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 regulatory filing.
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.