MHC Reorganization definition
Examples of MHC Reorganization in a sentence
The foregoing transaction is hereinafter referred to as the "MHC Reorganization." The MHC and the Association desire to eliminate the mutual holding company structure.
Subsequent to the MHC Reorganization, in October 2003, ASB Holding Company, a federally chartered corporation which owns all of the stock of the Bank ("Middle Tier Holding Company"), sold 1,666,350 shares (or approximately 30%) of its common stock in a subscription offering at $10.00 per share and issued the remaining 70% to American Savings, MHC.
In connection with the MHC Reorganization, Osage Federal Financial, Inc., a federally chartered corporation which owns all of the stock of the Bank ("Middle Tier Holding Company"), sold 684,394 shares (or approximately 30%) of its common stock in a subscription offering at $10.00 per share and issued the remaining 70% to Osage Federal MHC.
In 1999, American Bank of New Jersey, formerly American Savings Bank of NJ (the "Bank"), a federally chartered mutual savings bank reorganized into the mutual holding company form of organization and converted to a federal stock savings bank (the "MHC Reorganization").
In 2004, Osage Federal Bank, formerly Osage Federal Savings and Loan Assocation (the "Bank"), a federally chartered mutual savings association reorganized into the mutual holding company form of organization and converted to a federal stock savings bank (the "MHC Reorganization").