Wauwatosa-based The Equitable Bank plans to reorganize into a mutual holding company and raise as much as $13.7 million in a public stock offering, according to a filing this month with the SEC.
Founded in 1927, The Equitable Bank is currently a Wisconsin-chartered mutual savings bank. In addition to its main office in Wauwatosa, The Equitable Bank has five branches and a loan production office in southeastern Wisconsin. It has $313.4 million in total assets, as of June 30. The bank reported a $602,000 net loss through the third quarter of 2018, compared to the same period last year.
TEB Bancorp Inc. is offering a total of between 879,750 and 1.4 million shares of common stock at $10 per share, first in a subscription offering and then in a community offering. The Equitable Savings Bank Retirement Savings Plan would purchase up to 538,000 shares of TEB Bancorp Inc. at $10 per share, and depositors in The Equitable Bank are also eligible to buy stock in the subscription offering. The stock offering is for 45 percent of TEB Bancorp’s shares, and the other 55 percent will be owned by TEB MHC, the mutual holding company.
Following the offering, TEB stock would be traded on the OTC Pink Marketplace.
“At this time, the most we can do is confirm that we have adopted a plan of MHC reorganization and we are excited about it,” said Rachel Schwab, assistant vice president, marketing and brand director at The Equitable Bank.
Earlier this month, Greenfield-based Pyramax Bank also filed with regulators to convert from a mutual savings bank to a mutual holding company. That offering would raise $32.7 million. Both conversions require regulatory approval.