FFBW MHC has completed its conversion from the mutual holding company to the stock holding company form of organization.
As a result, FFBW Inc. is now the holding company of First Federal Bank of Wisconsin (MHC). FFBW MHC and FFBW Inc (MHC), the bank's previous midtier holding company, ceased to exist effective upon the closing of the conversion.
At the effective time of the conversion, each common share of the bank's previous midtier holding company, other than shares owned by FFBW MHC, will be converted into 1.1730 FFBW common shares.
FFBW's offering related to the conversion closed Jan. 16. It was completed at the maximum of the offering range, or 4,268,570 common shares at $10.00 per share.
FFBW's common shares are expected to begin trading on the Nasdaq Capital Market on Jan. 17 under the symbol FFBW, the same symbol as the common shares of the bank's previous midtier holding company.
Janney Montgomery Scott LLC acted as marketing agent for FFBW in connection with the offering. Luse Gorman PC acted as legal counsel to FFBW in connection with the conversion and offering, while Reinhart Boerner Van Deuren SC acted as legal counsel to Janney in connection with the offering.