Thrift Conversion Pioneers Reunite

Robert M. Adams and Mark B. Cohen, who helped transform the thrift industry's method of raising equity capital, have reunited after seven years to launch Adams Cohen Venture Capital LLC, Great Neck, N.Y.The two led the mutual-to-stock conversion movement of savings banks and savings-and-loan associations in the 1980s and 1990s, as the Adams Cohen Cos. raised billions of dollars for the beleaguered thrift industry. Messrs. Adams and Cohen are credited with revolutionizing the way thrifts raised equity capital by developing a direct sale of stock approach ("subscription enhancement") to depositors and the public. In recent years, Mr. Cohen continued pursuing conversion offerings as a partner at Sandler O'Neill & Partners, and Mr. Adams was mostly an active investor/principal in technology-related private equity transactions. The new venture will focus on raising capital for the technology sector.