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Viewpoint Bank, Former Community CU, Readies Itself for IPO

WASHINGTON - Documents filed on April 18 with the Securities and Exchange Commission reveal that Viewpoint Bank, the former $1.4 billion Community Credit Union, is preparing to reorganize into a mutual holding company and issue stock. Community Credit Union converted to a mutual savings bank charter in 2005. Under the...

By David Morrison | Updated on April 25, 2006

WASHINGTON – Documents filed on April 18 with the Securities and Exchange Commission reveal that Viewpoint Bank, the former $1.4 billion Community Credit Union, is preparing to reorganize into a mutual holding company and issue stock. Community Credit Union converted to a mutual savings bank charter in 2005. Under the reorganization Viewpoint, like other former credit unions, will be owned by another company, the Viewpoint Financial Group, which will issue stock. Viewpoint Mutual Holding Company, which depositors in the bank will control, will own 55% of the Financial Group while 45% will be offered to the public in an initial public offering to raise capital. At $10.00 per share, the former credit union plans to offer almost 7.1 million and just fewer than 9.6 million shares. The sale should net the bank between $68 million and $97 million, according to the filing. As with other, similar conversions the former CU executives, officers and board members are poised to cash in on the former CU’s move. According to SEC filings, the former board members and executives collectively will buy just under 200,000 shares of the Viewpoint Financial Group, the company formed to make the stock offering. In addition, executives and directors will be eligible for an employee stock ownership plan, restricted awards of stock and stock options. According to the SEC filing, the stock purchases will break down as follows. *

Gary Base, CEO, director, 30,000 shares. *

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