Eagle Financial Bancorp, Inc. Announces Approval of Conversion by Eagle Savings Bank’s Members, Conversion Closing Date and...
June 29 2017 - 2:00PM
Eagle Financial Bancorp, Inc. (the “Company”), the proposed holding
company for Eagle Savings Bank (the “Bank”), announced that at a
special meeting of members of the Bank held on June 27, 2017,
members of the Bank approved the Plan of Conversion pursuant to
which the Bank will convert from a mutual to a stock form of
organization. The Bank’s members also approved the contribution of
$100,000 and 40,000 shares of Company common stock to Eagle Savings
Bank Charitable Foundation, Inc., a not-for-profit charitable
foundation that the Bank is establishing in connection with the
stock offering.
In addition, the Company announced today,
subject to the satisfaction of closing conditions, it intends to
close the mutual-to-stock conversion of the Bank and stock offering
of the Company on July 11, 2017, at which time the Company will
become the holding company of the Bank. The shares of common
stock sold in the subscription offering are expected to begin
trading on the Nasdaq Capital Market on July 12, 2017 under the
ticker symbol “EFBI.”
The Company intends to sell 1,572,808 shares of
common stock, at $10.00 per share, for gross offering proceeds of
$15.7 million. All accepted orders in the subscription
offering will be filled in full. The total shares being sold
includes 129,024 shares that are being subscribed for by the Eagle
Savings Bank Employee Stock Ownership Plan, or 8% of the total
number of shares being issued in the Conversion, including shares
contributed to the charitable foundation.
If you subscribed for stock and would like to
confirm your purchase, please contact the stock information center
at (877) 892-9472 (toll free) between 10:00 a.m. and 4:00 p.m.,
Eastern Time, Monday through Friday, except weekends and bank
holidays. You may also confirm your purchase online at
https://allocations.kbw.com.
Direct Registration Statements reflecting the
shares purchased in the subscription offering are expected to be
mailed on or about July 12, 2017. Any interest checks due to
subscribers are also expected to be mailed on or about July 12,
2017.
Keefe, Bruyette & Woods, Inc., A Stifel
Company acted as selling agent in the subscription offering, and
served as financial advisor to the Company and the Bank in
connection with the conversion. Luse Gorman, PC served as
legal counsel to the Company and the Bank. Vorys, Sater, Seymour
and Pease LLP served as legal counsel to Keefe, Bruyette &
Woods, Inc. in the conversion.
Forward-Looking Statements
Certain statements contained herein are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements may be
identified by reference to a future period or periods, or by the
use of forward-looking terminology, such as “may,” “will,”
“believe,” “expect,” “estimate,” “anticipate,” “continue,” or
similar terms or variations on those terms, or the negative of
those terms. Forward-looking statements are subject to
numerous risks and uncertainties, including, but not limited to:
general economic trends, changes in interest rates, increased
competition, changes in consumer demand for financial services,
fiscal and monetary policies of the U.S. Government, and changes in
government regulations affecting financial institutions, including
regulatory compliance costs and capital requirements.
Readers are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The factors listed above could affect
the Company’s financial performance and could cause the Company’s
actual results for future periods to differ materially from any
opinions or statements expressed with respect to future periods in
any current statements. The Company does not undertake and
specifically declines any obligation to publicly release the
results of any revisions, which may be made to any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events, except as required to be reported under the
rules and regulations of the United States Securities and Exchange
Commission.
A registration statement relating to the
Company’s common stock has been filed with the United States
Securities and Exchange Commission. This press release is
neither an offer to sell nor a solicitation of an offer to buy
Company common stock. The offer is made only by means of the
written prospectus forming part of the registration statement (and,
in the case of the subscription offering, an accompanying stock
order form).
The shares of common stock of the
Company are not savings accounts or savings deposits, may lose
value and are not insured by the Federal Deposit Insurance
Corporation or any other government agency.
Gary J. Koester
President and CEO
(513) 574-0700
gkoester@eaglesavings.com
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