GREENFIELD, Wis., Feb. 18,
2025 /PRNewswire/ -- 1895 Bancorp of Wisconsin, Inc. (the "Company") (Nasdaq:
BCOW), the holding company for PyraMax Bank, FSB (the "Bank"),
today announced that it has hired Keefe, Bruyette & Woods,
Inc., a Stifel Company ("KBW"), as financial advisor to assist the
Company in evaluating strategic alternatives. The Company also
announced that it will delist its common stock from the Nasdaq
Stock Market ("Nasdaq") and deregister its common stock under the
Securities Exchange Act of 1934, as amended.
The KBW engagement is broad in scope and could involve, among
other things, consideration of a strategic business combination or
sale of control. The Company has not established a timeline for
conclusion of the strategic review or any particular strategic
action.
"KBW is a preeminent investment banking firm serving our
industry, and we look forward to working with them as part of our
comprehensive effort to enhance stockholder value," said Company
President and Chief Executive Officer David
Ball.
The Company has notified Nasdaq of its intent to voluntarily
delist and withdraw the registration of its common stock with
the Securities and Exchange Commission (the "SEC"). The
Company intends to file a Form 25 (Notification of Removal from
Listing) with the SEC on March 7, 2025, and expects
the last trading day of the Company's common stock on Nasdaq will
be on March 7, 2025. Following
delisting from Nasdaq, the Company expects its common stock will be
quoted on the OTCQX Market beginning on March 10, 2025 and
expects to retain the symbol "BCOW."
The Company also intends to file a Form 15 (Certification and
Notice of Termination From Registration) with the SEC on
March 17, 2025. Upon filing, the
Company's obligation to file periodic reports with the SEC,
including reports on Forms 10-K, 10-Q and 8-K, will be suspended
immediately.
The Company will continue to provide stockholders with an annual
report containing audited consolidated financial statements and
quarterly interim financial information will be made available on
the Company's website at pyramaxbank.com. The Bank will also
continue to file quarterly Call Reports with the Federal
Deposit Insurance Corporation, which are available
at www.fdic.gov.
"After careful consideration, the Board of Directors has
determined that this course of action is in the best interests of
the Company and its stockholders. Delisting and deregistration are
expected to reduce our compliance and accounting expenses, and will
allow management additional time to focus on our core mission,"
said Mr. Ball.
About the Company and PyraMax Bank
1895 Bancorp
of Wisconsin, Inc. is the
holding company of PyraMax Bank, FSB. The Bank is a federally
chartered savings bank headquartered in Greenfield,
Wisconsin. The Bank was
established in 1895 and has operated continuously since that time
in the Milwaukee metropolitan
area. The Bank operates from three full-service banking offices in
Milwaukee County, two full-service
banking offices in Waukesha County
and one full-service banking office in Ozaukee County, Wisconsin.
Forward-Looking Statements
This release may contain
certain "forward-looking statements" that represent the Company's
current expectations or beliefs concerning future events.
Forward-looking statements can be identified by the use of words
such as "estimate," "project," "believe," "intend," "anticipate,"
"assume," "plan," "seek," "expect," "will," "may," "should,"
"indicate," "would," "believe," "contemplate," "continue," "target"
and words of similar meaning. Forward-looking statements are,
by their nature, subject to numerous risks and
uncertainties. Certain factors that could cause actual results
to differ materially from expected results include changes in
general economic conditions, changes in the interest rate
environment, changes in prevailing depository institution stock
prices, the evolution of the depository institution merger market,
the Company's ability to terminate or the timing of the termination
of its obligation to file periodic reports with the SEC as
described above, the Company's ability to have its common stock
quoted or the timing of its common stock becoming quoted on the
OTCQX Market as described above, market reactions to the Company's
delisting and deregistration, changes to the Company's business
plan and strategy as a result of KBW's strategic review,
legislative and regulatory changes that adversely affect the
business of the Company and the Bank, and changes in the securities
markets. Because of the risks and uncertainties inherent in
forward-looking statements, readers are cautioned not to place
undue reliance on them, whether included in this news release or
made elsewhere from time to time by the Company or on its
behalf. The Company disclaims any obligation to update such
forward-looking statements.
Contact: David R. Ball
Telephone: (414) 421-8200
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SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin Inc.
