While RP Financial LC and Luse Gorman PC dominated the mutual bank conversion adviser rankings in 2021, three advisory firms completed their first-ever conversion deal.

Thirteen conversions — seven second-stage, five standard and one mutual holding company — were up for grabs last year, with aggregate gross proceeds of $842.9 million. The biggest prize was the standard conversion of Rutherford, N.J.-based Blue Foundry Bancorp, which raised $277.7 million.

RP Financial was the independent appraiser for Blue Foundry, as well as for seven other conversions. It led all conversion advisers with $668.8 million in gross proceeds. Feldman Financial Advisors Inc. and Keller & Co. Inc. each landed two deals, while newcomer Faust Financial LLC worked on Greenfield, Wis.-based 1895 Bancorp of Wisconsin Inc.'s second-stage conversion.

Marcus Faust founded Faust Financial in 2020. Previously, he served as managing director at RP Financial.

Luse Gorman was the counsel for Blue Foundry and eight other conversions, representing 61% of the aggregate gross proceeds. Kilpatrick Townsend & Stockton LLP worked on the two largest second-stage deals by proceeds: Bristol, Pa.-based William Penn Bancorp. and White Plains, N.Y.-based Northeast Community Bancorp Inc. Both Silver Freedman Taff & Tiernan LLP and Bryan Cave Powell Goldstein LLP completed one standard conversion. Bryan Cave's debut as conversion counsel was on Thomasville, Ga.-based TC Bancshares Inc.'s deal.

Keefe Bruyette & Woods Inc. and Piper Sandler & Co. shared top honors in the deal manager space with four conversions completed. KBW scored the Blue Foundry deal, and Piper Sandler landed the William Penn and Northeast Community conversions. Performance Trust Capital Partners LLC, with three deals, made the conversion adviser rankings for the first time. Raymond James & Associates Inc. and Janney Montgomery Scott LLC each managed one deal.