Norwalk Savings Society has adopted a shareholder rights plan under which it will distribute preferred share purchase rights to shareholders of record May 28.
Details of the plan were not released but will be sent to shareholders. Officials said the plan is similar to other shareholder rights programs. When it is triggered, it would let shareholders buy more shares of Norwalk Savings stock or that of an acquirer at a discount to market value at the time.
The rights will also entitle shareholders to buy, under certain circumstances, 0.01 share of junior participating preferred stock for each share of common stock they hold. The board may also redeem the rights for 0.1 cent per right.
Officials stressed that the plan was not adopted in response to an attempt to acquire the thrift.