EWSB Bancorp investor reports 9.93% ownership

EWSB Bancorp, Inc. has a new large shareholder group led by Spence Limited, L.P. and its investment advisor, Hope Lundt.

Rhea-AI Filing Summary

EWSB Bancorp, Inc. has a new large shareholder group led by Spence Limited, L.P. and its investment advisor, Hope Lundt. Together they report beneficial ownership of 100,710 shares of EWSB common stock, representing 9.93% of the 1,014,220 shares deemed outstanding.

The shares are held for investment purposes and were purchased with personal funds, including a June 29, 2026 subscription offering purchase of 40,710 shares at $10 per share. Voting and dispositive power over all 100,710 shares is shared between Spence Limited and Ms. Lundt. Effective July 1, 2026, Ms. Lundt was appointed to the boards of EWSB Bancorp, Inc. and its wholly owned subsidiary, East Wisconsin Savings Bank, and will participate in regular discussions with the board and management as part of her director role.

Filing Explained

This Schedule 13D supersedes the reporting persons’ prior Schedule 13G: it reports that Hope Lundt will participate in board and management discussions as a director, while stating that neither she outside that role nor Spence Limited currently has a plan for the transactions listed in the filing.

Key Figures

Shares beneficially owned: 100,710 shares Ownership percentage: 9.93 % Shares outstanding baseline: 1,014,220 shares +3 more

6 metrics

Shares beneficially owned 100,710 shares Aggregate amount beneficially owned by the reporting persons

Ownership percentage 9.93 % Percent of class represented by 100,710 shares

Shares outstanding baseline 1,014,220 shares Shares of common stock deemed outstanding for ownership calculation

Recent purchase quantity 40,710 shares Shares purchased on June 29, 2026 in a subscription offering

Recent purchase price $10 per share Price paid for 40,710 shares on June 29, 2026

Effective board appointment date July 1, 2026 Date Hope Lundt was appointed to EWSB and bank boards

Key Terms

Schedule 13D, beneficially own, subscription offering, dispositive power, +1 more

5 terms

Schedule 13D regulatory

"The Reporting Persons filed an initial Schedule 13G on September 30, 2024."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially own financial

"the Reporting Persons beneficially own, in the aggregate, 100,710 shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

subscription offering financial

"purchased 40,710 shares for a purchase price of $10 per share in a subscription offering"

A subscription offering is a company’s sale of new securities that investors agree to buy in advance, similar to signing up for a magazine subscription where you commit to receive future issues. It matters to investors because it changes how many shares exist and who owns them, and it provides the company with cash for growth, debt repayment or other plans—outcomes that can raise or lower the value of existing holdings.

dispositive power financial

"has shared voting and dispositive power with respect to 100,710 shares"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

investment management financial

"The principal business of Spence Limited, L.P. is investment management."

Investment management is the professional process of selecting, monitoring, and adjusting a mix of financial assets—such as stocks, bonds, cash, or funds—to pursue specific goals like growth, income, or risk control. It matters to investors because it organizes how capital is allocated and risks are handled over time, similar to a planner who balances a household budget or a gardener who tends different plants to achieve a desired outcome across changing conditions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in EWSB does Spence Limited and Hope Lundt report?

Spence Limited and Hope Lundt report beneficial ownership of 100,710 shares of EWSB Bancorp, Inc. common stock, representing 9.93% of the 1,014,220 shares of common stock deemed outstanding as of the filing date.

How many EWSB (EWSB) shares were recently purchased and at what price?

On June 29, 2026, Spence Limited, L.P. purchased 40,710 shares of EWSB common stock in a subscription offering at a price of $10 per share, using personal funds attributed to the reporting persons.

What role does Hope Lundt hold at EWSB Bancorp, Inc. (EWSB)?

Effective July 1, 2026, Hope Lundt was appointed to the boards of directors of EWSB Bancorp, Inc. and its wholly owned subsidiary, East Wisconsin Savings Bank, while also serving as investment advisor to Spence Limited, L.P.

Do the reporting persons have sole or shared voting power over EWSB (EWSB) shares?

Spence Limited, L.P. and Hope Lundt each report 0 shares with sole voting or dispositive power and 100,710 shares with shared voting and shared dispositive power over EWSB common stock.

