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The board of Cheviot Savings Bank, in a complex plan to fund expansion while remaining independent, expected to complete a public offering on Dec. 12 to raise as much as $36.6 million.
With the offering of 3.8 million shares, or 44 percent of its stock, Cheviot converted from mutual to partial stock ownership.
That means it changed from a depositor-owned bank to a company that is 44 percent-owned by its shareholders.
Fifty-five percent of the new company, called Cheviot Financial Corp., will be...