State of the Pipeline – as of April 6, 2022

This feature has the latest news from the mutual bank conversion space. As of April 6, three conversions were in the pipeline.

On March 10, ECB Bancorp Inc., the proposed holding company for Everett, Mass.-based Everett Co-operative Bank, filed a registration statement for a mutual-to-stock conversion. The purchase limitations are 35,000 shares for individuals and 50,000 shares for groups. Seven of the nine directors and executive officers plan to buy at least 35,000 shares in the offering.

On March 11, VWF Bancorp Inc., the proposed holding company for Van Wert, Ohio-based Van Wert Federal Savings Bank, filed a registration statement for a mutual-to-stock conversion. Directors and executive officers anticipate buying 492,000 shares, representing 17.0% of the shares offered at the supermax.

On Jan. 28, the new shares of Bronx, N.Y.-based Ponce Financial Group Inc. began trading, closing up 7.9% from the $10 second-stage conversion offering price.

Concord, N.H.-based Walden Mutual Bank has filed a de novo application to establish a mutual bank. The bank expects to raise between $20 million and $30 million to begin operations.

On June 1, 2021, Elberton, Ga.-based Elberton Federal Savings & Loan Association announced a merger conversion with Watkinsville, Ga.-based Oconee Financial Corp.

Click here to download a template showing the conversion pipeline, the market performance of recent conversions, the valuations of mutual holding companies and a list of conversion candidates.

Other conversion features

2021 mutual bank conversion year in review

Mutual bank conversion adviser rankings in 2021

Mutual conversions on the rise due to open markets, competitive pressures

Other news stories about mutuals, mutual holding companies, recent conversions and activist investors

2 Midwestern banks to merge

Geography, mortgage banking growth drove Massachusetts mutual bank deal

Needham Bank completes transfer of cannabis banking business from Eastern Bank

We encourage reader participation and feedback to ensure these tables remain as timely and comprehensive as possible. Please forward any suggestions to ConversionNews@snl.com.