Gouverneur Bancorp in Gouverneur, N.Y., is planning a second-step conversion to become a fully stock-owned company.
The $205 million-asset Gouverneur said in a press release that Cambray Mutual Holding Co. will sell its majority ownership in the company to the public.
Depositors with qualifying deposits on Sept. 30 will have first priority subscription rights to obtain stock in the new holding company.
Gouverneur expects to gain regulatory approval for the conversion in the third quarter.
Kilpatrick Townsend & Stockton is serving as legal counsel. Keefe, Bruyette & Woods will be the marketing agent.