The Bank Slate


Nebraska, N.J. banks share updates on mutual conversions

Central Plains Bancshares in Grand Island, Neb., and SR Bancorp in Bound Brook, N.J., are progressing with their mutual conversions.

The $438 million-asset Central Plains said in a press release that it completed the subscription offering for its mutual-to-stock conversion. Given “sufficient orders,” Central Plains said a community offering or syndicated offering isn’t necessary.

Separately, the $1.1 billion-asset SR Bancorp closed its mutual-to-stock conversion, as well as its acquisition of Regal Bancorp. SR Bancorp sold about 9.1 million shares at $10 each, raising $90.6 million.

SR Bancorp contributed about 453,000 shares and $906,000 to the Somerset Regal Charitable Foundation.

“Our merger is a partnership between two banks that are built on trusted relationships and a shared commitment to exceptional personal attention for our customers,” William Taylor, chairman and CEO of Somerset Regal Bank, said in the release.

“The combination will expand our lending capabilities in new markets while also allowing us to deliver enhanced products to our customers,” he added.

David Orbach joined SR Bancorp as executive chairman. Two other Regal directors joined SR Bancorp’s board.

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