logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Dutch consumer electronics giant Philips Electronics NV reported Tuesday a profit in its fourth quarter, compared to last year's loss, mainly reflecting higher sales in its HealthTech portfolio. The company also revealed that it is currently in discussions with the US Department of Justice regarding its external defibrillator business in the U.S. TerraForm Global, Inc., an operator of clean energy power plants, said Monday that it has signed an exclusivity agreement with Brookfield Asset Management Inc. to negotiate a potential business combination between them. Shares of TerraForm Global are gaining more than 6 percent in pre-market activity following the announcement. Fast food giant McDonald's Corp. (MCD) on Monday reported a 1 percent decline in profit for the fourth quarter from last year on lower revenues due to the impact of refranchising. However, both revenue and earnings per share beat analysts' expectations. The Oak Brook, Illinois-based hamburger chain...
comments powered by Disqus
Follow RTT