Clearing a hurdle in its unusual deal to buy a converting thrift, Emclaire Financial Corp. in Emlenton, Pa., has raised $3.46 million in a stock offering.

The $333 million-asset Emclaire sold 163,569 shares in the offering, well above the 92,435 shares required to proceed with its deal for Elk County Savings and Loan Association in Ridgway, Pa.

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