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Alliance Bancorp, Inc. Of Pennsylvania Reveals Adoption Of Plan Of Conversion And Reorganization - Quick Facts

(RTTNews) - Alliance Bancorp, Inc. of Pennsylvania (ALLB), the holding company for Alliance Bank, said Wednesday that the Boards of Directors of the company, Alliance Mutual Holding Co. and Alliance Bank have unanimously adopted a Plan of Conversion and Reorganization pursuant to which Alliance Bank will reorganize from the two-tier mutual holding company structure to the stock holding company structure and will undertake a "second-step" offering of shares of common stock of a new Pennsylvania corporation formed in connection with the conversion.

Alliance Bank adopted the mutual holding company structure in 1995 and reorganized to a mid-tier holding company structure in January 2007.

Alliance Mutual Holding Co., which owns about 59% of the outstanding common stock of Alliance Bancorp, Inc. of Pennsylvania, will merge with and into Alliance Bancorp, Inc. of Pennsylvania as part of the reorganization and its shares in Alliance Bancorp, Inc. of Pennsylvania will be extinguished.

Alliance Bancorp, Inc. of Pennsylvania will then merge with and into the new Pennsylvania corporation. The new holding company will offer and sell shares of common stock in an amount representing the percentage ownership interest currently held by Alliance Mutual Holding Co.

The new holding company will offer shares of its common stock for sale to Alliance Bank's eligible account holders and employee stock ownership plan and to members of the general public in a subscription and community offering.

Alliance Bank's normal business operations will continue without interruption during the conversion and offering process.