United Community Bancorp (UCBA) in Lawrenceburg, Ind., is extending its community offering after receiving insufficient orders for stock to complete its second-step conversion.
The $504 million-asset company has orders for roughly 2.6 million shares. To complete the offering, it must sell a minimum of almost 3 million shares.
United Community's board has extended the community offering and will solicit additional buyers in order to complete the offering, the company said Friday.
Earlier this month United Community increased the maximum purchase limits for investors in the offering after orders fell short. Additionally, members of the mutual holding company that own roughly 60% of its stock and shareholders that hold the remaining 40% approved United Community's plan to reorganize.
The company announced its plans to convert from a mutual holding company to a fully stock-owned one last year.