United Community Bancorp Announces Approval of Plan of Conversion
and Reorganization by Shareholders and by Members of United
Community MHC
LAWRENCEBURG, Ind.,
Dec. 21, 2012 /PRNewswire/
-- United Community Bancorp (Nasdaq: "UCBA") (the "Company")
announced today that both its shareholders and the members of
United Community MHC (the "MHC") have approved the Plan of
Conversion and Reorganization providing for the "second step"
conversion of the MHC from a mutual holding company to a
fully-public stock holding company. The approvals were
received earlier today at the Company's Annual Meeting of
Shareholders and the MHC's Special Meeting of Members.
At the Company's Annual Meeting, shareholders also re-elected
Jerry W. Hacker, James D. Humphrey and Ralph B. Sprecher as directors of the Company,
each for a three-year term, ratified the appointment of
Clark, Schafer, Hackett & Co.
as the Company's independent registered public accounting firm for
the 2013 fiscal year, and approved certain informational proposals
relating to the conversion.
Completion of the conversion remains subject to the receipt of
final regulatory approval and the sale of at least 2,966,787 shares
of common stock in the conversion offering by the proposed holding
company for United Community Bank, an Indiana corporation also known as "United
Community Bancorp" ("New United Community Bancorp").
United Community Bancorp is the holding company of United
Community Bank, headquartered in Lawrenceburg, Indiana. United Community
Bank currently operates eight offices in Dearborn County and Ripley County, Indiana.
Warning About Forward-Looking Statements
This press
release contains certain forward-looking statements about the
conversion and offering. Forward-looking statements include
statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their
nature, are subject to risks and uncertainties. Certain
factors that could cause actual results to differ materially from
expected results include delays in consummation of the conversion
and offering, difficulties in selling the common stock or in
selling the common stock within the expected time frame, increased
competitive pressures, changes in the interest rate environment,
general economic conditions or conditions within the securities
markets, and legislative and regulatory changes that could
adversely affect the business in which the Company and the Bank are
engaged.
Press Release Not Deemed an Offer
A registration
statement relating to the common stock of New United Community
Bancorp has been filed with the U.S. Securities and Exchange
Commission. This press release is neither an offer to sell
nor a solicitation of an offer to buy common stock. The offer
is made only by means of the written prospectus forming part of the
registration statement (and, in the case of the subscription and
community offerings, an accompanying stock order form).
Common Stock Not Insured
The shares of common stock of
New United Community Bancorp are not savings accounts or savings
deposits, may lose value, and are not insured by the Federal
Deposit Insurance Corporation or any other government agency.
SOURCE United Community Bancorp