Are Spence Limited and Hope Lundt acquiring EWSB (EWSB) shares for control purposes?

They state the shares are held for investment purposes. While they may buy or sell additional EWSB securities over time, they presently disclose no specific plans under Items 4(a)-(j) beyond normal investment and Ms. Lundt’s duties as a director.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 08/13/2026 - 09:29 AM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

EWSB Bancorp, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

26929P107

(CUSIP Number)

Spence Limited, LP
P.O. Box 505,
Blakely, GA, 39823
6153832654

Hope Lundt
P.O. Box 505,
Blakely, GA, 39823
6153832654

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/29/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 26929P107

1

Name of reporting person

SPENCE LIMITED, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 100,710.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 100,710.00

11

Aggregate amount beneficially owned by each reporting person

100,710.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.93 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP Number(s): 26929P107

1

Name of reporting person

Hope Lundt

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 100,710.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 100,710.00

11

Aggregate amount beneficially owned by each reporting person

100,710.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.93 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: EWSB Bancorp, Inc.
(c)	Address of Issuer's Principal Executive Offices: 109 West Second Street, Kaukauna, WISCONSIN , 54310.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by Spence Limited, L.P., a Georgia limited liability company and Hope Lundt, the Investment Advisor for Spence Limited, L.P. (together the "Reporting Persons")
(b)	The address of each of the Reporting Persons is P.O. Box 505, Blakely, GA 39823-0505
(c)	The principal business of Spence Limited, L.P. is investment management. Ms. Lundt is the Investment Advisor for Spence Limited, L.P. Ms. Lundt is also a Director of the Issuer and East Wisconsin Savings Bank, the wholly-owned subsidiary of the Issuer, 109 West Second Street, Kaukauna, Wisconsin 54310.
(d)	None of the Reporting Persons has, during the last five years, been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and has not, as a result of such proceeding, been subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Spence Limited, L.P. was organized in the state of Georgia, and Ms. Lundt is a U.S. citizen.
Item 3.	Source and Amount of Funds or Other Consideration
	The shares of the Issuer's Common Stock were purchased with personal funds.
Item 4.	Purpose of Transaction
	The shares covered by this Schedule 13D are being held for investment purposes. The Reporting Persons may, from time to time, acquire additional securities of the Issuer using personal funds through a broker and/or privately negotiated transactions or dispose of securities. The Reporting Persons filed an initial Schedule 13G on September 30, 2024. The Reporting Persons are filing this Schedule 13D to supersede the Schedule 13G. On July 1, 2026, Ms. Lundt was appointed to serve on the Boards of Directors of the Issuer and its wholly owned subsidiary, East Wisconsin Savings Bank. Ms. Lundt will engage in regular discussions with the Issuer's board of directors and management as part of her duties as a director. Neither Ms. Lundt (other than in her capacity as a director) nor the other Reporting Persons have any present plan or proposal which would relate to or result in any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Person may change his purpose or formulate different plans or proposals with respect thereto at any time.
Item 5.	Interest in Securities of the Issuer
(a)	As of the date hereof, the Reporting Persons beneficially own, in the aggregate, 100,710 shares of the Issuer's Common Stock, representing 9.93% of the 1,014,220 shares of the Common Stock deemed outstanding for such purpose.
(b)	Spence Limited, L.P. has sole voting and dispositive power with respect to 0 shares of the Issuer's Common Stock and has shared voting and dispositive power with respect to 100,710 shares of the Issuer's Common stock. Ms. Lundt has sole voting and dispositive power with respect to 0 shares of the Issuer's Common Stock and has shared voting and dispositive power with respect to 100,710 shares of the Issuer's Common stock.
(c)	On June 29, 2026, Spence Limited, L.P. purchased 40,710 shares for a purchase price of $10 per share in a subscription offering.
(d)	None
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	See response to Item 4 above.
Item 7.	Material to be Filed as Exhibits.
	See Exhibit 1.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SPENCE LIMITED, LP

Signature:	/s/ Hope Lundt
Name/Title:	SPENCE LIMITED, LP
Date:	08/11/2026

Hope Lundt

Signature:	/s/ Hope Lundt
Name/Title:	Hope Lundt
Date:	08/11/2026