Hoyne Bancorp Finalizes Stock Offering
Hoyne Bancorp, Inc., a Delaware corporation, has successfully concluded the subscription offering previously announced. This step is significant as it marks the transition of Hoyne Savings Bank to a stock savings bank, a change that is key for its operations and future growth. Following the conversion, trading of the Company's common stock under the symbol ‘HYNE’ is set to commence.
Details of the Stock Offering
In total, Hoyne Bancorp sold 7,935,000 shares of Common Stock, achieving the maximum adjusted offering range. This offering includes 647,755 shares earmarked for the Employee Stock Ownership Plan (ESOP), with each share priced at $10.00. The gross proceeds from this initiative amounts to roughly $79.4 million.
The Company has also made a charitable contribution of 161,938 additional shares to the Hoyne Charitable Foundation, which is intricately linked to the Conversion process. Following this offering, there are 8,096,938 shares of Common Stock now issued and outstanding.
Subscription Offering Highlights
The Subscription Offering, which had an expiration date, witnessed substantial demand. It was oversubscribed in the first category by eligible account holders. Subscription orders from eligible depositors were filled as per the procedural guidelines laid out in the Company’s prospectus. As a result of the oversubscription, any non-filling orders will receive refunds along with interest as specified.
Investor Communications and Refund Process
Eligible subscribers seeking to confirm their subscriptions can do so online or by reaching out to the Stock Information Center. This center operates from Monday to Friday, providing assistance and clarifications regarding the offering.
Pacific Stock Transfer, the designated transfer agent for the Company, will handle the mailing of Direct Registration System Book-Entry statements. These statements will pertain to shares acquired during the Subscription Offering, along with any refunds and interest checks to eligible participants.
Role of Financial Advisors
Keefe, Bruyette & Woods, Inc., a Stifel Company, played an essential role as the selling agent during this offering and provided financial advisory services to both Hoyne Bancorp and Hoyne Savings Bank. Legal counsel in these matters was provided by Vedder Price P.C., ensuring compliance and smooth transition through the Conversion.
Understanding Forward-Looking Statements
Hoyne Bancorp stresses that certain statements within their announcements are considered forward-looking. Such statements are based on current assumptions that may entail risks and uncertainties beyond their control. This acknowledgment is vital for potential investors to understand that actual outcomes can significantly differ from anticipated results.
These statements aim to convey management's outlook regarding future plans and potential developments but are subject to many variables that could impact their realization. Unforeseen delays or events can affect the regular execution of trading and other corporate procedures.
Stock and Investment Risks
It is important for potential investors to note that shares of Common Stock do not represent savings accounts or deposits; therefore, they carry a risk of losing value. As such, they are not covered by federal deposit insurance or any governmental security agency, and investors should evaluate their investment strategies accordingly.
Frequently Asked Questions
What is the significance of the subscription offering closing?
The closing signifies the successful transition of Hoyne Savings Bank to a stock savings bank, facilitating future growth and stock trading on Nasdaq.
How many shares were sold in the offering?
A total of 7,935,000 shares of Common Stock were sold, including shares for the Employee Stock Ownership Plan.
What are the next steps for shareholders?
Shareholders can confirm their subscription allocations online and will receive statements regarding their shares from Pacific Stock Transfer.
How are refunds being handled for unsold subscription orders?
Refunds for unsold subscription orders will be issued with interest to eligible subscribers following the offering.
Are the shares covered by any federal insurance?
No, shares of Common Stock are not insured by any government agency and they carry a risk of losing value.
