Charter Financial in Ga. Gets Closer to Shedding Mutual Status

Charter Financial (CHFN) in West Point, Ga., has received shareholder approval to become a fully public firm.

The company said Tuesday that its shareholders and members of First Charter, a mutual holding company that owns Charter Financial, approved a second-step conversion announced in November.

Charter Financial said it expects to raise $143 million from an offering of common stock it announced in February.

At closing, expected to occur on April 8, First Charter will cease to exist. Charter Financial will exchange legacy shares for new shares, becoming a 100% publicly owned holding company for the $1 billion-asset Charter Bank.