WASHINGTON -- Lawyers seeking to drum up business are actively wooing the executives of mutual savings and loans, offering to make them rich if they change their charters to take advantage of looser regulations in certain states on initial public stock offerings.

"The lawyers do a lot of soliciting of thrifts around the country to get their business," said Eric Luse, a partner at Luse Lehman Pomerenk & Schick, a District of Columbia-based law firm that works on such deals.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.