Home Federal Bancorp, Inc. of Louisiana Announces Completion of Second-Step Conversion and $19.45 Million Offering
December 22 2010 - 9:44AM
Home Federal Bancorp, Inc. of Louisiana (Nasdaq:HFBL), holding
company for Home Federal Bank, announced that it had completed the
conversion of Home Federal Bank from the mutual holding company
form of organization to the fully public stock holding company form
of organization and the concurrent public stock offering.
As a result of the conversion and offering, the newly formed
holding company for Home Federal Bank, Home Federal Bancorp, Inc.
of Louisiana, a Louisiana corporation, became the holding company
for Home Federal Bank, and Home Federal Mutual Holding Company of
Louisiana and existing Home Federal Bancorp, Inc. of Louisiana, a
federal corporation, ceased to exist. As part of the
conversion, each share of Home Federal Bancorp common stock (other
than those owned by Home Federal Mutual Holding Company of
Louisiana and treasury stock) has been converted into the right to
receive 0.9110 of a share of the newly formed Home Federal Bancorp
common stock and will no longer trade on the OTC Bulletin
Board. Shares of the new holding company's common stock will
begin trading on December 22, 2010 on the Nasdaq Capital Market
under the trading symbol "HFBLD" for a period of 20 trading
days. Thereafter, the trading symbol will be "HFBL."
A total of 1,945,220 shares of common stock, which is above the
midpoint of the offering range, were sold in the subscription,
community and syndicated community offerings at $10.00 per
share. A total of 1,346,942 shares were sold in the
subscription and community offerings, including 116,713 shares
purchased by the Home Federal Bank Employee Stock Ownership Plan,
and 598,278 shares were sold in the syndicated community
offering. Approximately 1,100,693 additional shares will be
issued in exchange for shares of the old Home Federal
Bancorp. Cash will be paid in lieu of fractional shares in the
exchange, based on the offering price of $10.00 per
share. Total shares outstanding after the stock offering and
the exchange are approximately 3,045,913 shares.
Daniel R. Herndon, Chairman and Chief Executive Officer of Home
Federal Bancorp, stated, "On behalf of our Board of Directors we
want to welcome our new shareholders and to thank our existing
shareholders for their continued support. I also want to take
a moment to wish all of our shareholders and customers a happy and
joyous holiday season." James R. Barlow, President of Home
Federal Bank added, "Our management greatly appreciates the vote of
confidence demonstrated by our shareholders and looks forward to
another good year for Home Federal in 2011."
Stock certificates for shares purchased in the subscription
offering and community offering are expected to be mailed to
subscribers on or about December 22, 2010. Shareholders of
Home Federal Bancorp holding shares in street name or in book-entry
form will receive shares of the new holding company within their
accounts. Shareholders of Home Federal Bancorp holding shares
in certificated form will be mailed a letter of transmittal on or
about December 23, 2010, and will receive new stock certificates
for their shares of the new holding company's common stock and cash
in lieu of fractional shares after returning their stock
certificates and a properly completed letter of transmittal to the
transfer and exchange agent.
Stifel, Nicolaus & Company, Incorporated acted as financial
advisor to Home Federal Bancorp and sole book-running manager of
the syndicated community offering. Elias, Matz, Tiernan &
Herrick L.L.P. acted as legal counsel to Home Federal Bancorp.
Home Federal Bancorp, Inc. of Louisiana is the holding company
for Home Federal Bank, a federally-chartered, FDIC-insured savings
association headquartered in Shreveport, Louisiana. Home
Federal Bank operates from its four full-service banking offices
and one agency office in Caddo and Bossier Parishes,
Louisiana. Home Federal Bancorp's website is
http://www.hfbla.com/.
The Home Federal Bancorp, Inc. of Louisiana logo is
available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6986
This press release contains certain forward-looking statements
about the conversion and offering. Forward-looking statements
include statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their
nature, are subject to risks and uncertainties. Certain
factors that could cause actual results to differ materially from
expected results include delays in consummation of the conversion
and offering, increased competitive pressures, changes in the
interest rate environment, general economic conditions or
conditions within the securities markets, and legislative and
regulatory changes that could adversely affect the business in
which Home Federal Bancorp and Home Federal Bank are engaged.
CONTACT: Home Federal Bancorp, Inc. of Louisiana
Daniel R. Herndon, President and Chief Executive Officer
James R. Barlow, Executive Vice President and
Chief Operating Officer
(318) 222-1145
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