number. Mark, sign and date your Proxy Card and return it in the postage-paid Proxy Reply Envelope provided. BY INTERNET IN PERSON csb .laurelhill.com 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 12-digit control number, located in the shaded box above. Each Proxy Card has a unique control number. You can deliver your signed proxy cards to either of Community Savings Bank's offi cesduring normal bank hours. You can also vote in-person at the Special Meeting of Members. NOT VOTING HAS THE SAME EFFECT AS VOTING "AGAINST" THE PLAN OF CONVERSION AND "AGAINST" THE CHARITABLE FOUNDATION. PLEASE VOTE ALL PROXY CARDS RECEIVED. Signature: ____________________________________________________________ Date: ___________________, 2026 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. This proxy is revocable and will be voted as directed, but if no instructions are specified, this proxy will be voted "FOR" the proposals if signed and dated. If any other business is presented at the Special Meeting of Members or any adjournment thereof, including whether or not to adjourn the Meeting, this proxy will be voted by the board of directors in its best judgment. At the present time, the board of directors knows of no other business to be presented at the Special Meeting. The undersigned acknowledges receipt from Community Savings Bank , before the execution of this proxy, of both Notice of the Special Meeting of Members and a Proxy Statement for the Special Meeting. ✔ 1. The approval of a Plan of Conversion whereby Community Savings Bankwill convert from the mutual form of organization to the stock form of organization and will become the wholly owned subsidiary of a new stock holding company to be known as CSB Financial Inc. , as described in more detail in the accompanying proxy statement. 2. The approval of the establishment and funding of the charitable foundation. Please vote by marking one of the boxes as shown. CONTROL NUMBER REVOCABLE PROXY FOR AGAINST Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.dc PS \| Sequence: 1 CHKSUM Content: 73335 Layout: 22422 Graphics: 52488 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, New Color Swatch, ~note color GRAPHICS: Tickmarkbox_k_icon.eps, Datetime_k_icon.eps, Place_k_icon.eps, Recorddate_k_icon.eps, Phone_k_icon.eps, Mail_k_icon.eps, Internet_k_icon.eps, Place_k_icon.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S FOLD AND DETACH THE PROXY CARD HERE S CSB-PC REVOCABLE PROXY COMMUNITY SAVINGS BANK SPECIAL MEETING OF MEMBERS TO BE HELD ON [MEETING DATE] THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF COMMUNITY SAVINGS BANKFOR USE AT A SPECIAL MEETING OF MEMBERS TO BE HELD ON [MEETING DATE] , AND ANY ADJOURNMENTS OR POSTPONEMENTS OF THE SPECIAL MEETING, FOR THE PURPOSES SET FORTH IN THE ACCOMPANYING NOTICE OF SPECIAL MEETING. YOUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" APPROVAL OF THE PLAN OF CONVERSIONAND "FOR" APPROVAL OF THE CHARITABLE FOUNDATION. The above-signed being a member of Community Savings Bankhereby 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 Members (the "Meeting") to be held on [meeting date] , at [meeting time] , Eastern Time, at the main office of Community Savings Bank , located at 503 West Plane Street, Bethel , Ohio, 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. Any member giving a proxy may revoke it at any time before it is voted by delivering to the Secretary of Community Savings Bankeither a written revocation of the proxy, by giving a duly executed proxy bearing a later date, by voting via the Internet or telephone at a later date, or by voting in person at the Meeting. (CONTINUED ON REVERSE SIDE) Voting Matters and Board Recommendations The Board of Directors unanimously recommends that you vote as follows: Voting Matters Unanimous Board Recommendation 1. The approval of a Plan of Conversion whereby Community Savings Bankwill convert from the mutual form of organization to the stock form of organization and will become the wholly owned subsidiary of a new stock holding company to be known as CSB Financial Inc. , as described in more detail in the accompanying proxy statement. FOR 2. The approval of the establishment and funding of the charitable foundation. FOR NOT VOTING HAS THE SAME EFFECT AS VOTING "AGAINST" THE PLAN OF CONVERSIONAND "AGAINST" THE CHARITABLE FOUNDATION. PLEASE VOTE ALL PROXY CARDS RECEIVED. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.dc PS \| Sequence: 2 CHKSUM Content: 99097 Layout: 62956 Graphics: 7744 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, Cyan, New Color Swatch, Yellow, ~note color GRAPHICS: Tickmark_4c_icon.eps, Tickmark_4c_icon.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR AGAINST CSB-BRANCH S FOLD AND DETACH THE PROXY CARD HERE S Signature: ____________________________________________________________ Date: ___________________, 2026 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. This proxy is revocable and will be voted as directed, but if no instructions are specified, this proxy will be voted "FOR" the proposals if signed and dated. If any other business is presented at the Special Meeting of Members or any adjournment thereof, including whether or not to adjourn the Special Meeting, this proxy will be voted by the board of directors in its best judgment. At the present time, the board of directors knows of no other business to be presented at the Special Meeting. The undersigned acknowledges receipt from Community Savings Bank, before the execution of this proxy, of both Notice of the Special Meeting of Members and a Proxy Statement for the Special Meeting. NAME NAME/ADDRESS ADDRESS CITY STATE ZIP 1. The approval of a Plan of Conversion whereby Community Savings Bank will convert from the mutual form of organization to the stock form of organization and will become the wholly owned subsidiary of a new stock holding company to be known as CSB Financial Inc., as described in more detail in the accompanying proxy statement. ✔ Please vote by marking one of the boxes as shown. REVOCABLE PROXY FOR AGAINST 2. The approval of the establishment and funding of the charitable foundation. