Germantown Savings Bank saidit has started a subscription offering of 3,500,000 shares at a
maximum price of 11.50 dlrs each to customers and community
residents.
    It said the offer will expire April 15.
    The company said any shares not sold will be offered to the
public through underwriter Alex. Brown and Sons Inc &lt;ABSB>, and
the stock is expected to trade on the NASDAQ system.  It said
the actual price to be charged for the shares will be
determined after the subscription offering.
 Reuter
