State of the Pipeline – as of April 12, 2023

This feature has the latest news from the mutual bank conversion space. As of April 12, five conversions were in the pipeline.

Mutual bank conversion activity picked up in the last month, with four registration statements filed with the Securities and Exchange Commission.

On March 13, SR Bancorp Inc., the proposed holding company for Bound Brook, NJ-based Somerset Savings Bank SLA, filed for a mutual-to-stock conversion. Three of the six directors at the bank, including chairman and CEO William Taylor, are planning to subscribe for $250,000 worth of stock, which is the purchase limitation in the offering. The deal also includes the simultaneous acquisition of Livingston, NJ-based Regal Bancorp Inc.

Also on March 13, Baltimore-based BV Financial Inc. filed for a second-stage conversion. The exchange ratio for the newly issued shares ranges from 1.6599 at the minimum of the offering range to 2.5827 at the supermax.

On March 10, PFS Bancorp Inc., the proposed holding company for Peru, Ill.-based Peru Federal Savings Bank, filed for a standard conversion. The price to pro forma tangible book value is between 48.9% at the minimum and 61.2% at the supermax.

Also on March 10, Mercer Bancorp Inc., the proposed holding company for Celina, Ohio-based Mercer Savings Bank, filed for a standard conversion. According to the filing, the bank hired President and CEO Barry Parmiter in February 2022 and Senior Vice President of Indirect Lending Ryan Moorman in July 2022. Parmiter and Moorman previously worked together at Caldwell, Ohio-based Community Savings Bancorp Inc., which was acquired by Double Bottomline Corp. in December 2021.

In Mercer Bancorp's registration statement, the company said, "Additionally, in January 2023, we began implementing an indirect automobile lending program. Our management team has experience with indirect automobile lending and we intend to prudently grow that segment of our loan portfolio."

On Jan. 20, the new shares for Dover, NH-based First Seacoast Bancorp Inc. began trading, closing up 3.5% from the $10 second-stage conversion offering price.

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

Miss.-based BankOkolona to acquire in-state peer First Federal Savings and Loan

Massachusetts-based 1831 Bancorp MHC, South Shore Bancorp MHC to merge

Massachusetts-based Bluestone Bank names president/CEO

New York-based Pathfinder Bancorp names president/CEO

Florida-based First Federal Bank launches equipment financing business line

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.