MSB Financial, the holding company of Millington Savings Bank, has filed to pursue a mutual-to-stock conversion.
MSB, though a new holding company, plans to offer 2.4 million to 3.8 million shares of common stock at a $10 a share, the company said in regulatory filing. The shares represent 61.7% of the outstanding common stock of the entity that serves as the majority owner of MSB Financial MHC. Shareholders of the previous company will receive shares in the new one at an exchange ratio of 0.7317 to 1.1384.
The company expects the conversion to be completed in the third quarter.
Depositors of Millington Savings Bank and the bank's tax-qualified employee stock ownership plan and 401(k) plan will receive priority in the subscription offering.
Keefe, Bruyette & Woods will advise MSB throughout the conversion and assist with the stock offering.