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About 1895 Bancorp of Wisconsin Inc.
1895 Bancorp of Wisconsin Inc. (Nasdaq: BCOW) serves as the holding company for PyraMax Bank, FSB, a federally chartered savings bank headquartered in Greenfield, Wisconsin. Established in 1895, the company has a long-standing history of providing financial services to individuals and businesses within the Milwaukee metropolitan area. Through its subsidiary, PyraMax Bank, the company operates six full-service banking offices across Milwaukee, Waukesha, and Ozaukee Counties, offering a range of deposit and lending solutions tailored to meet the needs of its local community.
Core Business Model
The company's primary business activities revolve around deposit-taking and loan origination. It collects deposits from the general public, which serve as a stable funding base, and reinvests these funds into various lending products. Its loan portfolio is diversified across one-to-four family residential real estate loans, commercial real estate loans, commercial loans, and consumer loans. This focus on both residential and commercial lending positions the company as a versatile financial institution, catering to a broad spectrum of financial needs within its market area.
Market Position and Industry Context
1895 Bancorp of Wisconsin operates within the highly competitive community banking segment of the financial services industry. Community banks like PyraMax Bank play a critical role in supporting local economies by providing personalized banking services and fostering long-term customer relationships. The company faces competition from larger regional and national banks, as well as non-traditional financial institutions such as fintech firms. Its differentiation lies in its deep-rooted local presence, customer-centric approach, and comprehensive understanding of the Milwaukee-area market dynamics.
Challenges and Strategic Direction
As a community bank, the company navigates several industry challenges, including regulatory compliance, interest rate volatility, and evolving customer expectations driven by digital transformation in banking. To address these challenges, 1895 Bancorp has recently undertaken strategic initiatives, such as hiring Keefe, Bruyette & Woods, Inc. to explore potential business combinations or other strategic alternatives. Additionally, the company has announced plans to delist from the Nasdaq Stock Market and transition its stock trading to the OTCQX Market. These decisions aim to reduce compliance costs and enable management to concentrate more effectively on its core banking operations.
Commitment to Community Banking
Despite these changes, the company remains committed to its mission of delivering high-quality banking services to its local community. PyraMax Bank continues to prioritize customer satisfaction, offering a mix of traditional and digital banking solutions to meet the evolving needs of its clients. Its long-standing history and consistent performance underscore its role as a trusted financial institution in the Milwaukee metropolitan area.
Conclusion
In summary, 1895 Bancorp of Wisconsin Inc. exemplifies the strengths and challenges of community banking in today’s financial landscape. With a focus on deposit-taking and lending, a strong local presence, and strategic initiatives aimed at enhancing operational efficiency, the company is well-positioned to continue serving its community while adapting to industry changes. Its recent strategic decisions reflect a forward-looking approach to navigating the complexities of the modern banking environment.
1895 Bancorp of Wisconsin (BCOW), PyraMax Bank's holding company, announced two significant developments: the engagement of Keefe, Bruyette & Woods (KBW) as financial advisor to explore strategic alternatives, and plans to voluntarily delist from Nasdaq and deregister with the SEC.
The strategic review with KBW could include consideration of a business combination or sale of control, though no timeline has been established. The company will delist from Nasdaq on March 7, 2025, with its last trading day on the same date. Trading is expected to continue on the OTCQX Market from March 10, 2025, maintaining the 'BCOW' symbol.
Following SEC deregistration on March 17, 2025, BCOW will no longer file periodic reports (10-K, 10-Q, 8-K) but will continue providing annual audited financial statements and quarterly information on its website. The bank will maintain FDIC quarterly Call Report filings.
1895 Bancorp of Wisconsin (NASDAQ: BCOW) reported unaudited financial results for Q3 and the first nine months of 2022. For Q3, net income rose to $124,000, up from a net loss of $115,000 in Q3 2021, mainly due to a $915,000 increase in net interest income, reaching $3.9 million. However, non-interest income fell 23.7% to $479,000, primarily due to a decline in loan sales. For the nine months ended September 30, 2022, the company posted a net loss of $172,000, attributed to a $2.4 million drop in non-interest income, while net interest income increased by 15.6% to $10.8 million.
1895 Bancorp of Wisconsin (NASDAQ: BCOW) recently appointed Eric T. Hurd as Senior Vice President – Chief Lending Officer. Hurd brings over 22 years of banking experience, including 12 years at the Bank. His role is expected to strengthen the Bank's commercial banking operations.
Additionally, Thomas K. Peterson will transition to Senior Vice President – Commercial Lending Officer in preparation for his retirement, retaining a part-time position. This leadership shift aims to bolster the Bank's strategic growth.
1895 Bancorp of Wisconsin (NASDAQ: BCOW) announced key executive appointments effective October 1, 2022. David R. Ball has been promoted to President and CEO, bringing over 30 years of banking experience. Richard B. Hurd remains as SVP Strategic Planning Officer; Monica Baker is now Executive VP – COO; and Steven Klitzing has been promoted to Executive VP – CFO. Thomas K. Peterson will transition to SVP – Commercial Lending Officer on November 1, 2022. These changes aim to strengthen the management team of PyraMax Bank, enhancing operational capabilities and strategic planning.
1895 Bancorp of Wisconsin reported a net loss of $241,000 for Q2 2022, a significant increase from a loss of $51,000 in Q2 2021. This was primarily due to a $1 million decrease in non-interest income, although net interest income rose 5.7% to $3.3 million. For the six months ending June 30, 2022, the net loss totaled $296,000, contrasting with a net income of $470,000 in the same period last year. Total assets also decreased by $4 million to $535.6 million, while total stockholders' equity fell $9.9 million to $81 million.
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