BRISTOL, Va. -- Charter Federal Savings Bank said it plans to raise at least $43.5 in capital through a rights offering.

The $692 million-asset thrift would grant 5.65 rights per share of outstanding stock. Shareholders would the be allowed to buy new stock at about $2 a share.

The thrift's employees will also be allowed to participate. If the deal is undersubscribed, Charter expects to arrange for outside individuals and institutional investors to agree to purchase the remainder.

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.