American Savings Bank Announces Plan of Conversion to Stock Company.NEW BRITAIN New Britain, city, United States New Britain, industrial city (1990 pop. 75,491), Hartford co., central Conn.; settled c.1686, inc. 1871. The tin shops and brassworks in the city were established in the 18th cent. , Conn.--(BUSINESS WIRE)--Aug. 5, 1999-- Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. T. Kenney, Chairman, President and Chief Executive Officer of American Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. (the "Bank"), announced today that, at a special meeting held August 3, 1999, the Bank's corporators approved a plan of conversion to convert the Bank from the mutual to stock form of organization and to form a holding company that will offer its stock in a subscription offering. The plan of conversion is subject to regulatory approval. "The plan was the culmination of nearly twelve months of extensive analysis on the part of the Board of Directors and Executive Management, exploring structural alternatives that will enable the Bank to continue to remain a relevant, independent financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organization in this dynamic and changing industry landscape," Mr. Kenney said. "We are pleased to be able to make this announcement." The Bank has filed the required regulatory applications with the State of Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). Department of Banking and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . In addition, American Financial Holdings, Inc., the proposed holding company for the Bank, has filed a registration statement with the Securities and Exchange Commission. Depositors, officers, directors, employees and corporators of the Bank, as well as members of the general public, are eligible to subscribe for shares of holding company common stock under the terms of the plan of conversion, with depositors of the Bank with deposit balances of at least $50.00 as of the close of business on December 31, 1997 having first priority. The stock offering will begin only after receipt of all required regulatory approvals and after the registration statement is declared effective, which is currently anticipated during the third quarter. As of May 31, 1999, American Savings had $1.61 billion in assets and $286.0 million in equity. The Bank has 17 offices located throughout Connecticut. American Savings Bank has retained Muldoon, Murphy & Faucette LLP LLP - Lower Layer Protocol as its conversion counsel and Sandler O'Neill & Partners, L.P. as its conversion agent. |
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