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Beneficial Mutual Bancorp in Philadelphia, which dates back to 1853, is the latest old-school mutual thrift to announce plans for a second-step conversion to a fully public stockholder company.
August 14 -
Beneficial Mutual Bancorp in Philadelphia reported a nearly 50% increase in third-quarter net income led by the sale of nonperforming assets.
October 17 -
Beneficial Mutual Bancorp in Philadelphia, which dates back to 1853, is the latest old-school mutual thrift to announce plans for a second-step conversion to a fully public stockholder company.
August 14
Beneficial Bancorp in Philadelphia could
The $4.6 billion-asset mutual thrift plans to sell 46,750,000 to 63,250,000 common shares, priced at $10 per share, as part of its conversion to a fully stockholder-owned company.
Beneficial has received conditional approval from regulators for the second-step conversion. It must also receive support from depositors, who are scheduled to vote on the issue on Dec. 15.
Beneficial announced its conversion
The stock offering will take place on a subscription basis, with the first shares being offered to depositors who have been with the bank since June 30, 2013. It will then be expanded to participants in the bank's employee stock plan, followed by depositors who have joined the bank as late as Oct. 23, 2014. Additional shares will be sold to the public.
The offering is being managed by Sandler O'Neill & Partners.