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Depositors at mutuals in Ohio and Massachusetts have approved measures making it more difficult for their institutions to convert to stock ownership. Still, many industry observers believe the mutual industry is poised for more consolidation.
August 19 -
Equitable Financial in Grand Island, Neb., said its depositors and stockholders have approved its plan to convert from a mutual thrift to a fully stock-owned company.
June 30 -
New Buffalo Savings Bank in Michigan has filed plans to convert from a mutual thrift to a stock-owned institution.
June 10
Central Federal Savings & Loan Association of Rolla in Missouri has filed plans to convert from a mutual to a fully stock-owned bank.
The $62 million-asset thrift said in a regulatory filing last week that it plans to raise $10 million to $16 million, after fees and other expenses. Central would issue 1.1 million to 1.5 million shares in the offering.
Central Federal is entirely owned by its shareholders and it does not plan to form a mutual holding company as part of the conversion. Central would establish a bank holding company, Central Federal Bancshares, through the conversion.
Central Federal plans to use the proceeds to fund new loans, increase its investment portfolio, pay dividends to shareholders and buy back common stock. Central Federal also plans to loan about $1 million to its employee stock-ownership plan to buy the new company's stock.
Keefe, Bruyette & Woods is financial adviser on the conversion. Lewis Rice is legal counsel.
