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Sugar Creek Financial Corp announces adoption of plan of conversion and reorganization


Tuesday, 3 Dec 2013 04:01pm EST 

Sugar Creek Financial Corp:Says its Board of Directors, together with the Boards of Directors of Sugar Creek MHC and the Bank, have adopted a Plan of Conversion and Reorganization.Says pursuant to the Plan of Conversion, the MHC will sell its majority ownership in the company in a "second-step" stock offering.Says simultaneously, the company, which is currently in the mutual holding company structure, will reorganize to a fully public stock holding company.Says as part of the conversion and reorganization, the Bank will become a wholly owned subsidiary of a new holding company, which will be named Sugar Creek Financial Corp.Says Upon completion of the conversion and reorganization, shares of common stock of the company held by the MHC will be canceled and those shares held by persons other than the MHC will be converted into shares of common stock of the new holding company.Says in the stock offering, depositors of the Bank with qualifying deposits as of Sep. 30, 2012 will have first priority to purchase the shares of common stock of the new holding company. 

Company Quote

9.5
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21 Oct 2014