State of the Pipeline – December 2025

This feature has the latest news from the mutual bank conversion sector. As of Dec. 17, two conversions were in the pipeline.

Oak Park, Illinois-based Hoyne Bancorp Inc. began trading on the Nasdaq on Dec. 4, closing up 40.0% from the $10 IPO price. The bank's mutual-to-stock conversion offering was oversubscribed in Tier 1 and priced at the supermax of the range.

On Dec. 16, URSB Bancorp Inc., the proposed holding company for Carteret, New Jersey-based United Roosevelt Savings Bank, filed an amended registration statement for a mutual-to-stock conversion. Gross proceeds are estimated to be 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 Sept. 30, the balance of purchased C&I loans from BHG Financial, formerly known as Bankers Healthcare Group LLC, was $35.3 million, or 12.5% 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 Sept. 30 was $4.0 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.

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 it is considering branching opportunities that may arise in its primary market area, including a potential branch office in western Montana in late 2026 or the first six months of 2027.

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