S-1/A: Tri-County Financial Group Files S-1/A for Major Shareholder Resale, Reports Mixed Q1 Results Amidst Shifting Interest Rate Environment

Sentiment:

Registration Statement Amendment 18 July 2025 5:03 PM

📋All filings for Tri-county Financial Group, INC

Tri-County Financial Group, Inc. has filed an S-1/A registration statement to facilitate the resale of 563,064 common shares by Castle Creek Capital Partners VI, LP, while reporting a slight decrease in Q1 2025 net income despite improved net interest margin and strong capital ratios.

Summary

The filing is an Amendment No. 1 to Form S-1 Registration Statement, primarily for the resale of up to 563,064 shares of voting common stock by Castle Creek Capital Partners VI, LP, representing 23.6% of outstanding shares.
Tri-County Financial Group, Inc. will not receive any proceeds from the sale of these shares by the Selling Shareholder.
As of March 31, 2025, consolidated total assets were approximately $1.54 billion, a slight decrease from $1.55 billion at December 31, 2024.
Net income for the three months ended March 31, 2025, was $2.554 million, a 4.5% decrease compared to $2.675 million in Q1 2024.
Net interest income increased by $1.159 million, or 11.1%, to $11.638 million in Q1 2025 compared to $10.479 million in Q1 2024, driven by higher loan yields and lower funding costs.
Credit loss expense was $501,000 in Q1 2025, a significant unfavorable variance of $1.788 million compared to a $1.287 million recovery in Q1 2024, primarily due to a less optimistic economic forecast.
Noninterest income improved by 19.3% to $3.596 million in Q1 2025, largely due to a 23.4% increase in mortgage banking income.
The mortgage banking subsidiary (FSM) continued to incur net losses, reporting $(494,000) in Q1 2025, though an improvement from $(657,000) in Q1 2024, with headcount reduced from 105 at year-end 2022 to 68 at March 31, 2025.
Total loans decreased by 1.1% to $1.263 billion at March 31, 2025, from $1.276 billion at December 31, 2024, with agricultural loans seeing a 22.4% decrease.
Non-performing loans increased to $5.124 million (0.41% of total loans) at March 31, 2025, from $4.164 million (0.33%) at December 31, 2024, but remain at a manageable level.
The Bank's capital ratios remain strong, with Tier 1 leverage capital ratio at 10.30% and risk-based total capital ratio at 15.00% as of March 31, 2025, exceeding 'well-capitalized' requirements.
The efficiency ratio improved significantly to 74.2% in Q1 2025 from 82.9% in Q1 2024, reflecting better operating efficiency.
The company purchased and retired 5,800 shares for approximately $264,000 in Q1 2025, with the most recent share buyback program substantially completed.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While net income saw a slight dip in Q1 2025 due to a shift in credit loss accounting, the underlying net interest income and efficiency ratio showed strong improvements. Capital levels remain robust, and the company is actively managing its funding costs and loan portfolio. The ongoing losses in the mortgage segment are a drag, but the overall banking operations appear stable and well-managed in a challenging economic climate. The S-1/A filing itself is for a shareholder resale, not a capital raise by the company, which avoids dilution from new issuance.

Positives

Net interest income increased by 11.1% in Q1 2025, driven by higher loan yields and decreased funding costs.
The net interest margin improved to 3.26% in Q1 2025 from 2.88% in Q1 2024.
Noninterest income grew by 19.3% in Q1 2025, primarily due to a 23.4% increase in mortgage banking income.
The efficiency ratio significantly improved to 74.2% in Q1 2025 from 82.9% in Q1 2024, indicating better operating efficiency.
The Bank maintains strong capital ratios, exceeding 'well-capitalized' requirements, with a Tier 1 leverage capital ratio of 10.30% and a risk-based total capital ratio of 15.00% as of March 31, 2025.
Unrealized losses on debt securities recovered in Q1 2025, with net unrealized losses decreasing to $12.644 million (7.9% of amortized cost) from $14.274 million (9.0%) at year-end 2024.
The company successfully reduced its reliance on Federal Home Loan Bank (FHLB) advances, decreasing them by $35 million in Q1 2025 to $32.917 million.
Core deposits have been relatively stable, comprising 86.9% of total deposits at March 31, 2025, and the use of brokered deposits has declined.
The company has significant available borrowing capacity from the FHLB ($513.952 million) and Federal Reserve Discount Window ($76.816 million) as of March 31, 2025.

