American Savings Bank has filed a registration statement with the OCC for a proposed initial public offering.
The US-based bank has applied to list its shares on the New York Stock Exchange under the ticker symbol ‘ASBH’. The number of shares to be offered and the price range for the offering have not yet been determined.
The filing was made with the OCC rather than the US Securities and Exchange Commission. Under the OCC’s regulations, national banks issuing securities register their offerings with the OCC in accordance with the Securities Act of 1933, as incorporated into the agency’s rules at 12 C.F.R. Part 16, rather than with the SEC, which oversees registration for most other public companies.
The Registration Statement has been filed but has not yet become effective. As a result, the securities referenced in the filing may not be sold, and offers to buy may not be accepted, until the registration becomes effective. ASB has stated that the proposed offering will be made solely by means of a prospectus forming part of the Registration Statement, and that the transaction remains subject to market conditions. In addition, the bank has indicated there is no assurance as to whether, or when, the offering will be completed, nor as to its eventual size or terms.
Access to filing documents
Once available, copies of the Registration Statement and the preliminary prospectus may be obtained without charge through the OCC’s online reading room. The documents, together with accompanying exhibits and schedules, may also be inspected at the OCC’s public reference facilities in Washington, D.C.
ASB has clarified that the announcement does not constitute an offer to sell, or a solicitation of an offer to buy, its securities, and that no sale will take place in any jurisdiction where such an offer or sale would be unlawful ahead of registration or qualification under applicable state securities laws. Any offers, solicitations, or sales will be conducted in accordance with the registration requirements of the Securities Act of 1933.
The filing marks a formal step in ASB’s move toward a public listing, though the bank has not disclosed a timeline for when the OCC filing might become effective or when trading could begin. Further details, including the offering size and price range, are expected to be disclosed as the registration process progresses.
