Another Former CU Files To Become Stock Bank
The $227 million SharePlus Federal Bank, the former SharePlus Federal Credit Union, has filed papers with the Securities and Exchange Commission to make its initial public offering of stock.
Under the terms of the offering, the Dallas area bank's holding company would issue roughly $1.9 million shares of stock in the bank and expects to raise $18.5 million in capital from the sale. Bank depositors would have the first chance to by shares in the new offering, the bank's filing said.
SharePlus converted from a credit union to a mutual bank charter in 2004. Curiously, in the very quarter where the bank was filing its IPO, the bank's filings with the Office of Thrift Resolution and FDIC indicated it had lost $323,000.
The filing indicates that only two of the bank's current board were the former credit union's board members.