updated 12/14/2010 6:17:37 PM ET 2010-12-14T23:17:37

METAIRIE, La., Dec. 14, 2010 (GLOBE NEWSWIRE) -- State-Investors Bank, a federally chartered savings bank headquartered in Metairie, Louisiana, today announced that its Board of Directors adopted a plan to convert State-Investors Bank (the "Bank") to a stock institution ("Plan of Conversion"). In accordance with the Plan of Conversion, State-Investors Bank will become a wholly-owned subsidiary of a stock holding company and the common stock of the holding company will be offered to deposit customers of the Bank and others, including members of the general public, in the manner and subject to the priorities set forth in the Plan of Conversion.

Anthony S. Sciortino, Chairman, President and Chief Executive Officer, stated that, "We are pleased and excited about the prospect of operating as a stock company as it will provide support for our lending activities and facilitate our growth through expanded products and services." Mr. Sciortino continued, "The Board of Directors believes the significant increase in the Bank's capital as a result of the conversion will permit the Bank to better serve our customers and the communities in which we currently operate and also permit us to expand into new markets as well as offer new products and services."

The Plan of Conversion is subject to approval by the Bank's depositor and certain borrower members as well as the Office of Thrift Supervision. A proxy statement setting forth detailed information relating to the Plan of Conversion will be sent to the depositors and certain borrower members for their consideration prior to a special meeting called to consider the Plan of Conversion.

Depositors will continue to hold accounts in State-Investors Bank as a stock institution identical as to dollar amount, rate of return and general terms (other than voting and liquidation rights) as prior to the conversion. Borrowers' loans will be unaffected by the conversion and will remain contractually fixed as they existed prior to the conversion. The normal business of State-Investors Bank of accepting deposits and making loans will continue without interruption in the Bank's existing offices.

State-Investors Bank anticipates filing the requisite regulatory applications in the near future. The offering of shares pursuant to the Plan of Conversion will be made only by means of a prospectus in accordance with the Securities Act of 1933, as amended, and all applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

State-Investors Bank operates four full service banking offices in the greater New Orleans metropolitan area. As of September 30, 2010, State-Investors Bank had $210.9 million in total assets, $159.5 million in deposits and $21.0 million in total equity.

Elias, Matz, Tiernan & Herrick L.L.P., Washington, D.C., is special counsel to State-Investors Bank for the conversion and stock offering.

CONTACT: State-Investors Bank
         Anthony S. Sciortino, President and Chief Executive Officer
         (504) 832-9400

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