Mutuals in Illinois and Ohio plan to raise up to $27.7 million by converting to stock-owned companies.
PFS Bancorp in Peru, Ill., plans to raise up to $16.9 million in net proceeds from the conversion of Peru Federal Savings Bank. PFS is looking to sell 1.4 million to 1.8 million shares at $10 each.
PFS could sell more shares for net proceeds of up to $19.7 million if there is enough demand. A subscription offering for existing depositors will expire on June 15.
Half of the net proceeds will go to the $174 million-asset Peru Federal in the form of a capital contribution that will allow it to fund loans, enhance products and services and invest in securities, among other things.
PFS also expects to use some of the remaining proceeds to fund the bank’s employee stock ownership plan and charitable foundation. The remaining funds could have a variety of uses, including stock repurchases, dividends and investments.
Keefe, Bruyette & Woods is assisting PFS will the offering.
Mercer Bancorp in Celina, Ohio, is looking to raise up to $10.8 million of net proceeds from the conversion of Mercer Savings Bank. Mercer plans to sell 914,000 to 1.2 million shares at $10 each.
Mercer could sell more stock for net proceeds of up to $12.7 million if there is enough shareholder demand. A subscription offering for existing depositors will expire on June 14.
Mercer will send half of the net proceeds to the $141.2 million-asset Mercer Savings in the form of a capital contribution. Some of the remaining funds will go to the company’s ESOP and its charitable foundation.
Any remaining proceeds could be used for buybacks and dividends, among other things. Mercer said it plans to open its fifth branch in 2024.
Performance Trust Capital Partners is assisting Mercer with the offering.