Magnolia Bancorp Files S-1/A Amendment
Ticker: MGNO · Form: S-1/A · Filed: Oct 9, 2024 · CIK: 2033615
Sentiment: neutral
Topics: sec-filing, registration, securities
TL;DR
Magnolia Bancorp filed an S-1/A amendment for securities registration. Watch for updates.
AI Summary
Magnolia Bancorp, Inc. filed a pre-effective amendment (No. 1) to its Form S-1 registration statement on October 9, 2024. This filing relates to the registration of securities under the Securities Act of 1933. The company is a federally chartered savings institution based in Metairie, Louisiana.
Why It Matters
This amendment to the S-1 registration statement indicates ongoing activity in Magnolia Bancorp's process to register securities, which could impact its capital structure and future financial activities.
Risk Assessment
Risk Level: low — This is a routine regulatory filing for a securities registration, not indicating immediate financial distress or significant new risks.
Key Numbers
- October 9, 2024 — Filing Date (Date of the S-1/A filing)
Key Players & Entities
- Magnolia Bancorp, Inc. (company) — Registrant
- Michael L. Hurley (person) — President and Chief Executive Officer
- Silver, Freedman, Taff & Tiernan LLP (company) — Legal Counsel
- 333-281796 (dollar_amount) — SEC File Number
FAQ
What is the purpose of this S-1/A filing?
This is a pre-effective amendment to a Form S-1 registration statement, indicating Magnolia Bancorp, Inc. is in the process of registering securities under the Securities Act of 1933.
Who is the principal executive officer of Magnolia Bancorp, Inc. mentioned in the filing?
Michael L. Hurley is listed as the President and Chief Executive Officer.
What is the primary business of Magnolia Bancorp, Inc. based on the SIC code?
The Standard Industrial Classification code [6035] indicates Magnolia Bancorp, Inc. is a savings institution, federally chartered.
Where is Magnolia Bancorp, Inc. located?
The company's principal executive offices are located at 2900 Clearview Pkwy., Metairie, Louisiana 70006.
What is the SEC file number associated with this registration statement?
The SEC file number is 333-281796.
Filing Stats: 4,522 words · 18 min read · ~15 pages · Grade level 12.7 · Accepted 2024-10-09 10:57:08
Key Financial Figures
- $10.00 — ring shares of common stock for sale at $10.00 per share in connection with the conver
- $35.5 m — t June 30, 2024, we had total assets of $35.5 million, total deposits of $20.0 million
- $20.0 million — ets of $35.5 million, total deposits of $20.0 million and equity of $14.0 million. Our headqu
- $14.0 million — deposits of $20.0 million and equity of $14.0 million. Our headquarters and main banking offi
- $29.5 m — er’s residence. At June 30, 2024, $29.5 million, or 93.3% of our total loan portf
- $21.6 million — i-weekly loans, which loans amounted to $21.6 million or 68.5% of our total loan portfolio at
- $34,000 — real estate owned and only one loan for $34,000 that was 90 days or more delinquent. In
- $222,000 — ition, only two other loans aggregating $222,000 were 30 days or more delinquent at June
- $696,000 — an, Residential construction loans were $696,000 or 47.1% of total loan originations dur
- $1.8 million — inations during the first half of 2024, $1.8 million or 62.2% of total loan originations in
- $2.9 million — of total loan originations in 2023, and $2.9 million or 38.9% of total loan originations in
- $455,000 — . Our net loans receivable decreased by $455,000 or 1.4% during the first half of 2024 a
- $1.5 million — 4% during the first half of 2024 and by $1.5 million or 4.6% during 2023. In recent periods,
- $45.3 million — ds, our total assets have declined from $45.3 million at December 31, 2021 to $39.2 million a
