Fox Chase Bancorp Inc. in Hatboro, Pa., has become the latest converted mutual to announce a second-step conversion.

The $1.17 billion-asset company said last week that it will reorganize as a stock company following its initial conversion in 2006.

Currently, the mutual holding company owns 59.9% of Fox Chase's outstanding stock.

In the conversion, that stake will be offered to investors as common stock. Fox Chase expects the conversion to occur in the second quarter.

Fox Chase is another example of a company taking advantage of the reopening of the conversion market, which was largely at a standstill in 2008 and 2009.

At least 20 companies have converted or are in the process of converting so far this year.

Experts said the revival is driven by pent-up demand, the need for additional capital and concern about the future of the Office of Thrift Supervision, which is the primary regulator for most mutual companies.

Fox Chase's thrift unit was in excess of minimum capital ratios for well-capitalized institutions at Dec. 31, with a total risk-based capital ratio of 16.57%.

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