State of the Pipeline – as of Jan. 25, 2023

This feature has the latest news from the mutual bank conversion space. As of Jan. 25, three conversions were in the pipeline.

On Jan. 19, Baltimore-based BV Financial Inc. announced a second-stage conversion. The Tier 1 date is Dec. 31, 2021.

On Jan. 20, the new shares for Dover, N.H.-based First Seacoast Bancorp Inc. began trading, closing up 3.5% from the $10 second-stage conversion offering price.

Bound Brook, N.J.-based Somerset Savings Bank SLA on July 25, 2022, announced a mutual-to-stock conversion, with a simultaneous acquisition of Livingston, N.J.-based Regal Bancorp Inc. The eligible record date for the conversion offering is June 30, 2021.

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

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

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10 advisers land spots on mutual bank conversion rankings in 2022

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

Provident Bancorp found 'material weakness' in digital asset lending practices

Starting in February, State of the Pipeline will be published monthly instead of weekly.

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