State of the Pipeline – as of Nov. 8, 2023

This feature has the latest news from the mutual bank conversion space. As of Nov. 8, one conversion was in the pipeline.

Needham, Mass.-based NB Bancorp Inc.'s standard conversion offering 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 Eastern Bankshares Inc.'s October 2020 deal.

The new shares of Gouverneur, NY-based Gouverneur Bancorp Inc. began trading Nov. 1, closing down 10.3% from the $10 second-stage conversion offering price. The exchange ratio was 0.5334.

Grand Island, Neb.-based Central Plains Bancshares Inc. and Peru, Ill.-based PFS Bancorp Inc. completed their mutual-to-stock conversions in October. Central Plains priced near the top of the offering range and closed 9.0% lower on its first trading day. PFS Bancorp priced at the maximum of the offering range and traded down 10.0% on its IPO date.

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

Provident Bancorp agrees to appoint Stilwell-affiliated director to board

Generations Bancorp NY president/CEO dies

NSTS Bancorp board member dies

Systematic Savings Bank to terminate registration of common stock

Starting in February 2023, State of the Pipeline is published monthly instead of weekly.

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