Boston, MA 06/10/2013 (wallstreetpr) – The share prices of Waterstone Financial Inc. (NASDAQ:WSBF) had surged by 22.72 percent to close at $9.67 per share for the end of last trading session on Friday. The shares of the company had been trading in the range of $8.10 to $9.70 per share during the day. This recent surge in share prices had resulted in Waterstone Financial Inc. (NASDAQ:WSBF) to hit new levels of 52 week high prices at $9.70 per share while the 52 week low price level of the company is at $3.31 per share.
Waterstone Financial Inc. (NASDAQ:WSBF) is primarily engaged in attracting and providing deposits related banking services through its subsidiaries, the WaterStone Bank. The company attracts deposits from the general public which is thereby invested in real estate mortgage loans for further generation of returns.
The majority of shareholdings of Waterstone Financial Inc. (NASDAQ:WSBF) is held by the parent company, Lamplighter Financial MHC, which is presently planning to sell its shareholdings in the financial institution to the common public for a stock offer. Thereby, Waterstone Financial Inc. (NASDAQ:WSBF) would be converted from the mutual company to a publicly held company.
In this public offering to be made by the parent company, the existing customers of the WaterStone Bank would be given the first right to buy the shares of Waterstone Financial Inc. (NASDAQ:WSBF). Further, the existing shareholders of the financial institution would have their present shares converted into common stock through a fixed proportion.
The plan of public offer by the Lamplighter Financial MHC is subject to approval by the existing shareholders, the customers of the bank, the Federal Reserve and the Wisconsin department of Financial Institutions.
Waterstone Financial Inc. (NASDAQ:WSBF) presently holds 31.35 million shares outstanding in the market with an institutional ownership of 7 percent of its holdings.
