Alliance Bancorp Inc. in Broomall, Pa., announced plans last week to raise up to $41 million in a second-step conversion.

The $448.4 million-asset company plans to sell 2.6 million to 3.6 million shares of common stock in order to convert from a mutual holding company to full stock ownership.

Alliance may increase the number of shares sold by 15%, to 4.1 million, which will be offered at $10 apiece.

The mutual holding company owns 59.5% of Alliance's outstanding stock, which will be sold to investors. In a regulatory filing, Alliance said it could use the proceeds to make short-term, liquid investments; invest in securities; pay dividends; repurchase common stock and make acquisitions.

Mutuals have had a tough time completing second-step offerings, in part because of a drop in thrift share prices and lackluster performance by recently converted companies' stock.

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