Seneca Bancorp in Baldwinsville, N.Y., is looking to raise up to $12.3 million as it looks to convert from a mutual holding company to a stock holding company.
The $280.2 million-asset company disclosed in a regulatory filing that it plans to sell 892,500 to 1.2 million shares of common stock at $10 each. It could sell more shares if there is enough demand.
The shares being sold represent the ownership interest of Seneca Financial MHC in Seneca Financial, an existing federal corporation.
Proceeds could be invested in securities, used the buy back stock, pay dividends, or finance acquisitions. Seneca does not currently have any agreements in place for any specific acquisition.