NORTHEAST COMMUNITY BANCORP, INC. (OTCMKTS:NECB) Files An 8-K Entry into a Material Definitive Agreement
On May 14, 2021, NorthEast Community Bancorp, Inc., a Maryland corporation (the “Company”), NorthEast Community Bancorp, Inc., a federally-chartered “mid-tier” holding company, NorthEast Community Bancorp, MHC and NorthEast Community Bank entered into an Agency Agreement with Piper Sandler & Co. (“Piper Sandler”), who will assist the Company on a best efforts basis in selling the shares of the Company’s common stock in the Company’s subscription and community offerings, and will serve as sole book-running manager for any syndicated or firm commitment underwritten offering.
Piper Sandler will receive a fee of 1.0% of the aggregate purchase price of all shares of common stock sold by the Company in the subscription offering and a fee of 3.0% of the aggregate purchase price of all shares of common stock sold by the Company in the community offering. No fee will be payable to Piper Sandler with respect to shares purchased by directors, officers, employees or their immediate families (as defined in the Agency Agreement) and their personal trusts, and shares purchased by the Company’s employee benefit plans or trusts.
In the event a syndicated or firm commitment underwritten offering is conducted, the Company will pay fees of 5.5% of the aggregate purchase price of all shares of common stock sold in the syndicated or firm commitment underwritten offering to Piper Sandler and any other broker-dealers included in the syndicated or firm commitment underwritten offering.
The shares of common stock are being offered to a Registration Statement on Form S-1 (Registration No. 333-253982) filed by the Company under the Securities Act of 1933, as amended, and a related prospectus dated May 14, 2021.
The foregoing description of the terms of the Agency Agreement is qualified in its entirety by references to the Agency Agreement, which is filed as Exhibit 1.1 hereto and incorporated by reference herein.
|1.1||Agency Agreement, dated as of May 14, 2021, by and among NorthEast Community Bancorp, Inc., a Maryland corporation, NorthEast Community Bancorp, Inc. a federally-chartered corporation, NorthEast Community Bancorp, MHC, NorthEast Community Bank and Piper Sandler & Co.|
NorthEast Community Bancorp, Inc./MD/ Exhibit
EX-1.1 2 tm2117049d1_ex1-1.htm EXHIBIT 1.1 Exhibit 1.1 Up to 11,…
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About NORTHEAST COMMUNITY BANCORP, INC. (OTCMKTS:NECB)
NorthEast Community Bancorp, Inc. is the holding company for NorthEast Community Bank (the Bank). The Bank is a community-oriented financial institution offering traditional financial services to consumers and businesses in its market area. The Bank is principally engaged in the business of attracting deposits and investing those funds into mortgage and commercial loans. The Bank offers a range of banking products and services, including mobile banking, as well as commercial real estate loans, commercial construction financing, lines of credit and term loans. Its business banking services include remote deposit, online banking and bill payment, online financial management tools, automated clearing house (ACH) services, business checking, sweep accounts, overdraft protection, and wealth management services. The Bank also offers investment advisory and financial planning services under the name Hayden Wealth Management Group, a division of the Bank.