Mutual Federal Bank, a federally-chartered savings association (“Mutual Federal”) and wholly-owned subsidiary of Mutual Federal Bancorp, Inc. (OTC: MFDB), which in turn is majority owned by Mutual Federal Bancorp, MHC, and Pulaski Savings Bank, an Illinois-chartered mutual savings bank (“Pulaski”), today announced plans to merge. Following completion of the merger, Mutual Federal, as the surviving institution, will be positioned to provide greater service and convenience to its customers and the customers of Pulaski. After the merger, the combined savings association will have assets of approximately $150 million and $19 million in equity and operate from two locations in Chicago.
Upon the successful completion of the merger, Pulaski will merge with and into Mutual Federal, and Mutual Federal will continue as the surviving institution and will retain its mutual holding company form of ownership. The members of Pulaski at the time of consummation of the merger will become members of Mutual Federal Bancorp, MHC. The boards of directors of Pulaski and each of the Mutual Federal entities have approved the merger. The merger is subject to regulatory approval, customary member and shareholder approvals, and is expected to close in the first quarter of 2025.
This partnership will combine two mutual organizations with strong cultures and core values. The merger will also allow the combined savings association to offer enhanced benefits such as increased lending capacity and office locations, and continue each bank’s legacy of providing customer service built on relationships of trust, integrity and personalized service. This merger represents a strong financial, strategic and cultural fit and bolsters the resulting bank’s capacity and presence in the Chicago marketplace.
“This transaction brings together two customer-centric and highly-respected institutions,” said Stephen M. Oksas, President of Mutual Federal. “Both Mutual Federal and Pulaski have a similar culture and take pride in our long traditions of outstanding customer service and community involvement.”
“This strategic partnership will expand resources to the individuals and businesses in our market area. In addition, this merger will result in a combined bank with greater deposit and lending capabilities, allowing us to better serve our customers,” said Roger Budny, President of Pulaski.
The law firm of Vedder Price P.C. acted as legal counsel for Mutual Federal Bank, Mutual Federal Bancorp, Inc. and Mutual Federal Bancorp, MHC. The law firm of Godfrey & Kahn, S.C. acted as legal counsel for Pulaski Savings Bank. Financial advisory services in connection with the transaction were provided by RP Financial LC.
