Colo. Holding Company Converting to Stock

LAKEWOOD, Colo. - Members of First Savings Capital Mutual Holding Co. and stockholders of its subsidiary, First Federal Savings Bank of Colorado, approved a plan to convert the mutual holding company into a stock holding company.

After the transaction is completed, the thrift will be a wholly owned subsidiary of a new stock holding company called First Colorado Bancorp.

Under the plan, each share of First Federal Savings common stock would be converted into shares of holding company common stock based on an exchange ratio. Subscription rights to purchase the remainder of the conversion stock were granted to certain eligible depositors and other members of the thrift and mutual holding company in a subscription offering, which ended on Dec. 19. After the reorganization, the stock of the holding company will be quoted on the Nasdaq market under the symbol FFBA, the same symbol presently used for the stock of the bank.

First Federal Savings, with 25 branches, has $1.4 billion in assets.