Polonia Bancorp in Huntington Valley, Pa., is giving investors a chance to buy more of its stock after a planned public offering started sluggishly.
The $258 million-asset mutual holding company, which plans to become fully stock-owned, said Monday it would offer eligible depositors a chance to nearly double their orders, to 9.99% of shares, after the company received insufficient orders to complete a pending offering.
Polonia said it would offer any shares that remain to the public after current subscribers have an opportunity to up their orders.
In August, Polonia announced plans to sell the roughly 58% of its shares that are not already publicly traded at a price of $8 a share.
The sale came roughly three months after PL Capital, Polonia’s largest shareholder, demanded the company pursue a second-step conversion to increase liquidity for its stock, pay dividends, expand lending and boost regulatory capital ratios.