The parent of Savings Institute Bank and Trust says that only final regulatory approval and a stock offering remain in the way of completing its conversion from a mutual savings bank to a fully public institution.
SI Financial Group Inc., the bank’s Willimantic parent, said shareholders in SI Financial Group Foundation Inc. and SI Bancorp, Mutual Holding Co. approved the transaction at separate special meetings last week.
SI Financial has gotten conditional approval from the federal Office of Thrift Supervision to reorganize from a two-tier mutual holding company to a stock-owned bank and to commence a “second-step” stock offering to sell a minimum of $44.6 million of common stock.
Savings Institute Bank has about $880 million in assets.
