First Federal Bank of Wisconsin completed its reorganization into a
mutual holding company structure and its stocks began to be traded
Wednesday under “FFBW.” Under the reorganization, the holding
company for the bank is FFBW, Inc. Based in Waukesha, First Federal
Bank has become a wholly-owned subsidiary of FFBW, Inc.
In the stock
offering, FFBW sold a total of 2,950,625 shares of its common stock
at a price of $10 per share, including 259,210 shares purchased by
the bank’s employee stock ownership plan, and the company
contributed an additional 25,000 shares to FFBW Community
Foundation, a charitable foundation established by the bank in
connection with the reorganization.
As of midday
Wednesday, the stock value had increased 17.3 percent for a price of
$11.73 per share.
“We want to
thank our customers and our employees for their support and vote of
confidence in the future of the bank. Our customers, employees and
community have all been the key to First Federal’s enduring history
of success, and the bank and the company will remain committed to
their customers, employees, community and shareholders going
forward,” said Edward H. Schaefer, the bank’s president and chief