The Bank Slate


First Seacoast in NH to pursue second-step conversion

First Seacoast Bancorp in Dover, N.H., will convert to a fully stock-owned company. 

The $500 million-asset mutual holding company said in a press release that it will undertake a second-step conversion. First Seacoast held its initial public offering in July 2019. 

The total amount of common stock to be issued in the proposed offering will be based on the aggregate pro forma market value of the common stock of First Seacoast as determined by an independent appraisal. Shares in the MHC will convert into rights to buy stock in the successor company. 

The conversion is expected to take place in the first quarter.

Luse Gorman is the legal counsel. Keefe, Bruyette & Woods is the marketing agent.

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