YOUR BUSINESS AUTHORITY
Springfield, MO
Last edited 7:56 a.m., Sept. 23, 2020
Systematic Savings Bank is moving closer to a conversion of its charter.
President and CEO Derek Fraley said account holders officially approved the change during a special meeting yesterday. Proxy votes were due by Sept. 18, he said.
With the approval, Systematic is moving to submit its final securities applications to regulators in order to shift the company into a stock savings bank from a mutual savings bank.
Fraley said the decision by regulators would come after he, the company’s investment banking firm and attorney submit the proper paperwork and requests.
"The regulators have been great to work with, and of course they are always happy to see capital added to an institution, so I am hopeful it will not take more than a week or two to turn around," he said via email.
With regulatory approval, Systematic would finalize its public offering of common stock shares. The change means the company no longer has members, and depositors and borrowers do not have voting rights going forward, unless they own stock in the firm, Fraley said.
The public offering allows the bank to trade pink-sheet shares over the counter, according to past Springfield Business Journal reporting. The company also would release quarterly and earnings data after creating an investor relations website.
Systematic announced its public offering plans in March. It had $37.7 million in assets and roughly $5 million in total equity capital, as of Dec. 31, according to past reporting. Systematic was founded in 1923, according to its website.
The Republic School District is on track to open its Intermediate School for fifth- and sixth-grade students for the 2025-26 academic year.