PCSB Financial Corporation Announces PCSB Bank’s Conversion to a New York Chartered Commercial Bank

PCSB Financial Corporation (NASDAQ: PCSB) (the “Company”), the parent Company of PCSB Bank (the “Bank”), today announced that effective December 31, 2018, PCSB Bank, the wholly-owned subsidiary of PCSB Financial Corporation, completed its conversion from a New York-chartered savings bank to a New York-chartered commercial bank. Immediately following the conversion, PCSB Commercial Bank, a wholly-owned subsidiary of PCSB Bank, merged with and into PCSB Bank, resulting in PCSB Bank as the surviving institution.

Commenting on the conversion, Joseph D. Roberto, the Bank’s and the Company’s Chairman, President and Chief Executive Officer, said, “As a commercial bank, the Bank will be able to more profitably manage government deposits, while continuing to offer an expanding array of products and services to our individual and business customers. As a result of the charter conversion and merger, certain expenses associated with a two-bank structure will be eliminated.”

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Submitted by Somers, NY

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