SR Bancorp, the holding company for Somerset Regal Bank, announced that it closed its conversion of the Bank from the mutual to stock form of organization, related stock offering by SR Bancorp and acquisition of Regal Bancorp on September 19. SR Bancorp sold 9,055,172 shares of its common stock at a price of $10.00 per share, which included 760,364 shares sold to Somerset Savings Bank’s Employee Stock Ownership Plan. Upon the completion of the conversion and offering, 9,507,930 shares of SR Bancorp common stock are outstanding. SR Bancorp’s common stock began trading on the Nasdaq Capital Market under the trading symbol “SRBK” on September 20.
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