Mid-Southern Bancorp, Inc. (MSVB): Business Model Canvas [Dec-2025 Updated]

You're digging into the business model for Mid-Southern Bancorp, Inc. (MSVB), but the reality as of late 2025 is that the community banking chapter has closed; the bank subsidiary was sold, and the holding company is now executing a formal Plan of Liquidation. This final Business Model Canvas isn't about deposits or loans, but about the mechanics of dissolution, focusing on the key activity of distributing the remaining assets, which translates to an estimated final cash payment of $17.45 to $17.75 per share to common stockholders. Keep reading to see the precise structure-from key partners like Pacific Stock Transfer to the final cost structure-governing this wind-down process.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Key Partnerships

You're looking at the final phase of Mid-Southern Bancorp, Inc. (MSVB) as a going concern, which means the Key Partnerships are entirely focused on the orderly wind-up following the asset sale. This isn't about generating new revenue; it's about executing the Plan of Liquidation and Dissolution efficiently.

The most significant partnership driving this final stage was the Purchase and Assumption (P&A) Transaction with Beacon Credit Union. This deal, which closed on April 25, 2025, was the catalyst for the entire dissolution process. As part of the agreement, Mid-Southern Savings Bank, FSB retained $10 million of its cash before liquidating and distributing remaining assets to the holding company, MSVB. The combined entity of Beacon Credit Union and the acquired bank now holds approximately $1.7 billion in assets across 22 retail Member Center locations and 7 Loan Production Offices (LPOs). This partnership effectively transferred the core banking operations, allowing MSVB to focus solely on shareholder distribution.

The execution of the final shareholder payout relies on specialized administrative partners:

• Pacific Stock Transfer: Appointed as the paying agent for the final dissolution distribution.
• Stockholder of Record Date: November 10, 2025.
• Expected Payment Date: On or about November 14, 2025.
• Estimated Payout Range: Between $17.45 and $17.75 in cash per share, based on the September 30, 2025, financial condition.

The entire structure is overseen by governing and advisory entities to ensure compliance and proper financial closure. The Plan of Liquidation and Dissolution, approved by stockholders, dictates that any residual funds remaining after the wind-up are expected to be nominal and will be donated to one or more charitable organizations.

Here is a summary of the key entities involved in the final corporate actions:

The regulatory bodies involved in overseeing the formal Plan of Liquidation and Dissolution for the former federally chartered savings bank holding company include federal agencies responsible for bank holding company oversight and the liquidation of insured depository institutions, though specific firm names for the final accounting wind-up aren't publicly detailed in the latest filings. The complexity involves settling liquidation accounts and ensuring the final distribution aligns with the estimated per-share value, which was $37.5 million in stockholders' equity as of March 31, 2025.

The involvement of specialized firms is critical for navigating the final tax implications of the dissolution. You need these experts to finalize the corporate tax liability, which directly impacts the final per-share consideration, which was estimated to be between $17.45 and $17.75 per share as of late 2025.

The final step is the distribution itself; Finance: confirm receipt of final closing statement from Pacific Stock Transfer by December 15, 2025.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Key Activities

You're looking at the final, critical phase of Mid-Southern Bancorp, Inc. (MSVB) operations, which is all about winding down the corporate shell after the asset sale. The key activities here aren't about banking anymore; they are purely administrative and fiduciary, focused on delivering the final return to shareholders.

Executing the Plan of Liquidation and Dissolution approved by stockholders

The core activity is the execution of the plan following the Purchase and Assumption (P&A) Transaction with Beacon Credit Union. This involved the liquidation of Mid-Southern Savings Bank, FSB, distributing its remaining assets up to the holding company, Mid-Southern Bancorp, Inc. The final step is the dissolution of the holding company itself.

Key dates and metrics related to this execution include:

• Stockholders of record date for distribution: November 10, 2025.
• Expected dissolution distribution payment date: On or about November 14, 2025.
• Shares of common stock outstanding as of January 25, 2024: 2,885,039 shares.

Calculating and distributing the final per share consideration

This activity centers on finalizing the cash amount to be sent to every shareholder. The calculation is highly sensitive to factors like corporate taxation and final costs. You saw the estimates shift as the process moved forward.

