The Equitable Bank, a Wauwatosa-based lender, plans to reorganize and raise as much as $13.7 million in a stock offering.

The Equitable has applied to regulators to form a mutual holding company, giving it a public stock for the first time. Under the restructuring plan, TEB Bancorp Inc. would offer up to 1,368,788 shares of stock at $10 each. Account-holders would have the first opportunity to buy the stock.

After the stock offering, the bank's Wisconsin-chartered mutual holding company would own a majority of the shares, and the stock would trade on the OTC Pink Market.

John Matter, chief executive of the bank, said Friday he couldn't comment on the plan in detail at this point of the application process.

"But I can share with you that we're very excited about this opportunity," Matter said.

In general, the proceeds from the stock offering would be used to grow the bank and do more lending.

Read more in the Milwaukee Journal Sentinel.