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Metairie, La., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Magnolia Bancorp, Inc. (the “Company”), a newly formed Louisiana corporation which will be the holding company for Mutual Savings and Loan Association (the “Association”), announced today that the Association’s members approved the plan of conversion pursuant to which the Association will convert from a federally chartered mutual savings and loan association to a federally chartered stock savings association and the transactions provided for in such plan of conversion, including the adoption of a new federal stock Charter and new Bylaws for Mutual Savings and loan association. The Company also announced that the subscription and community offering closed on December 17, 2024 at 1:00 p.m., Central Time. The Company is currently processing the orders and will provide additional information as soon as it is available. The number of shares to be sold in connection with the conversion and stock offering will be based on a final appraisal and receipt of final regulatory approvals. The stock offering and the simultaneous mutual-to-stock conversion of the Association are expected to close in early to mid-January 2025, subject to final regulatory approvals and the satisfaction of customary closing conditions. The Company will provide more information as soon as it is available. The Company’s common stock is expected to be quoted on the OTCQB Market. The Stock Information Center will be confirming order fulfillment information after all final approvals are received. Other information regarding the subscription and community offerings may be obtained by contacting the Stock Information Center at 1-877-643-8217. Generally, the Stock Information Center is open Monday through Friday, between 9:00 a.m. and 3:00 p.m., Central Time; however, with the upcoming holidays the Stock Information Center hours will vary. Normal hours of operation will resume on January 2, 2025. Keefe, Bruyette & Woods, A Stifel Company, acted as selling agent in the subscription and community offerings, and served as financial advisor to the Company and the Association in connection with the conversion. Silver, Freedman, Taff & Tiernan LLP acted as legal counsel to the Company and the Association. About Mutual Savings and Loan Association The Association was founded in 1885 and serves the banking needs of customers in its market area, which primarily consists of Jefferson and St. Tammany Parishes in Louisiana. The Association operates from its headquarters and main banking office in Metairie, Louisiana, as well as one additional full service branch office located in St. Tammany Parish on the north shore of Lake Pontchartrain in Mandeville, Louisiana. Its primary business activity is attracting deposits from the general public and using those funds primarily to originate one- to four-family residential loans, residential construction loans and home equity lines of credit. At September 30, 2024, the Association had total assets of $35.1 million, total deposits of $20.4 million and equity of $14.0 million. Magnolia Bancorp, Inc. will become the holding company for the Association upon completion of the conversion and stock offering. Forward-Looking Statements This press release and the Company’s prospectus for the offering contain forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “would,” “should,” “could” or “may,” and words of similar meaning. These forward-looking statements include statements of the Company’s goals, intentions and expectations; statements regarding the Company’s business plans, prospects, growth and operating strategies; statements regarding the quality of the Company’s loan portfolio; and estimates of the Company’s risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the failure to obtain the final approval of the OCC for the proposed conversion and related stock offering, delays in obtaining such approval, or adverse conditions imposed in connection with such approval; those related to the real estate and economic environment, particularly in the market areas in which the Association operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company and the Association may not be successful in the implementation of their business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov . The Company cautions undue reliance on any such forward looking statements, which speak only as of the date made. The Company disclaims any obligation to publicly release any revision made to any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. This press release is neither an offer to sell nor an offer to buy shares of common stock of the Company. The Company has filed with the SEC a registration statement for the offering to which this press release relates as well as the final prospectus, dated November 8, 2024, for the subscription and community offerings. Before you invest, you should read that prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the stock offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov . The shares of common stock of the Company are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Michael L. Hurley President and Chief Executive Officer (504) 455-2444
Amidst the diplomatic tensions and political furor surrounding the incident, one thing remains clear - the hanging of opposition flags at the Syrian Embassy in Russia has opened up a new chapter in the ongoing saga of the Syrian conflict. It has shed light on the deep divisions and internal strife within the Syrian diplomatic corps, while also highlighting the complexities and sensitivities involved in navigating the treacherous waters of international diplomacy.In a rapidly changing world, the China-EU relationship stands as a critical pillar of international cooperation, with the potential to shape the course of global affairs for years to come. Only by recognizing the complexities and opportunities inherent in this partnership can China and the EU continue to build a more prosperous, peaceful, and sustainable world for all.
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Customers of Alibaba Cloud expressed appreciation for the transparency and prompt communication from the company regarding the incident. The reassurance that their services were unaffected helped alleviate concerns and demonstrated the company's commitment to maintaining high standards of service reliability and resilience.