Here is how the estimated per share consideration evolved based on reported financial conditions:

The distribution is managed by Pacific Stock Transfer, serving as the paying agent. Stockholders holding shares in book entry form receive checks, while those holding shares through a broker receive the cash directly into their account.

Managing remaining cash and investment assets post-sale

Before the final distribution, Mid-Southern Bancorp, Inc. managed the cash and investment assets remaining after the Bank's liquidation. The Company's stockholders' equity stood at $37.5 million as of March 31, 2025. The final distribution range reflects the net amount after all these assets are accounted for.

The company has a specific plan for any leftover funds:

• Intention to donate any nominal residual funds remaining after the wind-up is complete.

Settling all corporate liabilities and dissolution-related expenses

This is a major variable impacting the final payout. The range of the per share consideration is subject to variation based on several specific items that must be settled before the final check is cut. Honestly, these costs are what separate the initial estimates from the final number.

Factors dictating the final settlement include:

• The amount of corporate taxation payable by Mid-Southern Bancorp, Inc.
• Final costs related to the liquidation and distribution of the Bank's remaining assets.
• Costs associated with the dissolution and distribution of the Company's remaining assets to its shareholders.

Filing final regulatory and tax documentation for the wind-up

A key operational step is the formal cessation of public trading. Following the November 10, 2025 record date, the Company's common stock is expected to be removed from the OTC Pink Marketplace, meaning no further trades in the common stock will be processed. This signals the near-complete status of the final regulatory filings required to officially wind up the corporate entity.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Key Resources

You're looking at the core assets Mid-Southern Bancorp, Inc. (MSVB) is relying on as it winds down operations, which is a very specific set of resources for a company in dissolution. These aren't about growth; they are about final distribution.

Remaining Cash and Liquid Assets

The primary resource for the final distribution is the cash position remaining after the sale of the bank subsidiary. As of the balance sheet date of March 31, 2025, the combined Cash and cash equivalents totaled $83,325 thousand, which is $83.325 million. This figure includes $1,537 thousand in Cash and due from banks and $81,788 thousand in Interest-bearing deposits with banks. The final cash available for shareholders is directly tied to the estimated per share consideration announced in late October 2025, based on the September 30, 2025 financials.

The expected per share consideration for the dissolution payment, based on the September 30, 2025 financial condition, is estimated to be between $17.45 and $17.75 in cash for each share of common stock owned. The actual final amount is subject to corporate taxation and liquidation costs. The dissolution distribution was expected to be paid on or about November 14, 2025.

Stockholders' Equity

The reported Stockholders' Equity provides the book value baseline for the final liquidation value. As of March 31, 2025, Total Stockholders' Equity was $37,484 thousand, or $37.484 million. This aligns closely with the figure you noted, which was $37.5 million as of March 31, 2025. For context, the equity at the end of the prior year, December 31, 2024, was $36,880 thousand.

Here's a quick look at the key components of that equity structure as of the first quarter of 2025:

The increase in equity from year-end 2024 to March 31, 2025, was primarily due to the net income of $727 thousand reported for the quarter ended March 31, 2025.

Corporate Charter and Structure

The legal foundation remains essential for executing the final wind-down. Mid-Southern Bancorp, Inc. is the former parent holding company of the former Mid-Southern Savings Bank, FSB. The Bank is a federally chartered savings bank. The company's operations were historically centered in Salem, Indiana, with branches in Mitchell and Orleans, Indiana, and loan production offices in New Albany, Indiana, and Louisville, Kentucky.

Key structural elements relevant to the final distribution include:

• The Plan of Liquidation and Dissolution was approved by the Company's stockholders.
• The common stock was expected to be removed from the OTC Pink Marketplace after November 10, 2025.
• The company appointed Pacific Stock Transfer as its transfer agent and paying agent for the dissolution distribution.
• The wind-up process is expected to take up to two years.

