Hoyne Bancorp Provides Update on Stock Offering and Conversion
Hoyne Bancorp, Inc., a Delaware corporation and the proposed savings and loan holding company for Hoyne Savings Bank, has exciting developments on the horizon. The company is ready to close its previously announced Subscription Offering, a crucial step in its transition from a mutual holding company to a stock holding company. This transformation includes converting Hoyne Savings Bank to a stock savings bank, marking a significant moment in the company’s growth.
Regulatory Approvals and Closing Date
Recently, Hoyne Bancorp announced that it has received all necessary regulatory approvals to proceed with the closing of the Subscription Offering. The closing is anticipated to be completed by close of business on December 3, 2025. Following this, trading for the company’s common stock is expected to commence on December 4, 2025, under the symbol “HYNE” on the Nasdaq Capital Market.
Details of the Subscription Offering
The Subscription Offering saw significant interest, leading to oversubscription in the first category among eligible account holders. With a target to sell approximately 7,935,000 shares of common stock at a price point of $10.00 per share, Hoyne Bancorp also earmarked 647,755 shares for the Hoyne Savings Bank's Employee Stock Ownership Plan (ESOP). The prospectus, dated September 30, 2025, provides detailed guidelines regarding subscription priorities and allocations, ensuring a transparent process for all subscribers involved.
Charitable Contributions and Share Details
Amidst their stock activities, Hoyne Bancorp has also committed to donating 161,938 shares to the Hoyne Charitable Foundation, Inc. This foundation has been established to further support community initiatives during this transitional phase. Upon completion of the Subscription Offering and conversion, the total number of issued and outstanding shares is expected to reach an impressive 8,096,938.
Role of Pacific Stock Transfer
Pacific Stock Transfer, the company’s chosen transfer agent, will manage the distribution of Direct Registration System (DRS) statements for shares acquired during this offering. Additionally, the company plans to issue refund checks and interest to subscribers, all expected to occur around the closing date. This meticulous approach highlights Hoyne Bancorp’s commitment to its shareholders and transparency.
Accessibility for Eligible Subscribers
Starting December 1, 2025, subscribers can verify their allocations online, enhancing convenience for all participants. This effective communication strategy underlines Hoyne Bancorp’s dedication to keeping stakeholders informed and engaged throughout the process. The Stock Information Center is available for any inquiries and can assist constituents with allocation confirmations.
Advisors and Counsel
In this substantial undertaking, Hoyne Bancorp received professional guidance from Keefe, Bruyette & Woods, Inc., a Stifel Company, which served as the selling agent and financial advisor for the company and bank. Legal counsel was provided by Vedder Price P.C., demonstrating careful planning and strategic partnerships as part of the overall conversion and offering process.
Additional Insights and Considerations
As Hoyne Bancorp approaches this critical transition, the company remains transparent with its stakeholders about potential outcomes, acknowledging that market conditions and regulatory environments can impact the finalization process. This humility and open communication serve to build trust with its investors, promoting a collaborative atmosphere as the company moves forward in this new chapter.
Frequently Asked Questions
What is the purpose of the Subscription Offering?
The Subscription Offering is aimed at facilitating Hoyne Bancorp's conversion from a mutual holding company to a stock holding company.
When will trading of Hoyne Bancorp’s stock begin?
Trading of the common stock is expected to commence on December 4, 2025.
How many shares is Hoyne Bancorp planning to sell?
The company plans to sell approximately 7,935,000 shares of common stock.
What happens to subscribers who do not receive shares?
Those who submitted valid subscription orders but are not allocated shares will receive a full refund with interest as stated in the prospectus.
What role did Pacific Stock Transfer play in this process?
Pacific Stock Transfer is responsible for managing the distribution of share statements and refund checks for the Subscription Offering.
