American Savings Association completes initial stock offering.PORTSMOUTH, Ohio--(BUSINESS WIRE)--May 10, 1995--Gerald R. Jenkins, president of American Savings Association announced today that ASB ASB Asbestos ASB Arbeiter Samariter Bund (German medical help organisation) ASB Anti-Social Behaviour ASB Accounting Standards Board (UK FRC) ASB Aarhus School of Business Financial Corp. (NASDAQ/NMS:ASBP ASBP American Society of Bariatric Physicians ASBP Armed Services Blood Program ), the holding company for American Savings Association, has completed its stock offering in connection with American Savings Association's conversion from mutual to stock form. 1,587,000 shares were sold in the conversion to depositors of the association at $10 per share. An additional 126,960 shares are being sold to the company's employee stock ownership plan at $10 per share out of authorized but unissued shares, bringing the total issued and outstanding shares to 1,713,960. The stock is anticipated to begin trading on May 11, 1995 on the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. Automated Quotation National Market System (NASDAQ/NMS) under the symbol ``ASBP.'' Trident Securities Inc., based in Raleigh, N.C. managed the stock offering. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). will be used for general corporate purposes permitted by applicable laws and regulations, including adjustable-rate loan originations, low and moderate income and first-time home buyer loan originations in Scioto County, Ohio Scioto County is a county located in the south central region of the state of Ohio, United States at the confluence of the Scioto and Ohio Rivers. As of the 2000 census, the population was 79,195. ; adjustable-rate mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. purchases; cash dividends; and possible stock repurchases. On April 19, 1995, American Savings Association's Amended Plan of Conversion was approved by American Savings Association's depositors and borrowing members at the special meeting that was held at the office of American Savings Association in Portsmouth. Jenkins indicated that the officers and board of directors of American Savings Association wanted to express their thanks for the response to the stock offering and that American Savings Association looks forward to serving the needs of its customers and new stockholders as a stock institution. CONTACT: American Savings Association, Portsmouth Gerald R. Jenkins, 614/354-3177 |
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