The Fereral Savings Bank adopts plan of conversion

The Federal Savings Bank announced Friday that its Board of Directors has unanimously adopted a plan to convert the bank from a federal mutual savings bank to a federal capital stock savings bank. As part of the proposed conversion, the bank intends to form a holding company which would offer rights...

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Bibliographic Details
Published inBusiness Wire p. 1
Main Author Gallant, Richard A
Format Newsletter
LanguageEnglish
Published New York Business Wire 16.07.1993
Subjects
Boards of directors
New England
Organizational structure
Savings banks
MA
United States > US
Waltham
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Summary:The Federal Savings Bank announced Friday that its Board of Directors has unanimously adopted a plan to convert the bank from a federal mutual savings bank to a federal capital stock savings bank. As part of the proposed conversion, the bank intends to form a holding company which would offer rights to purchase common stock to bank deposit account holders, voting members, directors, officers and employees in a subscription offering. It is anticipated that any shares not subscribed for in the subscription offering would be offered to members of the general public. (excerpt)