Westbury Bank in West Bend, Wis., aims to raise as much as $46.8 million and convert to full stock ownership from a mutual holding structure.

Shares of common stock in Westbury Bancorp will be offered at $10 per share in a subscription and community offering, the $546 million-asset company said in a filing with the Securities and Exchange Commission. It will sell between 3 million and 4.6 million shares of common stock.

Depositors of the bank as of June 30, 2011, will have first priority in the offering followed by the bank's tax-qualified plans, including the employee stock ownership plan, and depositors of the bank as of Sept. 30. Any remaining shares may be offered to the general public.

Westbury is converting to a stock-owned company to "improve our capital position to support our risk profile during a period of economic uncertainty for the financial services industry and to assure compliance with regulatory capital requirements and additional capital levels set forth in capital plans that we have submitted to our regulators," the filing said.

At June 30 Westbury's Tier 1 leverage capital ratio was 7.32%, and its total-risk based capital ratio was 11.16%, below levels required in a capital plan submitted to regulators, the filing said.

The conversion would support organic loan and deposit growth, provide greater flexibility to access the debt and equity capital markets and attract and retain qualified personnel by establishing stock-based benefit plans, the filing said.

WBSB Bancorp currently owns all of the outstanding stock of Westbury Bank and Westbury Bancorp, which was formed to be the holding company for the bank following the conversion. WBSB Bancorp MHC is the mutual holding company that owns WBSB Bancorp.

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