State of the Pipeline – July 2025

This feature has the latest news from the mutual bank conversion sector. As of July 30, four conversions were in the pipeline.

Newly issued shares of Lake Shore Bancorp Inc. began trading July 21, closing up 19.5% from the $10 offering price. The company's second-stage conversion priced slightly below the midpoint of the offering range.

Avidia Bancorp Inc.'s mutual-to-stock conversion offering was oversubscribed in Tier 1. The company expects the offering to price at the supermax of the range and for the stock to begin trading Aug. 1.

Security Midwest Bancorp Inc. also expects its shares to be listed for trading on or about Aug. 1. Its standard conversion offering is expected to price between the minimum and the midpoint of the range.

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.

On June 17, Hoyne Bancorp Inc. filed a registration statement for a standard conversion. The price to pro forma tangible book value as of March 31 is between 39.7% at the minimum of the offering range and 52.0% at the supermax. If the deal prices at the bottom end of the range, it would represent the second-lowest valuation among all US mutual-to-stock bank conversions of the century.

On June 13, Seneca Bancorp Inc. filed a registration statement for a second-stage conversion. Seneca opened a branch in Manlius, New York, on June 2. The company disclosed in the filing that it also plans to open a branch in Clay, New York, where in 2024 Seneca bought 2.5 acres of land directly across from the future site of a semiconductor fabrication facility to be established by Micron Technology Inc.

"This strategic investment positions us to support the economic growth expected in the region and to provide financial solutions to businesses and families as this transformative development takes shape," Seneca said in the filing.

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