Carolina Public Press reports:
Officials with Asheville Savings Bank soon could turn the depositor-owned regional bank into a publicly-traded one, with an initial stock offering projected to net up to nearly $70.4 million for the five-county institution.
Recently released documents show that Asheville Savings Bank members will vote on Sept. 22 whether to authorize the move by the Asheville-based bank, which is also subject to review by the Federal Deposit Insurance Corporation and the N.C. Commissioner of Banks.
If all approvals are granted, Asheville Savings Bank will become a wholly owned subsidiary of a newly formed holding company, ASB Bancorp, Inc., which will initially offer up to 7.245 million shares of stock, at $10 per share, to account holders. A community stock offering could come later, bank documents say. Currently, the bank has a mutual form of ownership, where the depositors are the owners. ...
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Officials with Asheville Savings Bank soon could turn the depositor-owned regional bank into a publicly-traded one, with an initial stock offering projected to net up to nearly $70.4 million for the five-county institution.
Recently released documents show that Asheville Savings Bank members will vote on Sept. 22 whether to authorize the move by the Asheville-based bank, which is also subject to review by the Federal Deposit Insurance Corporation and the N.C. Commissioner of Banks.
If all approvals are granted, Asheville Savings Bank will become a wholly owned subsidiary of a newly formed holding company, ASB Bancorp, Inc., which will initially offer up to 7.245 million shares of stock, at $10 per share, to account holders. A community stock offering could come later, bank documents say. Currently, the bank has a mutual form of ownership, where the depositors are the owners. ...
Click link to read the story.Read the full article
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Don't see too many mutual-to-stock conversions these days. As with all such transactions, the devil is in the details. How much stock is being awarded to officers, or do they have to purchase it? What are the limits of depositors' share purchases? Are there plans to sell the bank? In the end, who benefits?
If ASB needs capital (are there some growth opportunities they are expecting to pursue?), okay, but why undertake this conversion now?
By Jake
09/02/2011
Isn't allowing a bank to itself become a commodity something of part of the whole problem the economy faces?
Sometimes I wonder if the only difference between rich and poor is the WAY they'd crash the system if they could.
By mat catastrophe
09/05/2011