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Nebraska-based Sidney Federal completes mutual-to-stock conversion

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Nebraska-based Sidney Federal completes mutual-to-stock conversion

As expected, Nebraska-based Sidney Federal Savings and Loan Association completed its initial public stock offering and mutual-to-stock conversion July 26.

Sidney Federal common shares are anticipated to be quoted on the OTC Pink Marketplace under the symbol SFSA on July 27. It sold 132,250 common shares, representing the adjusted maximum of the offering range, at $10.00 apiece, for gross offering proceeds of about $1.3 million.

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] will 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.

FIG Partners LLC served as selling agent in the subscription and community offering, and as financial adviser to Sidney Federal in connection with the conversion. Luse Gorman PC served as Sidney Federal's legal counsel. Reinhart Boerner Van Deuren s.c. acted as legal counsel to FIG Partners LLC in connection with the conversion and stock offering.