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State of the Pipeline in 2019

Banking Essentials Newsletter - November Edition

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Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

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State of the Pipeline in 2019

This feature has the latest news from the mutual bank conversion space. As of June 12, six conversions were in the pipeline.

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On June 7, Provident Bancorp Inc. filed a registration statement in conjunction with Amesbury, Mass.-based Provident Bancorp Inc (MHC)'s second-stage conversion. The Tier 1 depositor date is May 31, 2018. Gross proceeds range from $97.8 million at the minimum of the offering range to $132.3 million at the maximum. There is no supermax range.

Richmond, Ind.-based Richmond Mutual BanCorp. Inc. closed its mutual-to-stock conversion offering June 11. Gross proceeds are $130.3 million at the supermax of the offering range. Click here for the conversion spotlight.

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Eureka Homestead Bancorp Inc., the proposed holding company for Metairie, La.-based Eureka Homestead, filed a prospectus on May 19. The pro forma price-to-tangible book ratio ranges from 59.3% at the minimum of the offering range to 71.5% at the supermax. Click here for the conversion spotlight.

On May 23, First Seacoast Bancorp, the proposed stock holding company for Dover, N.H.-based Federal Savings Bank, filed a prospectus for a mutual holding company conversion. This deal would mark the first mutual bank in New Hampshire to complete a conversion IPO in more than a decade. Click here for the conversion spotlight.

On May 24, Pioneer Bancorp Inc. filed a prospectus in conjunction with Albany, N.Y.-based Pioneer Savings Bank's MHC conversion. At the supermax of the offering range, gross proceeds are $111.7 million. Click here for the conversion spotlight.

HarborOne NorthEast Bancorp Inc. filed an amended application May 31 in conjunction with Brockton, Mass.-based HarborOne Bancorp Inc. (MHC)'s second-stage conversion. Gross proceeds range from $229.5 million at the minimum to $310.5 million at the maximum. There is no supermax range. The exchange ratio is between 1.3276 and 1.7961.

Joseph Stilwell active in banking sector

The Stilwell Group reduced its stake in Watseka, Ill.-based IF Bancorp Inc. by 13,000 shares in the first quarter. The group owned 220,644 shares at March 31, representing a 6.6% stake in the company. Additionally, the group initiated small stakes in two public MHCs: Poughkeepsie, N.Y.-based Rhinebeck Bancorp Inc. (MHC) (15,000 shares) and Greenfield, Wis.-based 1895 Bancorp Of Wisconsin Inc. (MHC) (10,000 shares).

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Click here for a webinar on mutual bank conversions.

Click here to download a template showing the conversion pipeline, market performance of recent conversions, the valuations of mutual holding companies and the market and financial performance of current public thrifts.

Other conversion features

Banks celebrate their 3-year mutual conversion anniversaries

2018 conversion year in review

2018 conversion adviser rankings

Other news stories about mutuals, MHCs, recent conversions and activist investors

New Jersey-based Columbia Financial buying Stewardship Financial in $137M deal

Columbia Financial board authorizes share buyback program

Gate City Bank appoints COO as next president/CEO

We encourage reader participation and feedback to ensure that these tables remain as timely and comprehensive as possible. Please forward any suggestions to ConversionNews@snl.com.