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Ben Franklin Financial in Arlington Heights, Ill., is the latest mutual to announce plans for a second-step conversions.
September 11 -
One reason so many federal thrifts have switched to other charters is that the Qualified Thrift Lender test impedes their commercial lending. However, a top regulator says he wants it eliminated.
September 4 -
Mutual-to-stock conversions are facing new hurdles, as evidenced by events at a pair of Massachusetts mutuals. Depositors at Beverly Bank recently rejected its proposed conversion, while Reading Co-op Bank changed its bylaws to make it more difficult to convert.
August 19
Madison Bank of Maryland in Forest Hill plans to convert from a mutual thrift to a stock-owned institution.
The $141 million-asset thrift plans to raise about $24 million as part of its conversion. Madison Bank will use the proceeds to fund lending and increase capital levels,
Madison Bank, which will remain federally chartered, will form a new savings-and-loan holding company, MB Bancorp. The conversion requires approval from the Office of the Comptroller of the Currency and from a majority of the bank's voting members.
Madison Bank recorded a total of about $1.1 million in losses for 2012 and 2013. It earned $95,000 for the first half of this year.
Keefe, Bruyette & Woods and Feldman Financial Advisors are advising Madison. Kilpatrick Townsend & Stockton is legal counsel to Madison and Breyer & Associates is legal counsel to KBW.
