The Office of Thrift Supervision has granted a former credit union permission to convert from a mutual thrift to a stock company.
IGA Federal Savings Bank in Feasterville, Pa., which received its thrift charter on July 1, 1998, is one of only 10 nonprofits to become thrifts and the first to convert to stock ownership.
Officials from $1.5 billion-asset IGA could not comment because they are in the quiet period before their stock offering. A spokesman for Charles Webb & Co., which is assisting the thrift with the offering, said the stock sale is expected to close Sept. 24 and that the company hopes to have the shares trading by mid-October.
In documents filed with the Securities and Exchange Commission, IGA said it is offering between 1,232,500 and 1,667,500 shares of common stock at $10 per share.