Two Southeast thrifts completed their conversions from mutual to stock ownership.

The holding company of First Federal Savings and Loan Association of Florence, Ala., completed an initial public offering April 6, issuing 2,049,875 shares of common stock.

The proceeds will "substantially increase" the capital of $150 million- asset First Federal, company officials said.

Iberia Savings Bank, New Iberia, La., also completed its conversion on April 6 and will become a subsidiary of ISB Financial Corp. The $487 million-asset holding company sold 7,380,671 shares, raising about $72.4 million.

Both institutions will trade on Nasdaq. First Federal's holding company symbol will be FSTH for First Southern Bancshares Inc. ISB Financial's symbol will be ISBF.

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