1895 Bancorp of Wisconsin, Inc. (BCOW): History, Ownership, Mission, How It Works & Makes Money

When you look at 1895 Bancorp of Wisconsin, Inc. (BCOW), what does the future hold for a community bank holding company in a year of strategic upheaval?

This mid-tier savings institution, the parent of PyraMax Bank, reported quarterly net sales of roughly $6 million as of March 2025, but its story this year is less about earnings and more about its market position, which is currently defined by a major pivot.

With a November 2025 market capitalization around $52.08 million, 1895 Bancorp of Wisconsin is actively exploring strategic alternatives, including a potential business combination or sale of control, plus a voluntary delisting from Nasdaq to the OTCQX Market, which will definitly change its investor profile.

Understanding the core business-taking deposits and funding residential and commercial loans-is crucial as management considers a sale; you need to see how its model works before the next big move.

1895 Bancorp of Wisconsin, Inc. (BCOW) History

You need to understand the history of 1895 Bancorp of Wisconsin, Inc. (BCOW) not just as a bank, but as a holding company that fundamentally changed its structure twice in recent years. The core institution, PyraMax Bank, has a deep community legacy, but the current corporate entity is a product of a modern financial conversion strategy.

Given Company's Founding Timeline

Year established

The operating entity, PyraMax Bank, FSB, traces its origins to 1895. However, the current stock holding company, 1895 Bancorp of Wisconsin, Inc., was officially established on July 14, 2021, upon completing its second-step mutual-to-stock conversion.

Original location

The bank began as South Milwaukee Savings and Loan Association in the Milwaukee metropolitan area. Today, the corporate headquarters for 1895 Bancorp of Wisconsin, Inc. and PyraMax Bank is in Greenfield, Wisconsin.

Founding team members

The holding company was formed by the existing leadership of PyraMax Bank. The 2021 conversion was a board-led decision, with key executives like Richard B. Hurd (then President and CEO) and Monica Baker (then Senior Vice President, Chief Brand Officer, and Director) driving the process.

Initial capital/funding

The final 'second-step' conversion in July 2021 was the primary capital event for the current public company, generating $35.4 million in gross proceeds. This capital was crucial for the Bank's long-term stability and growth. Here's the quick math: the initial 2019 public offering (First Step) had already raised approximately $21.5 million from the sale of 2,145,738 shares at $10.00 per share.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory is defintely defined by two major structural shifts and one recent strategic decision.

The first major moment was the 2021 Second-Step Conversion. This move fully transitioned the company from a mutual holding company (where depositors had voting rights) to a fully public stock holding company. It raised substantial capital-$35.4 million-which provided a significant liquidity buffer and allowed for investment strategies, like the one implemented in late 2021 to shift cash into higher-yielding securities.

The second, and most immediate, transformative moment is the 2025 Strategic Review and Delisting. Faced with a market capitalization of approximately $63.01 million and quarterly net sales of $6 million as of March 2025, the Board decided to explore strategic alternatives. This is a clear signal that the status quo is not working for shareholder value. The voluntary delisting from Nasdaq on March 7, 2025, to trade on the OTCQX Market is a cost-saving measure, but also opens the door for a potential business combination or sale of control.

• Focus shifted from NASDAQ reporting to a more internal, cost-efficient reporting structure via the OTCQX.
• The strategic review with Keefe, Bruyette & Woods could result in a sale, which is the ultimate transformation for any financial institution.
• The company's future is now tied to the outcome of this review, which will determine if it remains an independent entity.

To be fair, the company maintains its commitment to community banking, which you can see in its Mission Statement, Vision, & Core Values of 1895 Bancorp of Wisconsin, Inc. (BCOW).

1895 Bancorp of Wisconsin, Inc. (BCOW) Ownership Structure

Understanding who owns and runs 1895 Bancorp of Wisconsin, Inc. (BCOW) is crucial because it shows you who holds the power in strategic decision-making, especially as the company navigates a major transition.

The ownership structure is heavily weighted toward individual and retail investors, with a significant stake held by company insiders, which aligns with its history as a mutual holding company for PyraMax Bank.

Given Company's Current Status

As of November 2025, 1895 Bancorp of Wisconsin, Inc. is a publicly traded company, but it is no longer listed on a major exchange. The company voluntarily delisted from the Nasdaq Stock Market on March 7, 2025, and subsequently deregistered with the SEC on March 17, 2025, to reduce compliance costs and focus on core operations.

