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
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