CU-Convert Raises Capital With IPO

Credit Union Journal | Wednesday, July 1, 2009

FORTH WORTH, Texas – OmniAmerican Bank, known until 2006 as OmniAmerican CU, said it plans to convert from a mutual to a publicly owned bank with an initial public offering.

OmniAmerican was one of two Texas credit union giants to convert to mutual savings bank at the start of 2006, joining Community CU, now ViewPoint Bank.

The OmniAmerican plan establishes March 31, 2008 as the date for determining the eligible depositors of OmniAmerican Bank who can participate in the subscription stock offering. The bank hopes to raise as much as $100 million with the offering.

OmniAmerican, which was chartered in 1956 to serve Carswell Air Force Base, has assets of $1.06 billion, down from almost $1.2 billion when it converted from a credit union.