Home Bancorp Wisconsin, Inc. Completes Purchase and Assumption Transaction With Dupaco Community Credit Union

Rhea-AI Summary

Home Bancorp Wisconsin, Inc. (OTC PINK: HWIS) has completed a purchase and assumption transaction with Dupaco Community Credit Union, where Dupaco has acquired the assets and assumed liabilities of Home Savings Bank in an all-cash deal. The liquidation of Home Savings Bank and the subsequent dissolution of Home Bancorp are expected to occur in Q3 or Q4 of 2022. The amount to be distributed to shareholders will be announced later, and certain former depositors will receive payments from liquidation accounts in due course.

Positive

• Completion of the purchase and assumption transaction allows for asset acquisition by Dupaco.
• Liquidation process may lead to asset distributions to stockholders.

Negative

• Home Savings Bank is undergoing liquidation, signaling a significant loss of operational capacity.
• Dissolution of Home Bancorp will result in the end of its corporate existence.

MADISON, Wis.--(BUSINESS WIRE)-- Home Bancorp Wisconsin, Inc. (Home Bancorp) (OTC PINK: HWIS), the holding company for Home Savings Bank, today announced the completion of the purchase and assumption transaction between Dupaco Community Credit Union (“Dupaco”) of Dubuque, Iowa, Home Bancorp Wisconsin, Inc. and Home Savings Bank in which Dupaco has acquired the assets and assumed the liabilities of Home Savings Bank in an all-cash transaction. Home Savings Bank will now begin the process of liquidating pursuant to Wisconsin law. Following the liquidation of Home Savings Bank, Home Bancorp will dissolve pursuant to Maryland corporate law and distribute its remaining assets to its stockholders. The liquidation of Home Savings Bank and the dissolution of Home Bancorp are expected to be completed in the third or fourth quarter of 2022. The amount each Home Bancorp stockholder is expected to receive will be announced at a later date.

In addition, as part of the dissolution process, payments will be made to certain former depositors of Home Savings Bank pursuant to liquidation accounts maintained by Home Savings Bank and Home Bancorp. Depositors entitled to payments under the liquidation accounts will be provided notice of the amount and method of payments when distributions begin.

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements include statements regarding the anticipated closing date of the transaction and anticipated future plans and expectations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include delays in the liquidation of Home Savings Bank and the dissolution of Home Bancorp Wisconsin, Inc. and other risks and uncertainties, including the effects of the coronavirus disease (COVID-19) pandemic. Except as required by law, Home Bancorp Wisconsin, Inc. undertakes no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005656/en/

James R. Bradley

CEO, Home Bancorp Wisconsin, Inc.

(608) 282-6116

jbradley@home-savings.com

Source: Home Bancorp Wisconsin, Inc.

FAQ

What is the recent announcement by Home Bancorp Wisconsin, Inc. (HWIS)?

Home Bancorp Wisconsin, Inc. announced the completion of a purchase by Dupaco Community Credit Union, including the acquisition of Home Savings Bank's assets and liabilities.

When will Home Bancorp Wisconsin, Inc. dissolve?

The dissolution of Home Bancorp is expected to be completed in the third or fourth quarter of 2022.

How will shareholders be compensated after Home Bancorp's dissolution?

Home Bancorp's remaining assets will be distributed to shareholders, with the specific amounts to be announced later.

What will happen to former depositors of Home Savings Bank?

Former depositors entitled to payments from liquidation accounts will be notified of the payment amounts and methods when distributions begin.

What risks are associated with the liquidation of Home Savings Bank?

Potential delays in liquidation and external factors like the COVID-19 pandemic could impact expected outcomes.