google-site-verification: google5ae98130f18ad244.html

Monday, March 30, 2020
   
Text Size

Banking & Finance

Feb. 18 - TC Federal Bank Adopts Plan of Reorganization to Mutual Holdings Company

Category: Banking & Finance

Savannah Business Journal Staff Report

February 18, 2020 - The Board of Directors of TC Federal Bank, a federally chartered saving bank headquartered in Thomasville, Georgia, adopted a Plan of Reorganization from a Mutual Savings Bank to a Mutual Holding Company and Plan of Stock Issuance (the “Plan of Reorganization”) pursuant to which TC Federal Bank will reorganize into the mutual holding company form of ownership. 

The Plan of Reorganization is subject to approval by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and by at least a majority of the votes eligible to be cast in person or by proxy by the members of TC Federal Bank at a meeting called to consider and vote upon the Plan of Reorganization. A proxy statement setting forth detailed information with regard to the Plan of Reorganization will be sent to the members of TC Federal Bank prior to the holding of the meeting of members to act on the Plan of Reorganization. In addition, the members will have an opportunity to file written comments, including objections and materials supporting the objections, with the Federal Reserve Board. 

All of the capital stock of TC Federal Bank will be transferred to a new “mid-tier” stock-form holding company which will offer and sell a minority interest of its shares of common stock to depositors and borrowers of TC Federal Bank and others in the manner and subject to the priorities set forth in the Plan of Reorganization. Dec. 31, 2018 has been established as the eligibility record date for determining eligible account holders entitled to receive non-transferable rights to subscribe for the shares of common stock offered in the reorganization. 

After the Reorganization, TC Federal Bank’s deposits will continue to be insured up to applicable limits by the Federal Deposit Insurance Corporation. 

Depositors will continue to hold accounts in TC Federal Bank identical as to dollar amount, rate of return and general terms (other than voting and liquidation rights). Borrowers’ loans will be unaffected by the reorganization and will remain contractually fixed as they existed prior to the reorganization. The normal business of TC Federal Bank of accepting deposits and making loans will continue without interruption in its existing offices. 

TC Federal Bank is being advised on the proposed Plan of Reorganization by the investment banking firm of Performance Trust Capital Partners, LLC and the law firm of Bryan Cave. 

TC Federal Bank, headquartered in Thomasville, Georgia, was founded in 1934. The $322 million-asset bank serves its clients through full service branch offices in Thomasville, Georgia and Tallahassee, Florida, and a loan production office in Savannah, Georgia. Additional information on the bank is available on its website: www.tcfederal.com. 

Overall Rating (0)

0 out of 5 stars

Leave your comments

Post comment as a guest

0 / 300 Character restriction
Your text should be in between 10-300 characters
Your comments are subjected to administrator's moderation.
terms and condition.
    • No comments found
    CLICK to SUBSCRIBE and Support Great Journalism!

    Follow Us!

    TwitterFacebook
    MY ACCOUNT
    CONTACT
    SOCIAL
    MORE
    ADVERTISE
    Coastal Empire News
    Headquarters: 2 E. Bryan Street, Suite 400, Street,Savannah, GA. 31401.
    Tel: 912-220-2759 | Hours: 8:30 a.m. to 5:00 p.m.