Quarry City Savings & Loan Association, a mutual thrift in Warrensburg, Mo., has applied to convert to a stock charter and sell shares to the public.
The $40 million-asset institution has filed conversion documents with the Missouri Department of Insurance, Financial Institutions & Professional Registration, which has not yet ruled on the application. Quarry City, which was founded in 1890, said in regulatory documents that it wants to convert in order to more easily raise capital.
If the conversion is approved, only five state-chartered savings and loan associations will remain in Missouri. Other states, including Pennsylvania, have abolished their state charters for savings and loan associations, saying they have become too costly to regulate for the small number of institutions.
Luse Gorman Pomerenk & Schick is giving legal advice to Quarry City on the conversion.