Its common stock continues to trade publicly on the OTCQX Market under the ticker symbol BCOW. The company maintains a market capitalization of approximately $59.80 million as of the 2025 fiscal year, which is small for a bank holding company. This move means they no longer file periodic reports (like 10-K or 10-Q), but they do still provide stockholders with annual audited financial statements and quarterly information on their website. That's the trade-off: less regulatory burden, but less public visibility.

Given Company's Ownership Breakdown

The ownership breakdown is a clear signal of who is betting on the company's future. The high percentage of public and individual investors is typical for a former mutual institution, and the substantial insider stake shows management and directors have skin in the game.

The 15.13% insider ownership is defintely a point of interest for investors, as it means the people running the company are significant owners themselves. You can dig deeper into the company's operational strength by reading Breaking Down 1895 Bancorp of Wisconsin, Inc. (BCOW) Financial Health: Key Insights for Investors.

Given Company's Leadership

The leadership team is stable, with key executives having recent contract extensions, which is a sign of continuity during a period of strategic review and market transition.

The management team has an average tenure of 3.5 years, but the Board of Directors is highly experienced with an average tenure of 19.8 years. This blend of newer executive leadership and long-tenured board oversight provides both fresh perspective and deep institutional knowledge.

• David R. Ball: President and Chief Executive Officer (CEO). He was promoted to this role in October 2022, and his employment agreement was extended to January 19, 2028. He personally owns 0.99% of the company's shares.
• Monica Baker: Executive Vice President (EVP), Chief Operating Officer (COO), and Chief Brand Officer.
• Steven T. Klitzing: Executive Vice President (EVP), Chief Financial Officer (CFO), and Treasurer.
• Eric T. Hurd: Senior Vice President (SVP) and Chief Lending Officer, appointed to this role to strengthen commercial banking operations.

The Board is actively exploring strategic alternatives, including a potential business combination or sale of control, so the leadership team is currently focused on maximizing stockholder value through this review process.

1895 Bancorp of Wisconsin, Inc. (BCOW) Mission and Values

The holding company, 1895 Bancorp of Wisconsin, Inc., defines its purpose through its subsidiary, PyraMax Bank, FSB, focusing on community financial wellness and delivering long-term shareholder value.

This dual focus means the company's cultural DNA is rooted in local growth while still having the financial power to deliver returns, a balance tricky for many small banks to defintely maintain.

Given Company's Core Purpose

The core purpose extends beyond the estimated $11.8 million in 2025 revenue, emphasizing a commitment to the Southeast Wisconsin community where its six full-service offices operate. The company's operational strength, PyraMax Bank, FSB, manages approximately $610 million in assets as of 2025, providing the stability needed to execute its community-first strategy.

For a deeper dive into the numbers driving this strategy, you should read Breaking Down 1895 Bancorp of Wisconsin, Inc. (BCOW) Financial Health: Key Insights for Investors.

Official mission statement

The mission is straightforward: act as a responsive and creative partner to foster local prosperity.

• Be a Community Bank.
• Commit to being creative and responsive.
• Help families, businesses, and communities thrive.

Here's the quick math: they back this up by donating more than $100,000 to various charities annually, a clear investment in the communities they serve.

Vision statement

The vision is about market leadership and multi-generational service, but it also directly addresses the shareholder commitment, which is important for a publicly traded entity, even one that delisted from Nasdaq in February 2025.

• Be recognized as a market leader.
• Operate as a depositor-owned community bank.
• Invest in the financial wellness of families, businesses, and communities.
• Deliver financial products that serve a multi-generational client base.
• Provide long-term returns to shareholders.

The commitment to long-term returns is key, especially considering the modest $52.08 million market capitalization as of November 2025.

Given Company slogan/tagline

While not formally listed as a slogan, the bank's branding and history point to a clear identity that emphasizes stability and local power.

• Your Financial Force.
• Strong Businesses, Strong Communities.

The bank's logo, a pyramid, was chosen for its symbolism of strength, stability, and commitment, which is what the tagline is meant to convey.

