Industries Banking/Finance

Franklin Federal stock to begin trading Thursday

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The stock of Franklin Financial Corp., the holding company of Henrico County-based Franklin Federal Savings Bank, is scheduled to begin trading Thursday on NASDAQ Global Market under the symbol “FRNK.”

The 78-year-old financial institution is converting from a mutual savings and loan organization owned by its customers to a stock-issuing corporation owned by its shareholders.

The company has completed a subscription and community offering of stock to longtime depositors and employees. The company will issue 13.9 million shares to subscribers at the offering price of $10 per share.  The company also will contribute $1.39 million in cash and 416,588 shares of common stock to The Franklin Federal Foundation.  The total number of shares of common stock outstanding upon completion of the offering will be 14.3 million shares. 

As of Dec. 31, Franklin Federal had $980.7 million in assets and $653.1 million in deposits. It operates eight offices located in Richmond and in Henrico, Chesterfield and Hanover counties.

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