Executive Leadership

The management team overseeing the final wind-down process is responsible for the complex legal and financial steps to maximize remaining shareholder value. The Executive Committee of Mid-Southern Bancorp, Inc. includes key personnel:

The executive structure as of late 2025 includes:

The Asset/Liability Committee (ALCO), which formulates investment strategies, is composed of Mid-Southern Savings Bank's executive management team. The principal executive offices are located at 300 North Water Street, Salem, Indiana 47167.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Value Propositions

You're looking at the final value being delivered to Mid-Southern Bancorp, Inc. (MSVB) stockholders as the company winds up its operations. This isn't about ongoing banking services anymore; it's about the final return on your investment during the dissolution process. Honestly, in a liquidation scenario, the value proposition boils down to getting the cash out as efficiently and transparently as possible.

The core value propositions center on the final financial payout and the process surrounding it, based on the financial condition as of September 30, 2025.

Final Cash Distribution: Providing stockholders a final estimated payment of $17.45 to $17.75 per share.

The primary value delivered is the estimated cash exchange for each share of Mid-Southern Bancorp, Inc. common stock owned. This estimate is a direct reflection of the company's financial standing at the end of the third quarter of 2025.

• Estimated cash distribution range: $17.45 to $17.75 per share.
• Stockholders' equity as of March 31, 2025: $37.5 million.
• Net income for the quarter ended March 31, 2025: $727,000.

Here's a quick look at the key dates tied to this final distribution event:

Timely Liquidation: Executing the dissolution distribution on or about November 14, 2025.

The commitment here is to execute the distribution promptly following the record date. While the overall wind-up process may take up to two years, the initial, major cash distribution is targeted for mid-November 2025. This speed helps stockholders realize their return without excessive delay, though you should note that any residual funds after the wind up are intended to be donated to charity.

• Expected dissolution distribution payment date: On or about November 14, 2025.
• Stock expected to be removed from OTC Pink Marketplace after November 10, 2025.
• The overall dissolution and wind up process is expected to take up to two years.

Transparency: Providing updated estimates on the per share consideration.

Mid-Southern Bancorp, Inc. provided an updated range as of October 28, 2025, demonstrating a commitment to keeping the market informed about the final return. Still, you must understand that this figure is an estimate and not a guarantee. The final amount can vary based on several real-world variables encountered during the final stages of dissolution.

The factors causing potential variation in the final per share consideration include:

• The amount of corporate taxation to be paid by the Company.
• The final amount of cash held by the Company at the time of distribution.
• Costs related to the dissolution process itself.

Investors should not assume the ultimate per share consideration will definitely fall within the stated range of $17.45 to $17.75. Finance: draft final distribution reconciliation report by December 15, 2025.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Customer Relationships

The Customer Relationships component for Mid-Southern Bancorp, Inc. (MSVB) in late 2025 is defined by the mechanics of its ongoing dissolution process, shifting from traditional banking relationships to final transactional settlements with former stockholders.

Transactional

The primary transactional relationship centers on the one-time, final cash payment to stockholders of record.

The estimated per share consideration, based on the financial condition at September 30, 2025, falls within a specific range:

The overall dissolution process is expected to take up to two years to complete, with any residual funds expected to be nominal.

Direct Communication

Communication is focused on providing necessary updates regarding the winding-up of the Company and the final distribution mechanics.

• Announcement of the updated per share consideration range was made on October 28, 2025.
• The communication explicitly states that the ultimate per share consideration is subject to significant variation based on factors including corporate taxation, cash held, and dissolution costs.
• The Company does not intend to provide notice once the common stock is removed from trading.

Transfer Agent Interface

Pacific Stock Transfer serves as the appointed transfer agent and paying agent for the dissolution distribution.

The mechanics of receiving the cash distribution depend on how shares were held:

• Stockholders holding shares in book entry form at Pacific Stock Transfer will receive checks for their cash distribution.
• Stockholders holding shares through a broker or other DTC-registered nominee will receive the cash distribution directly into their account at that broker or nominee.

Following the record date of November 10, 2025, the Company's common stock is expected to be removed from the OTC Pink Marketplace, meaning no further trades in the common stock will be processed.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Channels

The Channels block for Mid-Southern Bancorp, Inc. (MSVB) in late 2025 is defined by the mechanics of its ongoing dissolution process, focusing on the final distribution of cash to its shareholders via specific transfer and settlement mechanisms.

