Plan of Conversion

On March 5, 2026, the Bank's Board of Directors adopted a Plan of Conversion (the "Plan"). The Plan provides for the conversion of the Bank from a mutual institution to a stock institution and the establishment of a stock holding company, CSB Financial Inc. ("CSB Financial"), as the parent company of the Bank. The Plan has been approved by the Ohio Division of Financial Institutions and has received the non-objection of the Federal Deposit Insurance Corporation. The Board of Governors of the Federal Reserve System has approved CSB Financial’s application to become the bank holding company of the Bank upon the completion of the conversion and stock offering. The Plan remains subject to approval by at least two-thirds of the total votes eligible to be cast by the Bank's voting members at a meeting of members.

CSB Financial is organized as a corporation under the laws of the State of Maryland and, upon completion of the conversion and stock offering, will own all of the outstanding common stock of the Bank. Pursuant to the Plan, the total offering value and number of shares of common stock to be issued and sold were determined based upon an independent appraisal of the estimated pro forma market value of CSB Financial and the Bank.

In connection with the conversion and stock offering, the Bank intends to establish and fund a charitable foundation and adopt an Employee Stock Ownership Plan ("ESOP"), which is expected to subscribe for up to 8% of the shares sold in the stock offering and contributed to the charitable foundation.

Costs directly related to the conversion and stock offering are being deferred and will be deducted from the proceeds of the stock offering upon completion of the transaction. If the conversion and stock offering are not completed, all deferred costs will be charged to operations. Deferred conversion costs totaled $397,125 as of March 31, 2026.

Upon completion of the conversion and stock offering, the Bank will establish a liquidation account in an amount equal to its retained earnings as reflected in the latest statement of financial condition included in the final prospectus. The liquidation account will be maintained for the benefit of eligible depositors who continue to maintain qualifying deposit accounts following the completion of the conversion and stock offering.

The conversion will be accounted for as a change in corporate form, with the historical carrying amounts of the Bank's assets, liabilities and equity remaining unchanged as a result.

Subsequent to March 31, 2026, the Bank incurred additional deferred conversion costs of $417,427, bringing total deferred conversion costs to $814,552 as of June 29, 2026.

​

Management has evaluated subsequent events for recognition and disclosure through June 29, 2026, which is the date the financial statements were available to be issued.

​