Deal conducted in connection with bank’s conversion to stock issuer
By Devika Patel
Knoxville, Tenn., March 10 – WCF Bancorp, Inc. priced a $17.19 million public offering of stock, according to a Form S-1 filed Thursday with the Securities and Exchange Commission. The offering is being conducted in connection with the conversion of WCF Financial MHC from the mutual to the stock form of organization.
The company will sell up to 2,149,063 common shares at $8.00 apiece on a best-efforts basis. The price per share is a 12.36% premium to the March 9 closing share price of $7.12.
The company must sell a minimum of 1,381,250 shares.
Shares that are not purchased in the subscription offering may be offered for sale to the general public in a community offering.
Investors must order a minimum of 25 shares.
The deal will be conducted by bookrunner Keefe, Bruyette & Woods, Inc.
Proceeds will be used for investments, to pay dividends, repurchase common stock and for other general corporate purposes.
The bank holding company is based in Webster City, Iowa.
| Issuer: | WCF Bancorp, Inc.
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| Issue: | Common stock
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| Amount: | $11.05 million (minimum), $17,192,504 (maximum)
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| Shares: | 1,381,250 (minimum), 2,149,063 (maximum)
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| Price: | $8.00
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| Warrants: | No
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| Bookrunner: | Keefe, Bruyette & Woods, Inc.
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| Pricing date: | March 10
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| Stock symbol: | OTCBB: WCFB
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| Stock price: | $7.12 at close on March 9
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| Market capitalization: | $23.03 million
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