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Members of St. James Federal Savings and Loan Association will meet Saturday to vote on whether to convert from a mutual to a stock-owned bank as a prelude to selling itself to Wells Financial. Some believe the vote could set a worrisome precedent.
June 17 -
MSB Financial Corp., a mutual thrift firm in Millington, N.J., plans to reorganize into a fully stock-owned company.
November 17 -
Ben Franklin Financial in Arlington Heights, Ill., is the latest mutual to announce plans for a second-step conversions.
September 11
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.
The $201 million-asset company plans to sell at least 1.3 million shares of common stock at $8 per share. The conversion and stock offering are both expected to close on July 7, pending regulatory approvals.
As part of the conversion, Equitable Financial's mutual holding company, which owns about 57% of the Equitable Financial, will be dissolved.
Both the depositor and shareholder groups approved the conversion at separate meetings on June 25.The new company's stock will trade under the symbol EQFN.
Keefe, Bruyette & Woods is financial adviser to Equitable on the conversion. Cline Williams Wright Johnson & Oldfather is legal counsel.
