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GREENFIELD, Wis. - 1895 Bancorp of Wisconsin, Inc. (NASDAQ:BCOW), the holding company for PyraMax Bank, FSB, has engaged Keefe, Bruyette & Woods, Inc. to explore strategic alternatives, including potential business combinations or sale. Concurrently, the company will voluntarily delist its common stock from the Nasdaq Stock Market and deregister it under the Securities Exchange Act of 1934.
The company’s President and CEO David Ball (NYSE:BALL) expressed confidence in working with KBW to enhance stockholder value. He stated, "KBW is a preeminent investment banking firm serving our industry."
1895 Bancorp has announced its intention to delist from Nasdaq and expects the last day of trading on Nasdaq to be March 7, 2025. Following this, it anticipates its common stock to be quoted on the OTCQX Market from March 10, 2025, retaining the ticker symbol "BCOW." InvestingPro analysis indicates the company faces profitability challenges, with weak financial health metrics and no dividend payments to shareholders.
The company also plans to file a Form 15 with the SEC on March 17, 2025, which will suspend its obligation to file periodic reports such as Forms 10-K, 10-Q, and 8-K. Despite these changes, the company will continue to provide stockholders with an annual report containing audited financial statements and make quarterly financial information available on its website. Additionally, PyraMax Bank will maintain its regulatory filings with the Federal Deposit Insurance Corporation.
Ball remarked that the board’s decision to delist and deregister is expected to reduce compliance and accounting expenses and allow management to focus more on the company’s core mission. This move is deemed to be in the best interests of the company and its stockholders.
PyraMax Bank, a federally chartered savings bank founded in 1895, operates in the Milwaukee metropolitan area with branches across Milwaukee, Waukesha, and Ozaukee Counties in Wisconsin. Trading at a price-to-book ratio of 0.73, InvestingPro analysis suggests the stock is currently undervalued, though investors should note the company’s weak financial health score of 1.51 out of 5.
This strategic review by 1895 Bancorp comes with the usual caveats of forward-looking statements, which are subject to various risks and uncertainties. This article is based on a press release statement.
In other recent news, 1895 Bancorp of Wisconsin, Inc. has extended the employment agreements of its key executive officers. The company’s Board of Directors confirmed the extensions, which include a three-year extension for David Ball, the President and CEO, whose term will now conclude on January 19, 2028. Other executives, including Steven T. Klitzing, EVP and CFO; Daniel Kempel, SVP and Chief Credit Officer; Eric T. Hurd, SVP and Chief Lending Officer; and Monica Baker, EVP and COO, received an 18-month extension, with their agreements set to expire on July 8, 2026. These recent developments indicate the company’s satisfaction with its current leadership and its desire for stability at the executive level. The company continues to navigate the competitive landscape of non-federally chartered savings institutions and is headquartered in Greenfield, Wisconsin. The details of the extensions were filed with the Securities and Exchange Commission as part of the company’s regulatory disclosures.
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