Liberty Savings Bank in Missouri said Friday that it has completed its secondary stock offering, paving the way for a "second-step" conversion from a mutual holding company structure to a 100% stock-owned company.
The $258 million-asset thrift also announced that on Thursday its shareholders and the shareholders of its mutual holding company formally approved the conversion plan, which was unveiled in December. Liberty Mutual Holding Co. would be eliminated, and a new holding company, Liberty Bancorp Inc., would be created.
Liberty offered about 2.06 million shares, first to its customers and then to members of the community, at $10 each. The offering to its customers, who bought about $12 million of the stock, ended June 22, and the community offering ended Wednesday.
The conversion plan is awaiting final regulatory approval.
