PLANO, Texas – ViewPoint Bank is wasting no time. The former $1.4 billion Community Credit Union became a federally chartered mutual savings bank on Jan. 1, 2006, and just shy of seven months later, has notified its members of its intent to reorganize into a federally chartered mutual holding company structure and to offer common stock. A special meeting has been set for members to vote on the plan of reorganization and stock issuance for Aug. 21, 3 p.m., at the Richardson Civic Center in Richardson, Texas.

The reorganization is a series of transactions by which ViewPoint Bank will convert corporate structure from a mutual savings bank to a mutual holding company form of ownership. Upon voter approval, ViewPoint Bank will become a federal stock savings bank subsidiary of ViewPoint Financial Group. ViewPoint Financial Group will be a majority-owned subsidiary of ViewPoint MHC.

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