15, CU Financial Services, a consultancy that advisesĬUs contemplating charter change reported that of the 36 credit unions Issuance, a bank may issue the bulk of its equity as stock and loses itsĪs of Feb. Structure, the bank forms a company that bank depositors own mutuallyĪnd which issues a minority share of stock, usually between 40% and 46% Holding company or in a straight stock sale. Some then go on to issue stock, either through a mutual Most credit unions that convert to bank charters convert to mutualīank charters. "This hasĪllowed us to better serve the needs of our customers and the localĬommunities in which we operate, compete more effectively with otherįinancial service providers, and have access to the capital markets Mortgage lending as well as commercial real estate and commercialīusiness lending," the bank wrote in its filing. "The objective of the charter conversion was to implement ourīusiness strategy of broadening our banking services into residential Million in deposits and $17.0 million in total equity. Since then, the bank has grown to $227.2 million in totalĪssets, $167.2 million in loans, including loans held for sale, $192.2 In total loans, $149.3 million in deposits and $18.4 million of totalĮquity. At the time of the conversion the bank said it had $142.9 million SharePlus converted from a credit union to a mutual bank charter inĢ004. Plan and employee stock ownership plan, the bank said in its filing. Bankĭepositors with at least $50 on deposit with the bank as of March 31,Ģ009, would have the first chance to buy shares in the new offering, theīank's filing said. Holding company would issue roughly 1.9 million shares of stock in theīank and expects to raise $18.5 million in capital from the sale. Under the terms of the offering, the Plano, Texasbased bank's The $227 million SharePlus Federal Bank, the former SharePlusįederal Credit Union, has filed papers with the Securities and Exchange Plans to make an initial public offering of stock in the next few Retrieved from Īnother bank that began life as a credit union has announced its APA style: SharePlus Federal Bank, a former credit union, announces stock IPO.SharePlus Federal Bank, a former credit union, announces stock IPO." Retrieved from
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MLA style: "SharePlus Federal Bank, a former credit union, announces stock IPO." The Free Library.
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