PSB Holdings (PSBH) soared to the highest level since 2008. The company said late Wednesday in a SEC filing Putnam Bancorp, MHC (the Mutual Holding Company), PSB Holdings, Inc. and Putnam Bank each adopted a Plan of Conversion and Reorganization of the Mutual Holding Company pursuant to which the Mutual Holding Company will undertake a “second-step” conversion and cease to exist.
Putnam Bank will reorganize from a two-tier mutual holding company structure to a fully public stock holding company structure. The Mutual Holding Company currently owns approximately 57.0% of the shares of common stock of the company.
Putnam Bank will become a wholly owned subsidiary of a Maryland stock corporation (the “New Holding Company”), while the shares of common stock of PSBH held by persons other than the Mutual Holding Company (whose shares will be canceled) will be converted into shares of common stock of the New Holding Company pursuant to an exchange ratio designed to preserve the percentage ownership interests of such persons (excluding shares purchased in the stock offering described below and cash received in lieu of fractional shares, and as adjusted to reflect certain assets held by the Mutual Holding Company), and the New Holding Company will offer and sell shares of common stock representing the ownership interest of the Mutual Holding Company in a subscription offering.
Companies: PSB Holdings, Inc.
Price: 9.93 Price Change: +1.97 Percent Change: +24.75