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.de PC \| Sequence: 1 CHKSUM Content: 92071 Layout: 42455 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, ~note color GRAPHICS: none  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-BRANCH S FOLD AND DETACH THE PROXY CARD HERE S REVOCABLE PROXY COMMUNITY SAVINGS BANK SPECIAL MEETING OF MEMBERS TO BE HELD ON [MEETING DATE] THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF COMMUNITY SAVINGS BANKFOR USE AT THE SPECIAL MEETING OF MEMBERS TO BE HELD ON [MEETING DATE] , EASTERN TIME, AND ANY ADJOURNMENTS OR POSTPONEMENTS OF THE SPECIAL MEETING, FOR THE PURPOSES SET FORTH IN THE ACCOMPANYING NOTICE OF SPECIAL MEETING. YOUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" APPROVAL OF THE PLAN OF CONVERSION AND "FOR" APPROVAL OF THE CHARITABLE FOUNDATION. The above-signed being a member of Community Savings Bankhereby 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 Members to be held on [meeting date] , at [meeting time] , Eastern Time, at the main office of Community Savings Bank , located at 503 West Plane Street , Bethel , Ohio, and at any adjournment or postponement of the Special Meeting, to act with respect to all votes that the undersigned would be entitled to cast if then personally present, as set forth above. Any member giving a proxy may revoke it at any time before it is voted by delivering to the Secretary of Community Savings Bankeither a written revocation of the proxy, by giving a duly executed proxy bearing a later date, by voting via the Internet or telephone at a later date, or by voting in person at the Meeting. (CONTINUED ON REVERSE SIDE) Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ga PC \| Sequence: 1 CHKSUM Content: 62967 Layout: 33808 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, ~note color GRAPHICS: none  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-QA Questions & Answers about our conversion and stock offering Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ha QA \| Sequence: 1 CHKSUM Content: 61898 Layout: 95957 Graphics: 7744 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.00" x 10.00" AS: New York: 212-620-5600 COLORS: Black, Cyan, Light Green, Yellow, ~note color GRAPHICS: csb_financial_4c_logo.eps, community_savings_4c_logo.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This pamphlet answers questions about the 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. CSB Financial Inc.is offering shares of its common stock for sale on a best efforts basis in connection with the conversion of Community Savings Bankfrom the mutual to the stock form of organization. GENERAL — THE CONVERSION Our board of directors has unanimously determined that the conversion is in the best interests of Community Savings Bank , our customers and the communities we serve. Q. What is the conversion? A. Under our plan of conversion (the "Plan"), Community Savings Bankwill convert from the mutual (meaning no stockholders) to the stock form of ownership, through the sale of shares of CSB Financial Inc.common stock. Upon completion of the conversion, 100% of the common stock of CSB Financial Inc.will be owned by stockholders, and CSB Financial Inc. will own 100% of Community Savings Bank . As part of the Plan, we also intend to establish and fund a charitable foundation. Refer to the Prospectus for further details. Q. What are the reasons for the conversion and offering? A. Our primary reasons for converting and raising additional capital through the offering are to: • increase capital to support future growth and profitability; • retain and attract qualified personnel by establishing stock-based benefit plans for management and employees; and • offer our customers and employees an opportunity to purchase an equity interest in Community Savings Bankby purchasing shares of common stock of CSB Financial Inc. Q. Is Community Savings Bankconsidered "well-capitalized" for regulatory purposes? A. Yes. As of March 31, 2026 , Community Savings Bankwas considered "well-capitalized" for regulatory purposes. Q. Will customers notice any change in Community Savings Bank'sday-to-day activities as a result of the conversion and offering? A. No. It will be business as usual. The conversion is an internal change in our corporate structure. There will be no change to our board of directors, management, and staff as a result of the conversion. Q. Will the conversion and stock offering affect customers' deposit accounts or loans? A. No. The conversion and stock offering will not affect the balance or terms of deposits or loans, and deposits will continue to be federally insured by the Federal Deposit Insurance Corporation up to the maximum legal limits, without interruption. Deposit accounts will not be converted to stock. THE PROXY VOTE Although we have received conditional regulatory approval, the Plan is also subject to approval by Community Savings Bank's members , who are the depositors of Community Savings Bank . Q. Why should I vote "FOR" the Plan of Conversion? A. Your vote "FOR" the Plan of Conversion is extremely important to us. The Plan cannot be implemented without the approval of the members of Community Savings Bank. Each Community Savings Bank member as of the close of business on ________, 2026received one or more proxy cards. These packages also included a Proxy Statement describing the Plan of Conversion. Voting does not obligate you to purchase shares of common stock in the stock offering. Q. What happens if I don't vote? A. Your vote is very important. Without sufficient favorable votes, we cannot complete the conversion and stock offering. Proxy Cards not voted will have the same effect as voting ''Against'' the Plan of Conversionand "Against" the charitable foundation. Q. How do I vote? A. You may cast your vote immediately by internet or telephone by following the instructions on the proxy card. Internet and telephone voting is available 24 hours a day, and your vote will be recorded immediately. Alternatively, you may mark your vote, sign, date and mail the proxy card(s) in the enclosed proxy reply envelope today. You may also deliver your signed proxy cards to either of Community Savings Bank's offices during normal banking hours. Regardless of how you choose to cast your vote, please vote today. Not voting has the same effect as voting "Against" the Plan of Conversion. Q. How many votes are available to me? A. Depositors of Community Savings Bank at the close of business on ________, 2026are entitled to one vote for each $100 or fraction thereof on deposit.There is a limit of 1,000 votes per member. Proxy Cards are not imprinted with your number of votes; however, votes will be automatically tallied by computer. Q. Why did I receive more than one Proxy Card? A. If you had more than one deposit accountat Community Savings Bank at the close of business on ________, 2026 , you may have received more than one Proxy Card, depending on the ownership structure of your accounts. There are no duplicate cards — please promptly vote all the Proxy Cards sent to you. Q. More than one name appears on my Proxy Card. Who must sign? A. The name(s) reflect the title of your account(s). Proxy Cards for joint accounts require the signature of only one of the account holders. Proxy Cards for trust or custodian accounts must be signed by the trustee or the custodian, not the listed beneficiary. