Central Plains Bancshares, Inc. Announces Closing of Initial Public Offering
Central Plains Bancshares, Inc. (the "Company"), the holding company for Home Federal Savings and Loan Association of Grand Island, which operates under the name "Home Federal Bank" (the "Bank"), announced today that it has completed the initial public offering in connection with the Bank's conversion from the mutual form of organization to the stock form of organization.
The Company's common stock is expected to begin trading on the Nasdaq Capital Market under the symbol "CPBI" beginning on October 20, 2023.
The Company sold 4,130,815 shares of common stock, including 330,465 shares sold to the Bank's Employee Stock Ownership Plan, and is between the maximum of the offering range and the adjusted maximum of the offering range as disclosed in the Company's Prospectus dated August 14, 2023. Gross offering proceeds (before deducting offering expenses) totaled approximately $41.3 million based on the offering price of $10.00 per share. The Company has 4,130,815 shares of common stock issued and outstanding as a result of the closing.
Subscribers wishing to confirm their stock orders may do so by contacting the Stock Information Center at 1-(844) 265-9679. The Stock Information Center is open between 9:00 a.m. and 3:00 p.m., Central time, Monday through Friday, except on bank holidays. Subscribers may also confirm their stock orders online at https://allocations.kbw.com.
The Company's transfer agent, Continental Stock Transfer & Trust Company, plans to mail Direct Registration System ("DRS") Book-Entry statements for the shares purchased in the stock offering, and interest checks, on or about October 20, 2023.
Keefe, Bruyette & Woods, Inc., A Stifel Company acted as marketing agent for the Company in connection with the stock offering. Luse Gorman, PC serves as legal counsel to the Company and the Bank. Kilpatrick Townsend & Stockton LLP served as legal counsel to Keefe, Bruyette & Woods, Inc. in connection with the stock offering.
About Home Federal Savings and Loan Association of Grand Island
Originally chartered in 1935, Home Federal Savings and Loan Association of Grand Island, which operates under the name "Home Federal Bank," is a federally chartered mutual savings association headquartered in Grand Island, Nebraska. The Bank conducts its operations from the main office in Grand Island, Nebraska, six branch offices located in Grand Island, Hastings, Holdrege, Lexington and Superior, Nebraska, a drive-up facility in Grand Island, Nebraska and a loan production office in Lincoln, Nebraska.
Special Notice Regarding Common Stock
The shares of common stock are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
Disclosures Concerning Forward Looking Statements
This press release contains certain forward-looking statements about the conversion and stock offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," "may" or words of similar import. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include delays in delivering DRS Book-Entry statements or interest checks; and/or delays in the start of trading due to market disruptions or otherwise.
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