United Community Completes Offering for Conversion

United Community Bancorp (UCBA) in Lawrenceburg, Ind., has raised enough funds from its community offering to complete its second-step conversion.

The $504 million-asset company expects to convert from a mutual holding company to a fully stock-owned one during the week of Jan. 7, United Community said Friday.

It had announced earlier in the day that it would extend the community offering because it had received orders for about 2.6 million shares and it needed to sell a minimum of roughly 3 million to complete the offering. Later in the day it said it had met its goal, though it did not say by how much.

United Community had previously increased the maximum purchase limits for investors in the offering after orders were insufficient.

Members of the mutual holding company that own roughly 60% of its stock and shareholders that hold the remaining 40% have already approved United Community's plan to reorganize.

The company announced plans for the conversion last year.