PFS Bancorp enters agency agreement with KBW for stock offering in mutual-to-stock conversion

PFS Bancorp, Inc.

Agreement with Keefe, Bruyette & Woods to assist marketing common stock in conversion from mutual to stock form.
KBW receives $25k non-refundable management fee, $300k success fee at closing, plus fee up to 6% in syndicated offering.
Reimbursement for KBW legal fees up to $100k (increasable to $115k) and other expenses up to $30k ($40k if delay).
Conversion agent fee $30k (up to $45k if delayed) and out-of-pocket reimbursement up to $7.5k.
Stock offered under S-1 registration statement dated August 11, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PFS Bancorp, Inc. entered into Agency Agreement with Keefe, Bruyette & Woods, Inc. valued at non-refundable management fee of $25,000, and a success fee of $300,000 (effective 2023-08-11).

Action: entry
Agreement: underwriting
Counterparty: Keefe, Bruyette & Woods, Inc.
Value: non-refundable management fee of $25,000, and a success fee of $300,000
Effective: 2023-08-11

Exact text from the filing

On August 11, 2023, PFS Bancorp, Inc. (the “Company”) and Peru Federal Savings Bank (the “Bank”) entered into an Agency Agreement with Keefe, Bruyette & Woods, Inc. (“KBW”), pursuant to which KBW will assist the Company, on a best efforts basis, in marketing the Company’s common stock during the Company’s stock offering in connection with the Bank’s proposed conversion from the mutual form of organization to the stock form of organization

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PFS Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-091464

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