TERMINATION OF MERGER AGREEMENT

Rhea-AI Summary

Mutual Federal Bancorp (OTC: MFDB) announced on January 10, 2025, that its merger agreement with Pulaski Savings Bank has been terminated. The original merger agreement, dated August 27, 2024, involved multiple entities including Mutual Federal Bank (a federally-chartered savings association and wholly-owned subsidiary of MFBI), Mutual Federal Bancorp, MHC (a federally-chartered mutual holding company and majority owner of MFBI), and Pulaski Savings Bank (an Illinois-chartered mutual savings bank). The termination was executed on January 7, 2025, in accordance with the agreement's terms and conditions.

Positive

• None.

Negative

• Termination of strategic merger that could have expanded market presence
• Loss of potential business synergies and growth opportunities
• Failure to execute planned business combination strategy

CHICAGO, Jan. 10, 2025 /PRNewswire/ -- On January 7, 2025, the Agreement and Plan of Merger by and among Mutual Federal Bancorp, Inc. (OTC: MFDB) ("MFBI"), Mutual Federal Bank, a federally-chartered savings association and wholly-owned subsidiary of MFBI, Mutual Federal Bancorp, MHC, a federally-chartered mutual holding company and majority owner of MFBI, and Pulaski Savings Bank, an Illinois-chartered mutual savings bank, dated August 27, 2024 (the "Merger Agreement"), was terminated in accordance with the terms and conditions of the Merger Agreement. 

View original content:https://www.prnewswire.com/news-releases/termination-of-merger-agreement-302348470.html

SOURCE Mutual Federal Bank

FAQ

Why was the merger between Mutual Federal Bancorp (MFDB) and Pulaski Savings Bank terminated?

The merger agreement was terminated on January 7, 2025, in accordance with the terms and conditions of the agreement. Specific reasons for the termination were not disclosed in the announcement.

When was the original merger agreement between MFDB and Pulaski Savings Bank signed?

The original merger agreement was signed on August 27, 2024.

Which entities were involved in the MFDB merger agreement termination?

The entities involved were Mutual Federal Bancorp (MFDB), Mutual Federal Bank, Mutual Federal Bancorp MHC, and Pulaski Savings Bank.

What was the planned structure of the MFDB-Pulaski merger before termination?

The merger was planned between Mutual Federal Bancorp (and its subsidiaries) and Pulaski Savings Bank, an Illinois-chartered mutual savings bank.