1895 Bancorp of Wisconsin, Inc. (BCOW) How It Works

1895 Bancorp of Wisconsin, Inc. operates as a traditional, hyper-local community bank holding company, generating its primary revenue by managing the interest rate spread between its loan portfolio and its customer deposits.

The company's core function is to serve as the parent entity for PyraMax Bank, FSB, which focuses on commercial and retail customers across a limited, high-density service area in southeastern Wisconsin, specifically Milwaukee, Waukesha, and Ozaukee Counties.

1895 Bancorp of Wisconsin, Inc.'s Product/Service Portfolio

1895 Bancorp of Wisconsin, Inc.'s Operational Framework

The company's operational framework is that of a classic thrift institution, relying on deposits to fund its lending activities within a defined geographic footprint. The holding company structure allows for capital efficiency and regulatory compliance, but its value creation is entirely dependent on the performance of PyraMax Bank, FSB.

Here's the quick math: the bank collects lower-cost interest on deposits, then lends that capital out at a higher rate, generating net interest income (NII). Non-interest income, such as fees from loan sales or service charges, is a secondary, though important, revenue stream.

• Core Funding: PyraMax Bank utilizes its network of six full-service banking offices to gather deposits from individuals and small businesses, providing a stable, low-cost funding base compared to wholesale market financing.
• Asset Generation: Capital is primarily deployed into real estate-secured loans, which are generally less risky than unsecured commercial lending, though they are sensitive to local property defintely cycles.
• Regulatory Compliance: As a community bank, it operates under the Community Bank Leverage Ratio (CBLR) framework, a simplified capital measure for institutions with less than $10 billion in total assets, which streamlines regulatory overhead.
• Strategic Transition: As of early 2025, the holding company announced plans to voluntarily delist from Nasdaq and deregister with the SEC, engaging Keefe, Bruyette & Woods to explore strategic alternatives, which could include a sale or merger. This signals a major operational shift toward private ownership or a business combination.

You can review the full strategic vision for the subsidiary here: Mission Statement, Vision, & Core Values of 1895 Bancorp of Wisconsin, Inc. (BCOW).

1895 Bancorp of Wisconsin, Inc.'s Strategic Advantages

In a saturated banking market, 1895 Bancorp of Wisconsin, Inc. maintains its position by leaning into its community bank identity, which translates into specific, measurable advantages.

• Hyper-Local Market Focus: The concentration of all six branches across only three Wisconsin counties (Milwaukee, Waukesha, Ozaukee) allows for deep knowledge of local real estate and business credit risks, which often leads to better underwriting decisions than larger, less localized banks.
• High Insider Alignment: Insider ownership stands at approximately 15.13% as of late 2025, which is a significant percentage for a publicly traded (or soon-to-be delisted) company. This high stake means management's financial interests are strongly aligned with maximizing shareholder value, especially during the current strategic review process.
• Capital Efficiency: The company's relatively small size (Market Cap of approximately $54.23 million as of November 2025) and focus on the CBLR framework allow it to maintain a streamlined, cost-effective operating model compared to larger, more complex regional banks.

Still, the primary advantage is the community trust built since 1895, which keeps local deposits sticky, even when the stock trades at around $10.84 per share.

1895 Bancorp of Wisconsin, Inc. (BCOW) How It Makes Money

1895 Bancorp of Wisconsin, Inc. (BCOW) makes money primarily through the traditional community bank model: borrowing short and lending long. The core of its revenue comes from the interest earned on its loan portfolio and investment securities, which is then offset by the interest paid out on customer deposits and borrowed funds, a metric known as net interest income (NII).

Given Company's Revenue Breakdown

For the first half of 2025 (Year-to-Date Q2 2025), the company's financial engine was overwhelmingly driven by its core lending activities. The total revenue for the operating subsidiary, PyraMax Bank, FSB, reached approximately $14.54 million.

Business Economics

The business economics of 1895 Bancorp of Wisconsin are straightforward but sensitive to interest rate movements and local credit demand. Here's the quick math: the company reported $13.337 million in Total Interest Income and $1.203 million in Total NonInterest Income for the first six months of 2025. That heavy reliance on Net Interest Income (NII) means the spread-the difference between the interest it earns on assets (loans) and the interest it pays on liabilities (deposits)-is the single most important factor for profitability.

