Marathon Bancorp in Wausau, Wis., plans to convert from a mutual to a stock holding company.
The $217 million-asset company said in a press release that its mutual holding company, formed in 2021, will cease to exist as part of the second-step conversion. The MHC currently owns about 57.4% of the company’s outstanding shares.
Eligible account holders as of the close of business on Sept. 30, 2023, have first priority non-transferable subscription rights to subscribe for shares of common stock in the company.
The second step is expected to be completed in the second quarter.