State of the Pipeline – August 2025

This feature has the latest news from the mutual bank conversion sector. As of Aug. 27, two conversions were in the pipeline.

On Aug. 1, shares of Hudson, Massachusetts-based Avidia Bancorp Inc. began trading, closing up 46.4% from the $10 IPO price. The company's mutual-to-stock conversion offering was oversubscribed in Tier 1 and priced at the supermax of the range.

Also on Aug. 1, Springfield, Illinois-based Security Midwest Bancorp Inc. made its trading debut, closing 14.0% higher than the $10 IPO price. Its standard conversion offering priced between the minimum and the midpoint of the range.

Baldwinsville, New York-based Seneca Bancorp Inc. has issued a prospectus for its second-stage conversion. The offering expires Sept. 16.

Seneca is expanding its branch network. It opened a branch in Manlius, New York, on June 2. The company disclosed in the filing that it expects to establish a branch in late 2026 in Camillus, New York; Seneca agreed to purchase 1.2 acres of land there on June 25.

Seneca also plans to open a branch in Clay, New York, where in 2024 it bought 2.5 acres of land directly across from the future site of a semiconductor fabrication facility to be established by Micron Technology Inc. Seneca's property could be developed in late 2027 or in 2028. "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.

On Aug. 20, Oak Park, Illinois-based Hoyne Bancorp Inc. filed an amended registration statement for a standard conversion. The price to pro forma tangible book value as of June 30 is between 39.7% at the minimum of the offering range and 51.9% 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 bank conversions of the century.

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