Negatives

Net income decreased by 4.5% in Q1 2025 compared to Q1 2024, primarily due to an unfavorable variance in credit loss expense.
Credit loss expense was $501,000 in Q1 2025, compared to a $1.287 million recovery in Q1 2024, reflecting a less optimistic economic forecast.
The mortgage banking subsidiary (FSM) continues to incur net losses, reporting $(494,000) in Q1 2025, despite an improvement from the prior year.
Total loans decreased by 1.1% in Q1 2025, with agricultural loans experiencing a notable 22.4% decline.
Non-performing loans increased to 0.41% of total loans at March 31, 2025, from 0.33% at December 31, 2024, and 'Watch' rated loans in the real estate segment increased.
Professional fees increased by 28% in Q1 2025, primarily due to preparations for the SEC registration statement, and are expected to continue increasing due to new SEC registrant status.
The dividend payout ratio increased to 23.38% in Q1 2025 from 18.13% in Q1 2024, due to increased dividends and decreased net income.

Risks

Credit risks are inherent in lending, including nonpayment, uncertain collateral values, and economic changes, which have increased due to elevated interest rates and inflation.
A prolonged period of weakness in the agricultural economy, particularly due to declines in commodity prices (wheat, corn, soybeans), could adversely affect loan demand, delinquencies, and asset values.
Elevated levels of inflation could harm consumer purchasing power, negatively affect business customers, increase non-interest expenses, and negatively impact the value of the securities portfolio.
The allowance for credit losses may be insufficient to absorb future losses, as estimates are subject to changes in economic conditions, interest rates, and collateral values.
A large concentration of real estate loans (87.6% of total loan portfolio at December 31, 2024) exposes the company to significant risks from fluctuations in real estate values and economic events.
Construction and land loans (1.7% of loan portfolio) carry increased risks due to cost estimation uncertainties, market value fluctuations, and reliance on end-purchasers for repayment.
Concentration in one-to-four family residential mortgage loans may result in lower yields and profitability, and FSM's profitability is highly sensitive to interest rates and housing market slowdowns.
Commercial loans, a significant portion of the portfolio, are primarily based on borrower cash flow and collateral that may depreciate or be difficult to appraise, leading to potential material adverse impacts from losses on a small number of loans.
Agricultural loans are highly dependent on successful farm operations, which are affected by external factors like weather, commodity prices, and government regulations, increasing non-payment risk.
Geographic concentration in north-central Illinois and far west Chicago suburbs makes the company vulnerable to adverse economic conditions in those specific areas.
Non-performing assets require significant time to resolve, adversely affect net income by not accruing interest, increase administration costs, and may lead to further losses.
Monetary policies and regulations of the Federal Reserve, including interest rate changes, can significantly affect net interest spread, margin, and the value of the securities portfolio.
Legislative and regulatory reforms in the financial services industry are constantly evolving and could significantly impact business activities, increase compliance costs, and restrict growth.
The company is subject to stringent capital and liquidity requirements (Basel III Rule), and failure to comply could lead to restrictions on dividends, equity repurchases, and operations.
Changes in accounting principles (e.g., CECL) or interpretations can materially impact financial reporting and require difficult judgments and estimates.
Future increases in FDIC insurance premiums due to bank failures could adversely affect results of operations.
Intense competition from various financial institutions, including larger banks and fintech companies, could reduce loan and deposit volumes, narrow spreads, or force relaxation of underwriting standards.
Rapid technological changes and the rise of digital assets and alternative payment systems could lead to disintermediation, loss of fee income, and loss of lower-cost deposits.
Issues with the use of artificial intelligence, including flawed algorithms or ethical concerns, could result in reputational harm, legal liability, or new burdensome regulations.
The unexpected loss of key management personnel or inability to attract and retain qualified employees could adversely affect operations.
Labor shortages, increased turnover, or labor inflation could lead to higher compensation expenses and negatively impact business.
Fraudulent activity, information security breaches, or cybersecurity incidents could result in financial losses, disclosure of sensitive information, litigation, or reputational damage.
Dependence on third-party information technology and telecommunications systems exposes the company to operational disruptions, data breaches, and potential noncompliance.
The risk management framework may not be effective in mitigating all risks, leading to unexpected losses.
Reliance on inaccurate or incomplete information from customers and counterparties could adversely impact financial condition.
Future growth or losses may necessitate raising additional capital, which may not be available on acceptable terms.
An active, liquid trading market for common stock does not currently exist and may not develop, making it difficult for shareholders to sell shares.
Stock price volatility due to operating results fluctuations, market conditions, or industry news could cause the stock price to decline.
Investment in common stock is not an insured deposit and is subject to risk of loss.
The dividend policy may change, as future dividends depend on results, capital requirements, and regulatory considerations.
Future sales of common stock by current stockholders or issuances for compensation/acquisitions could dilute ownership and lower stock price.
As an emerging growth company, the company takes advantage of reduced reporting requirements, which could make common stock less attractive to some investors.
Certain banking laws and provisions in the certificate of incorporation and bylaws may have an anti-takeover effect, making acquisitions difficult even if beneficial to stockholders.

