THOMASVILLE — The Board of Directors of TC Federal Bank, a federally chartered saving bank headquartered in Thomasville, adopted a plan of reorganization from a mutual savings bank to a mutual holding company and plan of stock issuance pursuant to which TC Federal Bank will reorganize into the mutual holding company form of ownership. 

The plan of reorganization is subject to approval by the Board of Governors of the Federal Reserve Systemand by at least a majority of the votes eligible to be cast in person or by proxy by the members of TC Federal Bank at a meeting called to consider and vote upon the Plan of Reorganization. A proxy statement setting forth detailed information with regard to the plan of reorganization will be sent to the members of TC Federal Bank prior to the holding of the meeting of members to act on the plan of reorganization. 

In addition, the members will have an opportunity to file written comments, including objections and material supporting the objections, with the Federal Reserve Board.

All of the capital stock of TC Federal Bank will be transferred to a new “mid-tier” stock-form holding company which will offer and sell a minority interest of its shares of common stock to depositors and borrowers of TC Federal Bank and others in the manner and subject to the priorities set forth in the plan of reorganization. December 31, 2018 has been established as the eligibility record date for determining eligible account holders entitled to receive non-transferable rights to subscribe for the shares of common stock offered in the reorganization. 

After the reorganization, TC Federal Bank’s deposits will continue to be insured up to applicable limits by the Federal Deposit Insurance Corporation. 

Depositors will continue to hold accounts in TC Federal Bank identical as to dollar amount, rate of return and general terms (other than voting and liquidation rights). Borrowers’ loans will be unaffected by the reorganization and will remain contractually fixed as they existed prior to the reorganization. 

The normal business of TC Federal Bank of accepting deposits and making loans will continue without interruption in its existing offices. 

TC Federal Bank is being advised on the proposed plan of reorganization by the investment banking firm of Performance Trust Capital Partners, LLC and the law firm of Bryan Cave Leighton Paisner LLP. Silver Freedman Taff & Tiernan, LLP is serving as counsel to Performance Trust. 

About TC Federal Bank 

TC Federal Bank, headquartered in Thomasville, was founded in 1934. The $322 million-asset bank serves its clients through full service branch offices in Thomasville and Tallahassee, Florida, and a loan production office in Savannah. 

Additional information on the bank is available on its website: www.tcfederal.com.