Anchor Bancorp in Aberdeen, Wash., launched a syndicated community offering Wednesday to complete its conversion to a stock company from a mutual.
The proposed holding company for Anchor Mutual Savings Bank must sell at least 2.55 million shares of common stock to convert.
Anchor said that on a preliminary basis it has subscribed 453,333 shares, or nearly 18% of its minimum requirement, totaling $4.5 million outside an employee stock ownership plan. The subscription offering expired Dec. 13, causing Anchor to move to a community offering. Members of the $523 million-asset Anchor Bank approved the plan at a Dec. 29 special meeting.
On Tuesday, Alliance Bancorp Inc. of Pennsylvania said it had completed a syndicated community offering and should close its conversion to a public company from a mutual holding company next week.
The proposed holding company for Alliance Bank in Broomall, Pa., had to sell 3.26 million shares of common stock, totaling $32.6 million to complete the conversion. Once the offering is completed, the fully public company will have nearly 5.5 million shares outstanding. Alliance expects to complete the offering and conversion Jan. 18.