Ben Franklin Financial in Arlington Heights, Ill., is the latest mutual to announce plans for a second-step conversions.

The $97 million-asset company said in a press release Thursday that it plans reorganize as a stock holding company by the end of this year.

"The second-step transaction is another step in our plan to revitalize Ben Franklin Bank and make it more competitive in today's banking environment," C. Steven Sjogren, the company's president and chief executive, said in the release.

The plan, which needs approval from Ben Franklin's depositors, involves selling the mutual holding company's ownership stake to the public, with priority given to its depositors. Current shareholders will receive shares of common stock designed to preserve their current ownership.

Ben Franklin has two branches in the northern suburbs of Chicago.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.