The $768 million-asset Baltimore County Savings Bank in Baltimore announced plans Wednesday to convert from a mutual holding company to a fully stock-owned institution.
"We expect the second-step conversion to enable us to compete more effectively in the financial services marketplace while at the same time creating a more active and liquid market for the new holding company's common stock," Joseph J. Bouffard, the president and chief executive officer of the bank and its holding company, BCSB Bankcorp, said in a press release.
Baltimore County, which adopted the mutual holding company structure in 1998, says it expects to complete the conversion by midsummer.
BCSB's stock soared 16% Wednesday, to close at $17.25 a share.
