Coastway Bancorp in Cranston, R.I., is planning to raise roughly $48.3 million in its conversion to a 100% stock-owned company.
The $383 million-asset thrift holding company said in a regulatory filing this week that intends to issue more than 4.8 million shares at $10 each. Following the conversion, Coastway will trade on the Nasdaq under the symbol "CWAY".
Coastway's depositors have approved the conversion, which was announced in September. The transaction will close once the company receives final regulatory approval.
Coastway will also contribute about $1.2 million in stock and $300,000 in cash to a charitable foundation that it is establishing in connection with the conversion, it said.
Sandler O'Neill & Partners is the selling agent for the stock sale.