July 28, 2022
On July 25, 2022, Somerset Savings Bank, SLA, Bound Brook, New Jersey, adopted a plan of conversion to convert from the mutual to stock form of organization. Somerset Savings also entered into a merger agreement to acquire Regal Bancorp, Inc. Under the terms of the merger agreement, Regal Bancorp shareholders may elect to receive 1.93 shares of SR Bancorp, Inc. (the newly formed holding company of Somerset Savings Bank) common stock (based on a $10.00 per share offering price) or $19.30 in cash for each share of Regal Bancorp common stock, subject to the allocation and proration procedures set forth in the merger agreement.
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July 21, 2022
On July 13, 2022, Van Wert Federal Savings Bank, Van Wert, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, VWF Bancorp, Inc., the newly formed holding company for Van Wert Federal, completed its initial public offering by selling 1,922,924 shares of its common stock at $10.00 per share. VWF Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “VWFB.”
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July 5, 2022
On June 30, 2022, Berkshire Hills Bancorp, Inc., Boston, Massachusetts, the holding company for Berkshire Bank, completed a public offering of $100.0 million of its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2032.
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June 23, 2022
On June 17, 2022, Northfield Bancorp, Inc., Woodbridge, New Jersey, the holding company for Northfield Bank, completed a private offering of $62.0 million of its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2032.
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June 2, 2022
On June 1, 2022, NuMark Credit Union, Joliet, Illinois, announced that it had entered into a purchase and assumption agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Pioneer State Bank, Earlville, Illinois.
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