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Central Federal Savings & Loan Association of Rolla in Missouri has filed plans to convert from a mutual to a fully stock-owned bank.
September 15 -
Depositors at mutuals in Ohio and Massachusetts have approved measures making it more difficult for their institutions to convert to stock ownership. Still, many industry observers believe the mutual industry is poised for more consolidation.
August 19 -
New Buffalo Savings Bank in Michigan has filed plans to convert from a mutual thrift to a stock-owned institution.
June 10
PSB Holdings in Putnam, Conn., plans to convert from mutual ownership to a stock-owned bank.
The $472 million-asset holding company for Putnam Bank did not disclose an estimate for much it plans to raise, or how many shares of common stock it will issue. The conversion was disclosed in a
Regulators must approve the conversion plan, which is expected in November or December, Chief Executive Thomas Borner said in an interview.
Putnam's mutual holding company, which owns about 57% of the company, will be dissolved after the conversion. PSB will form a new bank holding company, to be called PB Bancorp.
