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NSTS Bancorp, Inc. (symbol: NSTS) is a savings and loan holding company regulated by the Federal Reserve Board. It was established to serve as the stock holding company for North Shore Trust and Savings, a wholly-owned subsidiary that operates as a traditional savings institution. North Shore Trust and Savings primarily caters to the banking needs of customers in Lake County, Illinois, and neighboring communities.
The bank offers a range of financial services, including savings accounts, loans, and mortgage services. Notably, North Shore Trust and Savings has recently expanded its residential mortgage capabilities by welcoming the Oak Leaf Community Mortgage team. According to Amy L. Avakian, Chief Lending Officer, the addition of this experienced team is expected to significantly strengthen the bank's lending operations.
Operating from its headquarters, North Shore Trust and Savings continues to focus on providing personalized banking services that meet the needs of its local community. The bank's commitment to customer service and community support is evident in its ongoing projects and strategic collaborations.
Financially, NSTS Bancorp, Inc. maintains a stable condition, supported by its comprehensive range of financial products and services. The company's strategic vision includes continued growth and expansion in its core market areas, ensuring that it remains a trusted financial institution for its customers.
NSTS Bancorp, Inc. (NASDAQ: NSTS) announced a stock repurchase program allowing the buyback of up to 269,898 shares, about 5% of its outstanding stock. This program is effective until September 29, 2023, and aims to enhance capital management and shareholder value, as stated by CEO Stephen G. Lear. Repurchases will be conducted as market conditions permit, in compliance with legal requirements. NSTS Bancorp reported approximately $264 million in assets as of December 31, 2022, and has maintained a strong community presence for over a century.
NSTS Bancorp, Inc. announced the appointment of Mr. Nathan E. Walker as the new Chief Executive Officer of North Shore Trust and Savings, effective immediately. Walker, who has been with the bank since 1996 and served as President and COO since November 2020, succeeds Mr. Stephen G. Lear, who remains Chairman of the Board. This leadership transition aims to continue the bank's traditions and enhance its operational strategies. As of March 31, 2022, NSTS Bancorp reported about $285 million in assets, maintaining a long-standing relationship with its community.
NSTS Bancorp, Inc. completed its stock offering, raising funds through the conversion of North Shore MHC into a stock holding company. A total of 5,290,000 shares were sold at $10.00 each, including shares allocated to the Employee Stock Ownership Plan. Additionally, the Company contributed shares and cash to the NSTS Charitable Foundation. Trading on Nasdaq under the symbol NSTS is set to begin on January 19, 2022. The company, with assets of approximately $259 million, aims to enhance community banking services and benefits for shareholders.
NSTS Bancorp, Inc. announced regulatory approvals for converting North Shore MHC to a stock holding company, with the transaction expected to close on January 18, 2022. Following the offering that concluded on December 14, 2021, NSTS will sell 5,290,000 shares at $10 each, raising approximately $52.9 million in gross proceeds. Common stock will start trading under the symbol NSTS on the Nasdaq Capital Market from January 19, 2022. The offering was oversubscribed, with allocations made according to priority tiers.
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