United Community Bancorp in Lawrenceburg, Ind., is planning a second-step conversion.
The $488 million-asset company said late Thursday that it would sell about 59.3% of its stock still owned by its mutual holding company. The amount will be based on an independent appraisal. The public offering and conversion requires shareholder approval. The offering is expected to begin in the second quarter.
United Community is the parent of United Community Bank, which has nine branches in Dearborn and Ripley counties. The company reported that its fourth-quarter earnings rose 21.6% from a year earlier, to $579,000.