Former ViewPoint CU goes to stock offering

PLANO, Texas (1/28/10)-- CU Times - ViewPoint Financial Group--parent company of ViewPoint Bank, a former credit union in Plano, Texas--announced Tuesday it will reorganize from a two-tier mutual holding company to a full stock holding company and will undertake a "second-step" offering of additional shares of common stock.

It expects the conversion and offering, subject to regulatory, shareholder and depositor approval, to be completed this summer and raise upwards of $200 million in fresh regulatory capital.
ViewPoint Bank President/CEO Gary Base noted that "while we're already well-capitalized and have grown tremendously since we first became a public company in 2006, the additional capital we can raise from this offering will allow us greater flexibility and increase our opportunities for future strategic growth."