Malvern, Hamilton Finish Second-Step Conversions
Two East Coast banks have shed their mutual holding company ownership.
Malvern Federal Bancorp (MLVF) in Paoli, Pa., said Thursday it has completed a public offering of common stock that raised roughly $36 million and converted the company into one that is owned wholly by public shareholders. The shares represent the interest that Malvern Federal Mutual Holding Co. owns in Malvern Federal Bancorp, the holding company for $600 million-asset Malvern Federal Savings Bank. The stock will trade under the symbol "MLVFD" beginning Monday for a period of 20 trading days, before reverting to the symbol "MLVF," which will represent the company formed to facilitate the conversion.
On Wednesday, Hamilton Bancorp (HABK) in Baltimore said it raised $37 million via a common-stock offering, which marked the conversion of the parent holding company of $319 million-asset Hamilton Bank from a mutual holding company to one that is fully stockholder-owned.
Hamilton and Malvern are among several mutual holding companies that have converted to a 100% stock company recently. In August, Sound Financial Bancorp (SFBC) in Seattle converted to a stock company from a mutual holding company.