SR Bancorp, Inc. completed its mutual-to-stock conversion and related stock offering on September 19, 2023, with its shares now listed on Nasdaq under the ticker SRBK. In connection with this, the company sold 9,055,172 shares of common stock at a price of $10.00 per share. Additionally, 452,758 shares and $905,517 in cash were contributed to the newly formed Somerset Regal Charitable Foundation, Inc.
Immediately following the stock offering, Regal Bancorp merged with and into SR Bancorp, Inc., with SR Bancorp as the surviving entity. Regal Bank, a subsidiary of Regal Bancorp, subsequently merged into Somerset Bank, which converted to a commercial bank charter and was renamed Somerset Regal Bank.
This merger fundamentally reshaped SRBK's business mix, significantly bolstering its commercial loan portfolio and commercial lending expertise. The strategic intent was to diversify the loan book beyond its historical residential concentration and compete more effectively for commercial relationships in its New Jersey market area.
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