PFS Bancorp, Inc. Announces Closing Date of Initial Public Offering

Rhea-AI Summary

PFS Bancorp completes conversion to stock form of organization and stock offering

Positive

• PFS Bancorp completes conversion from mutual form of organization to stock form of organization
• Company's common stock to be quoted on the OTCQB Market beginning on October 18, 2023
• Company sold 1,725,000 shares of common stock for gross offering proceeds of approximately $17.3 million
• Stock offering was oversubscribed
• All valid stock orders received in the subscription offering were filled according to purchase limitations
• All valid stock orders received in the community offering were filled according to purchase limitations
• Purchasers may confirm their stock purchases by contacting the Stock Information Center or online

Negative

• None.

PERU, Ill.--(BUSINESS WIRE)-- PFS Bancorp, Inc. (the “Company”), the holding company for Peru Federal Savings Bank (the “Bank”), announced today the completion of the Bank’s conversion from the mutual form of organization to the stock form of organization and the Company’s related stock offering, effective as of the close of business today. The Company’s common stock is expected to be quoted on the OTCQB Market operated by the OTC Markets Group beginning on October 18, 2023 under the ticker symbol “PFSB”.

The Company sold 1,725,000 shares of common stock, which includes 138,000 shares sold to the Bank’s Employee Stock Ownership Plan, for gross offering proceeds (before deducting offering expenses) of approximately $17.3 million based on the offering price of $10.00 per share. The Company has 1,725,000 shares of common stock issued and outstanding as a result of the closing of the transaction.

The stock offering was oversubscribed. All valid stock orders received in the subscription offering were filled according to the purchase limitations disclosed in the Company’s Prospectus dated August 11, 2023. All valid stock orders received in the community offering from residents of the Bank’s local community, as defined in the Prospectus, were filled according to the purchase limitations disclosed in the Prospectus. All valid stock orders received in the community offering from residents outside of the Bank’s local community were filled pro rata according to the allocation procedures disclosed in the Prospectus, resulting in refund checks being sent to some of those purchasers. Purchasers wishing to confirm their stock purchases may do so by contacting the Stock Information Center at 1-(800) 945-8598. The Stock Information Center is open between 9:00 a.m. and 3:00 p.m., Central time, Monday through Friday, except on bank holidays. Purchasers may also confirm their stock purchases online at https://allocations.kbw.com.

The Company’s transfer agent, Continental Stock Transfer & Trust Company, plans to mail Direct Registration System (“DRS”) Book-Entry statements for the shares purchased in the stock offering, and checks for interest and any refunds due, on or about October 18, 2023.

Luse Gorman, PC served as legal counsel to the Company and the Bank. Keefe, Bruyette & Woods, Inc., A Stifel Company acted as marketing agent for the Company in connection with the stock offering. Vedder Price P.C. served as legal counsel to Keefe, Bruyette & Woods, Inc.

About Peru Federal Savings Bank

Originally chartered in 1887, the Bank is a federally-chartered mutual savings bank that conducts its business from its main office and a branch office, both located in Peru, IL.

Special Notice Regarding Common Stock

The shares of common stock are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

Disclosures Concerning Forward Looking Statements

This press release contains certain forward-looking statements about the conversion and stock offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “plan,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or words of similar import. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include possible unforeseen delays in delivering DRS Book-Entry statements and/or refund or interest checks and/or delays in the start of trading due to market disruptions or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017520113/en/

Eric J. Heagy

President, Chief Executive Officer and Chief Financial Officer

(815) 223-4300

Source: PFS Bancorp, Inc.

FAQ

What is the recent announcement from PFS Bancorp?

PFS Bancorp has completed the conversion from the mutual form of organization to the stock form of organization and concluded its stock offering.

When will PFS Bancorp's common stock be quoted on the OTCQB Market?

PFS Bancorp's common stock is expected to be quoted on the OTCQB Market beginning on October 18, 2023.

How many shares of common stock did the Company sell?

The Company sold 1,725,000 shares of common stock.

What were the gross offering proceeds from the stock offering?

The gross offering proceeds from the stock offering were approximately $17.3 million.

Was the stock offering oversubscribed?

Yes, the stock offering was oversubscribed.

How were the stock orders filled in the subscription and community offerings?

All valid stock orders received in the subscription offering and community offering were filled according to the purchase limitations.

How can purchasers confirm their stock purchases?

Purchasers can confirm their stock purchases by contacting the Stock Information Center at 1-(800) 945-8598 or online.