Beneficial Mutual Bancorp (BNCL) proposed proposed new holding company for Beneficial Bank, will sell a total of ~50.4mm shares of common stock at $10.00 per share, including ~2mm shares to be purchased by the Bank’s employee savings and stock ownership plan.
“The shares are being sold in connection with the Bank’s conversion from the mutual holding company to the stock holding company form of organization. As part of the conversion, each existing share of Company common stock will be converted into the right to receive 1.0999 shares of Beneficial Bancorp common stock. The exchange ratio is intended to ensure that, immediately after the conversion and offering, the public shareholders of the Company will have approximately the same ownership interest in Beneficial Bancorp as they owned in the Company immediately prior to the conversion. Cash will be paid in lieu of fractional shares based on the offering price of $10.00.” Source
We had previously covered BNCL when it first announced its second-step thrift conversion (here)
