EAU CLAIRE, Wis. – A bank which was a credit union until 2001 is poised to become a fully stock issuing institution.
Citizens Community Federal Credit Union, a $108 million FCU, converted to become a mutual bank in 2001. In 2004 it reorganized to form a mutual holding company and issued 26% of its valuation in an initial stock offering. Converting to a fully stock owned institution will include selling the remaining 74%.
After more than doubling its assets since it was a CU, Citizen's Federal now has 12 branches, eight in Northwestern Wisconsin and two each in Michigan and Minnesota. The prospectus filed with the Securities and Exchange Commission said proceeds would go to help the bank expand further.
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After the sale, James Cooley, Citizen's CEO from before it became a bank, expects to own almost 143,000 shares, valued initially at $10 per share. Richard McHugh, chairman of the CU's board before he became chairman of the bank's board, expects to own over 146,000 shares.
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