Alamogordo Financial in Alamogordo, N.M., plans to convert from a mutual to a fully stock-owned bank holding company.

The $268 million-asset Alamogordo, the holding company for Bank 34, did not disclose how much it plans to raise in its planned stock offering or how many shares it plans to sell. In the second-step conversion Alamogordo would dissolve its majority shareholder, AF Mutual Holding Co., and create a new holding company to be called Bancorp 34.

The conversion requires the approval of a majority of Alamogordo's shareholders other than AF Mutual; the bank's depositors; the Federal Reserve Board; and the Office of the Comptroller of the Currency.

Bank 34 was established in 1934 as Alamogordo Federal Savings and Loan Association. The company completed a partial mutual conversion in 1997.

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