This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Alliance Bancorp, Inc. Of Pennsylvania To Commence Second-Step Conversion And Stock Offering

BROOMALL, Pa., Nov. 18, 2010 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB), the holding company for Alliance Bank, announced today that Alliance Mutual Holding Company, the Company's mutual holding company parent, has received conditional approval from the Office of Thrift Supervision and the Pennsylvania Department of Banking to reorganize from the two-tier mutual holding company structure to the stock holding company structure and commence a "second-step" stock offering of shares of common stock of a new holding company. The Company also announced that the registration statement relating to the sale of common stock by the new holding company for Alliance Bank, a newly formed Pennsylvania corporation also named "Alliance Bancorp, Inc. of Pennsylvania," has been declared effective by the Securities and Exchange Commission.

The new holding company is offering for sale between 2,635,000 shares and 3,565,000 shares of common stock (subject to increase to 4,099,750 shares) at a purchase price of $10.00 per share. The shares of common stock to be offered by the new holding company represent the approximately 59.5% ownership interest in the Company's common stock now owned by Alliance Mutual Holding Company. The shares will be offered in a subscription offering to eligible depositors of Alliance Bank. Concurrently with the subscription offering, any remaining shares of common stock will be offered to members of the general public in a community offering, with preference given first to persons residing in Delaware and Chester Counties, Pennsylvania, and then to public shareholders of the Company as of November 8, 2010. The subscription and community offerings are currently scheduled to expire at 2:00 p.m., Eastern time, on Tuesday, December 21, 2010.

At the conclusion of the conversion and offering, shareholders of Alliance Bancorp, other than Alliance Mutual Holding Company, will receive shares of common stock of the new holding company pursuant to an "exchange ratio" designed to preserve their aggregate percentage ownership interest. The exchange ratio will depend on the number of shares sold in the offering and will range from 0.6631 shares at the minimum of the offering range to 0.8971 shares at the maximum of the offering range (subject to increase to 1.0317 shares at the adjusted maximum of the offering range). At the conclusion of the conversion and offering, the new holding company will be 100% owned by public shareholders and the Company and Alliance Mutual Holding Company will cease to exist.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.28 -1.60%
FB $116.28 -0.39%
GOOG $689.33 -0.24%
TSLA $241.43 -2.50%
YHOO $36.36 -0.63%


Chart of I:DJI
DOW 17,677.15 -153.61 -0.86%
S&P 500 2,055.78 -20.03 -0.96%
NASDAQ 4,749.5670 -55.7240 -1.16%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs