In a bid to fend off pursuers, Rochester Community Savings Bank on Wednesday announced plans to recapitalize itself with $60 million in convertible preferred stock and an accelerated effort to sell off $174 million of bad real estate loans.

The moves follow disclosure last month by the $3.7 billion-asset thrift that it had received an unsolicited takeover bid.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.