November 3, 2023
On November 1, 2023, A.E.A. Federal Credit Union, Yuma, Arizona, announced that it had entered into a purchase and assumption agreement with West Valley National Bank, Goodyear, Arizona and its parent holding company, West Valley Bancorp, Inc. Pursuant to the agreement, A.E.A. Federal Credit Union will purchase substantially all assets and assume substantially all liabilities of West Valley National Bank. Following the completion of the transaction, West Valley National Bank and West Valley Bancorp, Inc. will each dissolve and liquidate, and all remaining assets will be distributed to the shareholders of West Valley Bancorp, Inc.
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October 23, 2023
On October 19, 2023, Home Federal Savings and Loan Association of Grand Island, Grand Island, Nebraska, completed its conversion from the mutual to stock form of organization. Concurrently, Central Plains Bancshares, Inc., the newly formed holding company for Home Federal, completed its initial public offering by selling 4,130,815 shares of its common stock at $10.00 per share. Central Plains Bancshares’ common stock is traded on the Nasdaq Capital Market under the symbol "CPBI."
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October 19, 2023
On October 17, 2023, Peru Federal Savings Bank, Peru, Illinois, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, PFS Bancorp, Inc., the newly formed holding company for Peru Federal, completed its initial public offering by selling 1,725,000 shares of its common stock at $10.00 per share. PFS Bancorp’s common stock is listed on the OTCQB Market under the trading symbol "PFSB."
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October 10, 2023
On September 19, 2023, Somerset Savings Bank, SLA, Bound Brook, New Jersey, completed its conversion from the mutual to stock form of organization. Concurrently, SR Bancorp, Inc., the newly formed holding company for Somerset Savings Bank, completed its initial public offering by selling 9,055,172 shares of its common stock at $10.00 per share. SR Bancorp’s common stock is listed on the Nasdaq Capital Market under the trading symbol “SRBK.”
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August 3, 2023
On August 1, 2023, Harborstone Credit Union, Lakewood, Washington, announced that it had entered into a purchase and assumption agreement to acquire substantially all the assets and assume substantially all the liabilities of First Sound Bank, Seattle, Washington. Following the completion of the acquisition, First Sound Bank will distribute the net transaction proceeds to its stockholders. The distribution to stockholders is estimated to be between $6.90 and $7.10 per share of First Sound Bank common stock, subject to adjustment based on a minimum equity target.
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