Magnolia Bancorp, Inc.

Magnolia Bancorp, Inc. is a savings and loan holding company that was incorporated in May 2024 by Mutual Savings and Loan Association. The company was formed as part of Mutual Savings' conversion from a mutual to a stock organization, which was completed on January 14, 2025. At that time, Magnolia Bancorp acquired all outstanding common stock of Mutual Savings, making Mutual Savings a wholly owned subsidiary. Concurrently, Magnolia Bancorp completed its initial public offering, issuing 833,750 shares of common stock for $8.3 million. Total net proceeds from the offering were approximately $6.9 million, including shares issued to the company's employee stock ownership plan (ESOP). Magnolia Bancorp contributed 50% of these net proceeds to Mutual Savings and Loan Association and retained the rest, using $667,000 to make a loan to the ESOP. The company's cash flow relies on earnings from its retained offering proceeds and any dividends received from Mutual Savings. Magnolia Bancorp does not own or lease property, instead using Mutual Savings' premises, equipment, and furniture. It employs only officers who also serve as officers of Mutual Savings and Loan Association, and periodically uses Mutual Savings' support staff.