Some thrifts just do an IPO, others may do a two step conversion via an MHC (Mutual Holding Company). The thrift can sell or merge with another bank after three years. The MHC’s will take longer due to when they decide to take the second step, but it would be three years after that date. But, please note it’s not a given they will look to sell after this period.

The reason they are interesting is they usually convert at discounted price to TBV. But you still need to look at other ratios that are fundamental to banks. But if they sell or merge, it is usually at a premium to TBV.