Alliance Bancorp, Inc. Of Pennsylvania Announces Extension Of Community Offering And Increase In Purchase Limitations
BROOMALL, Pa., Dec. 27, 2010 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB), the holding company for Alliance Bank, announced today that the subscription offering for the common stock of the new holding company also called "Alliance Bancorp, Inc. of Pennsylvania" in connection with the "second-step" conversion of Alliance Mutual Holding Company, the Company's mutual holding company parent, was completed on December 21, 2010. The Company also announced that the community offering of the new holding company's common stock to the general public, 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, has been extended, and orders may continue to be submitted in the community offering. The syndicated community offering for the new holding company's common stock is expected to commence in early January 2011.
In addition, the Company also announced that the new holding company has filed a prospectus supplement with the Securities and Exchange Commission increasing the maximum purchase limitation from 50,000 shares ($500,000) for individual purchasers and from 100,000 shares ($1,000,000) for purchasers acting together with others, in all categories of the offering combined to, in both cases, an amount equal to 5% of the shares sold in the offering (131,750 shares or $1,317,500 at the minimum of the offering range and 178,250 shares or $1,782,500 at the maximum of the offering range), subject to certain exceptions described in the plan of conversion and reorganization. Consistent with the prospectus dated November 10, 2010, the only persons who will be given the opportunity to increase their orders are those who subscribed for the maximum purchase limit in the subscription offering and who indicated on their order form an interest in purchasing additional shares if the purchase limitations were increased. Any supplemental orders must be received with full payment by 2:00 p.m., Eastern Time, on January 5, 2011. All other eligible subscribers who properly completed and timely submitted a stock order form will be allocated the number of shares of common stock requested in their stock order form.
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