• Loan Portfolio Mix: The company focuses on real estate and commercial lending, with $443.97 million in Net Loans & Leases as of Q2 2025. This composition provides a relatively stable, though rate-sensitive, revenue base.
• Deposit Base Cost: The primary cost driver is the interest paid on deposits, which totaled $6.094 million in Interest Expense YTD Q2 2025. The challenge for any community bank right now is keeping deposit costs low while competing for customer funds.
• Non-Interest Income Headwinds: Non-interest income, which includes service charges and fees, is a small but important diversifier, making up only 8.27% of total revenue. This stream has been under pressure, which is a common trend as loan sales decline and fee income faces greater public scrutiny.

You need to watch that NII percentage defintely; it's the heartbeat of the operation.

Given Company's Financial Performance

As of the most recent data available in 2025, 1895 Bancorp of Wisconsin's financial performance highlights a small, community-focused institution navigating a complex rate environment and a major corporate transition. The company's decision in February 2025 to voluntarily delist from Nasdaq and deregister with the SEC to explore strategic options, including a potential sale, is the most significant near-term factor impacting its stock's liquidity and investor sentiment. For a deeper dive into the health of the balance sheet, you should check out Breaking Down 1895 Bancorp of Wisconsin, Inc. (BCOW) Financial Health: Key Insights for Investors.

• Market Capitalization: The company's market capitalization was approximately $59.80 million as of November 2025, placing it firmly in the micro-cap category.
• Profitability (YTD Q2 2025): The company reported a Net Income of $1.174 million for the first six months of 2025, demonstrating a return to profitability after some prior periods of net loss.
• Asset and Deposit Stability: Total Assets stood at $609.53 million, supported by a stable Total Deposits base of $419.52 million as of June 30, 2025. This solid asset base provides the necessary scale for its community banking operations.
• Valuation: The Price-to-Earnings (P/E) ratio was reported as -17.93 in November 2025, reflecting a recent or trailing loss-making position despite the YTD Q2 2025 profit.

What this estimate hides is the potential for a significant one-time gain if the strategic review results in a sale of control at a premium to the current book value.

1895 Bancorp of Wisconsin, Inc. (BCOW) Market Position & Future Outlook

1895 Bancorp of Wisconsin, Inc. (BCOW) is positioned as a small, hyper-local community bank whose future trajectory is currently defined by a formal process to explore strategic alternatives, including a potential sale of control. This strategic move, coupled with a voluntary delisting from Nasdaq in March 2025, signals a pivotal moment for the company, shifting its focus from public market growth to maximizing shareholder value through a potential transaction or operational efficiency on the OTCQX Market.

Competitive Landscape

In its core operating area of Milwaukee, Waukesha, and Ozaukee Counties, 1895 Bancorp of Wisconsin operates in a highly fragmented but top-heavy market. The bank's primary subsidiary, PyraMax Bank, competes directly with massive national and regional players, still maintaining a niche position built on local relationships.

Here's the quick math: the bank's deposit market share of 0.47% in the Milwaukee-Waukesha Metropolitan Statistical Area (MSA) places it 21st among 44 institutions, showing its small scale against the giants.

Opportunities & Challenges

The company's near-term outlook is dominated by the outcome of its strategic review, but its community focus provides a clear operational advantage in the competitive Southeast Wisconsin market. The bank is defintely navigating a difficult environment for smaller institutions.

Industry Position

1895 Bancorp of Wisconsin, Inc., through PyraMax Bank, is a classic example of a small-asset-tier community bank, with total assets around $615.24 million as of its latest call report.

• Maintain a strong local focus: The bank operates six branches across Milwaukee, Waukesha, and Ozaukee Counties, its primary lending market.
• Prioritize commercial lending: Its loan portfolio is heavily weighted toward commercial loans, representing approximately 69.89% of the total loan dollar volume.
• Face a scale issue: Competing with regional and national banks that have deposit market shares over 10% in its core MSA makes significant organic growth difficult.
• Future is transactional: The engagement of Keefe, Bruyette & Woods (KBW) to explore strategic options is the most significant event of 2025, suggesting a shift from independent operation to a potential merger or acquisition to enhance stockholder value.

For a detailed breakdown of the bank's foundational principles, you can review the Mission Statement, Vision, & Core Values of 1895 Bancorp of Wisconsin, Inc. (BCOW).