WHEELING, W. Va. -- Fed One Bank's mutual holding company, Fed One Bancorp, plans to issue common shares in a subscription and community offering in the fall.
Currently, the holding company owns 57.5% of the bank's common shares.
In a press release, Fed One Bank said the plan calls for its outstanding shares to be exchanged for shares of the new stock holding company in a ratio that would preserve the minority ownership percentage of the bank's shareholders.
After the conversion, the bank will operate as a federal stock savings bank unit of the newly formed Delaware corporation. The deal has not yet been priced.
