Company: MGNO
Filing Date: 2025-01-03
Form Type: 10-Q/A
Source: 0000927089-25-000009
Chunk: 19

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-01-03
Form: 10-Q/A
Chunk 19
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     |   |     |         |     |   |        |
| Cash and cash equivalents |     | $              |  1,694 |         |     | $                   | 1,694 |         |     | $ |   - |         |     | $ |      - |
| FHLB stock                |     | $              |    333 |         |     |                     |     - |         |     |   | 333 |         |     |   |      - |
| Loans receivable, net     |     | $              | 31,981 |         |     |                     |     - |         |     |   |   - |         |     | $ | 30,309 |
| Financial liabilities:    |     |                |        |         |     |                     |       |         |     |   |     |         |     |   |        |
| Deposits                  |     | $              | 20,856 |         |     |                     |     - |         |     |   |   - |         |     | $ | 18,787 |
| Advances, short-term      |     | $              |    500 |         |     |                     |   500 |         |     |   |   - |         |     |   |      - |

<div align='center'>21</div>

7. Plan of Conversion

On February 1, 2024,the Board of Directors of the Association adopted a plan of conversion (the “Plan”) pursuant to which the Association will convert from the mutual form of organization to the stock form of organization and establish a stock holding company, Magnolia Bancorp, Inc. (the “Company”), as the parent of the Association. The Plan is subject to the approval of the Office of the Comptroller of Currency and must be approved by the affirmative vote of at least a majority of the votes eligible to be cast by the voting members of the Association at a special meeting scheduled to be held on December 23, 2024.In addition, the Federal Reserve Bank must approve a related holding company application.

Upon completion of the conversion, the Association will convert to the stock form of ownership and issue all of its outstanding common stock to the Company. Pursuant to the Plan, the Association will determine the total offering value and number of shares of common stock to be offered for sale by the Company based upon an independent appraiser’s valuation. The stock will be priced at $ per share.