State of the Pipeline – as of Aug. 23, 2023

This feature has the latest news from the mutual bank conversion space. As of Aug. 23, five conversions were in the pipeline.

The Securities and Exchange Commission approved Gouverneur, NY-based Gouverneur Bancorp Inc.'s conversion registration statement. The closing date of the second-stage offering is Sept. 20.

The mutual-to-stock conversion applications for Grand Island, Neb.-based Central Plains Bancshares Inc. and Peru, Ill.-based PFS Bancorp Inc. also were declared effective by the SEC. Those offerings close Sept. 19 and Sept. 14, respectively.

Bound Brook, NJ-based SR Bancorp Inc.'s standard conversion offering closed Aug. 15. The deal also includes the simultaneous acquisition of Livingston, NJ-based Regal Bancorp Inc.

On Aug. 8, NB Bancorp Inc., the proposed holding company for Needham, Mass.-based Needham Bank, filed an amended registration statement for a standard conversion. Directors and executive officers are proposing to purchase 762,500 shares, up from 706,000 shares in the initial filing. Gross proceeds at the supermax of the offering range are $396.8 million, representing the second-largest standard conversion in the last 15 years, behind just Eastern Bankshares Inc.'s October 2020 deal.

The new shares of Baltimore-based BV Financial Inc. began trading Aug. 1, closing up 2.4% from the $10 offering price. The second-stage conversion priced slightly above the minimum of the offering range.

On July 31, Elberton, Ga.-based Elberton Federal Savings & Loan Association completed its merger conversion with Watkinsville, Ga.-based Oconee Financial Corp. The deal priced at the maximum of the offering range.

Celina, Ohio-based Mercer Bancorp Inc. began trading July 27, appreciating 30.0% from the $10 initial public offering price. The standard conversion offering priced between the minimum and the midpoint.

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

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

South Carolina-based Mutual Savings Bank, Oconee Federal to merge

Oconee Federal Financial to delist common stock from Nasdaq

MC Bancshares overcomes mark-to-market deal math with unique price structure

Investor group to acquire Louisiana-based Eureka Homestead Bancorp, subsidiary

Bangor Savings hopes tech-oriented programs can help ease funding cost burden

New York-based Lake Shore Bancorp names COO, CFO

Pioneer Bancorp acquires wealth adviser Hudson Financial

Cincinnati Bancorp's suitors included a Midwest credit union

Bancorp 34, CBOA temporarily paused merger talks in 2022 due to Fed rate hikes

JPMorgan's Dimon remains highest-paid US bank CEO even after 59% pay cut

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

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