SR Bancorp commences stock offering up to 10.58M shares at $10; merger with Regal Bancorp pending

SR Bancorp, Inc.

Offering up to 9.2M shares at $10 each (adjustable to 10.58M based on demand), expected list on Nasdaq as SRBK.
Subscription offering priority to depositors, expires Aug 15, 2023; community offering for remaining shares.
Regulatory approvals received from NJDOBI, FDIC, and FRBNY for conversion and merger with Regal Bancorp.
Merger to occur after stock offering completion, with Somerset Savings Bank converting to commercial charter and renamed Somerset Regal Bank.
Minimum offering condition: sale of at least 6.8M shares; proceeds partly used to fund charitable foundation with up to 529,000 shares and $1.1M cash.

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