Malvern Federal Bancorp, Inc. (MLVF), said Wednesday that Malvern Bancorp, Inc., the proposed holding company for Malvern Federal Savings Bank, and Malvern Federal Mutual Holding Company have received conditional regulatory approval for Malvern Bancorp-New to commence its stock offering in connection with Malvern Federal Mutual Holding Company's proposed mutual-to-stock conversion.
Malvern Bancorp-New is offering for sale between 2,337,500 and 3,162,500 shares of common stock at $10.00 per share.This may increased without notice to persons who have subscribed for shares, by up to 15 percent, to 3,636,875 shares, as a result of market conditions or demand for shares.
The shares being offered for sale represent the 55.5 percent ownership interest in Malvern Federal Bancorp's common stock now owned by Malvern Federal Mutual Holding Company.
At the end of the conversion and offering, shareholders of Malvern Federal Bancorp, excluding Malvern Federal Mutual Holding Company shareholders, will have their shares of common stock of Malvern Federal Bancorp exchanged for between 0.6908 and 0.9346 shares of Malvern Bancorp-New, subject to a 15 percent increase of up to 1.0748 shares, depending on the number of shares sold in the offering.
The completion of the conversion and offering is subject to selling a minimum of 2,337,500 shares in the offering, the receipt of all necessary final regulatory approvals the receipt of the approval of the members of Malvern Federal Mutual Holding Company as well as the shareholders of Malvern Federal Bancorp.
The company said that it will hold special meetings on October 2 to consider and vote upon approval of the plan of conversion and reorganization and the transactions contemplated thereby.
The shares are being offered in a subscription offering with first priority to depositors of the Bank with a qualifying deposit as of December 31, 2010, second priority to depositors of the Bank with a qualifying deposit as of June 30, 2012 and then depositors of the Bank as of August 6, 2012 and borrowers of the Bank as of December 31, 1990 whose loans continued to be outstanding as of August 6, 2012.
Along with the subscription offering, Malvern Bancorp-New will be offering shares of common stock to members of the general public in a community offering, with preference given first to persons residing in Chester and Delaware Counties, Pennsylvania, and then to public shareholders of Malvern Federal Bancorp as of August 9, 2012.
The transaction is expected to close in October.
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