Marathon Bancorp begins trading after listing on Nasdaq

Community bank Marathon Bancorp MBBC.O begins trading on Nasdaq under symbol "MBBC" after completion of its mutual-to-stock conversion and related stock offering

Stock opened at $12 on Nasdaq, last trading at $10.14

Mutual-to-stock conversion occurs when financial institutions such as a bank or savings association converts from mutual to stock form

Mutual banks are owned by their depositors unlike traditional banks that are owned by shareholders

Such conversions can be attractive as depositors get the first crack at any stock offering at a discounted price

Prior to its Nasdaq listing, MBBC traded over-the-counter

Wausau, Wisconsin-based MBBC has four branch offices located in Marathon, Waukesha and Ozaukee counties

Bank has ~2.9 million outstanding shares after the sale of ~1.7 million shares in the stock offering

Janney Montgomery Scott acted as marketing agent for MBBC in the stock offering