NEW ORLEANS, July 25, 2024 /PRNewswire/ -- Fifth District
Bancorp, Inc. (the "Company"), the proposed holding company for
Fifth District Savings Bank (the "Bank"), announced today that all
regulatory approvals have been received to complete the Bank's
conversion from the mutual form of organization to the stock form
of organization and the Company's related initial public offering.
The Bank's members approved the transaction at a Special Meeting of
Members held on June 27, 2024.
The transaction is expected to close on July 31, 2024. The Company's common stock is
expected to begin trading on the Nasdaq Capital Market on
August 1, 2024, under the trading
symbol "FDSB".
The Company intends to sell 5,459,473 shares of common
stock, which includes 444,758 shares to be sold to the Bank's
Employee Stock Ownership Plan, for gross offering proceeds (before
deducting offering expenses) of approximately $54.6 million based on the offering price of
$10.00 per share. The Company also
intends to issue 100,000 shares of common stock to The Fifth
District Community Foundation, Inc. The Company expects to have
5,559,473 shares of common stock issued and outstanding upon the
closing of the transaction.
The Company conducted a Subscription Offering and a Community
Offering, which closed on June 18,
2024 and July 8, 2024,
respectively. Because the stock offering was not oversubscribed,
the Company intends to fill all valid stock orders according to the
purchase limitations disclosed in the Company's Prospectus dated
May 10, 2024, as supplemented by the
Prospectus Supplement dated June 25,
2024. Subscribers wishing to confirm their stock orders may
do so by contacting the Stock Information Center at (504) 363-6530.
The Stock Information Center is open between
9:00 a.m. and 4:00 p.m., Central time, Monday through
Friday, except on bank holidays.
The Company's transfer agent, Pacific Stock Transfer Company,
plans to mail Direct Registration System ("DRS") Book-Entry
statements for the shares purchased in the stock offering, and
interest checks, on or about August 1,
2024.
Luse Gorman, PC is acting as
legal counsel to the Company and the Bank. Performance Trust
Capital Partners, LLC has acted as marketing agent for the Company
in connection with the stock offering, and Nelson Mullins Riley & Scarborough LLP is
acting as legal counsel to Performance Trust Capital Partners,
LLC.
Legal Disclosures
The shares of common stock are not savings accounts or
savings deposits and are not insured by the Federal Deposit
Insurance Corporation or any other governmental agency.
Forward-Looking Statements Disclosures
This press release contains certain forward-looking statements
about the conversion and stock offering. Forward-looking statements
include statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," "may" or words of similar import. Forward-looking
statements, by their nature, are subject to risks and
uncertainties. Certain factors that could cause actual results to
differ materially from expected results include delays in closing
the conversion and stock offering; possible unforeseen delays in
delivering DRS Book-Entry statements or interest checks; and/or
delays in the start of trading due to market disruptions or
otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fifth-district-bancorp-inc-announces-expected-closing-date-of-initial-public-offering-302206003.html
SOURCE Fifth District Bancorp, Inc.