Former CU Turned Bank Launching IPO Today
A holding company for Fort Worth, Texas, based OmniAmerican Bank, formerly OmniAmerican Credit Union, started trading stock on the NASDAQ stock exchange this morning after members of the federally chartered thrift voted to approve a conversion to a stock issuing bank.
OmniAmerican along with Plano Texas based Community Credit Union (now Viewpoint Bank) fought the NCUA in 2005 over the agency's initial decision to invalidate the credit union's charter change balloting. The credit unions ultimately won that fight and completed their charter changes in 2006. Community, as Viewpoint, already converted to a mutual holding company structure and issued stock.
Bank depositors, many of them former credit union members, were offered chances to buy stock in the offering at $10.00 per share. The bank reported that the offering raised over $119 million.
"The overwhelming response to our initial public offering has been very encouraging and, in light of the current economic conditions, is a testament to the faith that our members have in the OmniAmerican leadership team," said Tim Carter, president/CEO of OmniAmerican Bank. "We are excited to provide our depositors a chance to share in the ownership of our institution and look forward to using this revenue to grow and create new opportunities for customers and employees."