FedFirst Financial Corp.'s second-step conversion is back on track.
The $355.7 million-asset company in Monessen, Pa., said Thursday that it has sold enough common stock — 1.7 million shares — to complete its conversion from a mutual holding company to a stock holding company. The offering and conversion are expected to be completed Sept. 21.
The deal was held up in July after FedFirst failed to sell the requisite number of shares, a figure determined by the company's stock appraisal. FedFirst sought a new appraisal, which reduced the number of shares it had to sell as well as the number of shares that public shareholders would receive in the new stock company.
The move proved enticing to investors, who will now pay 52.8% of the company's tangible book value, compared with 57.7% before the new appraisal. The company expects to realize net proceeds of $15.4 million.
