ASB Bancorp, Inc. Completes Mutual to Stock Conversion and $55.8 Million Public Stock Offering
October 11 2011 - 1:37PM
Business Wire
ASB Bancorp, Inc. (the “Company”), the stock holding company for
Asheville Savings Bank, S.S.B. (the “Bank”), announced today that
it has completed the conversion of the Bank from the mutual form of
organization to the stock form of organization as well as its
subscription and community offering.
The Company anticipates that its common stock will begin trading
on the Nasdaq Global Market under the symbol “ASBB” on October 12,
2011. A total of 5,584,551 shares of common stock were sold in the
subscription and community offering at $10.00 per share. Stock
certificates for shares purchased in the subscription and community
offering are expected to be mailed to subscribers on or about
October 11, 2011.
Keefe, Bruyette & Woods, Inc. acted as financial advisor to
the Company and Kilpatrick Townsend & Stockton LLP acted as
legal counsel to the Company.
Headquartered in Asheville, North Carolina, the Bank is a North
Carolina chartered stock savings bank, with total assets of $755.1
million, total deposits of $616.5 million and total equity of $65.5
million at June 30, 2011. The Bank is a community-oriented
financial institution offering traditional financial services
within its local communities through 13 full service offices
located in Buncombe, Madison, McDowell, Henderson and Transylvania
counties in North Carolina.
This press release contains certain forward-looking statements
about the conversion and offering. Forward-looking statements
include statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
“believe,” “expect,” “anticipate,” “estimate,” and “intend” or
future or conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that could
cause actual results to differ materially from expected results
include increased competitive pressures, changes in the interest
rate environment, general economic conditions or conditions within
the securities markets, and legislative and regulatory changes that
could adversely affect the business in which the Company and the
Bank are engaged.
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