Home Savings Bank in Madison, Wis., is planning to convert from a mutual thrift to a stock-owned company.
The $123 million-asset thrift has formed Home Bancorp Wisconsin and plans to sell roughly 1.2 million shares of the new company's stock at $10 each. The offering should raise nearly $12.5 million, the company said in a June 28 regulatory filing.
Keefe, Bruyette & Woods will handle the offering, though a date has not been set.
The thrift said it would initially invest a "substantial portion" of net proceeds in investment grade securities. Proceeds could also be used to pay cash dividends to shareholders and stock buybacks. Dividends will depend on improved operations; repurchases cannot take place for a year following the conversion.
