State of the Pipeline – as of Sept. 13, 2023

This feature has the latest news from the mutual bank conversion space. As of Sept. 13, five conversions were in the pipeline.

Bound Brook, NJ-based SR Bancorp Inc.'s mutual-to-stock conversion is expected to price between the midpoint and the maximum of the offering range. The company expects the stock to begin trading Sept. 20. The transaction includes the simultaneous acquisition of Livingston, NJ-based Regal Bancorp Inc.

On Sept. 1, NB Bancorp Inc., the proposed holding company for Needham, Mass.-based Needham Bank, filed an amended registration statement for a standard conversion. The pro forma valuation of the company was bumped up 3.3% compared to the previous filing on Aug. 8. 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 just Eastern Bankshares Inc.'s October 2020 deal.

The SEC 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 were scheduled to close Sept. 19 and Sept. 14, respectively.

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

Heritage NOLA pursued another M&A proposal before signing M C Bancshares deal

57 banks enter community bank leverage ratio framework in Q2

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

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