Speaking of bank stocks, ran across another demutualization when searching insider buys.
INVESTORS BANCORP (ISBC)
I show 4 different open market insider buyers on 10/12 at prices up to $10.71, this was the first day they began trading.
Im no expert on demutualizations but I recall several posting on a couple of them in the past.
INVESTORS BANCORP, INC.
ANNOUNCES COMPLETION DATE OF MINORITY STOCK
OFFERING AND FISCAL YEAR END RESULTS
Short Hills, New Jersey, October 7, 2005 - Investors Bancorp, Inc. (the "Company"), the holding company of Investors Savings Bank, announced today that it expects to close its minority stock offering at the close of business on October 11, 2005. Upon closing, Investors Bancorp, MHC, will hold 63,099,781 shares, or 54.27% of the Company's outstanding common stock, and 51,627,094 shares, or 44.40% of the outstanding common stock, will be issued to subscribers in the offering, including 4,254,072 shares of common stock to be purchased by the Investors Savings Bank Employee Stock Ownership Plan. In addition, the Company will contribute $5,163,000 in cash and issue 1,548,813 shares of common stock, or 1.33% of its outstanding common stock, to the Investors Savings Bank Charitable Foundation.
Shares of the Company are expected to begin trading on Wednesday, October 12, 2005, on the Nasdaq National Market under the symbol "ISBC."
The offering was oversubscribed by eligible account holders of Investors Savings Bank as of January 31, 2004. Accordingly, eligible account holders will have valid orders filled in accordance with the allocation procedures set forth in the Company's plan of stock issuance. Supplemental eligible account holders as of June 30, 2005 will not have orders filled. If you are an eligible account holder and would like to confirm your allocation, please contact the Stock Information Center at (800) 768-1260. The Stock Information Center will be open from 11:00 a.m. to 5:00 p.m. on Monday, October 10, 2005, and 9:00 a.m. to 5:00
p.m. on Tuesday, October 11, 2005 through Friday, October 14, 2005.
Sandler O'Neill & Partners, L.P. acted as financial advisor to the Company in connection with the offering and managed the subscription offering. Luse Gorman Pomerenk & Schick, P.C. acted as special counsel to the Company.
At June 30, 2005, the Company had total consolidated assets, deposits and stockholders' equity of $4.99 billion, $3.24 billion and $407.8 million, respectively. The Company also announced it had net income of $7.0 million for the three months ended June 30, 2005 and a net loss of $3.1 million for the fiscal year ended June 30, 2005. The Company's registration statement (SEC File No. 333-125703), previously filed and declared effective by the Securities and Exchange Commission, disclosed that the Company had net income of $4.9 million for the two months ended May 31, 2005 and a net loss of $5.3 million for the eleven months ended May 31, 2005. The net loss for the year ended June 30, 2005 was due primarily to the asset and liability restructuring transaction executed in March 2005, as disclosed in the Company's registration statement. Additionally, and as stated in the registration statement, net interest income remains under pressure. The increase in short-term interest rates, unaccompanied by a corresponding rise in long-term interest rates (the flattening of the yield curve), continues to have a negative impact on net interest income.
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Investors Bancorp, Inc. is the holding company for Investors Savings Bank, which operates from its main office in Short Hills, New Jersey, and forty-six branch offices located in Essex, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Somerset and Union Counties, New Jersey. |
