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Kearny Financial in Kearny, N.J., has adopted a plan to convert to a public stock company.
September 5 -
Pathfinder Bancorp (PBHC) in Oswego, N.Y., is planning to convert from a mutual thrift to a fully public holding company.
April 10 -
Mutual-to-stock conversions are facing new hurdles, as evidenced by events at a pair of Massachusetts mutuals. Depositors at Beverly Bank recently rejected its proposed conversion, while Reading Co-op Bank changed its bylaws to make it more difficult to convert.
August 19
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
"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.
