logo
Plus   Neg
Share
Email

Charter Financial Announces Closing Of Reorganization And Stock Offering

Charter Financial Corp. (CHFN), said Monday it has completed the conversion and reorganization pursuant to which First Charter, MHC has converted to the stock holding company form of organization.

Charter Financial, a Maryland corporation and the new stock holding company for CharterBank, has sold 14.29 million shares of common stock at $10.00 per share, for gross offering proceeds of $142.9 million in its stock offering, the company said.

Concurrent with the completion of the offering, shares of common stock of Charter Financial, a Federal corporation owned by the public have been exchanged for shares of Charter Financial's common stock so that the company's existing stockholders now own about the same percentage of Charter Financial's common stock as they owned of the company's common stock immediately prior to the conversion.

Stockholders of the company will receive 1.2471 shares of Charter Financial's common stock for each share of the company's common stock they owned immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid based on the offering price of $10.00 per share. As a result of the offering and the exchange of shares, Charter Financial has approximately 22,752,682 shares outstanding.

The shares of common stock sold in the offering and issued in the exchange are expected to begin trading on the Nasdaq Capital Market on April 9 under the trading symbol "CHFN."

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a signing ceremony for a bill rolling back regulations on small and medium-sized banks, President Donald Trump suggested Thursday he would also consider cutting regulations on larger financial institutions. Trump claimed complex and costly regulations implemented following the 2008 financial crisis... Shares of Hong Kong-listed Samsonite International S.A., the world's biggest luggage maker, tumbled almost 10 percent in Thursday's trading after a short seller issued a report saying that the company suffered from questionable accounting practices and poor corporate governance. Trading in Samsonite's shares were halted after the report was released. In a move likely to add to concerns about the possibility of a global trade war, the Commerce Department has initiated an investigation into whether imports of automobiles and parts threaten to impair U.S. national security. Commerce Secretary Wilbur Ross launched the investigation under Section 232...
Follow RTT