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These companies are all over levered, so while they have more scale than many of their competitors, I still expect to see bankruptcies in the future.SA: How can investors capitalize on mutual conversions? Where do they find them, and what are the typical catalysts and time frames? Will this always be a source of alpha, given its niche and general investor misunderstanding of how to value and/or screen for them?GK: Mutual conversions are potentially great investments for individuals. A number of people have made lists of them that one can probably find with an internet search or one can search banks that have a majority owner: the MHC will own over 50% of these banks. There's only a little over a couple dozen trading on the market that have completed their "first step" conversion,iPhone x case but you can become a depositor at any mutually held bank of which there are over 600 and then get the right to buy preferentially priced shares in the first step IPO.

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