SharePlus Federal Bank in Plano, Texas, has moved one step closer to becoming a publicly traded company.
SP Bancorp Inc., the proposed holding company for the $220 million-asset bank, said Friday it has completed the subscription phase of its public offering and is commencing its community offering, which is expected to close Oct. 14.
SharePlus is allowing investors to buy as much as 40,000 shares, or 5% of the shares offered. The stock was priced at $10 a share.
The company must sell at least 1.5 million shares of common stock to noninsiders to be traded on the Nasdaq Capital Market.