1249691

Board of Governors of the Federal Reserve System

FR Y-6 0MB Number 7100-0297 Approval expires November 30, 2019 Page 1 of 2

Annual Report of Holding Companies-FR Y-6

Report at the close of business as of the end of fiscal year

This Report is required by law: Section 5(c)(1 )(A) of the Bank Holding Company Act (12 U.S.C. § 1844(c)(1)(A)); sections 8(a)

This report form is to be filed by all top-tier bank holding compa­nies, top-tier savings and loan holding companies, and U.S. inter­mediate holding companies organized under U.S. law, and by any foreign banking organization that does not meet the require­ments of and is not treated as a qualifying foreign banking orga­nization under Section 211.23 of Regulation K (12 C.F.R. § 211.23). (See page one of the general instructions for more detail of who must file .) The Federal Reserve may not conduct or spon­sor, and an organization (or a person) is not required to respond to, an information collection unless it displays a currently valid 0MB control number.

and 13(a) of the International Banking Act (12 U.S.C. §§ 3106(a) and 3108(a)); sections 11(a)(1), 25, and 25A of the Federal Reserve Act (12 U.S.C. §§ 248(a)(1), 602, and 611a); and sec­tions 113,165,312,618, and 809 of the Dodd-Frank Act (12 U.S.C. §§ 5361, 5365, 5412, 1850a(c)(1), and 5468(b)(1)). Return to the appropriate Federal Reserve Bank the original and the number of copies specified.

NOTE: The Annual Report of Holding Companies must be signed by one director of the top-tier holding company. This individual should also be a senior official of the top-tier holding company. In the event that the top-tier holding company does not have an individual who is a senior official and is also a director, the chairman of the board must sign the report. If the holding company is an ESOPIESOT formed as a corporation or is an LLC, see the General Instructions for the authorized individual who must sign the report. I, Kyle Witt

Name of the Holding Company Director and Official

Treasurer Title of the Holding Company Director and Official

attest that the Annual Report of Holding Companies (including the supporting attachments) for this report date has been pre­pared in conformance with the instructions issued by the Federal Reserve System and are true and correct to the best of my knowledge and belief.

With respect to information regarding individuals contained in this report, the Reporter certifies that it has the authority to provide this information to the Federal Reserve. The Reporter also certifies that it has the authority, on behalf of each individual, to consent or object to public release of information regarding that individual. The Federal Reserve may assume, in the absence of a request for confidential treatment submitted in accordance with the Board's "Rules Regarding Availability of Information," 12 C.F.R. Part 261, that the Reporter .aad. individual consent to public release of all details in the report concerning that individual.

Signature f Holding Company Director and Official

05/17/2019 Date of Signature

For holding companies l1Q1 registered with the SEC­Indicate status of Annual Report to Shareholders:

0 is included with the FR Y-6 report

D will be sent under separate cover

D is not prepared

For Federal Reserve Bank Use Only

RSSDID

C.I. ---------

Date of Report (top-tier holding company's fiscal year-end):

December 31, 2018 Month/ Day/ Year

N/A Reporte(s Legal Entity Identifier (LEI} (20-Character LEI Code}

Reporter's Name, Street, and Mailing Address

FS Bancshares Inc. Legal Title of Holding Company

P.O. Box 460, 86 E Water Street (Mailing Address of the Holding Company} Street/ P.O. Box

Markesan WI 53946 -------City State Zip Code

Physical Location (if different from mailing address}

Person to whom questions about this report should be directed: Kyle Witt President/CEO Name

920-398-2336 Area Code/ Phone Number/ Extension

920-398-3614 Area Code/ FAX Number

kwitt@ergobank.com E-mail Address

www.ergobank.com

Title

Address (URL} for the Holding Company's web page

O=No Is confidential treatment requested for any portion of this report submission? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . }=YesO In accordance with the General Instructions for this report ( check only one),

1. a letter justifying this request is being provided along with the report ...... ........... ........... ...... .................. D

2. a letter justifying this request has been provided separately D NOTE: Information for which confidential treatment is being requested

must be provided separately and labeled as "confidential."

Public reporting burden for this information collection is estimated to vary from 1.3 to 101 hours per response, with an average of 5.50 hours per response, including time to gather and maintain data in the required form and to review instructions and complete the information collection. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden to: Secretary, Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551, and to the Office of Management and Budget, Paperworl< Reduction Project (7100-0297) , Washington, DC 20503. 03/2018

Report Item

1:

2(a):

I I

I

Fonn FRY-6

FS BancShares, Inc. Markesan, Wisconsin

Fiscal Year Ending December 31, 2018

The bank holding company prepares an annual report for its shareholders, One copy is enclosed.

