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Marathon Bancorp, Inc. (MBBC) is the bank holding company for Marathon Bank, operating in Wisconsin. The company recently announced a stock repurchase program. It conducts its business through multiple branch offices in Marathon and Ozaukee Counties.
Marathon Bank is implementing strategic initiatives to enhance shareholder value and optimize returns. The Company's management team focuses on prudent financial management and growth opportunities to drive long-term success.
Marathon Bancorp (MBBC) has announced the commencement of its stock offering as part of its conversion from a mutual holding company structure to a fully stock holding company. The company is offering up to 1,897,500 shares of common stock (potentially increasing to 2,182,125 shares) at $10.00 per share.
The shares will be initially offered to certain Bank depositors and the Bank's employee stock ownership plan. Unsubscribed shares may then be offered to the public, with preference given to residents of Wisconsin Counties (Marathon, Ozaukee, Milwaukee, and Waukesha) and existing stockholders. The company must sell at least 1,402,500 shares, and the stock is expected to be listed on the Nasdaq Capital Market.
The offering, managed by Janney Montgomery Scott , runs from February 24 to March 21, 2025. Completion is subject to regulatory approvals, stockholder and MHC member approval, and other closing conditions.
Marathon Bancorp (OTC PINK:MBBC) announced its Board of Directors has adopted a Plan of Conversion and Reorganization for a 'second step' conversion from mutual holding company to stock holding company structure. The plan involves Marathon MHC, which owns 57.4% of MBBC's common stock, merging into the Company. Minority stockholders will exchange their shares for new Company common stock at an established exchange ratio, maintaining their current ownership percentage. The Company will offer shares representing MHC's ownership through a subscription offering, with Bank depositors as of September 30, 2023, having first priority rights. The transaction is expected to complete in Q2 2025, subject to regulatory and stockholder approvals.
Marathon Bank announced the promotion of Michelle Knopf to Chief Operating Officer (COO) on June 25, 2024. With over 30 years in the banking industry, Knopf has significantly contributed to the bank's growth, particularly in Southeast Wisconsin. Previously the Director of Mortgage Services at Marathon Bank, her expertise spans commercial lending, operations, and regulatory compliance. CEO Nicholas W. Zillges highlighted her invaluable role since joining in 2018. Knopf's prior experience includes serving as Vice President at Intercity Bank, where she managed commercial banking development and customer relationships.
Marathon Bank completed its reorganization into a mutual holding company, Marathon Bancorp, effective April 14, 2021. The bank's new holding company sold 1,003,274 shares of common stock at $10.00 per share, amounting to 45.0% of the outstanding shares. The remaining 55.0% of shares were issued to the mutual holding company, Marathon MHC. Common stock is expected to trade on the OTC Pink Marketplace starting April 16, 2021. Forward-looking statements in the press release indicate potential risks including economic conditions and regulatory changes.
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