Future Outlook

Management projects FSM's earnings to slightly exceed breakeven in 2025 and then return to normalized levels of operating profits beginning in 2026. The company expects audit, accounting, legal, and other related professional fees to increase due to its new status as an SEC registrant. The Federal Reserve has indicated it is working to avoid abrupt changes in economic or financial conditions, and the FOMC has held its federal funds target rate steady at 4.25% to 4.50% since December 2024. The FDIC projects the DIF reserve ratio to reach the statutory minimum by September 30, 2028. The company continues to review its liquidity risk management policies in light of regulatory requirements and industry developments.

Management Comments

Management believes the allowance for credit losses is appropriate to absorb future losses on any existing loans and off-balance sheet exposures.
Management believes the Bank's liquid assets and unused borrowing capacity are sufficient for operations, including funding loan originations and meeting deposit outflows.
Management believes the overall credit quality of the loan portfolio is satisfactory, despite a decrease in credit quality indicators in Q1 2025.
Management believes that the company successfully controlled non-interest expense in 2024 and 2023 despite inflationary pressures.
Management continues to try and adjust the scale of mortgage operations without significantly reducing capacity to serve markets when supply and demand issues are resolved.
Management believes that the financial institutions holding the company's cash accounts have strong credit ratings and the credit risk related to these deposits is minimal.
Management believes that related party loans and deposits were made in the ordinary course of business on substantially the same terms as comparable transactions with other persons, and did not involve more than normal risk of collectability or present other unfavorable features.
Management believes the Bank met all capital-adequacy requirements as of March 31, 2025, and December 31, 2024 and 2023, and was categorized as well-capitalized.

Industry Context

The banking industry has experienced significantly higher funding costs in recent years due to rising interest rates, which have also diminished mortgage loan originations. The Federal Reserve's aggressive rate increases in 2022 and 2023 affected funding sources faster than the ability to reprice earning assets. Concerns about uninsured deposits have risen due to well-publicized bank failures in 2023. The financial services industry is undergoing rapid technological changes, with fintech companies and digital assets posing increasing competition. Regulatory scrutiny, particularly regarding capital requirements (Basel III Rule) and commercial real estate concentrations, remains high, though there is an anticipated reduction in regulatory burden for community banking organizations under the current U.S. administration.

