Rockville Financial Inc., the parent company for Rockville Bank, has approved a plan of conversion and reorganization to reorganize from the current two-tier mutual holding company structure it adopted in 2005 to a stock holding company structure and will undertake a "second-step" offering of new shares of common stock.

The reorganization was approved "as being in the best interests of existing Rockville Financial and Rockville Bank and their respective shareholders, customers, suppliers and the local communities in which they operate," according to a statement. "The purpose of reorganizing to the fully public stock form of ownership and conducting the offering at this time is to provide us with additional capital to take advantage of potential growth and strategic opportunities, support our continued planned growth and successfully implement our business strategies."