WEST POINT, Ga., April 8, 2013 (GLOBE NEWSWIRE) -- Charter Financial Corporation (Nasdaq:CHFN), announced today that it has completed the conversion and reorganization pursuant to which First Charter, MHC has converted to the stock holding company form of organization. Charter Financial Corporation, a Maryland corporation ("Charter Financial") and the new stock holding company for CharterBank, has sold 14,289,429 shares of common stock at $10.00 per share, for gross offering proceeds of $142.9 million in its stock offering.
Concurrent with the completion of the offering, shares of common stock of Charter Financial Corporation, a Federal corporation (the "Company") owned by the public have been exchanged for shares of Charter Financial's common stock so that the Company's existing stockholders now own approximately the same percentage of Charter Financial's common stock as they owned of the Company's common stock immediately prior to the conversion. Stockholders of the Company will receive 1.2471 shares of Charter Financial's common stock for each share of the Company's common stock they owned immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid based on the offering price of $10.00 per share. As a result of the offering and the exchange of shares, Charter Financial has approximately 22,752,682 shares outstanding.
The shares of common stock sold in the offering and issued in the exchange are expected to begin trading on the Nasdaq Capital Market on April 9, 2013 under the trading symbol "CHFN."Direct Registration Statements reflecting the shares purchased in the subscription and community offerings are expected to be mailed to subscribers on or about April 9, 2013. Stockholders of the Company holding shares in street name will automatically receive shares of Charter Financial common stock and cash in lieu of fractional shares within their accounts. Stockholders of the Company holding shares in certificated form will be mailed a letter of transmittal on or about April 10, 2013. After submitting their stock certificates and a properly completed letter of transmittal to Charter Financial's transfer agent, stockholders will receive Direct Registration Statements reflecting their shares of Charter Financial common stock and will receive cash in lieu of fractional shares.