Sunshine Bancorp Inc., the holding company for Sunshine State Bank, announced last week it has completed its initial $42.3 million mutual-to-stock conversion.
The conversion was completed July 14, and the shares of the common stock were expected to begin trading July 15, on the Nasdaq Capital Market, under the symbol “SBCP.”
The company sold 4,232,000 shares of common stock, including 338,560 shares to the employee stock ownership plan, at $10 per share.
Certificates reflecting the shares and refund checks for any subscribers not receiving all or part of shares ordered were expected to be mailed by July 15.
The Sunshine State Federal Savings board made a decision to file for a mutual-to-stock conversion in December 2013.
“We want to raise capital to allow us to grow,” President Floyd Hall told the Plant City Times & Observer in January. “In anticipation that the economy is going to get better, we want to support future efforts.”
Sunshine State Federal Savings and Loan Association had been a mutual savings and loan company since 1954.
Subscribers who want to confirm allocation should contact the stock information center, (877) 821-5783. The center is open from 10 a.m. to 4 p.m. Mondays through Fridays. Information is also available online, allocations.kbw.com.