January 21, 2020 — FFBW, Inc. has announced the completion of its second step mutual conversion offering on January 16, 2020.
Prior to the completion of the offering, approximately 55.4% of the shares of its common stock were owned by FFBW, MHC, a mutual holding company.
FFBW raised gross proceeds of $42.7 million by selling 4,268,570 shares of common stock at $10 per share.
In addition, each share of common stock owned by shareholders, other than the MHC, prior to the offering was exchanged for 1.1730 shares of FFBW common stock. A total of 7,075,000 million shares of stock were issued in the exchange.
The team from Janney included Greg Gersack, Head of Equity Capital Markets; Robert Kotecki, Managing Director, Financial Institutions Group; Eric Lawless, Managing Director, Financial Institutions Group; Mike Godby, Managing Director, Institutional Equity Sales; and Drew Schaefer, Associate, Financial Institutions Group.
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