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ha QA \| Sequence: 2 CHKSUM Content: 1966 Layout: 72007 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.00" x 10.00" AS: New York: 212-620-5600 COLORS: Black, C=100 M=0 Y=91 K=42, ~note color GRAPHICS: none  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE STOCK OFFERING AND ORDERING SHARES Q. How many shares are being offered and at what price? A. CSB Financial Inc. is offering for sale between 935,000and 1,265,000 shares of common stock (subject to increase to 1,454,750shares) at $10.00 per share. No sales commission will be charged to purchasers. Q. Who is eligible to order stock during the stock offering? A. Pursuant to the Plan, non-transferable rights to subscribe for shares of CSB Financial Inc. common stock in the Subscription Offering have been granted in the following descending order of priority: Priority #1 — Depositors of Community Savings Bank with aggregate balances of $50 or more at the close of business on December 31, 2024 ; Priority #2 — Our tax-qualified employee benefit plans; Priority #3 — Depositors of Community Savings Bank with aggregate balances of $50 or more at the close of business on March 31, 2026 . Priority #4 — Depositors of Community Savings Bank at the close of business on ________, 2026 . Shares not sold in the Subscription Offering may be offered for sale to the public in a Community Offering, with a preference given to natural persons and trusts of natural persons residing in ClermontCounty and HighlandCounty, Ohio. Shares not sold in the Subscription Offering and any Community Offering 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 the Subscription Offering but am not interested in investing. May I allow someone else to use my Stock Order Form to take advantage of my priority as an eligible account holder? A. No. Subscription rights are non-transferable! Only those 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, the shares may only be registered in the name(s) of eligible account holder(s). On occasion, unscrupulous people attempt to persuade account holders to transfer subscription rights, or to subscribe shares in the offering based on an understanding that the shares will be subsequently transferred to others. Participation in such schemes is against the law and may subject involved parties to prosecution. If you become aware of any such activities, please notify our Stock Information Center promptly so that we can take the necessary steps to protect our eligible account holders' subscription rights in the Subscription Offering. Q. How may I order shares during the Subscription 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. If you are interested in ordering shares of CSB Financial Inc. common stock, complete the enclosed Stock Order Form and return it with full payment. You may return your stock order form and payment by (1) overnight delivery to the address indicated on the stock order form for this purpose; (2) in-person delivery to Community Savings Bank's main office, located at 503 West Plane Street, Bethel , Ohio; or (3) regular mail using the stock order reply envelope provided. Q. What is the deadline for ordering shares? A. Stock Order Forms and full payment must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date] . Acceptable methods for delivery of Stock Order Forms are described above. Q. How may I pay for the shares? A. Payment for shares can be remitted in three ways: (1) By personal check, bank check or money order, made payable to CSB Financial Inc.All checks and money orders will be deposited upon receipt. We cannot accept wires or third party checks. (2) By authorized deposit account withdrawal of funds from your Community Savings Bank deposit account(s). The Stock Order Form section titled "Method of Payment — Deposit Account Withdrawal" allows you to list the account number(s) and amount(s) to be withdrawn. Funds designated for direct withdrawal must be in the account(s) at the time the Stock Order Form is received. IRA or other retirement accounts held at Monroe Federal may not be listed for direct withdrawal. See information on retirement accounts below. (3) By cash. Please do not mail cash! Q. Will I earn interest on my funds? A. Yes. If you pay by cash, personal check, bank check or money order, you will earn interest at Community Savings Bank's statement savings rate, which is subject to change at any time and is currently [INTEREST] % per annum, from the date we receive your order until the completion of the conversion and offering. At that time, you will be issued a check for interest earned on these funds. If you pay for shares by authorizing a withdrawal from your Community Savings Bank deposit account(s), your funds will continue earning interest within the account at the contract rate. The interest will remain in your account(s) when the designated withdrawal is made, upon completion of the conversion and stock offering. Q. Are there limits to how many shares I can order? A. Yes. The minimum order is 25 shares ($250). The maximum number of shares that may be ordered by a person or group of persons exercising subscription rights through a single deposit account held jointly is 17,500 shares ($175,000). Additionally, no person or entity, together with any associate or group of persons acting in concert, may order more than 25 ,000 shares ($250 ,000) in all categories of the offering combined. More detail on purchase limits, including the definition of "associate" and "acting in concert", can be found in the Prospectus section entitled "The Conversion and Stock Offering — Limitations on Common Stock Purchases". Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ha QA \| Sequence: 3 CHKSUM Content: 94168 Layout: 68555 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.00" x 10.00" AS: New York: 212-620-5600 COLORS: Black, C=100 M=0 Y=91 K=42, ~note color GRAPHICS: none  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. May I use my Community Savings Bank individual retirement account ("IRA") to order shares? A. It's possible to use funds currently held in retirement accounts with Community Savings Bank. However, before you place your stock order, the funds you wish to use must be transferred to a self-directed retirement account maintained by an independent trustee or custodian, such as a brokerage firm. If you are interested in using IRA or any other retirement funds held at Community Savings Bank or elsewhere, please call our Stock Information Center for guidance as soon as possible but in no event later than two weeks before the [subscription end date] offering deadline. Your ability to use such funds may depend on time constraints, because this type of purchase requires additional processing time, and may be subject to limitations imposed by the institution where the funds are held. Q. May I use a loan from Community Savings Bank to order shares? A. No. Community Savings Bank, by regulation, may not extend a loan to order common stock in the stock offering. Similarly, you may not use existing Community Savings Bank line of credit checks to order stock in the stock offering. Q. May I change my mind after I place an order to subscribe for stock? A. No. After receipt, your executed Stock Order Form cannot be modified or revoked without our consent or unless the stock offering is terminated or is extended beyond [final expiration]or the number of shares of common stock offered for sale is increased to more than 1,454,750shares or decreased to less than 935,000 shares. Q. Are directors and executive officers of Monroe Federal planning to purchase stock? A. Yes! Directors and executive officers, together with their associates, are expected to subscribe for an aggregate of 91,500 shares ($915,000) or approximately 9.8% of the shares to be sold in the offering at the minimum of the offering range. Q. Will the common stock be insured? A. No. Like any common stock, CSB Financial Inc. 