#United States #stock offering #IPO #Springfield #Security Midwest

Security Midwest Bancorp's Initial Public Offering

Security Midwest Bancorp, Inc. has reached a significant milestone with the successful completion of its initial public offering (IPO). This event marks the Company's transition from a mutual organization to a stock form of organization, solidifying its standing in the financial sector.

On July 31, 2025, Security Midwest Bancorp announced that it has successfully sold a total of 889,781 shares of common stock. This includes 62,285 shares that were allocated to the Bank's Employee Stock Ownership Plan (ESOP), resulting in gross proceeds of approximately $8.9 million based on an offering price of $10.00 per share.

The common stock of the Company is expected to be quoted on the OTCQB Market, which is operated by the OTC Markets Group, starting on or about August 1, 2025, under the ticker symbol SBMW. This listing is anticipated to provide greater visibility and access to investors, furthering the Company's growth trajectory.

Key Details of the IPO

Individuals who have participated in the offering can validate their stock orders by reaching out to the Stock Information Center at (312) 521-1600. The center operates from 9 a.m. to 4 p.m. Central time, Monday to Friday, excluding bank holidays.

The Company's transfer agent, Pacific Stock Transfer Company, is set to distribute Direct Registration System (DRS) Book-Entry statements and interest checks around the same date, August 1, 2025. Investors can contact Pacific Stock Transfer also by phone at (702) 361-3033 or via email.

In addition to being a pivotal event for the Company, this IPO is significant for its employees, as it allows them to have ownership stakes through the ESOP. This paradigm shift towards stockholder involvement is aimed at enhancing alignment of interests between the employees and the shareholders, potentially driving better performance in the long run.

Moving forward, the Company anticipates that this new structure will provide enhanced capital for growth strategies and allow for more significant investment in products and services that serve its customers better.

Legal counsel for the Company and the Bank was provided by Luse Gorman, PC, while Performance Trust Capital Partners, LLC acted as the marketing agent during the stock offering. Furthermore, Silver, Freedman, Taff Tiernan LLP also provided legal counsel to the marketing agent, ensuring that all regulatory requirements were met throughout the IPO process.

Looking Ahead

As this transition unfolds, Security Midwest Bancorp is poised for promising developments and growth prospects. However, as with any financial venture, there remain potential risks and uncertainties that could impact the Company’s performance. Forward-looking statements indicate a commitment to transparency and careful navigation through market dynamics.

The Company is optimistic about this new chapter and anticipates that the integration into public markets will yield significant opportunities for expansion and innovation while continuing to provide excellent service to its customers.

This completion of the initial public offering signifies not merely a financial event but a foundational shift paving the way for Security Midwest Bancorp’s future in the competitive landscape of banking. Investors and industry observers are keen to monitor the Company’s trajectory and performance in the months ahead.