First Federal Bank of Wisconsin raises $29.5 million

First Federal Bank of Wisconsin said Wednesday it raised $29.5 million in a stock offering related to its reorganization.

In June, First Federal, a three-branch community bank based in Waukesha, said it was forming a mutual holding company called FFBW Inc. and would sell stock publicly, with depositors having the first opportunity to buy at $10 per share. Proceeds from the stock offering would be used for the bank’s expansion, the company said.

Under the reorganization plan, the holding company owns 55% of FFBW Inc. stock. Shares began trading Wednesday on the Nasdaq market with the ticker symbol FFBW. The stock closed Wednesday at $11.53 per share.

“We want to thank our customers and our employees for their support and vote of confidence in the future of the bank,” Edward H. Schaefer, president and chief executive, said in a statement.

First Federal said it contributed 25,000 shares to the FFBW Community Foundation, a charitable foundation established by the bank in connection with the reorganization.

First Federal, which has branches in Waukesha, Brookfield and on the south side of Milwaukee, posted a profit of $192,000 in the first half of 2017. In 2016, the bank had earnings of $171,000, according to Federal Deposit Insurance Corp. records.