Waterstone Financial (WSBF) in Wauwatosa, Wis., has begun a common stock offering tied to its second-step conversion.
The $1.6 billion-asset company said Thursday that it is selling the 73.5% stake owned by its holding company, Lamplighter Financial. Waterstone is offering 18.7 million to 25.3 million shares of common stock at $10 each to depositors and community members.
At the end of the conversion and offering, each share of common stock held by Lamplighter shareholders will be exchanged for 800,000 to 1 million shares of Waterstone stock.
Any shares not sold in the subscription and community offering will be sold to underwriters.
Sandler O'Neill & Partners is assisting Waterstone with the offerings.