THOMASVILLE —TC Bancshares, Inc., a Georgia corporation and the proposed holding company for TC Federal Bank, announced that it and the bank have received all required regulatory approvals and intends to close the mutual-to-stock conversion of the bank and the related subscription offering of common stock of the company on July 20, 2021. 

The company also announced that it intends to sell 4,898,350 shares of common stock at $10.00 per share in the subscription offering for gross offering proceeds of approximately $48,983,500, inclusive of shares sold to its employee stock ownership plan. 

The company concluded the offering period for its subscription offering on June 30, 2021. The company did not conduct community or syndicated offerings in connection with the conversion in light of the orders received during the subscription offering. 

The company will fill in full all valid subscription orders submitted by the Bank’s eligible members, its employee stock ownership plan, and employees, officers and directors. Subscribers wishing to confirm their orders may do so by contacting the Stock Information Center at (833) 902-3677. 

Subject to the satisfaction of customary closing conditions, the company expects the conversion and subscription offering will close simultaneously on July 20, 2021, at which time the company will become the holding company of the Bank. The shares of common stock sold in the offering are expected to begin trading on the Nasdaq Capital Market on July 21, 2021 under the ticker symbol “TCBC.” 

All shares of common stock sold in the offering will be issued in book entry form. Stock certificates will not be issued. Direct Registration System statements for shares purchased in the stock offering, and interest checks for persons who paid for their orders by check, will be mailed promptly by the company’s transfer agent, Pacific Stock Transfer Company, to the persons entitled thereto at the registration address noted by them on their stock order form. 

Performance Trust Capital Partners, LLC, acted as selling agent in the subscription offering. Bryan Cave Leighton Paisner LLP served as the company’s and the bank’s legal counsel in the conversion and offering, and Silver, Freedman, Taff & Tiernan LLP advised Performance Trust Capital Partners, LLC. 

About TC Bancshares, Inc. and TC Federal Bank 

Upon completion of the conversion, TC Federal Bank will be the wholly-owned subsidiary of TC Bancshares, Inc., a newly formed Georgia corporation. 

TC Federal Bank was organized in 1934 and was chartered in 1937 as a mutual savings and loan association. The bank currently operates from its main office in Thomasville, a branch office and a residential mortgage center in Tallahassee, Florida and a commercial loan production office in Savannah serving its primary market areas of Thomas and Chatham counties and Leon County, Florida, and the contiguous counties.