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First Seacoast Bancorp, Inc. reports developments tied to its role as the savings and loan holding company for First Seacoast Bank, a federally chartered stock savings bank serving the Seacoast region of New Hampshire. Company announcements cover community banking operations, residential and commercial lending, deposit funding, balance sheet repositioning, and capital actions such as common-stock repurchase programs.
Recurring corporate updates also include governance and leadership succession matters, completed property transactions involving bank office locations, and the company’s completed conversion from mutual to stock form. The Bank operates five full-service offices across Strafford and Rockingham counties.
Cambridge Financial Group will acquire First Seacoast Bancorp (Nasdaq: FSEA) in an all-cash merger valued at approximately $80.9 million, with First Seacoast stockholders to receive $17.25 per share. Closing is expected in Q3 2026, subject to regulatory and stockholder approvals.
Following the transaction, Cambridge Savings Bank will operate First Seacoast Bank offices as part of a 24-branch network. Financial and legal advisors for the deal are disclosed.
First Seacoast Bancorp (FSEA) has authorized additional share repurchases of up to 228,858 shares of common stock under its ongoing stock repurchase program. This follows the April 2024 program which initially authorized 507,707 shares. To date, the company has repurchased 397,008 shares at an average price of $9.15 per share. The new authorization represents approximately 5% of pro forma outstanding shares, assuming the completion of the original authorization. The repurchases will be conducted on the open market, including through an SEC Rule 10b5-1 trading plan, and will expire on December 3, 2025.
First Seacoast Bank (FSEA) has completed its sale-leaseback transaction with MountainSeed Real Estate Services as of June 11, 2024. The bank sold four office properties in Dover, NH to MountainSeed for approximately $7.5 million and entered into a 15-year leaseback agreement with an option to extend for an additional 15 years. This transaction aims to convert non-earning assets into cash for investment, enhancing shareholder value and providing balance sheet flexibility. Despite the sale, First Seacoast Bank will continue to operate from these properties and maintain its market presence.
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First Seacoast Bancorp, Inc. (Nasdaq: FSEA) announced the successful conversion from mutual to stock form, concluding its stock offering. The company sold 2,805,000 shares at $10.00 each, including 224,400 shares to its Employee Stock Ownership Plan. The common stock is set to trade on the Nasdaq Capital Market as 'FSEA' starting January 20, 2023. Following the conversion, approximately 5,077,492 shares of common stock will be outstanding. DRS Book-Entry statements and cash for fractional shares will be mailed around January 20, 2023. The conversion and offering were facilitated by Keefe, Bruyette & Woods and legal counsel from Luse Gorman.
First Seacoast Bancorp has received all regulatory approvals to finalize its conversion from mutual to stock form, with closure expected on January 19, 2023. The new stock holding company, First Seacoast Bancorp, Inc., will begin trading under the symbol FSEA on January 20, 2023. The company plans to sell 2,805,000 shares at $10.00 each, including 224,400 shares for its Employee Stock Ownership Plan. Stockholders as of the closing date will see their shares converted at an exchange ratio of 0.8358. The transaction will result in approximately 5,077,492 shares outstanding.
First Seacoast Bancorp (FSEA) announced the completion of a syndicated community offering as part of its conversion from mutual to stock form. This process, aligned with the terms of the Prospectus dated November 14, 2022, remains subject to final regulatory approval. The company aims to close the stock offering at the minimum of the offering range. The conversion and stock offering are accompanied by forward-looking statements that indicate risks such as potential delays in regulatory approval.
First Seacoast Bancorp (NASDAQ: FSEA) announced that its stockholders have approved the conversion of First Seacoast Bancorp, MHC from mutual to stock form. This decision was made at a Special Meeting of Stockholders and Members. The completion of the conversion and the related stock offering is pending final regulatory approval and requires the sale of at least 2,805,000 shares at the minimum offering range.
The bank operates in New Hampshire, focusing on the financial needs of the Seacoast region.