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Delanco Bancorp in N.J. (DLNO) said Wednesday it would reorganize itself from a mutual holding company structure via the sale of stock in a new company to be formed in connection with the conversion.
May 29 -
Dodd-Frank spurred many mutual banks to convert to stock ownership. Now these well-capitalized, strategically located institutions are approaching the end of the three-year probationary period before they can be sold.
July 18 -
Prudential Bancorp in Philadelphia is planning a second-step conversion.
June 14
Delanco Bancorp (DLNO) in Delanco, N.J., will convert from a mutual thrift to a fully public company.
The $130 million-asset company said on Friday that it has received regulatory approval for a
Delanco will sell its 55% stake in the company, giving depositors, as of April 30, first priority to buy the stock. The company plans to sell 451,653 to 610,938 shares of common stock at $8 a share.
Shareholders other than the mutual holding company will receive shares of the new holding company under an exchange ratio designed to preserve their ownership stake.
Delanco has two branches in Burlington County, N.J. Keefe, Bruyette & Woods is advising Delanco on the conversion.
