WCF Bancorp Inc., the proposed holding company for WebsterCity, Iowa-based WCF FinancialBank (MHC), expects to sell 2,139,231 common shares at $8.00 apiecefor gross offering proceeds of about $17.1 million in the related to theconversion ofWCF Financial M.H.C.from the mutual holding company to the stock holding company form oforganization.
WCF Bancorp said in a Form 8-K that the transaction isexpected to closeJuly 13, with the common stock of WCF Financial MHC unit alsoexpected to cease trading at the close of business the same day.
The following day, the common shares sold in the offeringand issued in the exchange of Webster City Federal Bancorp should start beinglisted on the Nasdaq Capital Market, with WCF Bancorp shares to be traded underthe ticker symbol WCFB.
As part of the conversion, each existing common share of WCFFinancial Bank mid-tier stock holding company Webster City Federal Bancorp heldby current public shareholders will be converted into the right to receive0.8115 WCF Bancorp common share. The exchange ratio ensures that the currentWebster City Federal Bancorp public shareholders will have roughly the sameownership interest in WCF Bancorp as they owned in Webster City Federal Bancorpimmediately prior to the closing of the conversion after the conversion andoffering.
Cash will be issued in lieu of fractional shares based onthe offering price of $8.00 per share. The filing said that 2,563,224 WCFBancorp shares will be outstanding after the completion of the offering and theexchange, before taking into account adjustments for fractional shares.