Marathon Bancorp, Inc. Announces Adoption of Plan of Conversion and Reorganization to Undertake Second Step Conversion
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 Bancorp (OTC PINK:MBBC) ha annunciato che il suo Consiglio di Amministrazione ha adottato un Piano di Conversione e Riorganizzazione per una conversione di 'secondo passo' da una struttura di società di holding mutuale a una di holding azionaria. Il piano prevede la fusione di Marathon MHC, che detiene il 57,4% delle azioni ordinarie di MBBC, con la Società. Gli azionisti di minoranza scambieranno le loro azioni con nuove azioni ordinarie della Società a un rapporto di cambio stabilito, mantenendo la loro attuale percentuale di proprietà. La Società offrirà azioni che rappresentano la proprietà di MHC attraverso un'offerta in sottoscrizione, con i depositanti della Banca al 30 settembre 2023, che avranno diritti di priorità. Si prevede che la transazione si completi nel secondo trimestre del 2025, soggetta all'approvazione regolamentare e degli azionisti.
Marathon Bancorp (OTC PINK:MBBC) anunció que su Junta Directiva ha adoptado un Plan de Conversión y Reorganización para una conversión de 'segundo paso' de una compañía de tenencia mutual a una estructura de compañía de tenencia de acciones. El plan implica la fusión de Marathon MHC, que posee el 57.4% de las acciones comunes de MBBC, con la Compañía. Los accionistas minoritarios intercambiarán sus acciones por nuevas acciones comunes de la Compañía a un ratio de intercambio establecido, manteniendo su porcentaje actual de propiedad. La Compañía ofrecerá acciones que representen la propiedad de MHC a través de una oferta de suscripción, con los depositantes del Banco a partir del 30 de septiembre de 2023, teniendo derechos de prioridad. Se espera que la transacción se complete en el segundo trimestre de 2025, sujeta a aprobaciones regulatorias y de accionistas.
Marathon Bancorp (OTC PINK:MBBC)는 이사회가 상장주식 보유회사 구조로의 '두 번째 단계' 전환을 위한 전환 및 재조직 계획을 채택했다고 발표했습니다. 이 계획은 Marathon MHC의 합병을 포함하며, MHC는 MBBC의 보통주 57.4%를 소유하고 있습니다. 소수 주주들은 설정된 교환 비율에 따라 새로운 회사 보통주로 자신의 주식을 교환하고 현재의 소유 비율을 유지합니다. 회사는 MHC의 소유권을 대표하는 주식을 청약을 통해 제공하며, 2023년 9월 30일 기준으로 은행 예금자에게 우선권을 부여합니다. 이 거래는 규제 및 주주 승인에 따라 2025년 2분기 완료될 것으로 예상됩니다.
Marathon Bancorp (OTC PINK:MBBC) a annoncé que son Conseil d'Administration a adopté un Plan de Conversion et de Réorganisation pour une conversion en 'deuxième étape' d'une structure de société de holding mutuelle à une société de holding d'actions. Le plan implique la fusion de Marathon MHC, qui détient 57,4 % des actions ordinaires de MBBC, avec la Société. Les actionnaires minoritaires échangeront leurs actions contre de nouvelles actions ordinaires de la Société à un ratio d'échange établi, maintenant ainsi leur pourcentage de propriété actuel. La Société proposera des actions représentant la propriété de MHC via une offre de souscription, avec les déposants de la Banque au 30 septembre 2023 ayant des droits de priorité. La transaction devrait être finalisée au deuxième trimestre 2025, sous réserve des approbations réglementaires et des actionnaires.
Marathon Bancorp (OTC PINK:MBBC) hat angekündigt, dass der Vorstand einen Plan zur Umwandlung und Reorganisation für einen 'zweiten Schritt' von einer Genossenschafts-Holdinggesellschaft zu einer Aktienholdinggesellschaft angenommen hat. Der Plan sieht vor, dass Marathon MHC, die 57,4% der Stammaktien von MBBC besitzt, mit der Gesellschaft fusioniert. Minderheitsaktionäre tauschen ihre Anteile zu einem festgelegten Umtauschverhältnis gegen neue Stammaktien der Gesellschaft, wodurch sie ihren aktuellen Anteil an der Eigentümerschaft beibehalten. Die Gesellschaft wird Aktien, die das Eigentum von MHC darstellen, über ein Zeichnungsangebot anbieten, wobei Bankeinleger zum 30. September 2023 das erste Recht haben. Es wird erwartet, dass die Transaktion im zweiten Quartal 2025 abgeschlossen wird, vorbehaltlich der regulatorischen Genehmigungen und der Genehmigungen der Aktionäre.
