State of the Pipeline – November 2025

This feature has the latest news from the mutual bank conversion sector. As of Nov. 24, three conversions were in the pipeline.

Oak Park, Illinois-based Hoyne Bancorp Inc.'s mutual-to-stock conversion offering was oversubscribed in Tier 1. At the supermax of the offering, gross proceeds were $79.4 million.

On Sept. 23, PSB Financial Inc. filed a registration statement for a mutual-to-stock conversion. PSB is the proposed holding company for Pioneer State Bank, the successor to Deer Lodge, Montana-based Pioneer Federal Savings and Loan Association. The price to pro forma tangible book value as of June 30 was between 40.1% at the minimum of the offering range and 52.2% at the supermax.

In the filing, PSB said, "We are considering branching opportunities that may arise in our primary market area, including a potential branch office in western Montana in late 2026 or the first six months of 2027."

On Sept. 12, URSB Bancorp Inc., the proposed holding company for Carteret, New Jersey-based United Roosevelt Savings Bank, filed a registration statement for a mutual-to-stock conversion. Gross proceeds are estimated at between $14.9 million at the minimum of the offering range and $23.1 million at the supermax.

According to the filing, many of United Roosevelt's one- to four-family, multifamily, commercial and industrial (C&I), and consumer loans have been purchased rather than originated internally. As of June 30, the balance of purchased C&I loans from BHG Financial, formerly known as Bankers Healthcare Group LLC, was $35.9 million, or 13.7% of the bank's loan portfolio. United Roosevelt began buying C&I loans from BHG in early 2016. The bank also started buying participation interests in syndicated leveraged lending loans in November 2023 from BancAlliance Inc.; the balance of that exposure on June 30 was $3.3 million. Additionally, United Roosevelt began purchasing consumer loans from BHG and Woodside Credit LLC in the second quarter and from LendingClub Corp. in the first quarter.

Download a template showing the conversion pipeline, market performance of recent conversions, valuations of mutual holding companies and a list of conversion candidates.