United Community Bancorp in Lawrenceburg, Ind., has completed a crucial step in its conversion to a public company from a mutual.

The $504 million-asset company announced Friday that members of the mutual holding company that owns roughly 60% of its stock and shareholders of the other 40% have approved its plan to reorganize in a fully public form.

The conversion remains subject to final regulatory approval and the sale of roughly 3 million shares in the new company. Those shares represent the mutual’s stake in United Community Bancorp.

United Community Bancorp is the parent of United Community Bank.

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