NSTS Bancorp, Inc.

NSTS Bancorp, Inc. announced the divestment of its mortgage lending division, Oak Leaf Community Mortgage (OLCM), effective June 1, 2026. This action was a condition of the previously disclosed merger agreement with Brookfield Bancshares, Inc., where NSTS Bancorp will merge into Brookfield. OLCM's assets were transferred to an unaffiliated national mortgage lender, which also hired most of OLCM's employees. The company anticipates no material financial impact from this divestiture.

NSTS Bancorp, Inc. has entered into a definitive merger agreement with Brookfield Bancshares, Inc., where Brookfield will acquire NSTS in an all-cash transaction valued at approximately $73.7 million. Under the terms, NSTS stockholders will receive approximately $14.28 per share. Following the merger, North Shore Trust and Savings will operate as a wholly-owned subsidiary of Brookfield, and NSTS's shares will no longer trade on the Nasdaq Capital Market. The transaction is expected to close in Q4 2026, subject to regulatory and stockholder approvals.

Brookfield Bancshares, Inc. announced a definitive merger agreement to acquire NSTS Bancorp, Inc. and its subsidiary, North Shore Trust and Savings, in an all-cash transaction valued at approximately $73.7 million. NSTS stockholders will receive $14.28 per share. The acquisition is expected to close in the fourth quarter of 2026, pending regulatory and stockholder approvals. Post-merger, North Shore will continue to operate under its existing name as a Brookfield subsidiary, and the combined banking subsidiaries will manage over $600 million in assets across four branches.

NSTS Bancorp, Inc. announced the passing of Nathan E. Walker, Chief Executive Officer and President of North Shore Trust and Savings and Executive Vice President of the Company. Mr. Walker, who began his career in 1996, had served in his leadership roles since 2022. The Company's Board of Directors has appointed Stephen G. Lear, current President and Chief Executive Officer of NSTS Bancorp, Inc., as the new Chief Executive Officer and President of the Bank. Mr. Lear brings extensive experience, having previously served as CEO of the Bank from 1997 to 2022 and as Chairman of the Board for both the Company and the Bank since 2012, ensuring leadership continuity for the institution, which reported $266.6 million in assets as of December 31, 2025.