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Nebraska-based Sidney Federal to commence conversion-related stock offering

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Nebraska-based Sidney Federal to commence conversion-related stock offering

Sidney, Neb.-based Sidney Federal Savings and Loan Association is offering between 109,800 and 132,250 common shares at $10.00 apiece in connection with its mutual-to-stock conversion.

The conversion and offering are part of the company's efforts to increase its capital position, according to its prospectus filed May 15. The company said it is under additional individual minimum requirements imposed by its regulator, the Office of the Comptroller of the Currency.

"[Sidney]Twill not close the offering unless it satisfies all of its regulatory capital requirements and its individual minimum capital requirements on a fully phased-in basis at the closing of the offering," the prospectus said.

Public shareholders will own 100% of Sidney Federal Savings and Loan Association after the completion of the conversion and offering.

Completion is subject to, among other things, selling a minimum of 109,800 shares in the offering, regulatory approvals, and the approval of depositors and certain borrowers of Sidney Federal Savings and Loan Association eligible to vote at a June 27 special meeting.

On or about May 25, offering materials will be mailed to depositors and certain borrowers eligible to buy shares in the subscription offering.

Common shares not sold in the subscription offering may be offered for sale in a community offering to the general public, with a preference given to those residing in Nebraska.

The subscription offering and community offering, if any, are expected to expire June 20.

FIG Partners LLC is the selling agent in the subscription and community offerings. Luse Gorman PC is serving as legal counsel.