East Wisconsin Savings Bank in Kaukauna is planning to convert from a mutual holding company to a stock holding company.
The $263 million-asset bank said in a regulatory filing that EWSB Bancorp, a newly formed holding company, plans to sell about 1 million shares of stock.
EWSB must sell at least $743,750 shares and it could sell up to 1.16 million shares if there is enough demand.
Net proceeds could range from $5.7 million to $9.9 million. Some of the proceeds would be used for fund a loan to the ESOP to buy shares of common stock in the offer.
Other proceeds could be used to invest in investment securities, increase the bank’s capital position and support increased lending, amount other things.