Community Federal Savings and Loan Association. Winnsboro, S.C., has received approval from the Office of Thrift Supervision to convert to a federally chartered stock savings and loan from a mutual institution.

Under the conversion plan, South Carolina Community Bancshares, a newly formed holding company for the thrift. is offering 501.500 and 678,500 shares of common stock at $10 a share.

Community's employee stock ownership plan, account holders, and borrowers will have the first chance to buy stock in a subscription offering that closes June 22. At the same time, stock will be offered to certain members of the general public - with preference given to Fairfield County residents.

The company anticipates that any shares that aren't sold after the offerings will be offered in a syndicated community offering.

The offerings are being managed by Trident Securities Inc., Raleigh, N.C.

The conversion must be approved by depositors and borrowers at a special meeting scheduled for June 22.

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