The plan ofconversion and reorganization of Alamogordo, N.M.-based from a mutualholding company to a stock holding company has received all the requiredregulatory approvals.
The conversion-relatedstock offering of Bancorp 34 Inc. is expected to close Oct. 11. 's stock is expected to cease trading at the close of businesson the same date, with Bancorp34's stock set to trade on the Nasdaq Capital Market under theticker BCTF on Oct. 12. Alamogordo Financial stockholders and AF Mutual Holdingmembers also previouslyapproved the conversion.
A total of1,879,484 common shares are expected to be sold in the subscription offering at$10.00 per share. The offering was oversubscribed by eligible account holdersand the employee stock ownership plan. Cash will be issued in lieu offractional shares based on the offering price. Approximately 3,438,500 Bancorp34 common shares will be outstanding after the completion of the offering andthe exchange, before taking into account adjustments for fractional shares.
Under theconversion, each existing share of Alamogordo Financial common stock held bycurrent public stockholders will be converted into the right to receive 2.0473shares of Bancorp 34 common stock, giving these stockholders the same amount ofownership stake in the new holding company post-conversion as they had in theold holding company.