Waterstone expects offering to bring $253 million

Waterstone Financial Inc., the holding company for Wauwatosa-based WaterStone Banks SSB, has announced the results of its stock offering.

About 25 million shares of common stock are expected to be sold in the subscription offering at $10 per share. Eligible account holders oversubscribed to the offering, indicating the shares will raise the full $253 million.

The company will convert from a mutual holding company to a stock holding company on Jan. 22 and is expected to begin trading under WSBF on the Nasdaq Global Select Market on Jan. 23.

Those who hold existing shares of Waterstone Financial will have the right to 1.0973 shares of Waterstone common stock, so they can retain about the same ownership interest in the converted company.

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