Welcome to our dedicated page for First Seacoast Bancorp news (Ticker: FSEA), a resource for investors and traders seeking the latest updates and insights on First Seacoast Bancorp stock.
First Seacoast Bancorp, Inc. (NASDAQ: FSEA) is the holding company for First Seacoast Bank, a federally-chartered stock savings bank serving the Seacoast region of New Hampshire. This news page aggregates company announcements and disclosures so readers can follow how the Bank manages its community banking franchise, capital structure and balance sheet.
News about First Seacoast Bancorp, Inc. often covers corporate and capital actions, such as stock repurchase authorizations and additional share repurchase approvals for its common stock. The company has announced open-market repurchase programs, including the use of trading plans adopted under SEC Rule 10b5-1, with details on authorization levels, timing windows and the ability to suspend or discontinue repurchases.
Another recurring topic is balance sheet and investment portfolio strategy. The company has reported a balance sheet repositioning related to its available-for-sale investment securities portfolio, describing the sale of certain lower-yielding securities, the purchase of higher-yielding securities and the expected impact on earnings and regulatory capital levels. These updates provide insight into how management responds to interest rate conditions and seeks to adjust asset yields.
Readers will also find strategic and corporate transactions in the news flow, including a sale-leaseback transaction involving four bank office properties near Dover, New Hampshire. The Bank has emphasized that it continues to operate these locations and has not exited markets as part of the transaction, while highlighting the goal of converting non-earning assets to cash and enhancing balance sheet flexibility.
Governance and organizational developments, such as the adoption and completion of a second step conversion from a mutual holding company structure to a fully public stock holding company structure, and leadership transitions within the company and bank, are also covered in press releases. Investors and community members can consult this page for a consolidated view of such announcements and their implications for First Seacoast Bancorp, Inc. and First Seacoast Bank.
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
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.
First Seacoast Bancorp (FSEA) announced an increase in maximum purchase limits for its stock offering due to its conversion from mutual to stock form. The individual purchase limit rises from 40,000 shares to 5% of shares issued, translating to approximately $1,402,500 or 140,250 shares. Valid stock orders from previous offerings will be filled fully, and a new community offering is ongoing for unpurchased shares. The completion of this offering is subject to regulatory approvals.
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