New Haven Savings Bank has received approval from the Federal Deposit Insurance Corp. to proceed with its conversion from a mutual savings bank to a fully public company.

The approval, announced by the bank on Monday, follows the Jan. 26 conversion approval from the Connecticut Department of Banking.

Also, the Securities and Exchange Commission has declared a registration statement relating to the sale of shares of common stock in the offering by NewAlliance Bancshares. Effective upon the completion of the mutual-to-stock conversion and the related stock offering, New Alliance Bancshares will be the holding company for New Haven Savings Bank.

NewAlliance Bancshares is conducting a subscription offering of between 66 million and 89 million shares of common stock for sale at a purchase price of $10 per share. In addition, 4 million shares will be contributed to a new charitable foundation established by NewAlliance Bancshares. In the subscription offering, the shares are being offered, in descending order of priority, to eligible depositors of New Haven Savings Bank as of June 30, 2002; the bank’s employee stock ownership plan; eligible depositors as of Dec. 31, 2003; and New Haven Savings’ directors, officers, employees and corporators.

It is expected that late next week, those eligible to subscribe in the subscription offering will be mailed offering materials describing the conversion, offering and acquisitions.

Also, as previously announced, NewAlliance Bancshares intends to acquire Connecticut Bancshares and Alliance Bancorp of New England.

Proxy materials are expected to be mailed next week to the shareholders of the two companies.

The conversion and acquisitions are expected to be consummated simultaneously, at the end of March.

Livingston, N.J.-based Ryan Beck & Co. is serving as financial advisor to NewAlliance Bancshares and as marketing agent for the stock offering.

The conversion is subject to the final approval of the Department of Banking and the FDIC. NewAlliance Bancshares is awaiting approval from the Federal Reserve Bank of Boston regarding its application to become the bank holding company for New Haven Savings Bank.

Additionally, the acquisitions are subject to the approval of shareholders of Connecticut Bancshares and Alliance Bancorp of New England, the FDIC, Federal Reserve Board and the Department of Banking.