Gouverneur Bancorp, Inc. completed its "second-step" conversion from a mutual holding company to a stock holding company on October 31, 2023. This restructuring provides a new capital base for the company's operations.
The share sale generated gross proceeds of $7.2 million for the company. This capital infusion is intended to support the company's financial activities and strategic initiatives, including 57,845 shares allocated to the Bank’s employee stock ownership plan.
As part of the conversion, public stockholders of the former mid-tier holding company had their shares converted into new Company common stock. The exchange ratio was 0.5334 shares of Company common stock for each share of the Mid-Tier Holding Company common stock, with cash issued for any fractional shares based on the $10.00 offering price.
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