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Peoples Federal Bancshares Will Complete Conversion, Stock Offering

Jun 30, 2010 | Reprints | Unlock Link | Print

Brighton’s Peoples Federal Bancshares Inc., the proposed holding company for Peoples Federal Savings Bank, expects to close its conversion and stock offering on Tuesday.

Shares of Peoples Federal Bancshares Inc. are expected to begin trading on Wednesday on the NASDAQ Capital Market under the symbol "PEOP." Peoples Federal Bancshares Inc. will sell 6.6 million shares of common stock at $10 per share in its subscription offering.

Additionally, Peoples Federal Bancshares Inc. will contribute 529,000 shares of its common stock to Peoples Federal Savings Bank Charitable Foundation, a nonprofit charitable foundation that Peoples Federal Savings Bank has established in connection with the stock offering.

At a special meeting of the members of Peoples Federal MHC held on June 28, the members of Peoples Federal MHC approved Peoples Federal MHC’s Plan of Conversion and also approved the establishment and funding of Peoples Federal Savings Bank Charitable Foundation.

Banking & Lending