Eureka Financial Corp. in Pittsburgh said Thursday that it had received conditional approval from its regulator to finish converting to a stock company from a mutual holding company.
The Office of Thrift Supervision also gave the two-tier mutual holding company approval to begin its second-step stock offering through the newly proposed Maryland corporation of Eureka Bank. The proposed parent company, Eureka Financial, also received approval from the Securities and Exchange Commission.
The $127.3 million-asset Eureka will sell 680,000 to 920,000 shares of common stock at $10 a share, totaling up to $9.2 million. The company can also increase the number of shares offered by up to 1 million based on market demand, "regulatory considerations" or changes in the financial markets.
The bank will open a stock information center on Jan. 20 as it targets depositors and residents in Allegheny County in Pennsylvania during the offerings. Members of the mutual holding company and bank are scheduled to vote on the second-step conversion by Jan. 19.