Pacific Stock Transfer acts as the appointed transfer agent and paying agent for the dissolution distribution, which is based on the Company's financial condition as of September 30, 2025.

• Stockholders holding shares in book entry form at Pacific Stock Transfer will receive direct checks for their cash distribution.
• The overall dissolution and wind-up process is expected to take up to two years.

The distribution mechanism for shares held via brokerage accounts relies on the Depository Trust Company (DTC) infrastructure.

• Stockholders holding shares through a broker or other DTC-registered nominee will receive their cash distribution directly into their account at the broker or nominee.
• Pacific Stock Transfer Company/DRS is listed as a participant in the DTC Direct Registration Services / Limited Participants Report.

The trading channel, the OTC Pink Marketplace, is ceasing operations for MSVB common stock.

• Stock is expected to be removed from the OTC Pink Marketplace after the close of business on November 10, 2025.
• Trades in the common stock are not expected to be processed after the November 10, 2025 record date.

Here's the quick math on the final shareholder payout channels:

For context on the financial condition supporting this distribution, the Company's stockholders' equity was $37.5 million at March 31, 2025, following net income of $727,000 for the quarter then ended. The Company is classified as U.S. Reporting: Bank/Thrift, and its CIK is 0001734875.

Finance: confirm final cash balance reconciliation against the September 30, 2025 estimate by next Tuesday.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Customer Segments

You're looking at the final customer segments for Mid-Southern Bancorp, Inc. (MSVB) as the holding company executes its dissolution following the acquisition of its bank subsidiary by Beacon Credit Union, which closed on April 25, 2025. This structure reflects the entity's status as it winds down operations and distributes remaining assets to its owners.

Common Stockholders

The Common Stockholders represent the ultimate recipients of the final value generated by the sale of Mid-Southern Savings Bank, FSB. This segment is the primary focus as the holding company moves through its dissolution process. Based on the financial condition at September 30, 2025, Mid-Southern Bancorp, Inc. estimated a final dissolution cash distribution ranging from $17.45 to $17.75 per share. The record date for this final payout was set for the close of business on November 10, 2025, with payment expected around November 14, 2025. After this date, the common stock was expected to be removed from the OTC Pink Marketplace. Pacific Stock Transfer was appointed as the transfer and paying agent to manage this final distribution.

The ownership structure, as of the latest available data before the final trading halt, showed:

• Institutional Ownership at 6.05%.
• Shares in the Float at approximately 2.80 million.
• A Market Cap of $46.51M.

DTC-Registered Nominees

The DTC-Registered Nominees are the brokers and custodians holding shares on behalf of the beneficial owners-the actual common stockholders. These nominees are critical for the mechanics of the final distribution, as the payment agent, Pacific Stock Transfer, would interact with them to ensure the per-share cash distribution reaches the ultimate beneficial owners. While the exact number of nominee accounts isn't public, their holdings are encompassed within the total outstanding shares, which relates to the 2.80 million share Float. To be fair, the complexity here is ensuring the transfer agent correctly maps the final distribution to the beneficial owners listed on their books as of the November 10, 2025 record date.

Former Depositors/Borrowers

The segment of Former Depositors/Borrowers is no longer a direct customer segment of the Mid-Southern Bancorp, Inc. holding company, as their relationships were transferred to Beacon Credit Union. Beacon Credit Union acquired substantially all assets and assumed all liabilities, including all of the deposit account liabilities, of Mid-Southern Savings Bank, FSB in the Purchase and Assumption Transaction completed on April 25, 2025. This means the operational customer base transitioned entirely to Beacon Credit Union. Former Mid-Southern Savings Bank employees also became employees of Beacon. The three former Mid-Southern Savings Bank branches continue to operate as Beacon Member Centers.

Here's a quick look at the transition points for these operational relationships:

• Acquisition Completion Date: April 25, 2025.
• Acquired Liabilities: All deposit account liabilities assumed by Beacon Credit Union.
• Branch Continuity: Three MSSB branches operate as Beacon Member Centers.

