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Federal Savings Bank to reorganize into mutual holding company

Dover, N.H.-based Federal Savings Bank's board on Feb. 28 authorized a plan to reorganize the bank into a mutual holding company, pending approval from the Federal Reserve Board.

First Seacoast Bancorp will be the proposed parent of Federal Savings Bank under the reorganization. First Seacoast Bancorp and Federal Savings Bank are offering participants of the latter's 401(k) plan the option to invest in the proposed holding company's common shares.

Based on Federal Savings Bank's 401(k) plan's assets as of Dec. 31, 2018, the plan's trustee can purchase up to 245,841 common shares at $10 apiece.

First Seacoast Bancorp is also offering up to 2,327,600 of its common shares, on a best-efforts basis, to eligible depositors and borrowers of Federal Savings bank, and to its tax-qualified employee benefit plans. Any unsold stock may be offered to the general public. It needs to sell a minimum of 1,720,400 common shares to complete the offering and can sell up to 2,676,740 common shares.

Given that shares will be sold for $10 apiece, S&P Global Market Intelligence calculates a maximum gross offering size of up to $26.8 million.

The company expects its shares to trade on the Nasdaq Capital Market under the symbol FSEA.

First Seacoast Bancorp intends to invest at least 50% of the net offering proceeds in Federal Savings Bank. It also intends to fund the loan to its employee stock ownership plan, to contribute $150,000 to a charitable foundation and to provide $100,000 to First Seacoast Bancorp as initial capitalization.

Federal Savings Bank will change its name to First Seacoast Bank in connection with the reorganization and offering.

Keefe Bruyette & Woods is acting as the exclusive financial adviser and sole book-running manager in connection with the proposed reorganization.