United Financial Bancorp, Inc. Announces Completion of Second-Step Conversion and Offering
04 December 2007 - 8:10AM
PR Newswire (US)
WEST SPRINGFIELD, Mass., Dec. 3 /PRNewswire-FirstCall/ -- United
Financial Bancorp, Inc. (the "Company"), the new Maryland holding
company for United Bank and the successor company for United
Financial Bancorp, Inc., a Federal corporation
(NASDAQ:UBNK)("United Financial-Federal"), announced the completion
today of its offering in connection with the conversion of United
Bank from the mutual holding company form of organization to the
stock form of organization. As a result of the conversion and
offering, the Company became the holding company for United Bank,
and United Mutual Holding Company and United Financial-Federal
ceased to exist. The Company also announced its final offering
results. Orders for a total of 6,467,038 shares at a purchase price
of $10.00 per share were accepted in the syndicated offering, a
slight increase from the previously announced share amount. The
Company also accepted orders for 3,097,532 shares in the
subscription offering and the community offering portion of its
second-step conversion, including 753,834 shares to be issued to
the employee stock ownership plan. As a result, a total of
9,564,570 shares were sold in the subscription offering, community
offering and syndicated offering combined, a slight increase from
the previously announced share amount. As a result of the
conversion and stock offering, each public stockholder of United
Financial-Federal will receive 1.04079 shares of the Company's
common stock in exchange for each of his or her shares of United
Financial- Federal common stock, a slight increase from the
previously announced exchange ratio. Keefe, Bruyette & Woods,
Inc. acted as lead manager for the offering. Luse Gorman Pomerenk
& Schick served as legal counsel to the Company in the
offering. The shares of common stock sold in the offering and
issued in the exchange are expected to commence trading on December
4, 2007 on the NASDAQ Global Select market. The shares will trade
under the symbol "UBNKD" for the first twenty trading days after
the closing, after which the symbol will revert to "UBNK." United
Financial Bancorp, Inc. is the holding company for United Bank, a
federally chartered savings bank headquartered in West Springfield,
Massachusetts that had $1.0 billion in assets at September 30,
2007. United Bank was originally founded in 1882, as a
Massachusetts-chartered cooperative bank. In July 2005, United
Financial Bancorp, Inc. completed its initial public stock
offering. Investors may obtain additional information about United
Financial Bancorp, Inc. on the Internet at
http://www.bankatunited.com/, under the Investor Relations section.
This press release contains certain forward-looking statements.
These forward-looking statements are made in good faith pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. The words "may," "could," "should," "would,"
"believe," "anticipate," "estimate," "expect," "intend," "plan" and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements may be subject to
significant known and unknown risks, uncertainties, and other
factors, including, but not limited to, those matters referred to
in the preceding sentence. Although we believe that the
expectations reflected in such forward- looking statements are
reasonable, actual results may differ materially from the results
discussed in these forward-looking statements. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. United Financial Bancorp,
Inc. undertakes no obligation to republish revised forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events. The shares of
common stock are not savings accounts or savings deposits, may lose
value and are not insured by the Federal Deposit Insurance
Corporation or any other government agency. CONTACT: Richard B.
Collins, President and Chief Executive Officer TELEPHONE: (413)
787-1700 DATASOURCE: United Financial Bancorp, Inc. CONTACT:
Richard B. Collins, President and Chief Executive Officer of United
Financial Bancorp, Inc., +1-413-787-1700 Web site:
http://www.bankatunited.com/
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