A trio of mutual thrifts have filed paperwork to sell a total of $350 million in stock as part of planned conversions to stock companies.
Blue Hills Bancorp in Norwood, Mass.; Sunshine Bancorp in Plant City, Fla., and Pilgrim Bancshares in Cohasset, Mass., filed shelf registrations earlier this week to convert from mutual to stock-owned companies. The companies did not set dates for their planned conversions.
Blue Hills said in its regulatory filing it will sell up to $285 million of common stock as part of the planned conversion of the $1.3 billion-asset Hyde Park Bancorp. The company plans to offer up to 27.8 million shares, at $10 each, if there is enough demand. Shares will be listed under the stock symbol "BHBK."
The company said it would use some of the net proceeds to redeem nearly $19 million in preferred stock it issued to the Treasury Department as part of the Small Business Lending Fund. Roughly $119 million of net proceeds will be invested in Blue Hills Bank.
Blue Hills also said it could use some of the funds to invest in securities, pay dividends, buy back stock or "take advantage of acquisition opportunities in our market area and adjacent markets."
The company's earnings fell 66% in 2013 from a year earlier, to $2.7 million, largely because of higher loan-loss provisions and a notable decline in securities gains.
Sunshine Bancorp in Plant City, Fla., is looking to sell up to $42.3 million in stock as part of plans to convert the $194 million-asset Sunshine State Federal Savings and Loan. The company said it could sell up to 4.2 million shares of stock at $10 each. It plans to list shares under the stock symbol "SBCP."
The company said in its filing that it could use some of its net proceeds to "expand our retail banking franchise by acquiring another financial institution... although we do not currently have any understandings or agreements." Sunshine also said it could use some of the funds to invest in securities, pay cash dividends and buy back stock.
Sunshine State earned $141,000 last year after losing $37,000 in 2012. The reversal was largely because of lower noninterest expenses in 2013.
Pilgrim Bancshares in Cohasset, Mass., is planning to sell up to $22.5 million in stock as part of the conversion of the $172 million-asset Conahasset Bancshares. The company said in its regulatory filing that it could sell up to 2.2 million shares at $10 each.
The company said it could use some of its net proceeds to invest in securities, pay dividends or buy back stock.
Conahasset earned $368,000 in 2013, compared to $742,000 a year earlier, because of a decline in mortgage-related revenue.