Magnolia Bancorp Files S-1/A Amendment
Ticker: MGNO · Form: S-1/A · Filed: Oct 25, 2024 · CIK: 2033615
Sentiment: neutral
Topics: sec-filing, registration, amendment
TL;DR
Magnolia Bancorp filed an S-1/A update on Oct 25. Looks like they're still working on their registration.
AI Summary
Magnolia Bancorp, Inc. filed a Pre-Effective Amendment No. 2 to its Form S-1 Registration Statement on October 25, 2024. This filing, under Registration No. 333-281796, updates information for the company, which is a federally chartered savings institution. The filing includes details about its principal executive offices located at 2900 Clearview Parkway, Metairie, Louisiana.
Why It Matters
This S-1/A filing indicates ongoing regulatory processes for Magnolia Bancorp, Inc., potentially related to stock offerings or other significant corporate actions that could impact its investors and market position.
Risk Assessment
Risk Level: low — This is a routine S-1/A filing, an amendment to a registration statement, which typically contains updated corporate information rather than immediate material changes.
Key Numbers
- 333-281796 — SEC Registration Number (Identifies this specific registration filing)
Key Players & Entities
- Magnolia Bancorp, Inc. (company) — Registrant
- October 25, 2024 (date) — Filing date
- 333-281796 (registration_number) — SEC Registration Number
- 2900 Clearview Parkway, Metairie, Louisiana (address) — Principal Executive Offices
- Michael L. Hurley (person) — President and Chief Executive Officer
- Silver, Freedman, Taff & Tiernan LLP (company) — Legal Counsel
FAQ
What is the purpose of this Pre-Effective Amendment No. 2 to the Form S-1 Registration Statement?
The filing is an amendment to the S-1 registration statement, indicating updates or revisions to the initial filing made by Magnolia Bancorp, Inc.
When was this amendment filed with the SEC?
This amendment was filed as of October 25, 2024.
What is Magnolia Bancorp, Inc.'s primary business classification?
Magnolia Bancorp, Inc. is classified under the Standard Industrial Classification code 6035, which pertains to Savings Institutions, Federally Chartered.
Who is listed as the President and Chief Executive Officer of Magnolia Bancorp, Inc.?
Michael L. Hurley is listed as the President and Chief Executive Officer.
Where are Magnolia Bancorp, Inc.'s principal executive offices located?
The principal executive offices are located at 2900 Clearview Parkway, Metairie, Louisiana, 70006.
Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-10-25 12:59:00
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
- tm2421883d4_s1a.htm (S-1/A) — 3541KB
- tm2421883d4_ex2-1.htm (EX-2.1) — 149KB
- tm2421883d4_ex23-3.htm (EX-23.3) — 3KB
- tm2421883d4_ex99-4.htm (EX-99.4) — 178KB
- tm2421883d4_ex99-5.htm (EX-99.5) — 38KB
- tm2421883d4_ex-filingfees.htm (EX-FILING FEES) — 12KB
- image_001.gif (GRAPHIC) — 0KB
- image_002.gif (GRAPHIC) — 0KB
- tm24212883d2_s1aimg002.jpg (GRAPHIC) — 49KB
- tm2421883d1_s1img001.jpg (GRAPHIC) — 13KB
- tm2421883d1_s1img002.jpg (GRAPHIC) — 258KB
- tm2421883d2_s1aimg001.jpg (GRAPHIC) — 37KB
- tm2421883d4_ex99-4img001.jpg (GRAPHIC) — 4KB
- tm2421883d4_ex99-4img003.jpg (GRAPHIC) — 2KB
- tm2421883d4_ex99-4img002.jpg (GRAPHIC) — 2KB
- tm2421883d4_ex99-4img004.jpg (GRAPHIC) — 36KB
- tm2421883d4_ex99-4img005.jpg (GRAPHIC) — 15KB
- tm2421883d4_ex99-4img01.jpg (GRAPHIC) — 5KB
- tm2421883d4_ex99-4img02.jpg (GRAPHIC) — 5KB
- tm2421883d4_ex99-5img001.jpg (GRAPHIC) — 280KB
- tm2421883d4_ex99-5img002.jpg (GRAPHIC) — 347KB
- tm2421883d4_ex99-5img003.jpg (GRAPHIC) — 356KB
- tm2421883d4_ex99-5img004.jpg (GRAPHIC) — 322KB
- 0001104659-24-111396.txt ( ) — 6310KB
RISK FACTORS
RISK FACTORS 13 SELECTED FINANCIAL AND OTHER DATA 31 RECENT DEVELOPMENTS 33
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS 43 HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING 45 OUR DIVIDEND POLICY 46 MARKET FOR THE COMMON STOCK 47 HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE 48 CAPITALIZATION 49 PRO FORMA DATA 50 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 55 BUSINESS OF MAGNOLIA BANCORP 73 BUSINESS OF MUTUAL SAVINGS AND LOAN ASSOCIATION 73 REGULATION AND SUPERVISION 89 TAXATION 98 MANAGEMENT 99 PROPOSED MANAGEMENT PURCHASES 108 THE CONVERSION AND OFFERING 109 RESTRICTIONS ON ACQUISITION OF MAGNOLIA BANCORP 130 DESCRIPTION OF CAPITAL STOCK 134 TRANSFER AGENT 135 EXPERTS 135 LEGAL MATTERS 135 WHERE YOU CAN FIND ADDITIONAL INFORMATION 135 INDEX TO FINANCIAL STATEMENTS OF MUTUAL SAVINGS AND LOAN ASSOCIATION 136 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 Savin