Welcome to our dedicated page for Mid-Southern Bancorp news (Ticker: MSVB), a resource for investors and traders seeking the latest updates and insights on Mid-Southern Bancorp stock.
Mid-Southern Bancorp, Inc. (MSVB) has issued a series of public announcements that document its transition from a Nasdaq-listed bank holding company to a non-SEC-reporting entity in dissolution. Historically, the company served as the holding company for Mid-Southern Savings Bank, FSB, a federally chartered savings bank headquartered in Salem, Indiana, and its news flow has focused on financial performance, corporate actions, and strategic transactions.
News releases for MSVB have covered quarterly and annual results, including discussions of net interest income, noninterest income, noninterest expense, credit quality, and capital ratios. The company has also announced regular quarterly cash dividends on its common stock, specifying record dates and payment dates, while noting that future dividends remain at the discretion of the board of directors and depend on multiple financial and regulatory factors.
A significant portion of recent news centers on corporate restructuring. Mid-Southern Bancorp, Inc. disclosed a voluntary decision to delist its common stock from The Nasdaq Stock Market, transition quotation to the OTCQX Market, and file to deregister its common stock with the Securities and Exchange Commission. Subsequent releases describe a definitive purchase and assumption agreement under which Beacon Credit Union agreed to acquire substantially all of the assets and assume substantially all of the liabilities of Mid-Southern Savings Bank, FSB in an all-cash transaction, followed by the planned liquidation of the bank and dissolution of the holding company.
More recent communications describe Mid-Southern Bancorp, Inc. as the former parent holding company of the former Mid-Southern Savings Bank, FSB and state that the company is in the process of dissolving and winding up its business. The company has provided updated estimates of the per share cash consideration expected to be distributed to shareholders in the dissolution, identified a record date for the dissolution payment, and explained how the removal of its common stock from the OTC Pink Marketplace is expected to affect trading.
Investors and researchers using this news page can review historical press releases related to MSVB’s earnings, dividends, capital actions, governance changes, delisting and deregistration decisions, the purchase and assumption transaction with Beacon Credit Union, and the ongoing liquidation and dissolution process. This archive offers context on the company’s strategic decisions and the sequence of events leading to its current status.
Mid-Southern Bancorp, Inc. (NASDAQ - MSVB) announced an additional stock repurchase program allowing for the buyback of 162,000 shares, about 5% of outstanding shares. This follows a previous buyback of 136,670 shares at an average price of $12.42, leaving 34,330 shares still purchasable under the earlier plan. Management will decide on repurchases based on market conditions and other factors, with no guarantee of the total number of shares repurchased. The program reflects the Company's commitment to enhancing shareholder value and is subject to various market influences.
Mid-Southern Bancorp (Nasdaq: MSVB) has declared a quarterly cash dividend of $0.02 per share on its outstanding common stock.
The dividend is payable on August 31, 2020, to shareholders recorded as of August 14, 2020.
The Company operates through Mid-Southern Savings Bank, headquartered in Salem, Indiana, and has additional branches in Mitchell and Orleans, Indiana, along with a loan production office in New Albany.
Mid-Southern Bancorp (NASDAQ: MSVB) reported a net income of $342,000 for Q2 2020, up from $297,000 in Q2 2019, reflecting a 15.1% year-over-year increase. For the first half of 2020, net income rose to $727,000 compared to $659,000 in 2019. The company continues to offer support through the SBA Paycheck Protection Program, funding 23 loans totaling $397,000. However, net interest income after provision for loan losses fell by 12.2% to $1.5 million. Non-performing loans rose to $1.5 million. The Bank maintained a well-capitalized status with a CBLR of 17.9%.
Mid-Southern Bancorp, Inc. (NASDAQ: MSVB) announces a new stock repurchase program authorizing the buyback of 171,000 shares, nearly 5% of its outstanding stock. This follows the repurchase of 164,100 shares at an average price of $12.13 from a previous plan. The company emphasizes that repurchases will depend on market conditions and management’s discretion, indicating flexibility in implementation. The aim is to enhance shareholder value while maintaining capital for growth opportunities.
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