In Brief: Ohio Mutual Thrift Prepares to Go Public

A $1.1 billion-asset Youngstown, Ohio, mutual thrift said it is going public.

Home Savings and Loan Co. hopes to convert to a stock institution during the second quarter, pending regulatory approval, said Douglas M. McKay, chairman and chief executive officer.

Mr. McKay said the thrift wants to convert so it would have more capital available for loans and acquisitions. "Opportunities exist to grow internally and geographically," he said. "The stock structure makes it easier for us to grow." He said the stock's price per share and number of available shares have not been determined.

Home Savings plans to use a portion of the proceeds from the public offering to increase assets in its charitable foundation, which makes donations to charities in Home Savings' three-county market area, Mr. McKay said.