Hoyne Bancorp in Oak Park, Ill., plans to raise up to $77 million by converting Hoyne Savings MHC from a mutual to a stock holding company.
The $467 million-asset company said in a regulatory filing that it plans to sell 5.1 million to 6.9 million shares of common stock. The offering could go up to 7.9 million shares if there is enough demand.
Hoyne plans to invest half of the net proceeds into Hoyne Savings Bank, with a portion contributed to its charitable foundation. About 8.5% of the proceeds will be used for a loan to the employee stock ownership plan.
Other uses for the proceeds could include investing in securities, buying back stock, and acquisitions.