First Federal Bank of Wisconsin completes reorganization

Freeman Staff

Oct. 12, 2017

WAUKESHA — 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 executive officer.