Slight Return Conversion activity picked up slightly during the month of September, with several new deals being announced. The transaction is expected to close in the second quarter of 2000. In a bullish conversion market, EverTrust would have been even more oversubscribed and its stock would have skyrocketed. Additionally, First Star Bancorp has abandoned its planned merger conversion with Nesquehoning Savings Bank. Nesquehoning has no plans to pursue a standard conversion.
Regulatory opposition makes it very difficult to complete a merger conversion.