Home Federal Bancorp Inc. in Shreveport, La., is giving a conversion another try.
The $170 million-asset company said late Thursday that it plans to become a full stock company through a second-step conversion. It completed the first step in January 2005, giving its mutual holding company a 63.8% ownership stake. Home Federal said in a press release that it would use the capital it would raise through the conversion to fuel growth.
Home Federal announced in December 2007 that it would convert to a stock company and had planned to use the proceeds to buy First Louisiana Bancshares Inc. for $23.7 million. However, the financial markets were in a gridlock then, and Home Federal could not drum up interest. In August 2008, it withdrew the offering and the companies terminated the deal.
