Members of Covington, Ga.-based Newton Federal Bank approved the bank's pending plan to reorganize to a mutual holding company from a mutual savings association.

According to a Form 8-K filed April 3, the subscription offering of Newton Federal's parent, Community First Bancshares Inc, which closed March 22, was oversubscribed.

The number of shares to be sold in connection with the reorganization and stock offering will be based on a final appraisal, subject to regulatory approvals.