Kearny Financial in Fairfield, N.J., is moving ahead with its second-step conversion after getting approval from the Federal Reserve Board.

The $3.5 billion-asset company said in a press release that it is planning to sell between 58.2 million and 78.8 million shares of common stock, equal to about 77% ownership in a new holding company, at $10 each. Kearny will also swap out existing shares that are already held by outside investors.

Kearny said its subscription and community offerings will expire on April 15.

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