The number of conversion transactions announced in the first quarter of 2021 has already exceeded the total number of transactions for all of 2020. Currently, there are 11 mutual-to-stock conversions, second-step conversions and mutual holding company minority stock issuances pending, with two conversions already completed in January. Luse Gorman is counsel in nine of these transactions.

The increase in conversion and mutual holding company activity is occurring nationwide with transactions in Alabama, Georgia, Louisiana, New Jersey, New York, Pennsylvania, Texas, and Wisconsin and involves institutions with assets ranging from approximately $250 million to $2 billion. The reasons for the increased activity include favorable appraisal pricing, stability in economic and market conditions, more moderate than expected effects of the pandemic on the loan portfolios of banks and new opportunities for growth.

If you would like a list of the announced transactions or any additional information, including expected valuations, please contact us. Since 2000, Luse Gorman has been the leading law firm in the United States for mutual holding company and mutual-to-stock conversion transactions.

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