Shares of Statewide Financial Corp. jumped 33% Monday after the thrift's 5.2 million-share initial public offering.

More than 4.3 million shares changed hands as the Jersey City-based thrift converted from mutual status. The shares, now trading under the symbol SFIN on Nasdaq, finished at $13.25, up $3.25 from the offering price of $10.

Sandler O'Neill & Partners underwrote the offering.

Unlike most mutual thrifts that convert without pressing capital needs - apparently in order to be more salable - Statewide had low capital ratios, said James Benson, an analyst with Ryan Beck & Co.

The thrift's 13-branch system could prove appealing to acquirers, he said.

Before the offering, which is expected to raise $51.4 million, the $478 million-asset thrift's equity-to-asset ratio was 4.63%, and after the IPO the ratio should be 13%.

Office of Thrift Supervision rules do not allow a converted thrift to solicit bids for one year after the IPO, though unsolicited offers can be accepted.

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