's common 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, CSB Financial Inc. 's board of directors will have the authority to declare dividends on the common stock. However, no decision has been made with respect to the payment of dividends. The payment and amount of any dividend payments will depend upon a number of factors, including the following: regulatory capital requirements; our financial condition and results of operations; tax considerations; statutory and regulatory limitations; and general economic conditions. Q. Where will the shares of CSB Financial Inc.trade? A. We expect our common stock to be quoted on the OTCQB Market operated by the OTC Markets Group upon completion of the conversion and stock offering. Once the shares have begun trading, you may contact a firm that offers investment services in order to buy or sell shares. Q. If I purchase shares during the stock offering, when will I receive my shares? A. All shares of CSB Financial Inc.common stock sold in the stock offering will be issued in book-entry form on the 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 stock offering, our transfer agent will send, by first class mail, a statement reflecting your stock ownership. WHERE TO GET MORE INFORMATION Q. How can I get more information? A. For more information, refer to the enclosed Prospectus or call our Stock Information Center, at ________, from 9:00a.m. to 5:00 p.m., Eastern Time, Monday through Friday. The Stock Information Center will be closed on bank holidays. This brochure 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 by the Federal Deposit Insurance Corporation or any other government agency. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ha QA \| Sequence: 4 CHKSUM Content: 65538 Layout: 94327 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.00" x 10.00" AS: New York: 212-620-5600 COLORS: Black, C=100 M=0 Y=91 K=42, ~note color GRAPHICS: none  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-PF 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! Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.hc Flyer \| Sequence: 1 CHKSUM Content: 44181 Layout: 27903 Graphics: 81168 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 7.50" x 7.50" AS: New York: 212-620-5600 COLORS: Black, Cyan, Light Green, PANTONE 300 C, Yellow, ~note color GRAPHICS: Your_Vote_Count_4c_logo.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-PG1 Dear Valued Depositor, As a follow-up to our recent mailing regarding our Plan of Conversion (the "Plan") and related common stock offering of CSB Financial Inc., WE URGE YOU TO VOTE ALL OF YOUR PROXY CARDS TODAY. If you have already voted your proxy card(s) from our initial outreach, thank you! You do not need to vote again and can disregard this mailing. If you are not sure you voted all of your proxy cards, we have enclosed a duplicate card. Please note that you may have received more than one proxy card and/or more than one mailing depending on the structure of your accounts. If you are unsure if you have voted all your eligible accounts, please vote all the cards provided. The tabulation system will not double count your votes. The easiest and most cost-effective way to vote is online at mfsl.laurelhill.com. Have your unique control numbers handy from the provided proxy card(s). You will be prompted to enter the control number(s) to vote. You may also vote by phone by calling (844) 254-8899, or by mailing in your paper cards with the supplied business reply envelope. Lastly, you may return your signed proxy cards in-person to either of Community Savings Bank's offi ces during normal business hours. Please be assured that our implementation of the Plan will not affect your accounts, FDIC insurance, or how you access services from Community Savings Bank. Only our corporate structure will change. Your account numbers and account statements will remain the same, and you'll still work with the same friendly staff you know at the same branch locations. Further, we will continue to offer the same products and extensive range of services you have come to expect. If you have any questions about voting or other matters related to the Plan or the stock offering, please call our Information Center at __________. We appreciate your support and encourage you to vote "FOR" approval of the Plan and "FOR" approval of the charitable foundation. Please understand that not voting has the same effect as voting "Against" the approval of the Planand "Against" the charitable foundation. Thank you for your continued support of Community Savings Bank. Sincerely, John E. Essen President and CEO Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.he PG \| Sequence: 1 CHKSUM Content: 58676 Layout: 31934 Graphics: 81168 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, Cyan, Yellow, ~note color GRAPHICS: community_savings_4c_logo.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-4img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-PG2 PLEASE VOTE THE ENCLOSED PROXY CARD! If you have not yet voted the Proxy Card(s) we recently mailed to you, please vote the enclosed replacement Proxy Card. YOU MAY CAST YOUR VOTE IMMEDIATELY BY FOLLOWING THE PHONE OR INTERNET VOTING INSTRUCTIONS ON THE PROXY CARD. You may also vote by mail using the enclosed envelope. Lastly, you may deliver your signed proxy card to either of Community Savings Bank's offices during normal business hours. PLEASE JOIN YOUR BOARD OF DIRECTORS IN VOTING "FOR" THE PLAN OF CONVERSION AND "FOR" THE CHARITABLE FOUNDATION. NOT VOTING HAS THE SAME EFFECT AS VOTING "AGAINST" THE PLANAND "AGAINST" THE CHARITABLE FOUNDATION. Voting does not obligate you to purchase common stock during the stock offering. Deposit accounts will NOT be converted to common stock. The conversion will change our form of corporate organization, but will not result in changes to our staff, management or your deposit accounts or loans at Community Savings Bank. If you receive more than one of these reminder mailings, please vote each Proxy Card received. QUESTIONS? Please call our Information Center at __________, from 9:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, except bank holidays. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.he PG \| Sequence: 2 CHKSUM Content: 25019 Layout: 76739 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, ~note color GRAPHICS: none  |

