Alliance Bancorp Inc. in Broomall, Pa., is planning a second-step conversion, whose proceeds it said would help fund growth.
The $450 million-asset company sold 41% of its stock on the open market in January 2007 and said Wednesday that it now intends to sell the remaining 59%, which is owned by its mutual holding company.
The public offering and conversion to a 100% stock-owned company are expected to be completed late this year or early in 2011.
Dennis D. Cirucci, Alliance's president and chief executive, said in a release that the additional capital would be used to fuel growth, particularly by helping the thrift offer more commercial loans.
