Twin City Federal Saving Bank of Bristol. Tenn., has received approval from the Office of Thrift Supervision to convert to a stock charter.
In conjunction with the conversion, the institution formed a holding company, Twin City Bancorp.
Twin City is a $95 million-asset savings bank.
Under the conversion plan, Twin City will be offering 1.04 million shares at $10 per share. The subscription closes Dec. 20.
Prospectuses describing the conversion have been mailed to potential subscribers in the bank's franchise.
The subscription and community offering will be managed by Trident Securities Inc.