Ben Franklin Bank of Illinois, Arlington Heights, has postponed a mutual-to-stock conversion.
Ben Franklin executives would not comment on the action, but in a news release chairman Joseph J. Gasior said the board has undertaken a review of the thrift's FHA Title 1 lending operations.
"In view of the possibility that this review could result in a significant change in the bank's operations, we do not believe it prudent to complete the stock conversion until the review is completed," he said.
Ben Franklin, with $133 million of assets, announced its conversion plans in June. Thrift officials said they would return all funds to subscribers.