Magnolia Bancorp Files S-1 for Public Offering

TL;DR

Magnolia Bancorp just filed an S-1, looks like they're going public soon.

AI Summary

Magnolia Bancorp, Inc. filed an S-1 registration statement on August 27, 2024, indicating its intent to offer securities to the public. The company, headquartered in Metairie, Louisiana, is registering under the Securities Act of 1933. The filing details its principal executive offices and provides contact information for its President and CEO, Michael L. Hurley, as well as its agents for service.

Why It Matters

This S-1 filing signals Magnolia Bancorp's move towards becoming a publicly traded company, which could impact its capital structure and future growth strategies.

Risk Assessment

Risk Level: medium — As an S-1 filing, it represents the initial stages of a public offering, which inherently carries market and regulatory risks.

Key Numbers

• 333-281796 — SEC File Number (Identifies this specific registration filing)
• 0002033615 — Central Index Key (Unique identifier for the company in SEC filings)

Key Players & Entities

• Magnolia Bancorp, Inc. (company) — Registrant
• August 27, 2024 (date) — Filing Date
• Michael L. Hurley (person) — President and Chief Executive Officer
• Metairie, Louisiana (location) — Principal Executive Offices
• Securities Act of 1933 (legal_document) — Governing Legislation

FAQ

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

• tm2421883d1_s1.htm (S-1) — 3251KB
• tm2421883d1_ex1-1.htm (EX-1.1) — 62KB
• tm2421883d1_ex2-1.htm (EX-2.1) — 142KB
• tm2421883d1_ex3-1.htm (EX-3.1) — 67KB
• tm2421883d1_ex3-2.htm (EX-3.2) — 58KB
• tm2421883d1_ex4-1.htm (EX-4.1) — 16KB
• tm2421883d1_ex5-1.htm (EX-5.1) — 7KB
• tm2421883d1_ex8-1.htm (EX-8.1) — 30KB
• tm2421883d1_ex8-2.htm (EX-8.2) — 35KB
• tm2421883d1_ex10-1.htm (EX-10.1) — 74KB
• tm2421883d1_ex10-2.htm (EX-10.2) — 73KB
• tm2421883d1_ex23-2.htm (EX-23.2) — 6KB
• tm2421883d1_ex23-3.htm (EX-23.3) — 2KB
• tm2421883d1_ex99-1.htm (EX-99.1) — 35KB
• tm2421883d1_ex99-2.htm (EX-99.2) — 9KB
• tm2421883d1_ex99-3.htm (EX-99.3) — 4469KB
• tm2421883d1_ex-filingfees.htm (EX-FILING FEES) — 10KB
• tm2421883d1_s1img001.jpg (GRAPHIC) — 13KB
• tm2421883d1_s1img002.jpg (GRAPHIC) — 258KB
• tm2421883d1_s1img003.jpg (GRAPHIC) — 6KB
• tm2421883d1_s1img004.jpg (GRAPHIC) — 10KB
• tm2421883d1_ex1-1img01.jpg (GRAPHIC) — 8KB
• tm2421883d1_ex23-2img001.jpg (GRAPHIC) — 20KB
• tm2421883d1_ex23-2img002.jpg (GRAPHIC) — 8KB
• tm2421883d1_ex99-1img01.jpg (GRAPHIC) — 6KB
• tm2421883d1_ex99-2img001.jpg (GRAPHIC) — 20KB
• tm2421883d1_ex99-2img002.jpg (GRAPHIC) — 8KB
• tm2421883d1_ex99-3img01.jpg (GRAPHIC) — 7KB
• tm2421883d1_ex99-3img02.jpg (GRAPHIC) — 6KB
• tm2421883d1_ex99-3img03.jpg (GRAPHIC) — 5KB
• tm2421883d1_ex99-3img04.jpg (GRAPHIC) — 4KB
• tm2421883d1_ex99-3img05.jpg (GRAPHIC) — 310KB
• tm2421883d1_ex99-3img06.jpg (GRAPHIC) — 3KB
• tm2421883d1_ex99-3img07.jpg (GRAPHIC) — 1KB
• 0001104659-24-093243.txt ( ) — 9305KB

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, Inc. is a Louisiana corporation which was incorporated by Mutual Savings and Loan Association in May 2024. The offering of common stock by means of this prospectus is being made by Magnolia Bancorp in connection with the conversion of Mutual Savings and Loan Association from a federal; mutual savings and loan association to a federal stock savings and loan association. Upon completion of the conversion, Magnolia Bancorp will become the savings and loan holding company for Mutual Savings and Loan Association by owning all of the outstanding shares of capital stock of Mutual Savings and Loan Association. As a savings and loan holding company, Magnolia Bancorp will be regulated by the Federal Reserve Board. To date, Magnolia Bancorp has engaged in organizational activities only. Following the conversion, Magnolia Bancorp’s primary business activity will relate to owning all of the outstanding shares of capital stock of Mutual Savings and Loan Association. Currently, the depositors of Mutual Savings and Loan Association are deemed to be its members and have voting rights as to all matters requiring membership action. Upon completion of the conversion, Mutual Savings and L

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View this S-1 filing on SEC EDGAR