IPO - unknown

Form Type: S-1/A

Filing Date: 2025-03-28

Corporate Action: Ipo

Type: Update

Accession Number: 000119312525067194

Filing Summary: Security Midwest Bancorp, Inc. is filing a pre-effective amendment to its S-1 registration statement, indicating significant developments in its mutual-to-stock conversion process for Security Bank, s.b. The offering includes up to 1,150,000 shares of common stock priced at $10.00 per share, aiming to raise capital to support the conversion which is regulated by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board. The proceeds are intended to enhance the financial strength of Security Bank, support lending and deposit growth, and enable the company to withdraw from a multi-employer pension plan. The registration highlights that this offering will have first priority to eligible depositors of Security Bank with plans for a broader community offering and a syndicated offering if necessary. The capital raised is expected to facilitate growth in commercial lending and improve operational efficiencies while adhering to strict regulations governing newly established bank holding companies. Additional details regarding the use of proceeds, risk factors associated with the investment, and operational highlights of Security Bank were extensively outlined.

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