- Structural reorganization maintains existing minority shareholders' ownership percentage
- Bank depositors get priority subscription rights for new share offering
- Potential share dilution from new stock offering
- Complex reorganization process requiring multiple regulatory and shareholder approvals
WAUSAU, WILTZ / ACCESSWIRE / December 12, 2024 / Marathon Bancorp, Inc. (OTC PINK:MBBC) (the "Company"), the holding company for Marathon Bank (the "Bank"), announced today that the Board of Directors of its parent mutual holding company, Marathon MHC (the "MHC"), has adopted a Plan of Conversion and Reorganization pursuant to which the MHC will undertake a "second step" conversion from the mutual holding company structure to the stock holding company structure.
The MHC, which was formed in connection with the reorganization of the Bank into the mutual holding company structure and the related initial public offering by the Company in 2021, currently owns approximately
As part of the conversion, the MHC will merge into the Company and will cease to exist. Each share of common stock of the Company owned by persons other than the MHC (the "minority stockholders") will be exchanged for new shares of the Company's common stock pursuant to an exchange ratio established at the completion of the proposed transaction. The exchange ratio is designed to preserve the same aggregate percentage ownership interest that the minority stockholders will have in the Company immediately before the completion of the proposed transaction, exclusive of the purchase of any additional shares of common stock of the Company by minority stockholders in the stock offering and the effect of cash received in lieu of issuance of fractional shares of common stock of the Company, and adjusted to reflect certain assets held by the MHC.
The Company will offer for sale shares of its common stock, representing the MHC's ownership interest in the Company, to members of the MHC (i.e., depositors of the Bank) and others in a subscription offering and, if necessary, a community offering and/or a syndicated community offering. Eligible account holders of the Bank as of the close of business on September 30, 2023 have first priority non-transferable subscription rights to subscribe for shares of common stock of the Company. The total number of shares of common stock of the Company to be issued in the proposed stock offering will be based on the aggregate pro forma market value of the common stock of the Company, as determined by an independent appraisal.
The proposed transaction is expected to be completed in the second quarter of 2025, subject to regulatory approval, approval by the members of the MHC (i.e., depositors of the Bank), and approval by the stockholders of the Company, including by a separate vote of approval by the Company's minority stockholders. Detailed information regarding the proposed transaction, including the stock offering, will be sent to stockholders of the Company and members of the MHC following regulatory approval.
This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by the Company are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.
About Marathon Bancorp, Inc.
Marathon Bancorp is the bank holding company for Marathon Bank (the "Bank"), a Wisconsin-chartered savings bank headquartered in Wausau, Wisconsin. The Bank conducts its business from its main office and four branch offices located in Marathon, Waukesha and Ozaukee Counties.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the failure to obtain the requisite approvals of the Company's stockholders, the MHC's members and applicable regulatory agencies for the proposed conversion and related stock offering, delays in obtaining such approvals, or adverse conditions imposed in connection with such approvals; that customary closing conditions may not be satisfied in a timely manner, if at all; and other risks described in filings the Company will make with the Securities and Exchange Commission (the "SEC"), which will be available at the SEC's website, www.sec.gov.
Important Additional Information and Where to Find It The Company will file with the SEC a registration statement on Form S-1 that will include a proxy statement and a prospectus of the Company, as well as other relevant documents concerning the proposed transaction. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT, AND THE PROSPECTUS CAREFULLY WHEN THESE DOCUMENTS BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC's website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to the Company, 500 Scott Street, Wausau, Wisconsin 53226, Attention: Julie D'Acquisto and our telephone number at this address is (715) 845-7331
Contacts:
Nicholas W. Zillges
President and Chief Executive Officer
Marathon Bancorp, Inc.
(715) 845-7331
Contact Information
Susan Osness
Executive Assistant
susano@marathonsavingsbank.com
715-845-7331
Nick Zillges
President & CEO
nickz@marathonbank.com
(715) 845-7331
SOURCE: Marathon Bank
View the original press release on accesswire.com
FAQ
What is Marathon Bancorp's (MBBC) second step conversion plan?
When will Marathon Bancorp (MBBC) complete its conversion process?
What percentage of Marathon Bancorp (MBBC) does the MHC currently own?
Who has priority rights in MBBC's new stock offering?
How will the conversion affect MBBC minority stockholders?
