First Seacoast Bancorp, Inc. - FSEA STOCK NEWS

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.

First Seacoast Bancorp, Inc. (Nasdaq: FSEA) authorizes a stock repurchase program for up to 507,707 shares, about 10% of outstanding shares. The program will start after filing Form 10-Q for March 31, 2024, with the SEC. Repurchases will be on the open market under SEC Rule 10b5-1, subject to market conditions. The program expires 12 months after the effective date, with no guarantee on the final repurchased shares.

First Seacoast Bancorp, Inc. (FSEA) announced a balance sheet repositioning strategy involving the sale of $40.6 million in lower-yielding investment securities for an estimated after-tax realized loss of $3.1 million and the purchase of $40.6 million in higher-yielding investment securities. The company expects the loss to be recouped in approximately three years and anticipates a positive impact on earnings, net interest margin, and return on assets in the future.

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 January 19, 2023. The new stock holding company, First Seacoast Bancorp, Inc., will begin trading under the symbol FSEA on January 20, 2023. The company plans to sell 2,805,000 shares at $10.00 each, including 224,400 shares for its Employee Stock Ownership Plan. Stockholders as of the closing date will see their shares converted at an exchange ratio of 0.8358. The transaction will result in approximately 5,077,492 shares outstanding.

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.

First Seacoast Bancorp (FSEA) has announced a plan for a "second step" conversion from a mutual holding company structure to a stock holding company structure. This will involve the creation of First Seacoast Bancorp, Inc., which will offer shares of common stock to depositors and others through a subscription offering. Minority stockholders will receive shares based on an exchange ratio that maintains their ownership percentage. The transaction is expected to complete in the first quarter of 2023, pending regulatory and shareholder approvals.