LAKE SUCCESS, N.Y. -- Astoria Federal Savings and Loan Association said it completed an initial public offering by issuing $330 million in stock.
The offering came as the thrift converted from a federally chartered mutual savings association to a federally chartered stock savings association. It also established a new holding company, Astoria Financial Corp.
The thrift said it sold 13,225,000 common shares at $25 a share through a subscription offering to account holders, other members, and certain employee plans.
Astoria Federal, which has $3.7 billion of assets, is the nation's 45th largest thrift. The conversion plan was approved by depositors at a special meeting on Nov. 10.