Security Midwest Bancorp Files S-1 for Public Offering

Ticker: SBMW · Form: S-1 · Filed: Sep 12, 2024 · CIK: 2036060

Security Midwest Bancorp, Inc. S-1 Filing Summary
FieldDetail
CompanySecurity Midwest Bancorp, Inc. (SBMW)
Form TypeS-1
Filed DateSep 12, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$10.00, $300,000, $219.6 m, $204.5 million, $13.9 million
Sentimentneutral

Sentiment: neutral

Topics: ipo, registration-statement, financials

TL;DR

Security Midwest Bancorp just filed an S-1, looks like they're going public.

AI Summary

Security Midwest Bancorp, Inc. filed an S-1 registration statement on September 12, 2024, to register an unspecified number of common shares for public sale. The company, headquartered in Springfield, Illinois, is incorporated in Maryland and has Stephan P. Antonacci as its President and CEO. This filing indicates the company is preparing for an initial public offering or a secondary offering of its stock.

Why It Matters

This S-1 filing signals Security Midwest Bancorp's intention to access public markets, which could provide capital for growth or allow existing shareholders to liquidate their holdings.

Risk Assessment

Risk Level: medium — S-1 filings are typically for companies going public or conducting significant stock offerings, which inherently carry market and execution risks.

Key Players & Entities

  • Security Midwest Bancorp, Inc. (company) — Registrant
  • Stephan P. Antonacci (person) — President and Chief Executive Officer
  • September 12, 2024 (date) — Filing Date
  • Springfield, Illinois (location) — Principal Executive Offices
  • Maryland (location) — State of Incorporation

FAQ

What is the total number of shares Security Midwest Bancorp, Inc. intends to offer?

The S-1 filing does not specify the total number of shares to be offered, only that it is registering an unspecified amount of common stock.

What is the proposed price range for the shares?

The S-1 filing does not disclose a proposed price range for the shares.

When was Security Midwest Bancorp, Inc. incorporated?

The filing states the company was incorporated in Maryland, but the specific year of incorporation is not provided in this excerpt.

Who are the principal underwriters for this offering?

The S-1 filing excerpt does not name any principal underwriters for the proposed offering.

What is the primary business of Security Midwest Bancorp, Inc.?

While the filing is for a bancorp, the specific details of its primary business operations are not elaborated in this excerpt.

Filing Stats: 4,553 words · 18 min read · ~15 pages · Grade level 12.6 · Accepted 2024-09-12 16:19:42

Key Financial Figures

  • $10.00 — ring shares of common stock for sale at $10.00 per share in connection with the conver
  • $300,000 — , may purchase more than 30,000 shares ($300,000) of common stock in all categories of t
  • $219.6 m — 24, we had total consolidated assets of $219.6 million, total deposits of $204.5 million
  • $204.5 million — ts of $219.6 million, total deposits of $204.5 million and total equity of $13.9 million. For
  • $13.9 million — s of $204.5 million and total equity of $13.9 million. For the six months ended June 30, 2024
  • $537,000 — r 31, 2023, we recognized net income of $537,000 and $684,000, respectively. Our execu
  • $684,000 — e recognized net income of $537,000 and $684,000, respectively. Our executive office i
  • $33.4 m — r levels of loans. As of June 30, 2024, $33.4 million, or 31.0%, of our total loan port
  • $40.6 m — ly residential real estate loans, while $40.6 million, or 37.7%, consisted of commercia
  • $11.5 m — ted of commercial real estate loans and $11.5 million, or 10.7%, consisted of commercia
  • $54.8 m — s from CRB customers were approximately $54.8 million, or 26.8% of total deposits. At J
  • $27.9 million — ore than 10% of total deposits, holding $27.9 million of deposits, or 13.6% of total deposits
  • $471,000 — nd the year ended December 31, 2023 was $471,000 and $1.0 million, respectively, totalin
  • $1.0 m — nded December 31, 2023 was $471,000 and $1.0 million, respectively, totaling 52.4% and
  • $20.3 m — real estate entities were approximately $20.3 million, or 18.9%, of our total loan port

Filing Documents

RISK FACTORS

RISK FACTORS 18 SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF SECURITY BANK 39

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 41 HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING 43 OUR DIVIDEND POLICY 45 MARKET FOR THE COMMON STOCK 46 HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE 47 CAPITALIZATION 48 PRO FORMA DATA 49

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 54 BUSINESS OF SECURITY MIDWEST BANCORP, INC. 73 BUSINESS OF SECURITY BANK 74 REGULATION AND SUPERVISION 93 TAXATION 103 MANAGEMENT 104 SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS 113 THE CONVERSION AND OFFERING 114 RESTRICTIONS ON ACQUISITION OF SECURITY MIDWEST BANCORP, INC. 135

DESCRIPTION OF CAPITAL STOCK OF SECURITY MIDWEST BANCORP,

DESCRIPTION OF CAPITAL STOCK OF SECURITY MIDWEST BANCORP, INC. 140 TRANSFER AGENT 141 EXPERTS 142 LEGAL MATTERS 142 WHERE YOU CAN FIND ADDITIONAL INFORMATION 142 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF SECURITY BANK, S.B. F-1 Table of Contents SUMMARY The following summary explains the significant aspects of Security Bank, s.b.s mutual-to-stock conversion and the related offering of Security Midwest Bancorp, Inc. common stock. It may not contain all of the information that is important to you. For additional information before making an investment decision, you should read this entire document carefully, including the financial statements and the notes to the financial statements, and the section entitled Risk Factors. In this prospectus, the terms we, our, and us refer to Security Midwest Bancorp, Inc. and/or Security Bank, s.b., depending on the context. In addition, we sometimes refer to Security Midwest Bancorp, Inc. as Security Midwest Bancorp, and to Security Bank, s.b. as Security Bank. Security Bank Security Bank is a mutual savings bank organized under the laws of the State of Illinois and is subject to comprehensive regulation and examination by the Federal Deposit Insurance Corporation (the FDIC) and the Illinois Division of Banking. We are a community-oriented bank offering a variety of financial products and services to meet the needs of our customers. In 2018, we implemented a cannabis-related business (CRB) Program, offering deposit and cash-management services to licensed cannabis-related businesses. We currently offer depository accounts to customers operating licensed cannabis businesses in the States of Illinois, Michigan, and Ohio. In December 2022, we initiated lending to cannabis organizations and their associated real estate entities. We operate three banking offices in Springfield, Illinois. Our market area for cannabis-related deposits is the States of Illinois, Michigan, and Ohio, while our primar

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