Charter Financial Corp. in West Point, Ga., has completed the sale of $34.2 million of common stock.
The $1.1 billion-asset Charter sold 4.4 million shares of common stock for $7.78 a share, for net proceeds of $30.6 million. The news was announced Wednesday.
The stock was removed from the OTC Bulletin, and is now listed on the Nasdaq Capital Market. Charter sold the stock through an incremental offering. It converted to a mutual holding company structure in 2001, and considered taking the second step to become a full stock company earlier this year.
Its board of directors decided to raise capital through the incremental offering, with a goal of raising up to $62.7 million, according to filings with the Securities and Exchange Commission. Charter plans to use proceeds to pursue failed-bank deals and expand through organic growth.