IPO - unknown

Form Type: S-1/A

Filing Date: 2025-05-02

Corporate Action: Ipo

Type: Update

Accession Number: 000119312525111589

Filing Summary: Security Midwest Bancorp, Inc. has filed a pre-effective amendment to its S-1 registration statement for an initial public offering (IPO) under the Securities Act of 1933. This registration is associated with the conversion of Security Bank, a mutual savings bank, into a stock form, thereby allowing it to offer shares of common stock for sale. The offering aims to sell up to 1,150,000 shares at a price of $10.00 each, with potential to increase to 1,322,500 shares based on demand. A minimum of 850,000 shares must be sold for the offering to complete. The securities will be available through a subscription offering first to eligible depositors, followed by a community offering preference to persons residing in Sangamon County, Illinois, and potentially a broader public syndicated offering. The proceeds raised from the offering are intended to enhance financial strength, support lending capacity, and allow for the establishment of stock-based employee benefit plans. This IPO marks a significant shift in Security Bank's structure, wherein after the conversion, depositors will yield voting rights to the newly formed corporation, Security Midwest Bancorp. The offering is set to commence as soon as the registration statement becomes effective, with an anticipated expiration date for orders on June 20, 2025, subject to extensions.

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.