TALLAHASSEE, Fla. – Just after a year after converting to a mutual saving bank, Sunshine Bancorp, the former Sunshine State CU, has filed to raise as much as $10.7 million in an initial stock offering.
The $165 million mutual savings bank, chartered in 1952 to serve Florida state employees, completed a stop-and-start conversion last July 1, according to a filing with the Securities and Exchange Commission. The conversion process, which began more than three years ago, had to be halted, then started up again after the dismissal of the credit union’s president, Marc Lecain.
The turnaround to stock sale is one of the fastest by a converted credit union, surpassed only by the 2006 IPO of Community CU, a $1.5 billion Texas credit union now known as Viewpoint Bank.
Sunshine plans to go public in a two-step conversion. In the first step, a minority of ownership, 45%, will be sold to depositors and members of the public, while a mutual holdings company, Sunshine Financial Inc., will retain a 55% stake. A second step would involve the sale of the majority to the public.
Depositors of the mutual savings bank will get first shot at the shares at $10 each, with members of the public offered any remaining shares.
Insiders plan to buy 7.1% of the shares, with Louis Davis, Jr., the former S&L manager brought in after LeCain’s departure, planning to subscribe to 15,000 shares. Davis, former chief executive at First Palm Beach Bancorp, was hired in 2005 to complete the aborted conversion.
