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1895 Bancorp expects $21.5M in gross proceeds from subscription offering

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1895 Bancorp expects $21.5M in gross proceeds from subscription offering

Greenfield, Wis.-based 1895 Bancorp Of Wisconsin Inc., the proposed holding company for PyraMax Bank FSB, expects to sell 2,145,738 common shares in a subscription offering at $10 apiece, for gross offering proceeds of about $21.5 million.

Those shares include 175,528 shares to be issued to PyraMax Bank's employee stock ownership plan. In addition, 48,767 shares and $100,000 will be contributed to 1895 Bancorp of Wisconsin Community Foundation, a newly formed charitable foundation.

1895 Bancorp Of Wisconsin will issue 45% of its outstanding shares after the reorganization is complete to eligible depositors, PyraMax Bank's employee stock ownership plan and 1895 Bancorp of Wisconsin Community Foundation. The remaining 55% of the shares will be issued to 1895 Bancorp of Wisconsin MHC, a federal mutual holding company.

The transaction is expected to close on Jan. 9, following which the company will begin trading on the Nasdaq Capital Market under the trading symbol BCOW.

Luse Gorman PC served as special counsel to the company and the bank in connection with the reorganization and offering, while Keefe Bruyette & Woods Inc. acted as selling agent in the subscription offering and served as financial adviser to the company and the bank. Silver Freedman Taff & Tiernan LLP served as counsel to Keefe Bruyette & Woods Inc.