Systematic wraps up charter conversion

Systematic Savings Bank finalized its charter conversion after completing a stock offering.

The Springfield-based company is now a stock savings bank, efective Oct. 13, a shift from its previous status as a mutual savings bank, according to a news release. Systematic sold more than 595,000 shares of its common stock for nearly $6 million.

The public offering allows the bank to trade pink-sheet shares over the counter, according to past Springfield Business Journal reporting.

The shares are launching under the SSSB ticker symbol on OTC Markets Group's pink-sheet marketplace, according to the release.

Systematic President and CEO Derek Fraley previously told SBJ that account holders approved the conversion change in September. It had awaited final regulatory approvals until this month.

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.