The board of directors of Georgetown Bancorp Inc., the parent company for Georgetown Savings Bank, have unanimously adopted a plan of conversion and reorganization.

Pursuant to the plan of conversion, Georgetown Bancorp MHC will sell its majority ownership in the company in a "second-step" stock offering. Simultaneously, the company, which is currently a mutual holding company, will reorganize to a fully public stock holding company.

As part of the conversion and reorganization, the bank will become a wholly owned subsidiary of a new holding company, which also will be named Georgetown Bancorp Inc. Shares of common stock of the company held by persons other than the MHC (whose shares will be canceled) will be converted into shares of common stock of the New Holding Company pursuant to an exchange ratio intended to preserve the percentage ownership interests of such persons. In the stock offering, depositors of the bank with qualifying deposits as of Sept. 30, 2010 will have first priority to purchase the shares of common stock.

The transactions contemplated by the plan of conversion are subject to approval by the company’s stockholders (including approval by a majority of the shares held by persons other than the MHC), the voting members of the MHC (depositors of the bank), the corporators of the MHC, and the board of governors of the Federal Reserve System.