Brooklyn Federal Bancorp Inc., a 118-year-old mutual thrift with two branches in Brooklyn, N.Y., and one on Long Island, plans to raise $25 million to $39 million by selling a 30% stake to investors.
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Brooklyn Federal, with assets of $322 million, is at least the 16th company this year to convert to a mutual holding company or announce plans to do so. It disclosed its planned conversion in an S-1 report filed late Thursday with the Securities and Exchange Commission.
It said it would use the proceeds from the stock sale to "expand and diversify its business." It said that could involve making more loans, adding new products, or acquiring other financial institutions.
