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Seneca Savings completes MHC conversion

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Seneca Savings completes MHC conversion

Seneca Financial Corp. completed its stock offering connected with the now-completed conversion of Seneca Federal Savings and Loan Association into the mutual holding company structure.

Seneca Financial raised gross proceeds of about $9.1 million, selling 910,305 common shares at $10 apiece. The midtier holding company sold 46% of its stock in the offering, and the rest was issued to Seneca Financial MHC.

The shares are expected to be quoted on the OTC Pink Marketplace under the ticker "SNNF" on Oct. 12.

Raymond James & Associates Inc. was Seneca Financial Corp.'s agent in the stock offering and was financial adviser to it and Seneca Savings. Luse Gorman PC was legal counsel to Seneca Financial Corp. and Seneca Savings. Kilpatrick Townsend & Stockton LLP was legal counsel to Raymond James.