Although an overwhelming majority of Macon Bank’s members approved of the institution’s plan to convert to stock ownership during a special meeting on Nov. 8, 2011, the Bank’s Board of Directors decided not to move forward with the conversion due to the nation’s economic woes and financial problems in Europe, a banking crisis that some analysts predict will disintegrate the European Union. Macon Bank’s Board of Directors unanimously adopted a plan to convert the company to stock ownership on Jan. 19, 2011. Their decision to postpone the conversion was attributed to the poor performance of U.S. bank stocks in the market this year.
After filing with the U.S. Securities and Exchange Commission in June, Macon Bank began to offer shares in September at $10 a share. After the Board of Directors halted the bank’s transformation to stock ownership, Macon Bank’s CEO Roger Plemens sent a letter to stock subscribers stating that Macon Bank would return their funds.