Alliance Bancorp to offer as much as 4.1M shares

NEW YORK — Alliance Bancorp Inc. of Pennsylvania is offering as many as 4.1 million shares at $10 apiece to convert Alliance Mutual Holding Co. to a stock holding company from a customer-owned one.

The shares being offered represent Alliance Mutual Holding Co.'s current 59.5-percent ownership interest in Alliance Bancorp.

Alliance Mutual is the parent company of Alliance Bancorp and will cease to exist following the conversion.

The remaining 40.5-percent stake in Alliance Bancorp is owned by public shareholders and will be exchanged for shares in the new company.

The company plans to use proceeds from the offering to invest in securities, pay dividends, repurchase shares, fund acquisitions and for general corporate purposes.

The stock of Alliance Bancorp is currently listed on the Nasdaq Global Market under the symbol "ALLB." The new company's stock will trade under the symbol "ALLB."

Stifel, Nicolaus & Co. is serving as sole book-running manager.

Shares of Alliance Bancorp fell 8 cents to end at $7.42 on Tuesday. The stock has traded from $7.24 to $8.89 over the past 52 weeks.