Lexington First Federal Savings Bank, Lexington, Tenn., is going public and changing its charter.
The thrift's proposed holding company, Community National Corp., has sold 486,617 shares at $10 each as part of its second-step stock conversion. Shares of the $29 million-asset company are to begin trading over the counter on Dec. 11.
Simultaneously, Lexington First Federal is trading in its federal thrift charter for a national bank charter. Howard W. Tignor, president and chief executive officer of Lexington First Federal, said the bank wants to change charters because national banks have better reputations in the Lexington market.
Lexington First Federal would be named Community National Bank of Tennessee under a new charter. Mr. Tignor said the new name would make it easier for the bank to expand beyond the Lexington area, something the bank hopes to do soon after the stock and charter conversions are complete.