NU Online News Service, July 30, 2:03 p.m. – Principal Mutual Holding Company, Des Moines, Iowa, has picked Mellon Financial Corp., Pittsburgh, to serve as the demutualization conversion agent and transfer agent when it converts to a stock charter.
Principal, a policyholder-owned mutual insurer, has announced plans to buy control of the company from the policyholders by giving them the full value of the company, in the form of stock and other compensation. Principal would then become a publicly traded company by selling additional shares to public investors.
A Mellon subsidiary, Mellon Investor Services, will help Principal design and execute the complicated conversion process, Mellon says.
Mellon has already served as the conversion agent in mutual company conversions, the company says.