Security Bank in Springfield, Ill., is planning to convert from a mutual to a stock holding company.
The $219.6 million-asset bank said in a regulatory filing that Security Midwest Bancorp, a newly formed holding company, plans to sell 807,500 to 1.1 million shares of common stock.
Security Midwest could sell up to 1.2 million shares if there is enough demand.
Net proceeds could range from $6.4 million to $10.9 million.
Security Midwest Bancorp plans to invest $5.5 million and $9.3 million of the net proceeds in its bank. The remaining funds would be used to lend to the company’s employee stock ownership plan so it can buy common stock.
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in the stock offering.