State of the Pipeline – May 2025

This feature has the latest news from the mutual bank conversion sector. As of May 28, four conversions were in the pipeline.

Seneca Financial Corp. announced a second-stage conversion May 9. The eligible record date is March 31, 2024.

Winchester Bancorp Inc. has completed its mutual holding company conversion, with the transaction pricing between the maximum and the supermax of the offering range. The shares began trading May 2, closing down 7.0% from the $10 offering price.

The offerings have commenced for the standard conversions of Security Midwest Bancorp Inc. and Avidia Bancorp Inc., as well as for the second-stage conversion of Lake Shore Bancorp Inc. All three offerings close in the second half of June.

Whereas cannabis-related banking represents a sizable portion of Security Midwest's balance sheet, Avidia exited the business in 2024. See the April edition of State of the Pipeline for additional data.

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