First Seacoast Bancorp announces closure of 2,676,740 common stock offering.

Global Banking News-July 17, 2019-First Seacoast Bancorp announces closure of 2,676,740 common stock offering

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First Seacoast Bancorp, the mid-tier stock holding company of First Seacoast Bank, has closed its stock offering related to the mutual holding company reorganisation of Federal Savings Bank, the company reported on Wednesday.

Also, the company said that both the stock offering and the reorganisation were completed effective as of the close of business on 17 July 2019. Thereafter, Federal Savings Bank changed its name to 'First Seacoast Bank' in connection with the transaction and the company's common stock will begin trading on the NASDAQ Capital Market under the symbol 'FSEA', as of Wednesday.

Further, the company sold a total of 2,676,740 shares of common stock that includes 238,473 shares sold to the First Seacoast Bank Employee Stock Ownership Plan, at USD10.00 per share. In addition, as part of the reorganisation the company issued 3,345,925 shares of its common stock to the bank's parent mutual holding company, First Seacoast Bancorp MHC (the MHC); and contributed 60,835 shares of its common stock and USD150,000 in cash to a charitable foundation formed in connection with the reorganisation, First Seacoast Community Foundation Inc.

Finally, the company mentioned that a total of 6,083,500 shares of its common stock are issued and outstanding at present.

Acting as legal counsel to the MHC, the company and the bank was Luse Gorman PC; Keefe Bruyette & Woods Inc, a Stifel Company acted as marketing agent for the company for the stock offering; and Breyer & Associates PC acted as legal counsel to Keefe Bruyette & Woods Inc, a Stifel Company.

Formerly named 'Federal Savings Bank', First Seacoast Bank served in the Seacoast communities of New Hampshire since 1890. It operates from its main office in Dover, New Hampshire and four branch offices as well.

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