Mercer Bancorp, Inc., the holding company for Mercer Savings Bank, has successfully completed its initial public offering in connection with the Bank’s conversion from a mutual form of organization to a stock form of organization, effective July 26, 2023. The Company sold 972,970 shares of its common stock, with gross offering proceeds of approximately $9.7 million (before deducting offering expenses), based on an offering price of $10.00 per share.
This includes 81,838 shares sold to the Bank’s Employee Stock Ownership Plan. Additionally, the Company contributed 50,000 shares of its common stock to the newly formed Mercer Savings Charitable Foundation, Inc.
The Company’s common stock is expected to be quoted on the OTCQB Market operated by the OTC Markets Group under the symbol “MSBB,” starting from July 27, 2023. The transfer agent, Pacific Stock Transfer Company, will mail Direct Registration System (DRS) Book-Entry statements for the shares purchased in the stock offering, along with interest checks, on or about July 27, 2023.
Investors who wish to confirm their purchases can contact the Stock Information Center at (312) 521-1601. The Stock Information Center operates from 10:00 a.m. to 5:00 p.m., Eastern Time, Monday through Friday, excluding bank holidays.
Performance Trust Capital Partners, LLC acted as the selling agent for the Company in the offering. Luse Gorman, PC served as legal counsel to the Company and the Bank, while Nelson Mullins Riley & Scarborough LLP served as legal counsel to Performance Trust Capital Partners, LLC.
It is important to note that the shares of Company common stock are not savings accounts or savings deposits, and they may lose value. They are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Mercer Bancorp, Inc. serves as the stock holding company for Mercer Savings Bank following the Bank’s mutual-to-stock conversion and the Company’s related stock offering. Mercer Savings Bank, established in 1888, currently operates four banking offices in Celina, Fort Recovery, and Greenville, Ohio.