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Territorial set to go public on Monday


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POSTED: Thursday, July 09, 2009

Territorial Savings Bank's parent company, whose stock subscription offering was met with overwhelming demand, will raise $122.3 million and become a publicly traded company on Monday when it begins trading on the Nasdaq.

It will be the first Hawaii company to conduct an initial public offering on a major stock index since alternative energy company Hoku Scientific Inc. in August 2005.

Territorial Bancorp Inc., the proposed holding company for the bank, said it will sell 12,233,125 shares at $10 each in the subscription offering that is due to close tomorrow. The shares will trade under the ticker TBNK.

The bank, which is converting from a mutual holding company, said its offering was oversubscribed and it received about $284 million in subscriptions. Territorial said eligible account holders will have valid offers filled in accordance with the allocation procedures described in the prospectus and in Territorial Mutual Holding Co.'s conversion plan.

Supplemental eligible account holders as of March 31 as well as other depositors and certain borrowers as of April 30 of Territorial Savings Bank will not have their orders filled.

The company said eligible account holders—depositors having an eligible account as of Sept. 30, 2007—who would like to confirm their allocation can go to allocations.kbw.com. Account holders must have their order number and the last four digits of their Social Security number or tax identification number.

Order numbers can be found on the Receipt of Order letter that was mailed to account holders.

For other questions, contact the stock information center at 356-5108 on Oahu or toll-free at (866) 922-1279. Stock certificates and subscription refunds will be processed promptly after the close of the transaction.