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Mutual Federal Bancorp (OTC: MFDB) announced on January 10, 2025, that its merger agreement with Pulaski Savings Bank has been terminated. The original merger agreement, dated August 27, 2024, involved multiple entities including Mutual Federal Bank (a federally-chartered savings association and wholly-owned subsidiary of MFBI), Mutual Federal Bancorp, MHC (a federally-chartered mutual holding company and majority owner of MFBI), and Pulaski Savings Bank (an Illinois-chartered mutual savings bank). The termination was executed on January 7, 2025, in accordance with the agreement's terms and conditions.
Mutual Federal Bank (OTC: MFDB) and Pulaski Savings Bank have announced plans to merge, creating a combined savings association with $150 million in assets and $19 million in equity. The merger, expected to close in Q1 2025, will result in a two-location operation in Chicago. Pulaski will merge into Mutual Federal, which will retain its mutual holding company structure. The merger aims to enhance customer service, increase lending capacity, and strengthen the bank's presence in the Chicago market. Both banks emphasize their shared values of customer-centric service and community involvement. The transaction is subject to regulatory approval and customary member and shareholder approvals.
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