SI Financial Group Inc. in Willimantic, Conn., is planning a second-step conversion.
The $889.4 million-asset company said late Wednesday that it was selling about 62% of its stock still owned by its mutual holding company, or up to 8.7 million shares of common stock, at $8 a share.
The public offering and conversion to a 100% stock-owned company requires shareholder approval. SI Financial is to hold a special meeting on Dec. 23.
SI Financial is the parent of Savings Institute Bank and Trust Co. In October the company reported that its third-quarter earnings more than doubled year over year, to $838,000.