Charter Financial Completes Second-Step Conversion, Stock Offering

By Chris Cumming April 08, 2013, 5:37 p.m. EDT 1 Min Read

Community banking

Charter Financial in Ga. Gets Closer to Shedding Mutual Status

Charter Financial (CHFN) in West Point, Ga., has received shareholder approval to become a fully public firm.

By Brian Browdie

April 2
Community banking

Charter Financial in Ga. Begins $155M Stock Offering

Charter Financial in West Point, Ga., has begun the stock offering for its second-step conversion.

By Chris Cumming

February 15

Charter Financial Corp. in West Point, Ga., has converted to a fully public company.

The $1 billion-asset company said Monday that it sold $143 million worth of stock in an offering associated with its conversion. It sold 14.3 million shares at $10 a share.

It also exchanged legacy shareholders' holdings for the new shares, which will begin trading on the Nasdaq exchange under the symbol "CHFN" on Tuesday. There are now approximately 22.7 million shares outstanding.

Charter's shareholders approved its second-step conversion last week. The conversion and offering were first announced in February.

Charter is the parent of CharterBank, which has 18 branches in Georgia, Alabama and Florida.

Stifel, Nicolaus was Charter's financial advisor and Luse Gorman Pomerenk & Schick its legal counsel on the offering and conversion.

Chris Cumming

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