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Dupaco Community Credit Union and Home Savings Bank Sign Agreement for Strategic Acquisition

Dupaco Community Credit Union (“Dupaco”), and Home Bancorp Wisconsin, Inc. (“Home Bancorp”) (OTCPK: HWIS), the holding company of Home Savings Bank, announced today that they have signed a definitive purchase and assumption agreement whereby Dupaco, headquartered in Dubuque, Iowa, will acquire the assets and assume the liabilities of Home Savings Bank in an all-cash transaction (the “Transaction”). Following the completion of the Transaction, Home Bancorp and Home Savings Bank will settle their remaining obligations and distribute their remaining cash (the “Liquidation”) to the Home Bancorp stockholders. Home Savings Bank operates two bank branches in Madison, Wisconsin and had approximately $183 million in assets as of June 30, 2021. Dupaco currently operates 18 branches, including a branch in Platteville, Wisconsin, and has over 143,000 members. This strategic acquisition will increase Dupaco’s total number of branches to 20 and total assets to approximately $2.8 billion based on financial data as of June 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210930006014/en/

Home Bancorp was created in connection with the 2014 mutual-to-stock conversion of Home Savings Bank. As a part of such conversion, a liquidation account was created for the benefit of certain depositors of Home Savings Bank. It is anticipated that Home Savings Bank will pay out the balance of this liquidation account to the holders of sub accounts therein in connection with the Transaction and Liquidation.

Home Bancorp currently estimates that, upon the completion of the Liquidation, its stockholders will receive between $26.47 and $27.32 in cash consideration for each share of Home Bancorp common stock they own. The actual amount of consideration received by stockholders is subject to substantial variation based on, among other things, the amount of corporate level taxation of the Transaction and Liquidation including potential changes in general corporate tax rates, uncertainties with respect to the regulatory treatment of and costs associated with the liquidation account, Home Savings Bank’s future operating results and whether it can meet a minimum equity value at closing of the Transaction, the amount of cash held by Home Bancorp at closing and costs related to the dissolution of Home Savings Bank and Home Bancorp. Based on these and other factors discussed below under “Forward-Looking Statements,” investors should not assume that the ultimate consideration distributed to stockholders will be within the range set forth above.

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Nachrichtenquelle: Business Wire (engl.)
01.10.2021, 00:25  |  113   |   |   

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Dupaco Community Credit Union and Home Savings Bank Sign Agreement for Strategic Acquisition Dupaco Community Credit Union (“Dupaco”), and Home Bancorp Wisconsin, Inc. (“Home Bancorp”) (OTCPK: HWIS), the holding company of Home Savings Bank, announced today that they have signed a definitive purchase and assumption agreement whereby Dupaco, …

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