Ohio-based Van Wert Federal Savings Bank converting to stock savings bank

Van Wert, Ohio-based Van Wert Federal Savings Bank announced that it will convert from the mutual form of organization to a stock savings bank, according to a Form S-1 filing.

In connection with the conversion, newly formed corporation VWF Bancorp Inc. is offering common shares for $10.00 apiece. The common shares are first being offered for sale in a subscription offering to eligible depositors and borrowers of Van Wert Federal and to tax-qualified employee benefit plans of the bank.

Shares not purchased in the subscription offering may be offered for sale to the general public in a community offering, with preference given to natural persons living in Van Wert County, Ohio. After this, any remaining common shares may be offered for sale to the public in a syndicated community offering. No shares purchased in the subscription or community offering will be issued until the completion of any syndicated community offering.

The company may sell up to 2,889,500 shares of common stock and must sell at least 1,850,000 shares to complete the conversion and stock offering. Upon completion, the company expects its common stock to be quoted on the OTC Pink Marketplace operated by OTC Markets Group.

Performance Trust Capital Partners LLC will assist the company in selling the common shares on a best-efforts basis in the subscription and any community offering, and will serve as sole manager for any syndicated community offering.

Additionally, VWF Bancorp intends to establish a charitable foundation in connection with the conversion and contribute to it 20,000 common shares and $100,000 in cash.

Upon completion of the conversion and stock offering, VWF Bancorp will be 100% owned by its stockholders and Van Wert Federal will be 100% owned by VWF Bancorp.