Waterstone Bank to commence stock offering

Watertstone Financial Inc., the holding company for Wauwatosa-based WaterStone Banks SSB, announced it is commencing a stock offering in connection with the company’s previously announced plans to become a fully public company.

Waterstone is offering between 18.7 million and 25.3 million shares of common stock for sale at $10 per share, which represents the 73.5-percent ownership interest in the company currently owned by Lamplighter Financial MHC.

At the conclusion of the conversion and offering, each existing share of common stock held by the public stockholders of the company will be exchanged for between 0.8111 and 1.0973 shares of Waterstone. This exchange ratio, which will be determined at closing, ensures that the company’s current public stockholders will maintain approximately the same aggregate percentage ownership interest in Waterstone that they had in the company.

After the completion of the conversion and offering, Waterstone will be 100-percent owned by public stockholders.

On or about November 18, 2013, offering materials will be mailed to WaterStone Bank depositors eligible to purchase shares in the subscription offering, and proxy solicitation materials will be mailed to depositors and stockholders. Shares of common stock not sold in the subscription offering will be available in a community offering to the general public, including stockholders of the company. The subscription and community offerings are expected to expire on Dec. 17, 2013.

The completion of the conversion and offering is subject to selling a minimum of 18.7 million shares in the offering and the receipt of all regulatory approvals.

The company’s stock will be traded with the ticker symbol WSBF.

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