BofA update shows where active managers are putting money
Security Midwest Bancorp completed its initial public offering, selling 889,781 shares of common stock at $10.00 per share for gross proceeds of approximately $8.9 million, according to a company statement.
The Springfield, Illinois-based holding company for Security Bank completed the offering in connection with the bank’s conversion from mutual to stock form of organization. The share sale included 62,285 shares sold to the bank’s Employee Stock Ownership Plan.
The company’s common stock is expected to begin trading on the OTCQB Market operated by OTC Markets Group on August 1, 2025, under the ticker symbol SBMW.
Pacific Stock Transfer Company, serving as the transfer agent, plans to mail Direct Registration System statements for purchased shares and interest checks on August 1, 2025.
Performance Trust Capital Partners (WA:CPAP) served as marketing agent for the offering. Luse Gorman PC provided legal counsel to the company and bank, while Silver, Freedman, Taff & Tiernan LLP served as legal counsel to Performance Trust Capital Partners.
Security Midwest Bancorp now has 889,781 shares of common stock outstanding following the completion of the offering.