The country's largest mutual savings and loan association will offer about 30 percent of its holdings to the public. Chairman and CEO Marc Stefanski says the decision won't change the company's community-based mission.
Marc Stefanski: We just do home mortgages and home equity lines of credit. Our business plan is very simple. And at the same time we just want to improve upon that as we go along.
Stefanski says money raised from public trading will support expansion plans in Florida, where the company already has 15 offices. He says they also plan to establish a charitable organization.
Marc Stefanski: We'll be putting $50 million worth of stock into that foundation. And, from there we'll be able to provide a better avenue for inner city development, inner city housing. And just commit a little bit further to the city causes.
This afternoon, Stefanski will ring the closing bell of the Nasdaq stock exchange. Tasha Flournoy, 90.3.