State of the Pipeline – May 2026

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

On May 22, shares of PSB Financial Inc. began trading, closing up 5.0% from the IPO price of $10. PSB's mutual-to-stock conversion offering was oversubscribed in Tier 1 and priced at the supermax.

Fair Lawn, New Jersey-based Columbia Financial Inc.; Poughkeepsie, New York-based Rhinebeck Bancorp Inc.; and Bethel, Ohio-based CSB Financial Inc. each have filed a prospectus for their respective mutual bank conversions.

Columbia Financial announced a relatively rare type of transaction: a mutual bank conversion plus a bank acquisition. Columbia's announcement was for a second-stage conversion and the simultaneous acquisition of Woodbridge, New Jersey-based Northfield Bancorp Inc.

Click here for background information on the acquisition.

Following the transaction, Columbia intends to pay a quarterly cash dividend of 5 cents per share, according to the prospectus.

Rhineback also is undergoing a second-stage conversion. At the end of 2025, nonowner-occupied commercial real estate accounted for 27.3% of Rhinebeck's loan portfolio, while indirect auto represented another 22.3%.

"While we still plan to originate indirect automobile loans, over the past four years and for the foreseeable future we have actively decreased our indirect automobile portfolio by decreasing loan originations through increased pricing and more selective underwriting criteria," Rhinebeck said in the prospectus.

Rhinebeck also noted that it has ceased originating residential mortgage loans directly and no longer offers construction or rehabilitation loans for one- to four-family properties.

CSB is the lone standard conversion in the pipeline. Its banking subsidiary, Community Savings Bank, began buying consumer loans from BHG Financial, formerly known as Bankers Healthcare Group LLC, in the second quarter of 2024. The consumer loan portfolio, virtually all of which came from BHG, comprised 18.7% of the bank's total loans as of year-end 2025.

In the prospectus, the bank said, "We intend to continue to purchase unsecured consumer loans." The bank also disclosed that it has purchased C&I loans from BHG, and the majority of its one- to four-family loans are secured by non-owner-occupied properties.

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