The Bank Slate


First Seacoast raising up to $36M from second step

First Seacoast Bancorp in Dover, N.H., plans to raise up to $36.3 million from its second-step conversion from a mutual to a fully stock-owned company. 

The $510 million-asset company said in a regulatory filing that it expects to receive $26.5 million to $36.3 million of net proceeds as part of the conversion. 

First Seacoast said it plans to invest at least half of the net proceeds in its bank. A portion of the net proceeds would fund a loan to its employee stock ownership plan to finance its purchase of stock from the offering. 

The company could use its portion of the net proceeds to make acquisition, increase lending and introduce new products and services, among other things. There are no current agreements for an acquisition. 

Keefe, Bruyette & Woods is the company’s marketing manager.

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