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Mutual bank conversion year in review for 2019

Mutual bank conversion activity remained tepid in 2019.

Nine mutual bank conversions were completed in 2019, up from five in 2018 but well off the decade-high of 24 in 2010. The 2019 total includes two standard, five mutual holding company and two second-stage conversions. The five MHC deals tied for the most since 2008.

Gross proceeds increased for the third consecutive year, totaling $778.0 million in 2019. The decade-high occurred in 2014 with more than $3 billion raised.

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HarborOne Bancorp Inc.'s second-stage deal accounted for about 40% of the total gross proceeds in 2019. Brockton, Mass.-based HarborOne was also the most expensive deal in terms of price-to-pro forma book value at 92.5%. In contrast, Metairie, La.-based Eureka Homestead Bancorp Inc. had the lowest valuation at 60.6% of pro forma book value.

Albany, N.Y.-based Pioneer Bancorp Inc. (MHC) and Richmond, Ind.-based Richmond Mutual BanCorp. Inc. had the most favorable investor reception, appreciating more than 50% relative to their IPO price by the end of 2019. Pioneer Bancorp's IPO pop of 47.5% accounted for the vast majority of its cumulative price change. Richmond Mutual was up 36.5% its first day of trading and then went up another 16.9% over the remainder of 2019.

Three of the five MHC conversions experienced price declines on their first day of trading: Dover, N.H.-based First Seacoast Bancorp (MHC), Wauwatosa, Wis.-based TEB Bancorp Inc. (MHC); and Greenfield, Wis.-based 1895 Bancorp Of Wisconsin Inc. (MHC). First Seacoast and TEB Bancorp continued trading negatively following their debuts, while 1895 Bancorp appreciated 12.3% the rest of the year.

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