12 Oct, 2023
State of the Pipeline – as of Oct. 11, 2023
By Robert Clark and Xylex Mangulabnan
This feature has the latest news from the mutual bank conversion space. As of Oct. 11, four conversions were in the pipeline.
Shares of Bound Brook, NJ-based SR Bancorp Inc. began trading Sept. 20 and closed at $9.28, down 7.2% from the $10 initial public offering price. On Oct. 10, the stock closed at $8.35. The company's mutual-to-stock conversion priced between the midpoint and the maximum of the offering range. The transaction included the simultaneous acquisition of Livingston, NJ-based Regal Bancorp Inc.
The mutual-to-stock conversions for Grand Island, Neb.-based Central Plains Bancshares Inc. and Peru, Ill.-based PFS Bancorp Inc. closed Sept. 19 and Sept. 14, respectively.
As of Oct. 4, Gouverneur, NY-based Gouverneur Bancorp Inc. had received valid orders representing approximately 70% of the shares offered at the minimum of the range for its second-stage conversion. The company commenced a syndicated community offering Oct. 4. Both the community offering and the syndicated community offering are scheduled to close by Oct. 20.
Needham, Mass.-based NB Bancorp Inc.'s standard conversion offering tentatively closes Nov. 14. Gross proceeds at the supermax of the offering range are $410.0 million, representing the second-largest standard conversion in the last 15 years, behind just Eastern Bankshares Inc.'s October 2020 deal.
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
Mutual bank conversions slump to low point in 2022
10 advisers land spots on mutual bank conversion rankings in 2022
Other news stories about mutuals, mutual holding companies, recent conversions and activist investors
Two Mass.-based bank holding companies to combine
Eastern Bankshares sells insurance biz to strike 2nd-biggest bank deal of 2023
Eastern Bankshares' pair of deals 'make the water for an investor remain murky'
OCC charges First Federal Savings and Loan Association executive for misconduct
Marathon Bancorp discloses accounting error related to deferred tax liability
Ohio-based VWF Bancorp unable to file annual report on time
Starting in February 2023, State of the Pipeline is published monthly instead of weekly.
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