Monadnock holding company to go public
Directors of Monadnock Community Bancorp have voted to convert the mutual holding company that owns 55 percent of the company to a stockholder-owned organization.
Monadnock Community announced Feb. 9 in a filing with the Securities and Exchange Commission that its directors have voted to convert Monadnock Mutual Holding Company, a federally chartered mutual holding company and owner of some 55 percent of the outstanding shares of Monadnock Community common stock.
Monadnock Community is the parent company of Monadnock Community Bank, which is headquartered in Peterborough, N.H., and has a branch in Winchendon, Mass.
Upon completion of the conversion, the company said, shares of the company’s common stock held by the public will be exchanged for shares of a new holding company that, after the completion of the conversion, will be the bank’s new parent holding company.
Additional shares of the new holding company will be offered for sale to depositors of the bank and to the public, with depositors of record as of Dec. 31, 2004, getting first priority.
The conversion is subject to approval of the Office of Thrift Supervision as well as the mutual holding company’s members and stockholders.
Meanwhile, Monadnock Community Bancorp on Feb. 13 announced net income of $30,000 for the three months ended Dec. 31, 2005, compared with net income of $8,000 for the three-month period a year earlier.
The company ended the year with a net loss of $30,000 for the 12 months ended Dec. 31, 2005, compared with net income of $32,000 for the year ending Dec. 31, 2004.
The decrease in earnings for the year ended 2005 compared with the year ended 2004 was primarily driven by an increase in noninterest expense of $400,000, the company said, partially offset by increases in net interest and dividend income of $258,000, benefit for loan losses of $16,000 and noninterest income of $15,000. – JEFF FEINGOLD