NEW
ORLEANS, July 31, 2024 /PRNewswire/ -- Fifth
District Bancorp, Inc. (the "Company"), the holding company
for Fifth District Savings Bank (the "Bank"), has completed its
initial public offering in connection with the Bank's conversion
from the mutual form of organization to the stock form of
organization, effective today. The Company sold
5,459,473 shares of common stock, which includes 444,758
shares sold to the Bank's Employee Stock Ownership Plan, for gross
offering proceeds (before deducting offering expenses) of
approximately $54.6 million based on
the offering price of $10.00 per
share. The Company also issued 100,000 shares of common stock to
The Fifth District Community Foundation, Inc. The Company has
5,559,473 shares of common stock issued and outstanding.
The Company's common stock is expected to begin trading on the
Nasdaq Capital Market on August 1,
2024, under the trading symbol "FDSB".
Subscribers wishing to confirm their stock purchases may do so
by contacting the Stock Information Center at (504) 363-6530. The
Stock Information Center is open between
9:00 a.m. and 4:00 p.m., Central time, Monday through
Friday, except on bank holidays.
The Company's transfer agent, Pacific Stock Transfer Company,
plans to mail Direct Registration System ("DRS") Book-Entry
statements for the shares purchased in the stock offering, and
interest checks, on or about August 1,
2024.
Luse Gorman, PC served as legal
counsel to the Company and the Bank. Performance Trust Capital
Partners, LLC acted as marketing agent for the Company in
connection with the stock offering, and Nelson Mullins Riley & Scarborough LLP
served as legal counsel to Performance Trust Capital Partners,
LLC.
Legal Disclosures
The shares of common stock are not savings accounts or
savings deposits and are not insured by the Federal Deposit
Insurance Corporation or any other governmental agency.
Disclosures Concerning Forward Looking Statements
This press release contains certain forward-looking statements
about the conversion and stock offering. Forward-looking statements
include statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," "may" or words of similar import. Forward-looking
statements, by their nature, are subject to risks and
uncertainties. Certain factors that could cause actual results to
differ materially from expected results include delays in closing
the conversion and stock offering; possible unforeseen delays in
delivering DRS Book-Entry statements or interest checks; and/or
delays in the start of trading due to market disruptions or
otherwise.
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SOURCE Fifth Distirct Bancorp, Inc.