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News Now

CU System
Former ViewPoint CU goes to stock offering
PLANO, Texas (1/28/10)--ViewPoint Financial Group--parent company of ViewPoint Bank, a former credit union in Plano, Texas--announced Tuesday it will reorganize from a two-tier mutual holding company to a full stock holding company and will undertake a "second-step" offering of additional shares of common stock. It expects the conversion and offering, subject to regulatory, shareholder and depositor approval, to be completed this summer (PRNewswire Jan. 26). ViewPoint Bank was formerly the $1.4 billion asset Community CU, which converted to a mutual savings bank on Jan. 1, 2006. It was the largest credit union ever to convert to a bank. On July 13, 2006, it filed with the Securities and Exchange Commission to become a mutual holding company so it could trade stock on the NASDAQ market (News Now Oct. 4, 2006). However, it did not get enough ballots to approve the reorganization and extended its voting deadline. It eventually had five million votes cast, with 83% favoring the conversion. As part of the new reorganization, ViewPoint Bank will become a wholly owned subsidiary of a still-to-be-formed stock corporation--ViewPoint Financial Group Inc. ViewPoint Bank President/CEO Gary Base noted that "while we're already well-capitalized and have grown tremendously since we first became a public company in 2006, the additional capital we can raise from this offering will allow us greater flexibility and increase our opportunities for future strategic growth."


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