Charter Financial in West Point, Ga., plans to sell additional stock and convert to a full public company from a mutual.
The boards of Charter Financial (CHFN) and its CharterBank approved the plan of conversion and reorganization. As part of the plan, the mutual holding company will sell its majority stake in Charter Financial in a second-step stock offering. Charter, which is currently a mutual holding company, will simultaneously reorganize to a fully public stock holding company.
In the stock offering, the qualified depositors of the bank as of Sept. 30, 2011, will have first priority to buy the common stock shares, the company said Tuesday.