PLANO, Texas – Viewpoint Bank said yesterday it raised almost $120 million with a quasi-public offering of shares to its depositors, the initial step to taking the former Community CU public.
The holding company for the $1.5 billion bank, the biggest credit union conversion ever, will begin trading Oct. 3 on the Nasdaq as Viewpoint Financial Group, or ‘VPFG’. The offering was managed by Keefe, Bruyette & Woods, which netted the bank conversion specialists at least $1 million in underwriting fees, according to Securities and Exchange Commission files.
Silver, Freedman and Taff, the law firm specializing in credit union conversions, earned more than $300,000 as special counsel through the process. Depositors, most of them former credit union members, overwhelmingly approved the conversion to mutual holding company at yesterday’s special meeting.
The new bank, was chartered in 1952 as Collins Radio CU, then grew to be the largest community in the country, before converting to mutual savings bank in January.
