Tempo Bank of Trenton, Ill., has applied to form a mutual holding company and sell 45% of its stock to the public.
The $82.2 million-asset bank said in a Securities and Exchange Commission filing last week that it plans to sell up to 491,625 shares of stock in the holding company, Sugar Creek Financial Corp., which would be formed in connection with the offering. Tempo expects the sale to yield $3 million.
Robert J. Stroh Jr., the chairman, chief executive officer, and chief financial officer of Tempo, said in an interview Friday that the funds would be used to finance an acquisition or to build or buy branches.
The offering is expected in mid-February, but Mr. Stroh said the bank would not become a publicly traded company, because it wants to control its future.
