URSB Bancorp, Inc. Closes Initial Public Offering

Rhea-AI Summary

URSB Bancorp (OTCQB: URSB) closed its initial public offering on March 26, 2026, completing a mutual‑to‑stock conversion and beginning OTCQB quotation on March 27, 2026.

The company sold 2,314,375 shares at $10.00 per share for gross proceeds of approximately $23.1 million, issued 2,334,375 shares outstanding, contributed 20,000 shares to a charitable foundation, and sold 186,750 shares to its ESOP.

Positive

• Gross proceeds of $23.1 million from the offering
• Issued 2,334,375 shares outstanding post-closing
• ESOP participation of 186,750 shares

Negative

• Public float is limited with only 2.33 million shares outstanding
• Listing on OTCQB may limit liquidity compared with national exchanges

CARTERET, N.J., March 26, 2026 /PRNewswire/ -- URSB Bancorp, Inc. (the "Company"), the stock holding company of United Roosevelt Savings Bank (the "Bank"), announced today the closing of its initial public offering in connection with the mutual-to-stock conversion of United Roosevelt, MHC (the "MHC"), the Bank's former mutual holding company, effective as of the close of business today. The Company's common stock is expected to be quoted on the OTCQB Market under the ticker symbol "URSB" beginning on March 27, 2026.

The Company sold 2,314,375 shares of common stock (the adjusted maximum of the offering range), which includes 186,750 shares sold to the Bank's Employee Stock Ownership Plan (the "ESOP"), at a price of $10.00 per share for gross offering proceeds (before deducting offering expenses) of approximately $23.1 million. The Company also contributed 20,000 additional shares of its common stock to the URSB Charitable Foundation, Inc., established and funded in connection with the conversion. The Company has 2,334,375 shares of common stock issued and outstanding as a result of the closing of the conversion and stock offering.

Pacific Stock Transfer Company, the Company's transfer agent, intends to mail Direct Registration System ("DRS") Book-Entry statements for the shares purchased in the Subscription Offering, and refund and interest checks, on or about March 27, 2026.

Luse Gorman, PC acted as legal counsel to the Company, the MHC and the Bank. Janney Montgomery Scott LLC acted as the Company's marketing agent in the stock offering, and Stevens & Lee acted as its legal counsel.

Forward-Looking Statements Disclosures

This press release contains certain forward-looking statements about the conversion and stock offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," "may" or words of similar import. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include possible unforeseen delays in delivering DRS Book-Entry statements or interest and refund checks; and/or delays in the start of trading due to market disruptions or otherwise.

Legal Disclosures

The shares of common stock of URSB Bancorp, Inc. are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

Contact:
Kenneth R. Totten
Chairman, President and Chief Executive Officer
(732) 541-5445

View original content:https://www.prnewswire.com/news-releases/ursb-bancorp-inc-closes-initial-public-offering-302726440.html

SOURCE United Roosevelt Savings Bank - URSB

FAQ

What did URSB announce about its IPO closing on March 26, 2026?

URSB closed its initial public offering and completed a mutual-to-stock conversion on March 26, 2026. According to the company, the offering sold 2,314,375 shares at $10.00 for gross proceeds of approximately $23.1 million and resulted in 2,334,375 shares outstanding.

When will URSB (OTCQB: URSB) begin trading and where will it be quoted?

URSB is expected to begin quotation on the OTCQB market on March 27, 2026. According to the company, the common stock will be quoted under the ticker symbol "URSB" starting that date to facilitate secondary-market trading.

How many shares did URSB sell to employees and what is the ESOP allocation?

URSB sold 186,750 shares to its Employee Stock Ownership Plan in the offering. According to the company, this ESOP allocation is included in the 2,314,375 shares sold at $10.00 per share.

What charitable contribution did URSB make in connection with the conversion?

URSB contributed 20,000 shares to the URSB Charitable Foundation established with the conversion. According to the company, those shares were funded and issued as part of the conversion and offering process.

How many total shares outstanding does URSB have after the offering?

Following the closing, URSB has 2,334,375 shares of common stock issued and outstanding. According to the company, this total reflects the conversion and the shares sold in the initial public offering.