Mutual Savings and Loan Association Adopts Plan of Conversion
METAIRIE, La., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Mutual Savings and Loan Association, a federally chartered savings association headquartered in Metairie, Louisiana, today announced that its Board of Directors adopted a plan to convert Mutual Savings and Loan Association (“Mutual Savings” or the “Association”) to a stock institution (“Plan of Conversion”). In accordance with the Plan of Conversion, Mutual Savings will become a wholly-owned subsidiary of a stock holding company and the common stock of the holding company will be offered to deposit customers of the Association and others, including members of the general public, in the manner and subject to the priorities set forth in the Plan of Conversion.Michael L. Hurley, Chairman, President and Chief Executive Officer, stated that, “We are pleased and excited about the prospect of operating as a stock company as it will provide support for our lending activities and facilitate our growth through expanded products and services.” Mr. Hurley continued, “The Board of Directors believes the conversion will permit the Association to better serve our customers and the communities in which we currently operate, as well as offer new products and services and possibly open an additional branch office.”
The Plan of Conversion is subject to approval by the Association’s depositor members as well as the Office of the Comptroller of the Currency. A proxy statement setting forth detailed information relating to the Plan of Conversion will be sent to the depositor members for their consideration prior to a special meeting called to consider the Plan of Conversion.
Depositors will continue to hold accounts in Mutual Savings as a stock institution identical as to dollar amount, rate of return and general terms (other than voting and liquidation rights) as prior to the conversion. Borrowers’ loans will be unaffected by the conversion and will remain contractually fixed as they existed prior to the conversion. The normal business of Mutual Savings accepting deposits and making loans will continue without interruption in the Association’s existing offices.
Mutual Savings anticipates filing the requisite regulatory applications in the near future. The offering of shares pursuant to the Plan of Conversion will be made only by means of a prospectus in accordance with the Securities Act of 1933, as amended, and all applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
Mutual Savings operates two full-service banking offices in the greater New Orleans metropolitan area. As of December 31, 2023, Mutual Savings had $35.8 million in total assets, $21.2 million in deposits and $14.0 million in total equity.
Silver, Freedman, Taff & Tiernan LLP, Washington, D.C., is special counsel to Mutual Savings and Loan Association for the conversion and stock offering. Keefe, Bruyette & Woods, Inc., a Stifel Company, is acting as marketing agent for the stock offering.
For further information contact:
Michael L. Hurley, President and Chief Executive Officer
(504) 455-2444