PyraMax Bank, a longtime community lender based in Greenfield, is restructuring and plans to go public with a stock offering that could raise up to $32 million.
Under its reorganization plan, PyraMax’s new mutual holding company — called 1895 Bancorp of Wisconsin MHC — would own a majority of the stock. The bank's depositors would be given the first opportunity to buy shares of common stock, priced at $10, which then will trade on the Nasdaq market.
PyraMax currently is a mutual bank owned by its depositors rather than stockholders, and would become a unit of 1895 Bancorp of Wisconsin Inc. under the plan.
The mutual holding company said in a filing with the Securities and Exchange Commission that the reorganization and the capital raised in the stock offering would:
- Support new loans and higher lending limits
- Support the growth of the banking franchise
- Provide an additional cushion against unforeseen risks
- Expand its asset and deposit base
- Allow the company to establish stock benefit plans to attract and retain management and other employees.
Read more in the Milwaukee Journal Sentinel.