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Seneca Bancorp, Inc. announced Monday that it has entered into an agency agreement with Keefe, Bruyette & Woods, Inc. (KBW) to assist with the marketing of its common stock during an upcoming stock offering. The agreement, signed August 12, 2025, also involves Seneca Financial Corp., Seneca Savings, and Seneca Financial MHC.
Under the terms of the agreement, KBW will serve as financial advisor and marketing agent. KBW has received a $35,000 management fee and will be paid a $385,000 success fee upon completion of the stock offering. The success fee will be reduced by the amount of the management fee. If some shares are sold through a group of broker-dealers in a syndicated community offering, Seneca Bancorp will pay KBW a transaction fee not exceeding 6.0% of the aggregate purchase price for those shares. Any success fee will be credited against the syndicated community offering fee.
Additionally, KBW will act as conversion agent and data processing records management agent, for which it will receive a $40,000 fee. Of this amount, $10,000 has already been paid, and the remainder is due upon completion of the offering. This fee may increase by up to $10,000 if there are material regulatory changes, changes to the conversion plan, or delays requiring duplicate or replacement processing.
The offering of shares is being made pursuant to a Registration Statement on Form S-1 (Registration No. 333-288044) and a related prospectus dated August 12, 2025.
Seneca Bancorp, Inc. does not currently have securities listed on any exchange. The information in this article is based on a statement from a recent SEC filing.
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