Home Federal Savings in Collinsville, Ill., has new money and a new name.
The $99 million-asset thrift said in a recent press release that Best Hometown Bancorp, a holding company it created, raised $8.3 million as part of an initial public offering tied to its mutual-to-stock conversion. Home Federal also plans to change its name to Best Hometown Bank.
Best Hometown sold 826,208 shares of common stock at $10 each. The thrift's tax-qualified employee stock ownership plan bought 66,096 shares.
Best Hometown converted to an all-stock company on Wednesday.
The company initially expected to sell 747,500 shares, but demand was larger than expected.
Best Hometown said it plans to invest some of the net proceeds in its thrift. It will also use some funds to pay costs tied to terminating its employer defined benefit pension plan, among other purposes.
Raymond James was the offering's marketing agent.