Cullman Bancorp Inc. is planning to go public.
The parent of Cullman Savings Bank will offer a second-step stock offering of new shares of common stock.
The bank will become a wholly owned subsidiary of a new holding company, which will also be named Cullman Bancorp Inc. Shares of common stock of the company held by people other than the bank’s federally-chartered mutual holding company parent, MHC, will be converted into shares of common stock of the new holding company. Shares of company common stock owned by MHC will be canceled and the amount of the MHC’s ownership interest will be sold through the second-step stock offering. In the stock offering, depositors of the bank with qualifying deposits as of Jan. 31, 2020, will have first priority to purchase the new shares.
The conversion will have no impact on depositors, borrowers or other customers of the bank, according to the bank. The transactions of the conversion are subject to approval by the company’s stockholders, the members of the MHC (depositors of the bank) and the Board of Governors of the Federal Reserve System.
Cullman Savings Bank opened in 1887 and currently operates three full-service offices in Cullman and one full-service office in Hanceville.