October 19, 2023

On October 17, 2023, Peru Federal Savings Bank, Peru, Illinois, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, PFS Bancorp, Inc., the newly formed holding company for Peru Federal, completed its initial public offering by selling 1,725,000 shares of its common stock at $10.00 per share. PFS Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “PFSB.”

Luse Gorman served as legal counsel to PFS Bancorp and Peru Federal in the transaction. The Luse Gorman team included Kip Weissman, Victor Cangelosi and Max Seltzer.

PFS Bancorp has $185 million in assets and operates from its offices in Peru, Illinois.

Since 2000, Luse Gorman has been the leading law firm in the United States in mutual holding company transactions and mutual-to-stock conversions, based on number of transactions. Click here to learn more about our capital markets and corporate finance services.