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EXHIBIT 99.1
[FOX CHASE BANCORP, INC. LETTERHEAD]
NEWS RELEASE
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FOR IMMEDIATE RELEASE
CONTACT: Jerry Holbrook
Chief Financial Officer
(215) 682-7400
FOX CHASE BANCORP, INC.
COMPLETES INITIAL PUBLIC OFFERING
HATBORO, PENNSYLVANIA -- SEPTEMBER 29, 2006 -- Fox Chase Bancorp, Inc.
(the "Company"), the holding company for Fox Chase Bank (the "Bank"), announced
today that it has completed its initial stock offering in connection with the
139 year old Bank's reorganization into the mutual holding company structure.
Trading in the Company's common stock is expected to begin on the Nasdaq Global
Market on October 2, 2006 under the symbol "FXCB."
On September 25, 2006, the Bank's Plan of Reorganization and Stock
Issuance and the establishment of the Fox Chase Bank Charitable Foundation were
approved by the Bank's members at a special meeting.
A total of 6,395,835 shares of common stock, representing 43.6% of the
Company's outstanding shares of common stock, were sold in the offering at the
price of $10.00 per share. In addition, $150,000 and 135,000 shares,
representing 0.9% of the Company's outstanding shares of common stock, were
contributed to Fox Chase Bank Charitable Foundation and 8,148,915 shares,
representing 55.5% of the Company's outstanding shares of common stock, were
issued to Fox Chase MHC, the federally chartered mutual holding company formed
in connection with the reorganization.
Thomas M. Petro, President and Chief Executive Officer of the Company,
said "On behalf of the officers and boards of directors of Fox Chase Bancorp,
Inc. and Fox Chase Bank, we wish to express our sincere appreciation to our
customers for their response to Fox Chase Bank's reorganization process and
participation in the stock offering. We are confident this reorganization
positions the 139 year old company to prosper and will enhance our ability to
compete and better serve our clients, and we welcome the new stockholders of Fox
Chase Bancorp, Inc."
(continued)
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Sandler O'Neill & Partners, L.P. served as financial advisor and
marketing agent with regard to the stock offering. Muldoon Murphy & Aguggia LLP
of Washington, DC served as legal counsel to the Company for the reorganization
and stock offering.
Fox Chase Bank is a federally chartered savings bank offering
traditional services and products from its main office in Hatboro, Pennsylvania
and ten branch offices in Bucks, Montgomery, Chester, Delaware and Philadelphia
Counties, Pennsylvania and Atlantic and Cape May Counties, New Jersey. At June
30, 2006, the Bank had total assets of $735.6 million, deposits of $638.6
million and total equity of $62.7 million.
Subscribers may obtain their stock allocation information by calling
the Company's conversion center at (866) 300-4322.
This press release contains certain forward-looking statements about
Fox Chase Bank's mutual holding company reorganization and the stock issuance by
Fox Chase Bancorp, Inc. Forward-looking statements include statements regarding
the market for the stock and anticipated future results and can be identified by
the fact that they do not relate strictly to historical or current facts. They
often include words like "believe," "expect," "anticipate," "estimate" and
"intend" or future or conditional verbs such as "will," "would," "should,"
"could" or "may." Certain factors that could cause actual results to differ
materially from expected results include delays in consummation of the
reorganization and stock issuance, 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 of Fox Chase Bancorp, Inc. and Fox Chase Bank.
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