updated 5/16/2011 4:46:06 PM ET 2011-05-16T20:46:06

METAIRIE, La., May 16, 2011 (GLOBE NEWSWIRE) -- State-Investors Bank announced today that it has received conditional approval from the Office of Thrift Supervision to convert from the mutual to stock form of organization and commence an offering of shares of common stock of a newly formed Louisiana corporation named State Investors Bancorp, Inc. (the "Company"), which will become the holding company for State-Investors Bank. State-Investors Bank also announced that the registration statement relating to the sale of common stock by the Company has been declared effective by the Securities and Exchange Commission. The Company has received approval of the Nasdaq Stock Market LLC to list on the Nasdaq Capital Market under the symbol "SIBC."

The Company is offering for sale between 1,870,000 shares and 2,530,000 shares of common stock (subject to increase to 2,909,500 shares) at a purchase price of $10.00 per share. The shares will be offered in a subscription offering to certain current and former depositors and certain borrowers of State-Investors Bank. Offering materials are scheduled to be mailed on or about May 20, 2011, to those eligible to participate in the subscription offering. Any remaining shares of common stock will be offered to members of the general public in a community offering, with preference given to persons residing in Jefferson, Orleans and St. Tammany Parishes, Louisiana. At the conclusion of the conversion and offering, the Company will be 100% owned by public shareholders.

The conversion must be approved by the members of State-Investors Bank at a special meeting to be held on June 21, 2011.  Members of State-Investors Bank as of the close of business on April 30, 2011 will be entitled to vote at the special meeting. Completion of the conversion and offering is subject to, among other things, the receipt of final regulatory approvals.

Keefe, Bruyette & Woods is assisting the Company in selling its common stock in the offering on a best efforts basis.

State-Investors Bank operates four full service banking offices in the greater New Orleans metropolitan area. As of March 31, 2010, State-Investors Bank had $214.4 million in total assets, $165.1 million in deposits and $21.5 million in total equity.

This press release contains certain forward-looking statements about the conversion and offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may."  Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include delays in consummation of the conversion and offering, difficulties in selling the common stock or in selling the common stock within the expected time frame, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which State Investors Bancorp and State-Investors Bank are engaged.

A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission ("SEC"). This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus forming part of the registration statement (and, in the case of the subscription offering, an accompanying stock order form).

State-Investors Bank has filed a proxy statement/prospectus with the Office of Thrift Supervision ("OTS") as a part of an application with respect to the conversion. Members of State-Investors Bank are urged to read the proxy statement/prospectus because it contains important information. The application may be examined at the principal office of the Office of Thrift Supervision, 1700 G Street, N.W., Washington, D.C. 20552, and at the Western Regional Office of the Office of Thrift Supervision located at 225 East John Carpenter Freeway, Suite 500, Irving, Texas 75062. The proxy statement/prospectus will be mailed to voting members on or about May 20, 2011.

The shares of common stock of State Investors Bancorp, Inc. are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

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

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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