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FFBW posts preliminary offering results connected to conversion plan

FFBW Inc (MHC) expects to complete FFBW Inc.'s offering connected to FFBW MHC's conversion at the maximum of the offering range, or 4,268,570 common shares at $10 per share.

The offering was oversubscribed by orders of eligible depositors as of June 30, 2018. As a result, subscribers will be allocated shares according to the procedures detailed in the prospectus.

The employee stock ownership plan of unit First Federal Bank of Wisconsin (MHC) was unable to buy shares in the offering and is expected to buy up to 8% of the shares that were sold in the offering once FFBW Inc.'s stock starts trading.

Under the exchange ratio, each common share of FFBW Inc. (MHC), other than shares owned by FFBW MHC, will be converted into 1.1502 common shares of FFBW Inc.

The transaction is expected to close Jan. 16.

FFBW Inc. (MHC)'s common shares will continue to trade on the Nasdaq Stock Market under the symbol FFBW through the closing of the market on Jan. 16. Shares of FFBW Inc. are expected to begin trading on the Nasdaq under the same symbol on Jan. 17.