- $39.2 million — m $45.3 million at December 31, 2021 to $39.2 million at December 31, 2022, $35.8 million at
Filing Documents
- tm2421883d2_s1a.htm (S-1/A) — 3289KB
- tm2421883d2_ex1-2.htm (EX-1.2) — 218KB
- tm2421883d2_ex2-1.htm (EX-2.1) — 147KB
- tm2421883d2_ex23-3.htm (EX-23.3) — 2KB
- tm2421883d2_ex99-4.htm (EX-99.4) — 163KB
- tm2421883d2_ex99-5.htm (EX-99.5) — 38KB
- tm2421883d2_ex-filingfees.htm (EX-FILING FEES) — 10KB
- tm24212883d2_s1aimg002.jpg (GRAPHIC) — 49KB
- tm2421883d1_s1img001.jpg (GRAPHIC) — 13KB
- tm2421883d1_s1img002.jpg (GRAPHIC) — 258KB
- tm2421883d2_ex99-4img001.jpg (GRAPHIC) — 4KB
- tm2421883d2_ex99-4img002.jpg (GRAPHIC) — 2KB
- tm2421883d2_ex99-4img003.jpg (GRAPHIC) — 2KB
- tm2421883d2_ex99-4img004.jpg (GRAPHIC) — 36KB
- tm2421883d2_ex99-4img005.jpg (GRAPHIC) — 15KB
- tm2421883d2_ex99-5img001.jpg (GRAPHIC) — 279KB
- tm2421883d2_ex99-5img002.jpg (GRAPHIC) — 346KB
- tm2421883d2_ex99-5img003.jpg (GRAPHIC) — 354KB
- tm2421883d2_ex99-5img004.jpg (GRAPHIC) — 330KB
- tm2421883d2_s1aimg001.jpg (GRAPHIC) — 37KB
- 0001104659-24-107245.txt ( ) — 6250KB
RISK FACTORS
RISK FACTORS 13 SELECTED FINANCIAL AND OTHER DATA 31
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS 33 HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING 35 OUR DIVIDEND POLICY 36 MARKET FOR THE COMMON STOCK 37 HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE 38 CAPITALIZATION 39 PRO FORMA DATA 40 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 45 BUSINESS OF MAGNOLIA BANCORP 63 BUSINESS OF MUTUAL SAVINGS AND LOAN ASSOCIATION 63 REGULATION AND SUPERVISION 79 TAXATION 88 MANAGEMENT 89 PROPOSED MANAGEMENT PURCHASES 98 THE CONVERSION AND OFFERING 99 RESTRICTIONS ON ACQUISITION OF MAGNOLIA BANCORP 120
DESCRIPTION OF CAPITAL STOCK
DESCRIPTION OF CAPITAL STOCK 124 TRANSFER AGENT 125 EXPERTS 125 LEGAL MATTERS 125 WHERE YOU CAN FIND ADDITIONAL INFORMATION 125 INDEX TO FINANCIAL STATEMENTS OF MUTUAL SAVINGS AND LOAN ASSOCIATION 126 SUMMARY The following summary explains material information in this prospectus, but it may not contain all of the information that is important to you. Before making an investment decision, you should read carefully this entire document, including the financial statements and the notes thereto and the section entitled “Risk Factors.” The terms “we,” “our,” and “us” refer to Magnolia Bancorp, Inc. and Mutual Savings and Loan Association, unless the context indicates another meaning. Magnolia Bancorp, Inc. Magnolia Bancorp, a newly-formed Louisiana corporation , is offering for sale shares of its common stock in connection with the conversion of Mutual Savings and Loan Association from a mutual savings and loan association (meaning it has no shareholders) to a stock savings and loan association. As a mutual savings and loan association, all depositors are members of and have voting rights in Mutual Savings and Loan Association as to all matters requiring a vote of members. The following diagram illustrates the current organizational structure of Mutual Savings and Loan Association: Upon completion of the conversion and stock offering, Magnolia Bancorp will be 100% owned by its shareholders and Mutual Savings and Loan Association will be 100% owned by Magnolia Bancorp. Mutual Savings and Loan Association will no longer have members and its former members will no longer have voting rights in Mutual Savings and Loan Association, and all voting rights in Mutual Savings and Loan Association will be vested in Magnolia Bancorp as the sole shareholder of Mutual Savings and Loan Association. The shareholders of Magnolia Bancorp will possess exclusive voting rights with respect to Magnolia Bancorp comm