Warsaw Federal Savings & Loan in Cincinnati raised $5 million as part of a plan to become a minority depository institution.
The $105 million-asset mutual said in a press release that it sold 8% non-cumulative additional Tier 1 capital instruments to investors.
Warsaw Federal plans to use the net proceeds to provide “focused financial services, tools and education to promote economic opportunity and financial equity.”
“The new capital will provide support for the growth that we envision for our organization,” Robie Suggs, Warsaw Federal’s president and CEO, said in the release.
“As a mutual we’re taking a measured and thoughtful approach in our transition to an MDI,” he added. “We’re building trust and employing patience to design our offerings alongside our community members so we can deliver an impactful experience.”
Warsaw Federal is affiliated with First Mutual Holding.
Luse Gorman advised Warsaw Federal.