MADISON, Wis.--(BUSINESS WIRE)--Home Bancorp Wisconsin, Inc. (Home Bancorp) (OTC PINK: HWIS), the holding company for Home Savings Bank, today announced the completion of the purchase and assumption transaction between Dupaco Community Credit Union (“Dupaco”) of Dubuque, Iowa, Home Bancorp Wisconsin, Inc. and Home Savings Bank in which Dupaco has acquired the assets and assumed the liabilities of Home Savings Bank in an all-cash transaction. Home Savings Bank will now begin the process of liquidating pursuant to Wisconsin law. Following the liquidation of Home Savings Bank, Home Bancorp will dissolve pursuant to Maryland corporate law and distribute its remaining assets to its stockholders. The liquidation of Home Savings Bank and the dissolution of Home Bancorp are expected to be completed in the third or fourth quarter of 2022. The amount each Home Bancorp stockholder is expected to receive will be announced at a later date.
In addition, as part of the dissolution process, payments will be made to certain former depositors of Home Savings Bank pursuant to liquidation accounts maintained by Home Savings Bank and Home Bancorp. Depositors entitled to payments under the liquidation accounts will be provided notice of the amount and method of payments when distributions begin.
This news release contains forward-looking statements. Forward-looking statements include statements regarding the anticipated closing date of the transaction and anticipated future plans and expectations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include delays in the liquidation of Home Savings Bank and the dissolution of Home Bancorp Wisconsin, Inc. and other risks and uncertainties, including the effects of the coronavirus disease (COVID-19) pandemic. Except as required by law, Home Bancorp Wisconsin, Inc. undertakes no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.