Naugatuck Valley Financial Corp. in Connecticut has won permission from the Office of Thrift Supervision to convert from a mutual holding company to a 100% stock-owned company.

The $567 million-asset Naugatuck intends to offer to investors the roughly 60% stake currently owned by the mutual holding company by selling between 3.3 million and 5.1 million shares at $8 each. Depending on investor demand, the company could raise as much as $41 million through the second-step offering.

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