Monroe Federal Bancorp, Inc. (the “Company”), the holding entity for Monroe Federal Savings and Loan Association (the “Association”), has successfully completed its initial public offering as part of the Association’s conversion from a mutual to a stock organization, effective today. The Company sold 526,438 shares of common stock, which includes 36,851 shares allocated to the Association’s Employee Stock Ownership Plan, generating approximately $5.3 million in gross proceeds (before offering expenses) at an offering price of $10.00 per share. A total of 526,438 shares of common stock are now issued and outstanding.
Beginning on or about October 24, 2024, the Company’s common stock is expected to be listed on the OTCQB Market under the ticker symbol MFBI.
Subscribers can confirm their stock purchases by contacting the Stock Information Center at (312) 521-1603, which operates Monday through Friday from 10:00 a.m. to 5:00 p.m. Eastern Time, excluding bank holidays.
The Company’s transfer agent, Pacific Stock Transfer Company, plans to mail Direct Registration System (DRS) Book-Entry statements for shares purchased in the stock offering, along with interest checks, around October 23, 2024. For inquiries, Pacific Stock Transfer Company can be reached at (702) 361-3033 or via email at [email protected].
Luse Gorman, PC served as legal counsel for the Company and the Association, while Performance Trust Capital Partners, LLC acted as the marketing agent for the stock offering. Kilpatrick Townsend & Stockton LLP provided legal counsel to Performance Trust Capital Partners, LLC.
Legal Disclaimers
The common stock shares are not savings accounts or deposits and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements related to the conversion and stock offering. These statements, which can be identified by terms such as “believe,” “expect,” “anticipate,” “estimate,” and other similar language, involve inherent risks and uncertainties. Factors that could cause actual results to differ materially from expectations include potential delays in delivering DRS Book-Entry statements or interest checks, as well as possible disruptions in market trading.