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## Exhibit 99.5

**Exhibit 99.5**

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-5img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-SOF (over) PLEASE PRINT CLEARLY AND COMPLETE ALL APPLICABLE SHADED AREAS. READ THE ENCLOSED STOCK ORDER FORM INSTRUCTIONS (BLUE SHEET) AS YOU COMPLETE THIS FORM. SUBSCRIPTION (1) NUMBER OF SHARES (2) TOTAL PAYMENT DUE PRICE PER SHARE X $10.00 = $ Minimum Number of Shares: 25 ($250). Maximum Number of Shares: Individual - 17,500 shares ($175000) Group - 25,000 ($250000). See Stock Order Form Instructions for more information regarding maximum number of shares. (4) METHOD OF PAYMENT – DEPOSIT ACCOUNT WITHDRAWAL The undersigned authorizes withdrawal from the Community Savings Bank deposit account(s) listed below. Funds for withdrawal must be in the listed account(s) when this form is received. IRAs and checking accounts may NOT be listed for withdrawal below. For Internal Use Only Account Number Amount(s) $$ Total Withdrawal Amount $ ATTACH A SEPARATE PAGE IF ADDITIONAL SPACE IS NEEDED. (3) METHOD OF PAYMENT – CASH, CHECK OR MONEY ORDER Enclosed is cash, or a personal check, bank check or money order made payable to CSB Financial Inc. in the amount of: $ Wire transfers and third party checks will not be accepted for this purchase. Checks and money orders will be cashed upon receipt. Community Savings Bank line of credit checks may NOT be remitted as payment. (5) PURCHASER INFORMATION Subscription Offering. Check the one box that applies, as of the earliest eligibility date, to the purchaser(s) listed in Section 9: a. Depositors of Community Savings Bank with aggregate balances of at least $50 at the close of business on December 31, 2024. b. Depositors of Community Savings Bank with aggregate balances of at least $50 at the close of business on March 31, 2026. c. Depositors Community Savings Bank at the close of business on _______, 2026. Community Offering. If (a), (b) and (c) above do not apply to the purchaser(s) listed in Section 9, check the first box that applies to this order: d. You are a resident of Clermont County or Highland County in Ohio. e. You are placing an order in the Community Offering but (d) above does not apply. ACCOUNT INFORMATION – SUBSCRIPTION OFFERING If you checked box (a), (b), or (c), please provide the following information as of the eligibility date under which purchaser(s) listed in Section 9 below qualify in the Subscription Offering: Name(s) on Account Account Number NOTE: NOT LISTING ALL ELIGIBLE ACCOUNTS, OR PROVIDING INCORRECT OR INCOMPLETE INFORMATION, COULD RESULT IN THE LOSS OF ALL OR PART OF ANY SHARE ALLOCATION. ATTACH A SEPARATE PAGE IF ADDITIONAL SPACE IS NEEDED. (6) MANAGEMENT Check if you are a CSB Financial Inc. or Community 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 Subscription 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) Name(s) listed in Section 9 on other Stock Order Forms Shares Name(s) listed in Section 9 on other Stock Order Forms Shares (9) STOCK REGISTRATION The name(s) and address that you provide below will be reflected on your ownership statement and will be used for other communications related to this order. Please PRINT clearly and use full first and last name(s), not initials. If purchasing in the Subscription Offering, you may not add the name(s) of others who are not also listed on your qualifying accounts. See Stock Order Form Instructions for further guidance. Individual Tenants in Common Uniform Transfers to Minors Act (for reporting SSN, use minor's) IRA Joint Tenants Corporation Partnership Trust – Under Agreement Dated___________ Other ___________ FOR IRA CUSTODIAN/BROKER USE ONLY: (SSN of Beneficial Owner) ________-_______ - ________ Name Reporting SSN/Tax ID No. Name SSN/Tax ID No. Street Phone # City State Zip County Email (10) ACKNOWLEDGMENT AND SIGNATURE(S) I understand that, this form, properly completed, together with full payment, must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date], otherwise this form and all subscription rights will be void. (continued on reverse side) ¨ 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 ORDER DEADLINE & DELIVERY: A Stock Order Form, properly completed and with full payment, must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date]. Subscription rights will become void after the deadline. If you are interested in purchasing shares of CSB Financial Inc. common stock, complete this Stock Order Form and return it with full payment. You may return your stock order form and payment by (1) overnight delivery to the address indicated to the left for this purpose; (2) in-person delivery to Community Savings Bank's main office located at 503 West Plane Street, Bethel , Ohio; or (3) regular mail using the stock order reply envelope provided. Stock Order Forms and full payment must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date] . Faxes or copies of this form may not be accepted. For Internal Use Only DATE ________ BATCH #________ ORDER #________ PRIORITY #________ STOCK ORDER FORM SEND OVERNIGHT PACKAGES TO: Performance Trust Capital Partners Stock Information Center 500 W. Madison Street, Suite 450 Chicago, Illinois 60661 (312) 521-1603 Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ce Form \| Sequence: 1 CHKSUM Content: 89617 Layout: 29805 Graphics: 81168 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, C=100 M=0 Y=91 K=42, Cyan, PANTONE 300 C, Yellow, ~note color GRAPHICS: csb_financial_4c_logo.eps  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-5img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-SOF See Front of Stock Order Form ¨ (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 Community Savings Bank or CSB Financial Inc. or a majority-owned subsidiary of these entities, of which the person is an officer, partner or 10% or greater beneficial stockholder; (2) any trust or other estate in which the person has a substantial beneficial interest or serves as a trustee or in a fiduciary capacity; and (3) any relative of the person who either resides with the person or who is a director or officer of Community Savings Bank or CSB Financial Inc. 