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Directed by acclaimed filmmaker Zhang Wei, "Bright Moon at the Window" is set to be a delightful romp through a series of absurd and hilarious scenarios. The film follows the misadventures of a quirky group of characters who find themselves caught up in a series of wacky misunderstandings and comical mishaps.Manchester City's struggles continued as Pep Guardiola's side remarkably blew a three-goal lead to draw 3-3 with Feyenoord in the Champions League on Tuesday, while Bayern Munich beat Paris Saint-Germain to leave the French club in danger of elimination. There were also big wins for Arsenal, Atletico Madrid, Atalanta and Bayer Leverkusen, while Inter Milan went top of the standings after five games and Barcelona's Robert Lewandowski reached a century of Champions League goals. However, the biggest drama came at the Etihad Stadium, where City were cruising early in the second half with a three-goal advantage as they sought to end a run of five successive defeats in all competitions. Erling Haaland opened the scoring from a penalty just before half-time, and Ilkay Gundogan's deflected shot made it 2-0 in the 50th minute. Haaland struck again to make it 3-0, but Feyenoord's comeback began on 75 minutes when Anis Hadj Moussa took advantage of hapless defending to round goalkeeper Ederson and pull one back. Substitute Santiago Gimenez bundled in to make it 3-2 on 82 minutes and the equaliser arrived a minute from the end. Ederson was again caught out with Igor Paixao going around the goalkeeper and crossing for Slovak international David Hancko to head in. "We concede a lot of goals because we are not stable," complained Guardiola. "We lost a lot of games lately. We are fragile and of course we need a victory." It is the first time that a team has gone into the last 20 minutes of a Champions League game trailing by three goals and still avoided defeat, as the point boosts the Dutch side's hopes of progressing. City are two points outside the top eight places which offer direct qualification for the last 16, while Bayern moved above them by beating PSG 1-0 in Munich. South Korean defender Kim Min-jae scored the only goal seven minutes before half-time, heading in after goalkeeper Matvei Safonov failed to clear a corner. PSG had Ousmane Dembele sent off in the second half and the French champions have just four points, and three goals, from five games. They are a lowly 26th in the 36-team league, a point adrift of the positions which offer a place in the play-off round in February. "We need to win our last three matches, otherwise we risk being eliminated," admitted PSG coach Luis Enrique. Lewandowski notched his 100th goal in the competition with an early penalty in Barcelona's 3-0 home win over French side Brest. Dani Olmo netted midway through the second half before Lewandowski sealed Barca's win at the death, his 101st goal in the Champions League -- only Cristiano Ronaldo and Lionel Messi have scored more. Inter lead the standings with 13 points, a point ahead of Barcelona and Liverpool, after a 1-0 win at home to RB Leipzig which means they are also still yet to concede a goal. Castello Lukeba's own goal made the difference at San Siro, and Leipzig are one of only three teams to have lost five games out of five. Arsenal romped to a 5-1 victory away to Sporting in Lisbon, as the Portuguese side adapt to life without coach Ruben Amorim, who has departed for Manchester United. Gabriel Martinelli, Kai Havertz and Gabriel Magalhaes all scored in the first half for Arsenal, before Goncalo Inacio pulled one back shortly after the restart. Bukayo Saka converted a penalty on 65 minutes after Martin Odegaard had been brought down, and Leandro Trossard headed in to seal Arsenal's win late on. Atalanta romped to a 6-1 win over rock-bottom Young Boys in Switzerland, with Mateo Retegui and Charles De Ketelaere both scoring braces. Sead Kolasinac and Lazar Samardzic also netted for the Italians, with Silvere Ganvoula getting the hosts' reply. Florian Wirtz struck twice, including a penalty, as Leverkusen crushed Red Bull Salzburg 5-0, with Alejandro Grimaldo scoring a superb free-kick and Patrik Schick and Aleix Garcia also netting. Julian Alvarez and substitute Angel Correa each scored twice and Marcos Llorente and Antoine Griezmann once as Atletico romped to a 6-0 win away to Sparta Prague. Christian Pulisic, Rafael Leao and Tammy Abraham were the scorers in AC Milan's 3-2 win at Slovan Bratislava, whose goals came from Tigran Barseghyan and Nino Marcelli. Marko Tolic saw red at the end for Slovan, who are without a point. as/nfTitle: Don't Fall for These 6 "Health Tips" - They Could Actually Harm You More!