HV Bancorp in Huntingdon Valley, Pa., has filed to sell more than $13 million in stock as part of its planned conversion to a stock company.
The company said in a shelf registration that it plans to sell up to 1.3 million shares of common stock at $10 each as part of the planned mutual conversion of its $163 million-asset Huntingdon Valley Bank. The company also said in the filing that it will issue more than 1 million shares of common stock valued at roughly $12 million as part of a previously announced agreement to buy Victory Bancorp in Limerick, Pa.
HV Bancorp said it will initially invest proceeds from in short-term liquid investments, though it could eventually downstream funds to its bank, buy back stock, pay dividends or make acquisitions, among other things.
The company's earnings fell 87% in 2013 from a year earlier, largely because of an increase in salaries and employee benefits.