Comparison to Industry Standards

The Bank's Tier 1 leverage capital ratio of 10.30% and risk-based total capital ratio of 15.00% as of March 31, 2025, significantly exceed the 'well-capitalized' thresholds of 5.0% and 10.0% respectively, indicating a strong capital position relative to regulatory standards.
The efficiency ratio improved to 74.2% in Q1 2025, which, while an improvement, is still relatively high compared to top-performing banks that often target efficiency ratios below 60% or even 50%, suggesting room for further operational optimization.
The net interest margin of 3.26% in Q1 2025 is competitive within the community banking sector, especially given the challenging interest rate environment that has compressed margins for many institutions.
The non-performing loans to total loans ratio of 0.41% at March 31, 2025, indicates a relatively healthy asset quality compared to industry averages, which can fluctuate but generally aim to stay below 1-2% for well-managed banks.
The mortgage banking subsidiary's (FSM) continued net losses since 2021 highlight a struggle common among mortgage originators in a high-interest-rate environment, where refinancing activity has significantly declined, impacting profitability across the industry.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
President and Chief Executive Officer of the Bank	Timothy J. McConville	Kirk L. Ross	January 2024	Timothy J. McConville voluntarily retired from this role to serve as President and Chief Executive Officer of the Company on a part-time basis.
President and Chief Executive Officer of the Company	NA	Timothy J. McConville	2024	Transitioned from his role as President and Chief Executive Officer of the Bank.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Composition	The board of directors is classified with directors elected to serve three-year terms. Spencer T. Cohn serves on the board as a representative of Castle Creek Capital Partners VI, LP, a right maintained as long as Castle Creek holds at least 4.9% of outstanding common stock.	NA	Ensures representation for a significant shareholder, potentially aligning board decisions with major investor interests, but also introduces a specific shareholder-designated director.
Committee Structure	The standing committees are an Audit Committee and an Executive Committee. The Executive Committee also serves as the Nominating and Governance Committee and the Compensation Committee.	NA	Consolidates responsibilities, potentially streamlining decision-making, but could also concentrate power within a smaller group of directors.
Director Independence Standards	As shares are not listed on a national securities exchange, the company is not subject to many independence requirements of other public companies. The OTCQX does not impose the same requirements. All current directors, except Messrs. McConville and Ross, are determined to be independent of management as defined under FDICIA and OTCQX rules.	NA	Allows for a board composition that may not meet stricter independence standards of major exchanges, which could be perceived as less robust governance by some investors, but is compliant with current listing requirements.
Anti-Takeover Provisions	The certificate of incorporation includes a provision requiring a 75% affirmative vote of voting stock to approve a merger, sale, or transfer of control if more than 25% of the board recommends against it. Federal banking laws also limit acquisitions of 10% or more of voting stock without prior regulatory approval.	NA	These provisions could delay, defer, or discourage unsolicited acquisition attempts, potentially protecting long-term strategy but also limiting shareholder ability to realize a control premium.
Forum Selection Clause	The certificate of incorporation designates the Delaware Court of Chancery as the sole and exclusive forum for certain corporate actions, and federal district courts for Securities Act claims. Stockholders are deemed to have consented to this provision.	May 13, 2014 (stockholder approval)	Aims to centralize litigation in a specific jurisdiction, potentially reducing legal costs and inconsistencies, but may discourage lawsuits against the company and its directors/officers.
Director and Officer Indemnification	The certificate of incorporation and bylaws provide for indemnification of directors and officers to the fullest extent authorized by DGCL, with limitations for certain breaches of fiduciary duty. The company carries D&O insurance.	NA	Helps attract and retain qualified directors and executives by limiting personal liability, but may reduce the likelihood of successful derivative litigation against them.

Legal Proceedings

The company is named or threatened to be named as a defendant in various lawsuits in the normal course of business. Management, after consulting legal counsel, does not expect the ultimate disposition of these matters to have a material adverse effect on the business, financial condition, results of operations, cash flows, or growth prospects.
The company is subject to heightened legal and regulatory compliance and litigation risk due to the extensive legal and regulatory landscape applicable to its business, including consumer protection, fair lending, anti-money laundering, and anti-terrorism laws.

Related Party Transactions

Loans outstanding to certain directors, executive officers, and principal shareholders, and their related interests, totaled approximately $7.494 million at December 31, 2024, and $5.816 million at March 31, 2025.
Deposit accounts with related parties totaled approximately $6.272 million at December 31, 2024, and $4.454 million at March 31, 2025.
Management believes such loans and deposits were made in the ordinary course of business on substantially the same terms (including interest rates and collateral) as those prevailing for comparable transactions with other persons, and did not involve more than normal risk of collectability or present other unfavorable features.

