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Malvern Federal Bancorp Inc Announces Completion Of Second Step Conversion And $36.4 Million Public Offering

Thursday, 11 Oct 2012 06:17am EDT 

Malvern Federal Bancorp Inc announced that it has completed the second-step conversion pursuant to which the Company has become the new holding company for Malvern Federal Savings Bank (the Bank). As a result of the conversion and stock offering, Malvern Federal Mutual Holding Company and Malvern Federal Bancorp, Inc., the former mid-tier holding company of the Bank (the Mid-Tier Holding Company), have ceased to exist. As part of the conversion, all of the publicly held shares of Mid-Tier Holding Company common stock have been converted into the right to receive 1.0748 of shares of Malvern Bancorp--New common stock and will no longer trade on the Nasdaq Global Market. Shares of Malvern Bancorp--New common stock will begin trading on the Nasdaq Global Market on October 12, 2012 under the trading symbol MLVFD for a period of 20 trading days. Thereafter, the trading symbol will revert to MLVF. A total of 3,636,875 shares of common stock were sold in the subscription offering at $10.00 per share for gross proceeds of $36.4 million. Approximately 2,921,887 additional shares will be issued in exchange for shares of Mid-Tier Holding Company common stock. Cash will be issued in lieu of fractional shares based on the offering price of $10.00 per share. The total shares outstanding after the stock offering and the exchange are approximately 6,558,762 shares. 

Company Quote

0.1195 +1.08%
10 Jul 2014