UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 17, 2021
FIRST SEACOAST BANCORP
(Exact Name of Registrant as Specified in Charter)
United States of America | | 001-38985 | | 84-2404519 |
(State or Other Jurisdiction of Incorporation) | | (Commission File No.) | | (I.R.S. Employer Identification No.) |
|
633 Central Avenue, Dover, New Hampshire | | 03820 |
(Address of Principal Executive Offices) | | (Zip Code) |
Registrant's telephone number, including area code: (603) 742-4680
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
Common stock, par value $0.01 per share | | FSEA | | The Nasdaq Stock Market LLC |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).Emerging growth company☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Item 8.01.Other Events.
On August 17, 2021, First Seacoast Bank (the “Bank”), the wholly-owned bank subsidiary of First Seacoast Bancorp, entered into a definitive agreement with an investment advisory and wealth management firm to purchase certain of its client accounts and client relationships for a purchase price of $344,475, of which $172,237 is to be paid at closing and the remainder to be paid upon the successful transition of the client accounts to the Bank. The client accounts to be purchased contain assets under management valued at approximately $26.3 million as of June 1, 2021. The Bank offers wealth management services through a division of the Bank, which operates under the name FSB Wealth Management. As of July 30, 2021, FSB Wealth Management had assets under management valued at approximately $66.8 million before accounting for the client accounts to be purchased.
Item 9.01. Financial Statements and Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| | FIRST SEACOAST BANCORP |
| | |
| | |
Date: August 17, 2021 | | /s/ James R. Brannen |
| | James R. Brannen |
| | President and Chief Executive Officer |