Stakeholder Impact

**Shareholders:** The S-1/A filing facilitates the resale of a significant block of shares by a major shareholder (Castle Creek Capital), which could increase liquidity for those shares but also potentially create downward pressure on the stock price due to increased supply. The company will not receive proceeds from this sale. Existing shareholders' ownership will be diluted by future equity issuances under compensation plans or for acquisitions.
**Employees:** The company has reduced its consolidated full-time equivalent employees from 318 at year-end 2023 to 288 at year-end 2024, primarily through attrition and layoffs at the mortgage subsidiary (FSM). This indicates a focus on cost control but could impact employee morale or workload. The company emphasizes attracting and retaining qualified employees and offers a comprehensive benefits program.
**Customers:** The company continues to provide comprehensive banking, mortgage, and insurance services. The shift in deposit mix towards higher-yielding time deposits reflects customer preferences in a rising interest rate environment. The company's focus on community banking and diversified loan offerings aims to meet customer needs in north-central Illinois.
**Suppliers/Vendors:** The company relies on third-party information technology and telecommunications systems, and professional services (legal, accounting). Increased professional fees are expected due to SEC registrant status, benefiting these service providers.
**Creditors:** The company's strong capital ratios and sufficient liquidity, including available borrowing capacity from FHLB and Federal Reserve, indicate a healthy financial position to meet its obligations to creditors. The reduction in FHLB advances also suggests a less leveraged funding structure.

Next Steps

The company must file a registration statement with the SEC by June 16, 2025, so that Castle Creek may resell its shares of common stock (already filed as of July 18, 2025).
The company will continue to monitor and adjust its risk management framework, particularly regarding interest rate risk and credit quality.
Management will continue efforts to adjust the scale of mortgage operations (FSM) to improve profitability.
The company expects increased audit, accounting, legal, and other professional fees due to its new status as an SEC registrant.
The Federal Reserve and other banking agencies may issue new versions of proposed rules regarding capital requirements (Basel III Endgame Proposal) and CRA regulations, which the company will need to monitor for compliance.

