DES MOINES Principal Mutual Holding Co. said it had named Mellon Financial Corp.s Mellon Investor Services subsidiary as its demutualization conversion and transfer agent as it changes from a mutually held insurance company to a publicly traded stock company.
Mellon, based in Pittsburgh, will assist with the design, implementation and execution of the process by which Principal Mutual Holding Co. will convert.
Principal also said last Wednesday that 92.2% of its eligible policyholders who voted had approved its plan to convert into a public company.
A two-thirds majority vote was needed to approve the plan, which still requires the blessing of the Iowa insurance commissioner.
The final vote was 260,850 in favor and 22,085 against.
An initial public offering of stock in Principal Financial Group Inc. is expected this year or early next year.