Mineola Community Bank’s Conversion and $32.1 Million Stock Offering

Luse Gorman advised Mineola Community Bank on the deal.

Mineola Community Mutual Holding Company, Mineola, Texas, completed its conversion from the mutual holding company to the stock holding company form of organization.

Concurrently with the conversion, Texas Community Bancshares, Inc. (the “Company”), the newly formed holding company for Mineola Community Bank, S.S.B., completed its initial public offering. The Company sold 3,207,759 shares of its common stock in the offering at $10.00 per share. The Company also contributed 50,000 shares of common stock and $75,000 in cash to the TCBS Foundation, Inc., a charitable foundation formed in connection with the conversion. The Company’s common stock trades on the Nasdaq Capital Market under the trading symbol “TCBS.”

Texas Community Bancshares, Inc. has $316.5 million in assets and operates from offices in northeast Texas.

Luse Gorman served as legal counsel to Mineola in the conversion and stock offering. The Luse Gorman team included Kip Weissman (Picture), Victor Cangelosi and Thomas Hutton.

Involved fees earner: Victor Cangelosi – Luse Gorman, PC; Thomas Hutton – Luse Gorman, PC; Kip Weissman – Luse Gorman, PC;

Law Firms: Luse Gorman, PC;

Clients: Mineola Community Bank;

Martina Bellini

Author: Martina Bellini