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 agreement; 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 be acting in concert with any person or company who is also acting in concert with that other party. 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, in our sole discretion, whether purchasers are associates or acting in concert. Persons having the same address or exercising subscription rights through qualifying accounts registered to the same address at any of the Subscription Offering eligibility dates generally will be assumed to be associates of, and acting in concert with, each other. Please see the Prospectus section entitled "The Conversion and Stock Offering – Limitations on Common Stock Purchases" for more information on purchase limitations. (10) ACKNOWLEDGMENT AND SIGNATURE(S) (continued from front of Stock Order Form) I agree that, after receipt by CSB Financial Inc., this Stock Order Form may not be modified or canceled without CSB Financial Inc.'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 certify 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 overall purchase limitation of 20,000 shares in all categories of the 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 [date of prospectus]. Subscription rights pertain to those eligible to subscribe in the Subscription Offering. Subscription rights are only exercisable 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 into 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 COMMUNITY SAVING BANK, CSB FINANCIAL INC ., 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 should call the Federal Deposit Insurance Corporation and the Ohio Division of Financial Institutions. I further certify that, before subscribing for shares of the common stock of CSB Financial Inc., I received the Prospectus dated [date of prospectus]. The Prospectus discloses the nature, terms and conditions of the security being offered for sale and, in the "Risk Factors" section beginning on page [risks start], the risks involved in the investment. Risks include, but are not limited to the following: By executing this form, the investor is not waiving any rights under federal or state securities laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934. STOCK ORDER FORM – SIDE 2 Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.ce Form \| Sequence: 2 CHKSUM Content: 50802 Layout: 41009 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, ~note color GRAPHICS: none  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-5img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-SOI (over) CSB FINANCIAL 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 17,500 shares ($175,000). Further, no person or entity, together with any associate or group of persons acting in concert, may purchase more than 25,000 shares ($250,000) 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 CSB Financial Inc. Checks and money orders will be deposited upon receipt. The funds remitted by personal check must be available when your Stock Order Form is received. Indicate the amount remitted. Interest will be calculated at [INTEREST] 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 Community 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 withdrawal from your Community 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 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 Community Savings Bank certificate of deposit (CD) account. Note that you may not list accounts with check-writing privileges; rather, submit a check. You may not designate withdrawal from a Community Savings Bank IRA or other retirement accounts. For guidance on using retirement funds, whether held at Community Savings Bank or elsewhere, please contact the Stock Information Center as soon as possible – but in no event later than two weeks before the [subscription end date] 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. Section (5) – Purchaser Information. Please check the one box that applies to the purchaser(s) listed in Section 9 of this Stock Order Form. Purchase priorities in the Subscription Offering are based on eligibility dates. Boxes (a), (b), and (c) refer to the Subscription Offering. If you checked box (a), (b), or (c) list all Community 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 to complete this section, or providing incorrect or incomplete information, could result in a loss of part or all of your share allocation in the 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 Offering and any Community Offering. Section (6) – Management. Check the box if you are a Community Savings Bank or CSB Financial Inc. director, officer or a member of their immediate family. "Immediate family" includes spouse, parents, siblings and children who live in the same house as the director or officer. Section (7) – Maximum Purchaser Identification. Check the box, if applicable. Failure to check the box will result in you not receiving notification 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 all 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 your qualifying deposit or loan accounts. 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 a phone number is important in the event we need to contact you about this form. NOTE FOR FINRA MEMBERS: If you are a member of the Financial Industry Regulatory Authority ("FINRA") 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. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.cg Inst \| Sequence: 1 CHKSUM Content: 40339 Layout: 60047 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, ~note color GRAPHICS: none  |

