COVINA, Calif. – Converted credit union Kaiser Federal bank Friday said it plans to raise as much as $270 million with a stock offering, the second step of a so-called two-step conversion from a mutual savings bank.
The offering is the latest of a string of former credit unions to hit the markets, which includes Beacon Federal (Beacon FCU), Viewpoint Bank (Community CU), Heritage Bank of the South (AGE FCU) and Atlantic Coast Bank (Atlantic Coast FCU).
Kaiser Federal was chartered in 1953 as a credit union to serve employees of Kaiser Foundation Hospital, then converted to mutual savings bank in 1999. It sold 39% to its depositors and the public in a 2003 initial public offering, the first step of a two-step conversion.
Twenty-two of the 33 credit unions that have converted to mutual savings banks have sold stock to the public.
