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Article: MAYFLOWER COOPERATIVE BANK TO ANNOUNCES INTENTION TO FORM A HOLDING COMPANY
- Article from:
- PR Newswire
- Article date:
- June 20, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIDDLEBORO, Mass., June 20 /PRNewswire/ -- Mayflower Cooperative Bank (Nasdaq: MFLR) today announced that its Board of Directors has approved a plan providing for the formation of a holding company with Mayflower as the principal subsidiary.
Under the plan, each existing share of Mayflower Common Stock would be converted into one share of Common Stock in the new holding company. As a result of this reorganization, Mayflower's stockholders would become the owners of the newly formed holding company, which in turn would own all of the outstanding stock of Mayflower. Implementation of the plan is subject to regulatory approval, and to the approval of the stockholders ...