Shares of Statewide Financial in N.J. Up 33% After Initial Public

Shares of Statewide Financial Corp. jumped 33% Monday after the thrift's 5.2 million-share initial public offering.

More than 4.3 million shares changed hands as the Jersey City-based thrift converted from mutual status. The shares, now trading under the symbol SFIN on Nasdaq, finished at $13.25, up $3.25 from the offering price of $10.

Sandler O'Neill & Partners underwrote the offering.

Unlike most mutual thrifts that convert without pressing capital needs - apparently in order to be more salable - Statewide had low capital ratios, said James Benson, an analyst with Ryan Beck & Co.

The thrift's 13-branch system could prove appealing to acquirers, he said.

Before the offering, which is expected to raise $51.4 million, the $478 million-asset thrift's equity-to-asset ratio was 4.63%, and after the IPO the ratio should be 13%.

Office of Thrift Supervision rules do not allow a converted thrift to solicit bids for one year after the IPO, though unsolicited offers can be accepted.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER