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Subsequent Events | 9 Months Ended
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Sep. 30, 2021
Subsequent Events |
Subsequent Events | Note 11: Subsequent Events We have evaluated the effects of events and transactions through the date of this filing that have occurred subsequent to September 30, 2021. Other than the Plan of Conversion as discussed below, management does not believe there were any material subsequent events during this period that would have required further recognition or disclosure in the unaudited consolidated financial statements included in this report. Plan of Conversion The Boards of Directors of North Shore MHC and NSTS Financial Corporation have adopted the Plan of Conversion. Pursuant to the Plan of Conversion, our organization will convert form the mutual holding company form of organization to the stock form of organization. North Shore MHC will be merged into NSTS Financial Corporation, and North Shore MHC will no longer exist. NSTS Financial Corporation, which owns 100% of North Shore Trust and Savings, will be merged into NSTS Bancorp, Inc. When the conversion is completed, all of the outstanding common stock of North Shore Trust and Savings will be owned by NSTS Bancorp, Inc., and all of the outstanding common stock of NSTS Bancorp, Inc. will be owned by public shareholders. The Securities and Exchange Commission declared NSTS Bancorp, Inc.’s Registration Statement effective on November 10, 2021.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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