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Mutual conversions soared this year as mutual thrift executives sought to raise capital at the behest of investment bankers and others. With many of the biggest mutuals having converted this year, there may be a drop-off in conversions in 2015.
December 24 -
Mutual-to-stock conversions are facing new hurdles, as evidenced by events at a pair of Massachusetts mutuals. Depositors at Beverly Bank recently rejected its proposed conversion, while Reading Co-op Bank changed its bylaws to make it more difficult to convert.
August 19 -
MSB Financial Corp., a mutual thrift firm in Millington, N.J., plans to reorganize into a fully stock-owned company.
November 17
MSB Financial, the holding company of Millington Savings Bank, has filed to pursue a mutual-to-stock conversion.
MSB, though a new holding company, plans to offer 2.4 million to 3.8 million shares of common stock at a $10 a share, the company said in regulatory filing. The shares represent 61.7% of the outstanding common stock of the entity that serves as the majority owner of MSB Financial MHC. Shareholders of the previous company will receive shares in the new one at an exchange ratio of 0.7317 to 1.1384.
The company expects the conversion to be completed in the third quarter.
Depositors of Millington Savings Bank and the bank's tax-qualified employee stock ownership plan and 401(k) plan will receive priority in the subscription offering.
Keefe, Bruyette & Woods will advise MSB throughout the conversion and assist with the stock offering.
