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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August 2, 2023
On July 31, 2023, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed its conversion from the mutual holding company to the stock holding company form of organization and its related stock offering. A total of 9,798,980 shares of common stock were sold in the offering at a price of $10.00 per share. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “BVFL.”
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August 1, 2023
On July 26, 2023, Mercer Savings Bank, Celina, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, Mercer Bancorp, Inc., the newly formed holding company for Mercer Savings Bank, completed its initial public offering by selling 972,970 shares of its common stock at $10.00 per share. Mercer Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “MSBB.”
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July 24, 2023
On July 21, 2023, Land of Lincoln Credit Union, Decatur, Illinois, completed its acquisition of Colchester State Bank, Colchester, Illinois.
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