Officials with Asheville Savings Bank soon could turn the depositor-owned regional bank into a publicly-traded one, with an initial stock offering projected to net up to nearly $70.4 million for the five-county institution.
Recently released documents show that Asheville Savings Bank members will vote on Sept. 22 whether to authorize the move by the Asheville-based bank, which is also subject to review by the Federal Deposit Insurance Corporation and the N.C. Commissioner of Banks.
If all approvals are granted, Asheville Savings Bank will become a wholly owned subsidiary of a newly formed holding company, ASB Bancorp, Inc., which will initially offer up to 7.245 million shares of stock, at $10 per share, to account holders. A community stock offering could come later, bank documents say. Currently, the bank has a mutual form of ownership, where the depositors are the owners. ...
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