If You Invested in Hoyne Bancorp Inc (HYNE)

Hoyne Bancorp, Inc. (symbol: HYNE) is a Delaware corporation formed as the proposed savings and loan holding company for Hoyne Savings Bank. According to company disclosures, Hoyne Bancorp, Inc. is associated with a savings institution that focuses on serving customers' banking needs in its market area and offers personal and business banking services through its subsidiaries.

The company is linked to Hoyne Savings, MHC and Hoyne Savings Bank, reflecting a traditional community banking orientation. As a savings institution, its activities are centered on banking products and services for individuals and businesses, with an emphasis on deposit relationships and related banking services in its local market.

Corporate structure and conversion

Hoyne Bancorp, Inc. has been established as the proposed stock holding company for Hoyne Savings Bank in connection with the conversion of Hoyne Savings, MHC from a mutual holding company structure to a stock holding company structure, and the conversion of the Bank to a stock savings bank that would be a wholly owned subsidiary of Hoyne Bancorp, Inc. This process is referred to by the company as the "Conversion" and is governed by a formal Plan of Conversion.

In connection with the Conversion, the company conducted a subscription offering (the "Subscription Offering") for its common stock. The Subscription Offering was carried out pursuant to a prospectus and the Plan of Conversion, and was directed to eligible account holders and other categories of subscribers as described in those documents.

Subscription Offering and member approval

According to the company, the Subscription Offering conducted in connection with the Conversion was oversubscribed in the first category of the Subscription Offering by eligible account holders as of the close of business on March 31, 2024. Valid stock orders from depositors having first priority are to be filled in accordance with allocation procedures described in the company’s prospectus and the Plan of Conversion. Orders in other categories of the Subscription Offering are not expected to be filled, and unfulfilled subscribers are to have their funds returned with interest upon the closing of the Conversion.

The company has stated that the number of shares to be sold in connection with the Conversion and Subscription Offering will be based on a final appraisal and the receipt of final regulatory approvals. The closing of the Subscription Offering and the Conversion is subject to final regulatory approvals and the satisfaction of customary closing conditions.

Members of Hoyne Savings, MHC approved the Plan of Conversion and also approved the establishment and funding by Hoyne Bancorp, Inc. of Hoyne Charitable Foundation, Inc., a charitable foundation formed in connection with the Conversion. This foundation is intended to be funded by the company as part of the overall conversion process.

Trading market and symbol

Hoyne Bancorp, Inc. has announced that, following the completion of the Conversion and related stock offering, its common stock is expected to trade on The Nasdaq Capital Market under the symbol HYNE. The commencement of trading is expected to occur shortly after the closing of the Conversion, subject to regulatory approvals and closing conditions.

Advisors and service providers

In connection with the Conversion and Subscription Offering, Keefe, Bruyette & Woods, Inc., a Stifel company, acted as selling agent in the Subscription Offering and served as financial advisor to Hoyne Bancorp, Inc. and Hoyne Savings Bank. Vedder Price P.C., based in Chicago, Illinois, acted as legal counsel to Hoyne Bancorp, Inc. and the Bank, and Breyer & Associates PC acted as legal counsel to Keefe, Bruyette & Woods, Inc.

Business focus

Based on available information, Hoyne Bancorp, Inc. functions as a holding company for a savings institution that provides personal and business banking services. The company’s activities are tied to the operations of Hoyne Savings Bank and the transition from a mutual holding company structure to a stock holding company structure. Its business focus is on banking services for customers in its market area, consistent with its classification in the savings institutions sector.

Key points for investors and observers

• Hoyne Bancorp, Inc. is a Delaware corporation organized as the proposed savings and loan holding company for Hoyne Savings Bank.
• The company is associated with the conversion of Hoyne Savings, MHC from a mutual holding company structure to a stock holding company structure, and the conversion of Hoyne Savings Bank to a stock savings bank.
• A Subscription Offering of common stock has been conducted in connection with the Conversion, and preliminary results indicate oversubscription in the first category by eligible account holders.
• Members of Hoyne Savings, MHC have approved the Plan of Conversion and the establishment and funding of Hoyne Charitable Foundation, Inc. by the company.
• Subject to regulatory approvals and closing conditions, the company’s common stock is expected to trade on The Nasdaq Capital Market under the symbol HYNE.
• The company’s banking activities are focused on personal and business banking services offered through its savings institution subsidiary in its market area.