Last June, Home Savings Bank sought approval to transition from a mutual savings bank to a stock-based savings bank. Now it’s scaling back its initial proposed stock offering as it prepares to offer shares on the over-the-counter bulletin board. The bank will offer up to 1,163,800 shares at $10 each, and at least 748,000 shares will have to be sold for the offering to be completed. It will form Home Bancorp Wisconsin, a holding company that will receive net proceeds of $6.2 million to $10.4 million, depending on the number of shares sold.
Originally, Home Savings Bank planned to sell 1,249,763 shares with net proceeds of up to $11.4 million. Employees participating in the company’s 401(k) retirement plan would be able to purchase an additional 270,922 shares at $10 each.
No date has yet been set for the stock sale.
