State of the Pipeline – December 2023

This feature has the latest news from the mutual bank conversion space. As of Dec. 13, one conversion was in the pipeline.

Needham, Mass.-based NB Bancorp Inc.'s standard conversion offering closed 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.

On Dec. 7, Maine Community Bancorp MHC and Gorham Bancorp MHC agreed to combine in a merger of equals. Both companies are in the mutual holding company nonstock ownership structure. The merger will create the second-largest mutually owned bank in Maine, with about $2.7 billion in total assets. The most recent mutual bank conversion in Maine was an MHC deal by Auburn Bancorp Inc., completed in August 2008.

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.

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

First Seacoast Bancorp repositions balance sheet

Pioneer Bank enters into settlement agreement with accounting firm

Bogota Financial president/CEO to retire; successor named

Texas Community Bancshares president/CEO retires

Generations Bancorp NY names president/CEO

Gouverneur Savings and Loan Association names next COO

Lake Shore Bancorp COO resigns 4 months after assuming post

Summit State credit chief resigns; Androscoggin Savings Bank names COO

Eastern Bankshares renegotiated deal terms with Cambridge Bancorp at least twice

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

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