State of the Pipeline – as of March 8, 2023

This feature has the latest news from the mutual bank conversion space. As of March 8, 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

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

Lake Shore Bancorp president/CEO to retire in March

OCC issues consent order to New York-based Lake Shore Savings Bank

Massachusetts-based Avidia Bank names next president/CEO

Bay State Savings Bank names board chair

HomeTrust Bancshares files shelf registration statement

Greene County Bancorp board approves 2-for-1 stock split

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

We encourage reader participation and feedback. Please forward any suggestions to ConversionNews@snl.com.