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| &nbsp;&nbsp;![GRAPHIC](tm268082d1_ex99-5img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSB-SOI CSB FINANCIAL INC. STOCK INFORMATION CENTER: __________ STOCK ORDER FORM INSTRUCTIONS – SIDE 2 Form of Stock Ownership. For reasons of clarity and standardization, the stock transfer industry has developed uniform stockholder registrations for issuance of stock ownership statements. 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. Designating Beneficiaries. Multiple beneficiaries may not be named on stock registrations. However, you may specify a single person as a Transfer on Death ("TOD") recipient. To designate such a person, include the person's full name preceded by TOD, for example, "TOD John A Smith". Buying Stock Individually – 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 Community Savings Bank at the close of business on one of the dates identified in Section 5 of the Stock Order Form. Buying Stock Jointly – To qualify in the Subscription Offering, the persons named in Section 9 of the Stock Order Form must have been eligible depositors at Community Savings Bank at the close of business on one of the dates identified in Section 5 of the Stock Order Form. Joint Tenants (with rights of survivorship) – May be specified to identify two or more owners where ownership is 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 Community Savings Bank at the close of business on one of the dates identified in Section 5 of the Stock Order Form. The standard abbreviation for custodian is "CUST." The Uniform Transfer to Minors Act is "UTMA." Include the state abbreviation. For example, stock held by John Smith as custodian for Susan Smith under the Ohio 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 the Stock Order Form must have been an eligible depositor at Community Savings Bank at the close of business on one of the dates identified in Section 5 of the Stock Order Form. Buying Stock in a Trust/Fiduciary Capacity – Indicate the name of the fiduciary and the capacity under which the fiduciary is acting (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 Community Savings Bank at the close of business on one of the dates identified in Section 5 of the Stock Order Form. 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 Stock Order Form must have been an eligible depositor at Community Savings Bank at the close of business on one of the dates identified in Section 5 of the Stock Order Form. Also provide the SSN of the beneficial owner of the IRA where indicated. 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 areas on the Stock Order Form. Only one signature is required, unless any account listed in Section 4 requires more than one signature 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 5:00 p.m., Eastern Time, [subscription end date]. If you are interested in ordering shares of CSB Financial Inc. common stock, complete the enclosed Stock Order Form and return it with full payment. You may return your stock order form and payment by (1) overnight delivery to the address indicated on the stock order form for this purpose; (2) in-person delivery to Community Savings Bank's main office located at 503 Plane Street, Bethel, Ohio; or (3) regular mail using the stock order reply envelope provided. Stock Order Forms and full payment must be received (not postmarked) before 5:00 p.m., Eastern Time, on [subscription end date]. 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 9:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday. The Stock Information Center will be closed on bank holidays. Toppan Merrill - CSB Financial Inc. S-1 Marketing Materials ED \| 121162 \| 11-Mar-26 21:47 \| 26-6255-1.da Inst \| Sequence: 1 CHKSUM Content: 7761 Layout: 40266 Graphics: 0 CLEAN JOB: 26-6255-1 CYCLE#;BL#: 6; 0 TRIM: 8.50" x 11.00" AS: New York: 212-620-5600 COLORS: Black, ~note color GRAPHICS: none  |

