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Company Description (as filed with the SEC)
Polonia Bancorp, Inc. is a Maryland corporation that was incorporated in August 2011 to be the successor corporation to old Polonia Bancorp ("Old Polonia Bancorp"), the former stock holding company for Polonia Bank (the "Bank"), upon completion of the mutual-to-stock conversion of Polonia MHC, the former mutual holding company for Polonia Bank. The mutual-to-stock conversion was completed on November 9, 2012. In connection with the conversion, the Company sold a total of 2,025,078 shares of common stock at $8.00 per share in a related public offering. Concurrent with the completion of the offering, each share of Old Polonia Bancorp's common stock owned by public stockholders was exchanged for 1.1136 shares of Company common stock. Additionally, as part of the mutual-to-stock conversion, the Bank's Employee Stock Ownership Plan (the "ESOP") acquired 136,693 shares, or 6.75% of the Company's issued shares, at $8.00 per share. ... More ...