In Greenfield, Wis., PyraMax Bank FSB's members approved the plan of reorganization from a mutual savings bank to a mutual holding company, and associated stock offering.
The bank will become a unit of 1895 Bancorp Of Wisconsin Inc. at the closing of the reorganization and offering. 1895 Bancorp will issue 45% of its outstanding shares after the reorganization is complete to eligible depositors and a newly formed charitable foundation and 55% of the shares to 1895 Bancorp of Wisconsin MHC.
The planned stock offering will be based on final appraisal and regulatory approval, but should close in early to mid January.
Luse Gorman PC served as special counsel to the company and the bank for the reorganization and offering. Keefe Bruyette & Woods Inc. served as financial adviser to the company and the bank in connection with the reorganization and stock offering. Silver Freedman Taff & Tiernan LLP served as counsel to Keefe Bruyette & Woods Inc. for the reorganization and offering.