Announcement of Stock Offering by Oconee State Bank and Elberton Federal in relation to an upcoming Merger

WATKINSVILLE, Georgia, and ELBERTON, Georgia, May 10, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") and Elberton Federal Savings & Loan Association ("Elberton Federal") boards announced today the initiation of the obligatory offering of OSBK common stock in relation to the imminent merger of Elberton Federal and Oconee State Bank, a wholly owned subsidiary of Oconee Financial Corporation.

As previously communicated, the transaction is structured as a merger conversion, in which Elberton Federal, a federal mutual savings association, will convert to stock form and then immediately merge with and into Oconee State Bank. As part of the transaction, Oconee is currently presenting a predetermined number of its common stock shares to eligible members of Elberton Federal, Oconee shareholders recorded as of April 30, 2023, and potentially others, in a subscription offering and a community offering.

Oconee has arranged community meetings in Elberton and Watkinsville in the forthcoming weeks to furnish interested investors with further information regarding this investment opportunity. To obtain meeting schedules, make reservations, or receive an offering circular in advance of attending a meeting, interested individuals should contact the Oconee Financial Corporation Stock Information Center at (312) 521-1600, Monday through Friday, between 10:00 a.m. and 5 p.m. Eastern Time.

Information Regarding Elberton Federal Savings and Loan Association:

Elberton Federal is a federal mutual savings association with a total value of $28 million, headquartered in Elberton, Georgia. Over a span of more than 100 years, Elberton Federal has aspired to be an establishment of distinction by delivering the utmost quality financial products and services to its customers, providing financial products at a fair price, and fostering personal and professional growth opportunities for its employees.

Information Regarding Oconee Financial Corporation:

Oconee State Bank, established in 1960 and holding total assets worth $537 million, has its headquarters in Watkinsville, Georgia. The bank operates five comprehensive financial centers in various Georgia locations, including Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties. As the only locally owned and operated community bank based in Oconee County, Oconee State Bank takes immense pride in serving its communities with an unwavering commitment to personalized service, innovative products and solutions, and a dedication to creating exceptional value for all stakeholders through local ownership, involvement, and decision-making. The bank strives to become an indispensable presence in the lives of those it serves by crafting extraordinary experiences that leave a profound impact. Established in January 1999, Oconee Financial Corporation was formed to serve as the holding company for Oconee State Bank.

Essential Supplementary Information:

The information presented herein does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. The offering is solely conducted through the issuance of an offering circular. Neither the FDIC, the OCC, the Securities and Exchange Commission, nor any other federal or state regulatory authority has endorsed or rejected Oconee Financial Corporation's common stock or the terms of the offering in connection with the proposed merger conversion. It is unlawful for any individual to indicate otherwise. SECURITIES OFFERED BY OCONEE FINANCIAL CORPORATION ARE NOT DEPOSITS AND ARE NEITHER INSURED NOR GUARANTEED BY THE FDIC OR ANY OTHER FEDERAL OR STATE GOVERNMENT AGENCY. OCONEE FINANCIAL CORPORATION'S COMMON STOCK IS SUBJECT TO INVESTMENT RISK, INCLUDING THE POTENTIAL LOSS OF PRINCIPAL.

SOURCE: Oconee Financial Corporation