First Seacoast Bancorp Announces Completion of Syndicated Community Offering

Rhea-AI Summary

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.

Positive

• Completion of syndicated community offering as part of conversion.
• The offering is aligned with regulatory guidelines as per the Prospectus.

Negative

• Final regulatory approval is still pending, which could delay the offering.
• Risks associated with forward-looking statements may lead to uncertainties.

DOVER, N.H.--(BUSINESS WIRE)-- First Seacoast Bancorp (Nasdaq: “FSEA”), the holding company for First Seacoast Bank, announced today that the syndicated community offering by First Seacoast Bancorp, Inc., the proposed successor to First Seacoast Bancorp, in connection with the conversion of First Seacoast Bancorp, MHC from mutual to stock form was completed today in accordance with the terms of First Seacoast Bancorp, Inc.’s Prospectus dated November 14, 2022, as supplemented by the Prospectus Supplement dated December 21, 2022.

Completion of the conversion and stock offering remains subject to final regulatory approval. First Seacoast Bancorp intends to close the stock offering at the minimum of the offering range.

About First Seacoast Bank

First Seacoast Bank is a federally-chartered stock savings bank serving the financial needs of residents of the Seacoast region of New Hampshire. First Seacoast Bank operates four full-service offices in Strafford County, New Hampshire, and one full-service office in Rockingham County, New Hampshire.

Forward-Looking Statements

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," or "may". 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 that the proposed transaction may not be timely completed, if at all, that required regulatory approval is not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all.

The shares of common stock of First Seacoast Bancorp, Inc. are not savings accounts or deposit accounts and are not insured by the Federal Deposit Insurance Corporation or by any other governmental agency.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005322/en/

James R. Brannen

President and Chief Executive Officer

First Seacoast Bancorp

(603) 742-4680

Source: First Seacoast Bancorp

FAQ

What is the purpose of the First Seacoast Bancorp stock offering?

The stock offering is part of First Seacoast Bancorp's conversion from mutual to stock form.

When was the Prospectus for the First Seacoast Bancorp offering issued?

The Prospectus was issued on November 14, 2022.

Is the conversion of First Seacoast Bancorp already completed?

The conversion and stock offering have been completed but are subject to final regulatory approval.

What are the risks associated with the First Seacoast Bancorp offering?

The risks include potential delays in regulatory approvals and other customary closing conditions.