BRISTOL, Va. -- Charter Federal Savings Bank said it plans to raise at least $43.5 in capital through a rights offering.
The $692 million-asset thrift would grant 5.65 rights per share of outstanding stock. Shareholders would the be allowed to buy new stock at about $2 a share.
The thrift's employees will also be allowed to participate. If the deal is undersubscribed, Charter expects to arrange for outside individuals and institutional investors to agree to purchase the remainder.