LAWRENCEBURG, Ind., Dec. 17, 2012 /PRNewswire/ — United Community Bancorp
(Nasdaq: “UCBAâ€) (the “Companyâ€) announced today that, based on the preliminary
results of the subscription and community offerings of United Community Bancorp,
the proposed successor holding company to the Company in connection with the
Company’s pending conversion from mutual holding company to stock holding
company form (“new United Community Bancorpâ€), new United Community Bancorp has
not yet received orders for a sufficient number of shares of common stock to
complete the offering. In order to consummate the offering, new United Community
Bancorp must sell a minimum of 2,966,787 shares. In order to complete the
offering, the Board of Directors has determined to increase the maximum purchase
limitations in the offering and offer those persons who subscribed for the
initial maximum number of shares in the subscription and community offerings the
opportunity to increase their orders. New United Community Bancorp will file a
prospectus supplement with the Securities and Exchange Commission increasing the
maximum purchase limitation for both individuals and groups to 5.0% of the
shares sold in the offering (148,339 shares and 174,516 shares at the minimum
and midpoint of the offering range, respectively). The Company has received the
required regulatory approval to further increase, without further notice, the
purchase limitation to 9.99% of the total number of shares to be sold in the
offering, provided orders for common stock exceeding 5% of the total number of
shares sold in the offering shall not exceed 10% of the shares sold in the
offering.
To the extent that shares remain available for sale after existing subscribers
have had the opportunity to increase their orders, new United Community Bancorp
intends to extend the community offering and solicit additional purchasers. The
Company will make a public announcement prior to any extension of the community
offering and no new orders will be accepted prior to any such announcement. The
community offering, if extended, may be terminated at any time in the Company’s
sole discretion and the Company retains the right to accept or reject, in whole
or in part, in its sole discretion, orders received in the community offering.
The offering is expected to close at no higher than the midpoint of the offering
range.
The closing of the conversion and offering remains subject to final regulatory,
member and shareholder approvals.
United Community Bancorp is the holding company of United Community Bank,
headquartered in Lawrenceburg, Indiana. United Community Bank currently operates
eight offices in Dearborn County and Ripley County, Indiana.
This press release contains certain forward-looking statements about the
conversion and offering. Forward-looking statements include statements regarding
anticipated future events and can be identified by the fact that they do not
relate strictly to historical or current facts. They often include words such as
“believe,†“expect,†“anticipate,†“estimate,†and “intend†or future or
conditional verbs such as “will,†“would,†“should,†“could,†or “may.â€
Forward-looking statements, by their nature, are subject to risks and
uncertainties. Certain factors that could cause actual results to differ
materially from expected results include delays in consummation of the
conversion and offering, increased competitive pressures, changes in the
interest rate environment, general economic conditions or conditions within the
securities markets, and legislative and regulatory changes that could adversely
affect the business in which the Company and United Community Bank are engaged.
A registration statement relating to these securities has been filed with the
United States Securities and Exchange Commission. This press release is neither
an offer to sell nor a solicitation of an offer to buy common stock. The offer
will be made only by means of the written prospectus forming part of the
registration statement.
New United Community Bancorp has filed a proxy statement/prospectus concerning
the conversion with the Securities and Exchange Commission. Shareholders of the
Company are urged to read the proxy statement/prospectus because it contains
important information. Investors are able to obtain all documents filed with the
SEC by new United Community Bancorp free of charge at the SEC’s website,
www.sec.gov. In addition, documents filed with the SEC by new United Community
Bancorp are available free of charge from the Company’s Corporate Secretary at
92 Walnut Street, Lawrenceburg, Indiana 47025, telephone (812) 537-4822. The
directors, executive officers, and certain other members of management and
employees of the Company are participants in the solicitation of proxies in
favor of the conversion from the Company’s shareholders. Information about the
directors and executive officers of the Company is included in the proxy
statement/prospectus filed with the SEC.
The shares of common stock of new United Community Bancorp are not savings
accounts or savings deposits, may lose value and are not insured by the Federal
Deposit Insurance Corporation or any other government agency.
SOURCE United Community Bancorp
