State of the Pipeline – as of Jan. 4, 2023

This feature has the latest news from the mutual bank conversion space. As of Jan. 4, three conversions were in the pipeline.

Dover, N.H.-based First Seacoast Bancorp Inc. disclosed that it received valid orders representing approximately 48.8% of the required minimum in its subscription and community offering for its second-stage conversion. To meet the company's objective of completing the deal at the minimum of the offering range, First Seacoast has commenced a syndicated community offering that expires Jan. 17, in addition to commencing a resolicited offering that expires Jan. 4 for those who had subscribed for the maximum number of shares in the subscription and community offering. For both pending offerings, the purchase limitations were increased to 5% of the shares offered, which equals 140,250 shares at the minimum.

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

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

Sewickley Savings Bank gets 'needs to improve' Community Reinvestment Act rating

Lake Shore Bancorp ends change in control agreement with CFO

Brookline Bancorp closes acquisition of PCSB Financial

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

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