Cap Fed begins reorganization

Capitol Federal Financial said today it has received conditional approval from its regulator to reorganize and begin converting to a wholly publicly traded thrift holding company.

The Topeka-based holding company of Capitol Federal Savings Bank announced the reorganization in May.

Capitol Federal said that, in conjunction with the Office of Thrift Supervision approval, it is offering for sale between 144 million and 199 million shares of common stock.

Those shares represent the 71 percent of shares owned by Capitol Federal Savings Bank MHC, a mutual holding company that holds about two-thirds of the shares of Capitol Federal Financial, which owns the savings bank.

The remaining shares in Capitol Federal Financial are owned by public stockholders.

That stock is traded on Nasdaq under the symbol CFFN. The symbol will not change under the reorganization.

Completion of the reorganization is expected in the third quarter, following shareholder and final regulatory approvals.