Heritage Financial Group in Albany, Ga., announced Friday that it has received conditional approval from the Office of Thrift Supervision to complete its second-step conversion and become a full stock company.
The $662 million-asset company commenced its stock offering Friday.
Heritage plans to sell 6.12 million to 8.28 million shares of common stock at $10 per share.
The offering is of the 76% of Heritage's shares currently held by the mutual holding company. It still must obtain shareholder approval to complete the conversion.
A shareholder meeting has been scheduled for Nov. 23.
The company was founded in 1955 as a credit union and in 2001 converted to a mutual thrift charter.
It became a mutual holding company in 2002 and completed its initial public stock offering in 2005, taking 24% of the company public.