Brookfield, Wis.-based FFBW Inc. (MHC) is set to convert to a fully public stock holding company from a mutual holding company.
Under the reorganization plan, FFBW MHC will sell its majority ownership in a "second-step" stock offering. Common shares held by other entities aside from FFBW MHC will be converted into common shares of the new holding company, to be named FFBW Inc. FFBW Inc. unit First Federal Bank of Wisconsin (MHC) depositors with qualifying deposits as of June 30, 2018, will have first priority in the common stock sale.
First Federal Bank of Wisconsin will become a wholly-owned subsidiary of the new holding company. The transactions are subject to approvals by FFBW Inc.'s shareholders, voting members of FFBW MHC, and regulatory approvals from the Federal Reserve and Office of the Comptroller of the Currency.
