This feature has the latest news from the mutual bank conversion space. As of Oct. 6, five conversions were in the pipeline.
Opelousas, La.-based Catalyst Bancorp Inc.'s standard conversion offering closed on Sept. 17.
On Sept. 13, NSTS Bancorp Inc., the proposed holding company for Waukegan, Ill.-based North Shore Trust and Savings, filed a registration statement for a standard conversion. The purchase limitations are 30,000 shares for individuals and 40,000 shares for groups. Of the 10 directors and executive officers, one anticipates buying 40,000 shares and another five expect to purchase 30,000 shares.
On Sept. 9, CFSB Bancorp Inc., the proposed stock holding company for Quincy, Mass.-based Colonial Federal Savings Bank, filed a registration statement for a mutual holding company conversion. The purchase limitations are 10,000 shares for individuals and 15,000 shares for groups. All but one of the 12 directors and executive officers are planning to purchase at least 10,000 shares.
Concord, N.H.-based Walden Mutual Bank has filed a de novo application to establish a mutual bank. The bank expects to raise between $20 million to $30 million to commence operations.
On Aug. 2, Bronx, N.Y.-based Ponce Financial Group Inc. filed a registration statement for a second-stage conversion. The exchange ratio is between 0.9342x at the minimum of the offering range and 1.4535x at the supermax. The purchase limitations are $300,000 for individuals and $500,000 for groups.
Eight conversions were completed in July, with all experiencing a first-day price increase. The most recent conversion, TC Bancshares Inc., began trading July 21, closing up more than 20% from its $10 offering price.
On June 1, Elberton, Ga.-based Elberton Federal Savings & Loan Association announced a merger conversion with Watkinsville, Ga.-based Oconee Financial Corp.
Click here to download a template showing the conversion pipeline, the market performance of recent conversions, the valuations of mutual holding companies and a list of conversion candidates.
Other conversion features
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M&A still possible for 51 converted mutual banks
2020 mutual bank conversion year in review
Mutual bank conversion adviser rankings in 2020
Seidman v. Spencer Savings Bank: The 16-year proxy fight over a mutual's mission
Other news stories about mutuals, MHCs, recent conversions and activist investors
Dupaco Community CU to acquire assets of Wisconsin-based Home Savings Bank
NH-based Piscataqua Savings Bank President/CEO to retire; successor named
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