WEST MILTON, Ohio -- Milton Federal Savings and Loan Association has received approval from the Office of Thrift Supervision to convert from a federally chartered mutual savings and loan association to a federally chartered capital stock savings bank.

Milton Federal Financial Corp., a new holding company, offering between 1,657,500 and 2,578,875 common shares at a price of $10 a share, said Glenn E. Aidt, the company's president and chief executive officer.

The association's account holders and borrowers will have the first opportunity to purchase the shares through a subscription offering that closes Sept. 13. The offering will be managed by Trident Securities Inc. of Raleigh, N.C.

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