On July 16, 2019, Federal Savings Bank, Dover, New Hampshire, completed its reorganization from a mutual savings bank to the mutual holding company form of organization. In connection with the reorganization, the bank changed its name to “First Seacoast Bank.”
Concurrently with the reorganization, First Seacoast Bancorp, the newly formed holding company for First Seacoast Bank, completed its initial public offering. First Seacoast Bancorp sold 2.7 million shares of its common stock at $10.00 per share, including 238,473 shares issued to First Seacoast Bank’s employee stock ownership plan, and contributed 60,835 shares to the First Seacoast Community Foundation. First Seacoast Bancorp also issued 3,345,925 shares, or 55% of its outstanding common stock, to First Seacoast Bancorp, MHC, a newly formed mutual holding company. First Seacoast Bancorp’s common stock began trading on the Nasdaq Capital Market under the symbol “FSEA” on July 17, 2019.
Luse Gorman served as legal counsel to First Seacoast Bank in the reorganization and stock offering. The Luse Gorman team consisted of Lawrence M.F. Spaccasi, Thomas P. Hutton, Victor L. Cangelosi and Elizabeth Cook.
First Seacoast Bank has $394.7 million in total assets and operates from its main office and four branch offices in the seacoast region of New Hampshire.