Charter Financial in Ga. Begins $155M Stock Offering

By Chris Cumming February 15, 2013, 12:27 p.m. EST 1 Min Read

Charter Financial (CHFN) in West Point, Ga., has begun the stock offering for its second-step conversion.

The holding company for CharterBank and First Charter said Friday that it plans to sell up to $155 million worth of stock at $10 a share. Following the offering, the company will exchange legacy shares for new shares, after which the company will be a 100% publicly owned.

The conversion is contingent on the bank selling at least 11.5 million shares, and on receiving regulatory and shareholder approval. The offering will close on March 19.

Stifel, Nicolaus is the financial adviser for the offering.

The $1 billion-asset Charter Financial announced plans to convert from a mutual holding company to a fully public company in November.

Chris Cumming

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