August 24, 2022
On August 23, 2022, East Wisconsin Savings Bank, Kaukauna, Wisconsin, announced the signing of a definitive agreement with Lake City Federal Bank, Lake City, Minnesota, pursuant to which East Wisconsin will acquire Lake City through a merger between the two mutually owned organizations. Following the completion of the transaction, East Wisconsin will remain 100% mutually owned.
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August 2, 2022
On August 1, 2022, State Employees Federal Credit Union ("SEFCU"), Albany, New York, successfully completed its merger of equals with Capital Communications Federal Credit Union ("CAP COM"), Albany, New York. SEFCU was the continuing credit union in the transaction but changed its name to "Broadview Federal Credit Union" upon the completion of the merger.
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August 1, 2022
On July 27, 2022, Everett Co-operative Bank, Everett, Massachusetts, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, ECB Bancorp, Inc., the newly formed holding company for Everett Co-operative Bank, completed its initial public offering by selling 8,915,247 shares of its common stock at $10.00 per share. ECB Bancorp’s common stock is listed on the Nasdaq Capital Market under the trading symbol “ECBK.”
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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 25, 2022
To our clients and friends:
The August 8, 2022 deadline for Nasdaq-listed companies to publicly disclose their board diversity statistics is fast approaching. Our refresher on Nasdaq’s requirements for the disclosure is available here.
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