Eagle Financial Bancorp in Cincinnati is planning to convert from mutual ownership to a stock-owned bank.
The $116 million-asset holding company for Eagle Savings Bank plans to sell about 2.2 million shares in its conversion, raising roughly $22.5 million, according to a regulatory filing.
Eagle, which has hired senior officers and credit support staff in the last year, said a portion of the offering’s net proceeds will be used to support the “managed growth” of its lending operations. Some funds will be lent to the company’s employee stock ownership plan to allow the ESOP to buy shares in the offering. Also, $100,000 will be contributed to Eagle’s charitable foundation.
Eagle earned $1.5 million in 2016, more than double its profit from a year earlier. A major contributor was a $940,000 gain tied to death benefits proceeds associated with a bank-owned life insurance.