SR Bancorp completes $90.6M IPO and merger with Regal Bancorp; shares trade on Nasdaq

SR Bancorp, Inc.

Sold 9,055,172 shares at $10.00 each in IPO, raising ~$90.6M; 760,364 shares to ESOP.
Merger with Regal Bancorp closed; each Regal share converted to $23 cash; Regal Bank merged into Somerset Regal Bank.
Total common shares outstanding post-closing: 9,507,930; stock begins trading on Nasdaq under SRBK on Sept 20.
Added three former Regal directors (Lebovitz, Lupo, Orbach) to boards; Orbach named Executive Chairman.
Contributed 452,758 shares and $905,517 cash to Somerset Regal Charitable Foundation.

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