Security Midwest Bancorp Completes Initial Public Offering
Security Midwest Bancorp Completes Initial Public Offering |
| [31-July-2025] |
SPRINGFIELD, Ill., July 31, 2025 /PRNewswire/ -- Security Midwest Bancorp, Inc. (the "Company"), the holding company for Security Bank, s.b. (the "Bank"), has completed its initial public offering in connection with the Bank's conversion from the mutual to the stock form of organization, effective today. The Company sold 889,781 shares of common stock, which includes 62,285 shares sold to the Bank's Employee Stock Ownership Plan, for gross offering proceeds (before deducting offering expenses) of approximately $8.9 million based on the offering price of $10.00 per share. The Company has outstanding 889,781 shares of common stock.
The Company's common stock is expected to be quoted on the OTCQB Market operated by the OTC Markets Group beginning on or about August 1, 2025 (ticker symbol SBMW). Persons wishing to confirm their stock orders may do so by contacting the Stock Information Center at (312) 521-1600, which is open between 9:00 a.m. and 4:00 p.m., Central time, Monday through Friday, except on bank holidays. The Company's transfer agent, Pacific Stock Transfer Company, plans to mail Direct Registration System ("DRS") Book-Entry statements for the shares purchased in the offering, and interest checks, on or about August 1, 2025. Persons wishing to contact Pacific Stock Transfer Company may do so by phone at (702) 361-3033 or via email to info@pacificstocktransfer.com. Luse Gorman, PC served as legal counsel to the Company and the Bank. Performance Trust Capital Partners, LLC acted as marketing agent for the Company in connection with the stock offering, and Silver, Freedman, Taff & Tiernan LLP served as legal counsel to Performance Trust Capital Partners, LLC. Forward-Looking Statements Disclosures This press release contains certain forward-looking statements about the conversion and stock offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "plan," "expect," "anticipate," and "intend" or future or conditional verbs such as "would," "should," "could," "may" or words of similar import. Forward-looking statements are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include possible unforeseen delays in delivering DRS Book-Entry statements or interest checks and/or delays in the start of trading due to market disruptions or otherwise.
SOURCE Security Midwest Bancorp, Inc. | ||
Company Codes: OTC-BB:SBMW,OTC-QB:SBMW |
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