Vernon bank holding company Rockville Financial has completed its conversion to a fully public company, raising $171 million in a stock offering, as expected.
The parent to Rockville Bank now trades on the Nasdaq Global Select Market under the symbol “RCKBD” for a period of 20 trading days. After that, its permanent ticker will be “RCKB.”
Bank officials have said they plan to use the capital infusion for acquisitions or other growth opportunities.
In the offering, Rockville Financial sold 17,109,886 shares of common stock at $10 apiece. That included 276,017 shares to the Rockville Bank employee stock ownership plan. Rockville Bank’s employee stock ownership plan intends to purchase additional shares of common stock, giving it ownership of 4 percent of the shares sold.
Keefe, Bruyette & Woods, Inc. acted as selling agent for the offering.
When Rockville Financial went public in 2005, a two-tier mutual holding company was created with two parents including Rockville Financial MHC, which holds about a 57 percent stake, and Rockville Financial, whose minority stake is publicly traded.
Under the planned reorganization Rockville Financial MHC will sell its share to the public and the cease existence.
Rockville Bank and its divisions will become a wholly owned subsidiary of Rockville Financial, which will be a state-chartered bank holding company.
