Six mutual thrifts win permission for conversions to stock ownership.

Mutual thrifts are continuing their march to go public.

Late last month, six mutual thrifts received Office of Thrift Supervision permission to convert to stock form. Mutuals, which are owned by their account holders, usually sell most of the new stock issued to depositors, management, and local community members.

Ohio Thrifts to Sell Shares

Xenia, Ohio-based Peoples Savings Bank, with $172 million in assets and 8% equity capital received permission to go public in November.

East Liverpool, Ohio-based Potters Savings and Loan also plans to convert to stock form. The thrift has $114 million in assets and 7.6% equity capital.

The OTS also gave permission to convert to stock to the Williamsburg, Ohio-based Williamsburg Building and Loan Company, which has $18 million in assets and 16.7% equity capital.

Williamsburg plans a merger conversion, in which it will simultaneously convert to stock and merge with Wilmington, Ohio-based Intercounty Banc-shares, the parent of National Bank and Trust in Wilmington.

In addition, Peru. Ind.-based First Federal Savings and Loan, with $49 million in assets and 10% capital, plans to convert.

And the OTS gave Washington, Mo.-based Washington Savings Bank permission to sell stock for the first time. Washington Savings has $83 million in assets and 9.9% capital.

Western Federal Savings Bank of Montana, a Missoula-based thrift with $405 million in assets and 7.2% equity capital, also received OTS permission to convert to stock form.

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