United Roosevelt MHC in Carteret, N.J., is planning to convert from a mutual organization to a stock-owned company.
The $352.6 million-asset mutual said in regulatory filings that it plans to form United Roosevelt Bancorp. Janney Montgomery Scott will help the company market its common stock.
The company plans to sell 1.5 million to 2 million shares at $10 each, with expected proceeds of $14.9 million to $20.1 million. After funding a loan to its ESOP and contributing to its charitable foundation, the company said that proceeds could be invested in securities or used to repay senior notes, pay dividends or buy back stock, among other things.