Nine different advisers worked on the nine mutual bank conversions completed in 2019.

Once again, RP Financial LC. was the most prolific independent appraiser. The firm worked on the five largest deals by gross proceeds, raising an aggregate of $702.3 million. Keller & Co. Inc. landed three deals, albeit the three smallest by gross proceeds, up from one deal in 2018. And Feldman Financial Advisors Inc. appraised Dover, N.H.-based First Seacoast Bancorp (MHC), which was the first mutual bank conversion in New Hampshire completed since 2006.

Luse Gorman PC was the legal counsel for seven of the nine transactions, including all five mutual holding company conversions. The largest deal —Brockton, Mass.-based HarborOne Bancorp Inc.'s $310.4 million second-stage conversion — went to Goodwin Procter LLP. Silver, Freedman, Taff & Tiernan LLP was the law firm for the second-largest deal of the year: Richmond, Ind.-based Richmond Mutual BanCorp. Inc.'s standard conversion.

Sandler O'Neill & Partners LP was the top deal manager in 2019, with four deals and $572.1 million in gross proceeds. Keefe Bruyette & Woods Inc. completed one standard and two MHC deals. And Janney Montgomery Scott LLC, which acquired FIG Partners LLC in April 2019, was the deal manager for two conversions.