Banking, finance, and taxes
Bank IPO On Deck: First Savings Financial Group (FSFG)
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The IPO market has been dead as a doornail. But next week we have a bank IPO coming to market. It is amazing that a bank would dare come to market in this environment. First Savings Financial Group, Inc. is the proposed holding company for First Savings Bank, F.S.B. It has now received final regulatory approval to close its initial public offering. This bank is a federally chartered savings bank headquartered in Clarksville, Indiana.
This offering is actually the conversion of the bank from a mutualcompany to a public company. It expects closing to occur onMonday and to begin trading its common stock Tuesday.
First Savings Financial Group will trade on NASDAQ under the ticker"FSFG". This is going to be a small offering with 2,432,042 shares ofcommon stock. These shares were sold at $10.00 per share in thesubscription and community offerings to certain depositors of the bank,bank employee stock ownership plan, and to the general public. Keefe,Bruyette & Woods, Inc. acted as financial adviser to First SavingsFinancial Group.
Jon C. Ogg
October 3, 2008
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