News Sections
Mid-Southern Savings Bank, FSB Announces Expected Closing Date
Updated July 11, 2018 4:06 AM | Filed under: Business
 Print    Archive    RSS

(SALEM) - Mid-Southern Savings Bank, FSB (the "Bank") (OTCPK:MSVB), announced today that it has received all approvals for the conversion of Mid-Southern, M.H.C. from the mutual holding company to the stock holding company form of organization and expects to close the related stock offering of Mid-Southern Bancorp, Inc. ("Mid-Southern Bancorp") at the close of business on July 11, 2018.

The Bank's stock is expected to cease trading at the close of business on July 11, 2018. Mid-Southern Bancorp's common stock is expected to trade on the Nasdaq Capital Market under the trading symbol "MSVB" beginning on July 12, 2018.

A total of 2,559,871 shares of common stock are expected to be sold in the subscription offering at a price of $10.00 per share. The offering was oversubscribed by supplement eligible account holders who had a third tier priority (those depositors having a qualifying deposit that was opened after December 31, 2016 and outstanding as of March 31, 2018) in the subscription offering. Accordingly, shares will be allocated to third tier subscribers in accordance with the Plan of Conversion and Reorganization, as described in the Prospectus. All valid orders from subscribers in first tier (depositors that are eligible account holders having a qualifying deposit as of December 31, 2016) and the ESOP will be filled in full. No shares will be sold to the other members who had a fourth tier priority (eligible account holders and certain borrowers as of May 3, 2018). Eligible account holders wishing to confirm their allocations may do so online at or may contact the stock information center at 1 (877) 821-5783. The stock information center will be open from 10:00 a.m. to 4:00 p.m., Eastern Time, Monday through Friday. The Stock Information Center is closed on weekends and bank holidays.

As part of the conversion, each existing share of Bank common stock held by current public stockholders will be converted into the right to receive 2.3462 shares of Mid-Southern Bancorp common stock. The exchange ratio ensures that, after the conversion and offering, the current public stockholders of Bank will maintain approximately the same ownership interest in Mid-Southern Bancorp as they owned in Bank immediately prior to the closing of the conversion. Cash will be issued in lieu of fractional shares based on the offering price of $10.00 per share. Approximately 3,570,750 shares of Mid-Southern Bancorp common stock will be outstanding after the completion of the offering and the exchange, before taking into account adjustments for fractional shares.

Direct Registration System ("DRS") statements for shares purchased in the subscription offering, interest checks and refund checks for any persons not receiving all shares ordered are expected to be mailed to purchasers on or about July 12, 2018. Bank stockholders holding shares in street name or in book-entry form will receive shares of Mid-Southern Bancorp common stock within their accounts. Stockholders holding shares in certificated form will be mailed a letter of transmittal on or about July 18, 2018 containing instructions as to how to exchange their shares. Stockholders will receive a DRS statement and cash in lieu of fractional shares after returning their Bank stock certificates and a properly completed letter of transmittal to Mid-Southern Bancorp's transfer agent, Computershare Trust Company, N.A.

« Previous Article
Next Article »

 Print    Archive    RSS

Have a question or comment about a news story? Send it to

Advertise with 1340 AM WBIW
Find more about Weather in Bedford, IN
Advertise with 1340 AM WBIW

1340 AM WBIW, Bedford's Place To Talk. Serving Lawrence and surrounding counties since 1948!

© 2019 Ad-Venture Media, Inc. All Rights Reserved. and Listen Live Powered by HPC

Advertise  |  Careers  |  Contests  |  About  |  Feedback  |  Public File