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 Announces Completion Of Syndicated Community Offering; Conversion Expected To Close January 18, 2011

BROOMALL, Pa., Jan. 11, 2011 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB), the holding company for Alliance Bank, announced today that the proposed new holding company for Alliance Bank, a Pennsylvania corporation also known as Alliance Bancorp, Inc. of Pennsylvania ("Alliance Bancorp—New") has received orders to purchase common stock sufficient to complete the offering being conducted in connection with the second-step conversion of Alliance Bank. The conversion and offering are expected to be completed on January 18, 2011. The closing of the transaction is subject to the satisfaction of customary closing conditions.

As a result of the conversion and offering, Alliance Mutual Holding Company and the Company will cease to exist and Alliance Bancorp—New, the state chartered corporation formed to facilitate the conversion, will become the parent holding company of Alliance Bank and will be wholly owned by public shareholders.

A total of 3,258,475 shares of common stock, slightly above the mid-point of the offering range, will be sold in the subscription, community and syndicated community offerings at $10.00 per share for gross proceeds of $32.6 million. All orders properly submitted in the subscription and community offerings will be filled in whole. Concurrent with the completion of the offering, the outstanding shares of the Company common stock (except for the shares owned by Alliance Mutual Holding Company, which will be cancelled) will be exchanged for shares of Alliance Bancorp—New common stock. As a result, each existing share of Company common stock will be converted into the right to receive 0.8200 of a share of Alliance Bancorp—New common stock. The exchange ratio ensures that, after the conversion and offering, the public shareholders will maintain approximately the same ownership interest in Alliance Bancorp—New as they owned in the Company. Cash will be issued in lieu of fractional shares based on the offering price of $10.00. Upon completion of the conversion, the total shares outstanding after the stock offering and the exchange will be approximately 5,474,710 shares. The Bank's Employee Stock Ownership Plan ("ESOP") will purchase an aggregate of 150,991 shares, or 4.63% of the common stock in the offering. Of the total shares purchased by the Bank's ESOP, 50,991 shares of common stock will be purchased in the subscription offering and the ESOP intends to purchase the remaining 100,000 shares of common stock in the open market from time-to-time following completion of the conversion. 

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 $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs