Huntingdon Valley Bank in Pennsylvania has revived its plan for a mutual conversion.
The $184 million-asset bank estimated it could raise up to $18.9 million in an offering, according to regulatory documents. The bank's holding company, HV Bancorp, will sell between 1.4 million and 2.2 million shares of common stock on an undetermined date.
Huntingdon Valley in January shelved its previous plan to convert from a mutual to a stock-owned bank. In the initial plan, Huntingdon Valley would have both converted and used the offering proceeds to acquire the $186 million-asset Victory Bank in Limerick, Pa. But Huntingdon Valley withdrew the plans after the Federal Deposit Insurance Corp. raised "policy concerns regarding mutual conversion/mergers." Victory is not included in the new conversion plan.
As part of the conversion, Huntingdon Valley will form an employee stock-ownership plan, which will acquire 8% of the common stock issued in the offering.
In the current mutual conversion proposal, Sandler O'Neill is financial adviser to Huntingdon Valley and Luse Gorman is legal counsel.