Seneca Bancorp, Inc. has commenced its offering of common stock in connection with the proposed conversion of Seneca Financial MHC from a mutual holding company to a stock holding company.
The Bank will convert its charter to a national bank and will be renamed Seneca Savings Bank, National Association.
A total of 1,207,500 shares of common stock are being offered for sale at $10.00 per share to eligible depositors, borrowers, and employee benefit plans.
Offering Details
Up to 1,207,500 shares of common stock at $10.00 per share are being offered for sale, with the possibility of increasing to 1,388,625 shares.
Conversion Process
The conversion involves changing Seneca Financial MHC into a stock holding company and renaming the Bank to Seneca Savings Bank, National Association.
Community Offer
Unsubscribed common stocks may be offered to natural persons in specific New York counties, then to public stockholders of Seneca Financial, and finally to the general public.
- Seneca Bancorp must sell at least 892,500 shares to complete the conversion and stock offering, subject to regulatory and shareholder approvals.
- Completion of the conversion and stock offering is contingent on final regulatory approvals, stockholder and member approvals, and other closing conditions.
The conversion of Seneca Financial MHC, the stock offering by Seneca Bancorp, Inc., and the renaming of the Bank mark significant strategic moves for the company.