On July 31, 2024, Fifth District Savings Bank, New Orleans, Louisiana, completed its conversion from the mutual to stock form of organization. Concurrently, Fifth District Bancorp, Inc., the newly formed holding company for Fifth District Savings Bank, completed its initial public offering by selling 5,459,473 shares of its common stock at $10.00 per share, and also issued 100,000 shares of its common stock to The Fifth District Community Foundation, Inc.  Fifth District Bancorp’s common stock is traded on the Nasdaq Capital Market under the symbol “FDSB”.

Luse Gorman served as legal counsel to Fifth District Bancorp, Inc. and Fifth District Savings Bank in the transaction. The Luse Gorman team included Thomas Hutton, Victor Cangelosi and Brendan Saxon.

Fifth District Savings Bank has approximately $480 million in assets and operates from its main office in New Orleans, Louisiana, and six branch offices located in Orleans, St. Tammany and Jefferson Parishes.

Since 2000, Luse Gorman has been the leading law firm in the United States in mutual holding company transactions and mutual-to-stock conversions, based on number of transactions.  Click here to learn more about our capital markets and corporate finance services.