State Investors Bancorp, Inc. has filed an IPO. In their filing, State Investors Bancorp, Inc. are offering up to 2,530,000 shares of common stock, to be sold at a price of $10.00 per share. State Investors Bancorp, Inc. is being formed in connection with the conversion of State-Investors Bank from the mutual to to stock form of organization.
State Investors Bancorp, Inc. is a Metairie, Louisiana corporation that was recently formed. Their principal activity will be the ownership of all of the outstanding common stock of State-Investors Bank.
State-Investors Bank is a federally chartered mutual savings bank. As of December 31, 2010, the bank had total assets of $208.7 million, deposits of $159.1 million and total equity of $21.3 million.
Following the conversion and offering, State-Investors Bank will be wholly owned by State Investors Bancorp. A minimum of 1,870,000 shares must be sold in order for the filing to be completed.
The net proceeds after the offering expenses are deducted will be approximately $24,212,000. State Investors Bancorp intends to use the net proceeds to loan funds to the employee stock ownership plan. Over time, State Investors Bancorp, may also use the proceeds to invest in securities, to repurchase shares of its common stock and for general corporate purposes.
State Investors Bancorp, Inc. intend to list their stock on the NASDAQ Capital Market under the symbol “SIBC”. The underwriter involved with this filing is Keefe, Bruyette & Woods.