GARDEN CITY, N.Y. -- T R Financial Corp., the recently formed holding company for Roosevelt Savings Bank, announced the completion of its initial slock offering at $9 a share.
By the close Tuesday, the price had risen to 9.875.
Converting its state-chartered thrift from the mutual to stock form of ownership, T R Financial sold 10,925,000 shares and issued 437,000 registered shares to the bank's internal recognition and retention plans.
The transaction boosted the holding company's consolidated capital to $183 million, putting its capital-to-assets ratio at 9.8%.
Roosevelt Savings' conversion plan was approved by depositors at a special meeting June 16. Adams Cohen Securities Inc. of Great Neck, N.Y:, managed the subscription offering.
