, Dec. 17, 2012 /PRNewswire/ -- United Community Bancorp (Nasdaq: "UCBA") (the "Company") announced today that, based on the preliminary results of the subscription and community offerings of United Community Bancorp, the proposed successor holding company to the Company in connection with the Company's pending conversion from mutual holding company to stock holding company form ("new United Community Bancorp"), new United Community Bancorp has not yet received orders for a sufficient number of shares of common stock to complete the offering. In order to consummate the offering, new United Community Bancorp must sell a minimum of 2,966,787 shares. In order to complete the offering, the Board of Directors has determined to increase the maximum purchase limitations in the offering and offer those persons who subscribed for the initial maximum number of shares in the subscription and community offerings the opportunity to increase their orders. New United Community Bancorp will file a prospectus supplement with the Securities and Exchange Commission increasing the maximum purchase limitation for both individuals and groups to 5.0% of the shares sold in the offering (148,339 shares and 174,516 shares at the minimum and midpoint of the offering range, respectively). The Company has received the required regulatory approval to further increase, without further notice, the purchase limitation to 9.99% of the total number of shares to be sold in the offering, provided orders for common stock exceeding 5% of the total number of shares sold in the offering shall not exceed 10% of the shares sold in the offering.
To the extent that shares remain available for sale after existing subscribers have had the opportunity to increase their orders, new United Community Bancorp intends to extend the community offering and solicit additional purchasers. The Company will make a public announcement prior to any extension of the community offering and no new orders will be accepted prior to any such announcement. The community offering, if extended, may be terminated at any time in the Company's sole discretion and the Company retains the right to accept or reject, in whole or in part, in its sole discretion, orders received in the community offering. The offering is expected to close at no higher than the midpoint of the offering range.