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News Now

CU System
Former OmniAmerican CU offers IPO
FORT WORTH, Texas (1/22/10)--OmniAmerican Bancorp, a newly created holding company for Omni-American Bank in Fort Worth, Texas--and a former credit union-- opened stock trading on NASDAQ Thursday following an initial public offering (IPO) that raised more than $119 million. Members of OmniAmerican Bank approved a conversion plan Jan. 15, which allowed the bank to proceed with a conversion and stock offering. The IPO sold 11.9 million shares of common stock at $10 per share to eligible account holders--depositors as of March 31, 2008, according to Globe Newswire (via CNN Jan. 21). In 2007, OmniAmerican Bank’s board of directors voted to convert to a publicly traded, mutual holding company. OmniAmerican was formerly the second-largest credit union in Fort Worth. The credit union changed its name on Jan. 1, 2006, after members voted 3-to-1 in July 2005 to convert to a bank (News Now Feb. 13, 2007).


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