You can see the key financial metrics related to the holding company's final status here:

Finance: draft 13-week cash view by Friday.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Cost Structure

You're looking at the final phase of Mid-Southern Bancorp, Inc. (MSVB), where the cost structure is entirely focused on winding down operations following the sale of the bank subsidiary. The primary financial impact comes from the expenses incurred to finalize the dissolution and distribute remaining cash to shareholders.

Dissolution Costs: These are the direct, one-time fees associated with the wind-up process. The final per-share consideration is explicitly subject to variation based on these costs, alongside taxes and final cash levels. The company has not disclosed the total dollar amount budgeted for these specific legal, accounting, and administrative fees as of late 2025.

Corporate Taxation: The amount of corporate taxation to be paid by Mid-Southern Bancorp, Inc. in the Purchase and Assumption (P&A) Transaction is a key variable affecting the final shareholder payout. For context on recent tax impact, the Company recorded an income tax expense of $202,000 for the quarter ended March 31, 2025.

Transfer Agent Fees: Costs for the final distribution process are managed by the appointed agent. Mid-Southern Bancorp, Inc. appointed Pacific Stock Transfer to serve as the transfer agent and paying agent for the dissolution distribution. Stockholders holding shares in book entry form will receive checks from this agent.

Residual Operating Expenses: These are the minimal costs incurred during the wind-up period, which is expected to take up to two years. These expenses are being actively managed downward. For instance, Noninterest expense for the quarter ended March 31, 2025, decreased by $632,000, or 28.7%, compared to the same period in 2024, with professional fees dropping by $454,000 in that quarter alone. Any nominal residual funds remaining after this two-year wind up are intended to be donated to charity.

The impact of these costs, along with corporate taxation and final cash levels, is reflected in the estimated per-share consideration announced in late 2025:

The structure of these costs directly reduces the final cash available for distribution. You can see the progression of the estimated net amount shareholders might receive:

• Initial estimate from January 2024 was between $15.00 and $17.00 per share.
• The estimate was revised upward to $16.00 to $17.25 per share by February 2025.
• The latest estimate as of October 2025 is $17.45 to $17.75 per share.

Finance: draft 13-week cash view detailing projected wind-up expenses by Friday.

Mid-Southern Bancorp, Inc. (MSVB) - Canvas Business Model: Revenue Streams

As Mid-Southern Bancorp, Inc. (MSVB) moves through its dissolution phase following the sale of its primary asset, the revenue streams shift from traditional banking operations to realization and distribution of sale proceeds. The figures below reflect the final operational results leading into this phase and the expected cash distribution event.

The former banking operations generated revenue streams that are now historical for the holding company:

• Net Interest Income (Q1 2025): $2.3 million from the former banking operations after recapture of credit losses.
• Net Income (Q1 2025): Reported $727,000 before the final dissolution phase.

The most significant near-term cash event driving the holding company's revenue for shareholder distribution is the proceeds from the sale of the Bank to Beacon Credit Union. The definitive purchase and assumption agreement was for an all-cash deal valued at approximately $45.2 million, with Mid-Southern Bank retaining $10 million in cash post-transaction. This remaining cash, plus other assets, forms the basis for the final shareholder payout.

The expected cash distribution to shareholders, which represents the realization of the Proceeds from Bank Sale, is based on the financial condition as of September 30, 2025:

Interest Income on Remaining Cash is not separately itemized in the latest reports, as the focus shifts to the final liquidation. However, for context on the operational yield just prior to the final phase, the average yield on interest-earning assets for the quarter ended March 31, 2025, was 4.96% on an average balance of $220.2 million. This reflects the earnings capability of the assets held by the Bank before the sale closed.

The structure of the final cash distribution is tied to the following factors, which impact the final amount available for distribution:

• Amount of corporate taxation to be paid by Mid-Southern Bancorp, Inc.
• Amount of cash held by Mid-Southern Bancorp, Inc. at closing.
• Costs related to the dissolution and distribution.

The dissolution distribution was expected to be paid on or about November 14, 2025, to stockholders of record as of the close of business on November 10, 2025.

Finance: finalize the reconciliation of Q1 2025 Net Interest Income to the final cash held calculation by next Tuesday.