Fox Chase Bancorp Inc. is one step closer to completing its conversion from a mutual to a stock company.

After the conversion is completed, which is expected on June 29, the banking subsidiary will have a new parent with 14.55 million shares of outstanding common stock.

The Hatboro, Pa., parent company of Fox Chase Bank said Thursday that it received approval from members of the mutual holding company and shareholders of the stock company for its second-step conversion and reorganization, first announced in March.

The $1.2 billion-asset company also received orders to purchase its common stock to complete the offering that coincides with the conversion.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.