United Community Bancorp Increases Purchase Limitations
LAWRENCEBURG, Ind., Dec. 17, 2012
LAWRENCEBURG, Ind., Dec.17, 2012 /PRNewswire/ --United Community Bancorp
(Nasdaq: "UCBA") (the "Company") 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 Bancorp"), 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." 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
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
Contact: William F. Ritzmann, President and Chief Executive Officer, United
Community Bancorp, +1-812-537-4822
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