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## Exhibit 99.6

**Exhibit 99.6**

![](tm268082d1_ex99-6img001.jpg)

March 3, 2026

The Boards of Directors

Community Savings Bank

CSB Financial Inc.

503 West Plane Street

Bethel, OH 45106

Re: Plan of Conversion

Community Savings Bank

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 Board of Directors of Community Savings Bank (the "Bank"). The Plan provides for the conversion of the Bank into the full stock form of organization. Pursuant to the Plan, CSB Financial Inc. (the "Company"), a newly formed corporation, 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, eligible depositors will receive rights in a liquidation account maintained by the Bank representing the amount of the Bank's equity as of the date of the latest statement of financial condition contained in the Prospectus prior to the consummation of the conversion. The Bank shall continue to maintain the liquidation account for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders, if applicable, who continue to maintain their deposits in the Bank. The liquidation account is designed to provide payments to depositors of their liquidation interests in the event of liquidation of the Bank.

In the unlikely event that the Bank were to liquidate after the conversion (including, a liquidation of the 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.

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 the Bank, we are of the belief that: the benefit provided by the liquidation account in the event of a liquidation of the Bank (including following a purchase and assumption transaction with a credit union acquiror) does not have any economic value at the time of the transaction contemplated 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,

FinPro Capital Advisors

![](tm268082d1_ex99-6img002.jpg)

**46 East Main Street • Suite 303 • Somerville, NJ 08876 • 908.234.9398 ● <u>www.finprocapitaladvisors.com</u>**

FinPro Capital Advisors, Inc. (Member FINRA/SIPC) is a wholly owned subsidiary of FinPro, Inc.

## 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; **CSB Financial 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) | 1482250 | $10.00 | $14822500.00 | 0.0001381 | $2046.99 |
| 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: |  | $14822500.00  |  | $2046.99  |
|  |  |  | 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:  |  |  |  | $2046.99  |

---

&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> Includes 1,454,750 shares to be offered for sale in the stock offering and 27,500 shares to be issued to the charitable foundation. <br>

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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 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &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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