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PyraMax Bank FSB completes mutual holding company reorganization

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PyraMax Bank FSB completes mutual holding company reorganization

Greenfield, Wis.-based PyraMax Bank FSB completed its mutual holding company reorganization and 1895 Bancorp Of Wisconsin Inc. closed its stock offering.

1895 Bancorp sold 2,145,738 common shares at $10 per share for gross proceeds of approximately $21.5 million. In this subscription offering, 175,528 shares were purchased by PyraMax Bank's employee stock ownership plan.

1895 Bancorp is now the federally chartered holding company for PyraMax Bank.

The company also issued 48,767 common shares to 1895 Bancorp of Wisconsin Community Foundation, a newly formed charitable foundation, and 2,682,172 shares to 1895 Bancorp of Wisconsin MHC, a federally chartered mutual holding company.

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.