Key Dates

Date	Description
1940	First State Bank was founded.
1978	Timothy J. McConville began his banking career.
1983	Julie Setchell became involved in agriculture through family farm management.
1986	Tri-County Financial Group, Inc. was incorporated in Delaware.
1989	Kirk L. Ross began his banking career.
1990	Castle Creek Capital firm inception.
1991	Timothy J. McConville became a Director of the Company.
1994	Timothy J. McConville became President of First State Bank; Kirk L. Ross joined First State Bank; Goodwin W. Toraason joined First State Bank as Executive Vice President and Board member.
1995	Goodwin W. Toraason became a Director of the Company.
1998	Thomas K. Prescott served as a member of the Chrysler Jeep Dealer Advertising Board and on the Board of the Mendota Chamber of Commerce.
2000	First State Insurance (FSI) was established.
2004	Kenneth D. Otterbach became a Director of the Company; Lana Eddy began her career in public accounting.
2005	Thomas K. Prescott and Julie Setchell became Directors of the Company; Kathleen Stevenson became licensed to practice law in Illinois.
2006	Matthew P. Faber began operating alongside his father in farming.
2007	First State Mortgage (FSM) operations began; Rene Shaffer joined FSM as an Account Executive.
2011	FSM became a wholly-owned subsidiary of the Bank.
2012	Jumpstart Our Business Startups Act (JOBS Act) enacted.
May 13, 2014	Stockholders approved the sole and exclusive forum provision in the certificate of incorporation.
2014	Spencer T. Cohn joined Castle Creek Capital.
December 18, 2015	Federal banking agencies issued statements reinforcing prudent risk-management practices related to CRE lending.
October 14, 2016	Date of Indenture between Tri-County Financial Group, Inc. and Hickory Point Bank and Trust.
December 1, 2016	Grant date for certain stock options for Tim McConville and Kirk Ross.
October 6, 2017	Company sold 95,564 shares of voting common stock and 46,750 shares of nonvoting series B preferred stock to Castle Creek; Stock Purchase Agreement and Registration Rights Agreement entered into with Castle Creek.
December 2017	Employment agreement with Timothy J. McConville was entered into.
2018	Matthew P. Faber became a Director of the Company; Matthew P. Faber took over farm management.
December 1, 2018	Grant date for certain stock options for Tim McConville and Kirk Ross.
2019	Kathleen Stevenson became a Director of the Company; Thomas K. Prescott became a Dealer Council Member of the Stellantis Midwest Business Center.
2020	John Holland III became a Director of the Company.
December 1, 2020	Grant date for certain stock options for Tim McConville and Kirk Ross.
October 2021	Company redeemed $16 million of subordinated debt and issued $10 million of new subordinated debt.
October 12, 2021	Date of Indenture between Tri-County Financial Group, Inc. and Hickory Point Bank and Trust.
March 2022	Federal Reserve began aggressively raising interest rates.
July 2022	Goodwin W. Toraason retired from First State Bank.
August 2022	Spencer T. Cohn became a director of Lincoln Bancorp and subsidiary Lincoln Savings Bank.
December 1, 2022	Grant date for certain stock options for Tim McConville and Kirk Ross.
January 1, 2023	Company adopted accounting standard update (ASU) 2016-13, Financial Instruments Credit Losses (Topic 326), commonly referred to as CECL.
January 27, 2023	Spencer T. Cohn became a director of Bancorp 34, Inc. and subsidiary Southwest Heritage Bank.
July 2023	Biden Administration federal banking agencies proposed wide-ranging and significant changes to the Basel III Rule (Basel III Endgame Proposal); FOMC held federal funds target rate steady at 5.25% to 5.50%.
October 2023	Federal banking agencies issued a final rule representing a significant overhaul of the 1995 CRA Rule; Tri-County Financial Group entered into an operating line of credit with Bankers Bank.
December 18, 2023	FDIC issued a statement to reemphasize the importance of strong capital, appropriate credit loss allowance levels, and robust credit risk-management practices for institutions with CRE concentrations.
January 10, 2024	Timothy J. McConville voluntarily retired as the Bank's President and Chief Executive Officer.
February 7, 2024	Employment agreement with Kirk L. Ross was entered into.
February 13, 2024	Doug Fitzgerald retired from the Board of Directors.
May 2024	A subset of required agencies released a proposed rule regarding incentive-based compensation arrangements at certain financial institutions.
June 24, 2024	Castle Creek converted its holdings of nonvoting series B preferred stock into common stock.
July 2024	FDIC released a request for information on deposits.
September 2024	FOMC began lowering interest rates, decreasing the federal funds rate target range by 100 basis points to 4.25% to 4.50% by year-end 2024.
October 29, 2024	Bankers Bank line of credit matured and was renewed.
December 2024	FOMC lowered rates at its December meeting.
January 1, 2025	Company adopted ASU 2023-07, Segment Reporting (Topic 280).
March 3, 2025	Date of the independent registered public accounting firm's report on consolidated financial statements.
March 2025	FDIC withdrew support for proposed incentive compensation rule; federal banking agencies announced intention to rescind 2023 CRA Rule and continue using 1995 CRA Rule.
May 31, 2025	Number of common shares outstanding was 2,388,443.
June 16, 2025	Deadline for the Company to file a registration statement with the SEC for Castle Creek to resell its shares, as per the Rights Agreement.
July 17, 2025	Last reported sale price of common stock on OTCQX was $44.25 per share; Date of Consent of Forvis Mazars LLP.
July 18, 2025	Date of the prospectus and the S-1/A filing; Date of Opinion of Barack Ferrazzano Kirschbaum & Nagelberg LLP.
October 15, 2026	Fixed interest rate on subordinated debt resets quarterly to SOFR plus 266 basis points; Company may redeem subordinated debentures.
October 29, 2026	Maturity date of the Bankers Bank operating line of credit.
September 30, 2028	Deadline for the FDIC's reserve ratio to reach the statutory minimum of 1.35%.
October 15, 2031	Maturity date of the subordinated debentures.

Recommendation

hold

The filing indicates a stable, well-capitalized community bank with improving net interest margin and efficiency, which are positive operational signs. However, the slight dip in Q1 net income due to credit loss expense, continued losses in the mortgage segment, and the significant share resale by a major investor (Castle Creek Capital) introduce elements of uncertainty and potential downward pressure on the stock. The resale itself means no new capital for the company, limiting immediate growth opportunities from this specific event. Given the mixed financial performance, the inherent risks in the banking sector, and the potential supply overhang from the resale, a 'hold' recommendation is appropriate. Investors should monitor the impact of the share resale on liquidity and price, as well as the profitability trajectory of the mortgage segment and overall credit quality trends.

Keywords

Banking, Financial Services, Community Bank, Commercial Lending, Real Estate Loans, Agricultural Loans, Deposits, Net Interest Income, Credit Quality, Mortgage Banking, SEC Filing, S-1/A, Shareholder Resale, Capital Ratios, Risk Management, Illinois, OTC Markets

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