Organizational Chart

FS BancShares, Inc. LEI-None

86 E. Waler St. Markesan, WI 53946

State lncoroorated in W1Sconsin

100%

Ergo Bank LEI - None

86 E. Water St. Markesan, WI 53946

State incomorated in Wisconsin

100%

FOXMAR lnvesbnents, Inc. LEI-None

3993 Howard Hughes Parkway Las Vegas, Nevada

State incorporated in Nevada

F S BANCSHARES, INC., OWNS 100% OF THE 1500 SHARES OUTSTANDING, OF ERGO BANK MARKESAN, WI

ERGO BANK OWNS 100% OF FOXMAR INVESTMENTS, INC., LAS VEGAS, NV FOXMAR INVESTMENTS IS AN INVESTMENT SUBSIDIARY OF ERGO BANK DOMICILED IN NEVADA

llaulU:Alhtolbnndlularv-hol .... ..,..poor.U IW<ClHAAU.IIIC. (ll4" 111 ol MAAXCSA/1, WI,

T111dau•rau•I 11/11//011, Doi> rallecU lnlOfflllllOo 11iat ... u.atwd 11d p,oau,d u, .. ,.,,h 01/1>1 /JOI')

Brmc!BIJfOn lod YtdJIAJlgn 5rm L 1ft the OataAdloft colllfflft of •act. bn.nch nrw. CM.ff'OMOf maroof tM ldlOn,sPtctt.d ~low

2.11 ,.,.i. onto, lloo •rt■ In lilt UIIClln Dltl colllmn

CNnct: tfthebtlnch ta'°""91Jon lsfnc:om:ct er lnaNllp!t11, rwvtw tMd1u. tnl« ·ct1.a"c'"· In the Dltl AaSan ulumn1nd th•cbra whm thb 1nronna110t1 nni btarnevalld .. thelWtdM Data cotumn.

CoH:llobm,d,I--IGldOfdostd,1!111t'tloi,' lndMDUOAdtooc:alwMondlhoAloordowtoiblolnlhltfft<II .. Dll1colunon.

Dt ltl•: If I blanch lhlN wuniwe, OMNlf b;t'-bdepot.tory lnslttutlon.atcr 'Ork t•• In U.. Data AcUon cDUNL

Add: U1 r"l"POftabl• "nndl b.,...._ hicrt I row1 add Ille bra.ch cfau. ind eftter •AdJ ' tn the Data Ad.Ion column end thoopcaln,or 1Cq1,1lslUon cbte tn tile tffedlwe Datecoluffll\.

IIP1lnllnllhbR ...... rn■'(ottdl•WJw-•-lllup lnMS !Jal. ll'f"""41 lond1<1poor1<nmlon, p,ptc,IIIJ, Uld/orltplllrtd ..... ,.

SabsnlHf Pn PrpqfVtt _.,..,.,.,,,,_, ..... .-_, • ....,Fu- Sfttllodctoltdlultuctlonscntlllllllalot,_..W.rmollOo.

rryou Ill e-mattna ,ttt,coyow nlCGfttKI. put yourl,11tluUon NrN, dty ~nd Sbteln lhe IUbt«t Unaofthlo-JNI.

Nol<:

loAlbfotU,0'11Y-10reportl .. ,....,_"""'-·""'"bmft FR MO DorNsllclltlnch5cll«lulf,10t11chbmdl wllh• DIIIActloftol Ch•• · · · ( ...... ,,, ... ,, ... "'"'

ThoFlMOnportnuybolUlnlltdlll•uolal,r!c,ma1orwllwflY-lOOnYn11ppllallOft•http,://Y10onll .. .rtdtr1Jmerw-.

• FDIC UNIHUM. 0111<1 Hurni,■,, •nd ID_IISSD-. ■rt lot 111 .. .-ooly. Verfrtcotlon ., thllO v,lun IJ 11G1 n:qulltd.

D1t.1Adlon Ok Ok

Slrt1A44Hsi 8'!A5TWAT(ftSTRltl

Jl4 WIST STATt mttIT

.... Not R lllted fltGO-

2{b) : Branch Verification

Included with FR y.5 e•malled to BranchReview@chl.frb.org

FORM FRY-6 FS BnncShares, Inc.

Markesan, WI Fiscal Year Ending December 31, 2018

Report Item 3: Securities Holders (1)(a\/bll c) and (2)(a)(b)( c ) Current securities holders with ownership or holdings of 5% or Securities holders not listed in 3(1)(a) through 3(1)( c) that had ownership, control or more with oower to vote as of f iscal vear endlnq 12·31 ·2018 holdinas of 5% or more with oower to vote durino the fiscal vear endino 12.31.2018

(1)(a) 1(b) 1( c) (2)(a) (2)(b) (2)( c) Name Country Number & % of each Class of Voting Name Country Number & % of each Class of Voting Citv/State Securities Citv/State Securities None

David E. Abendroth 1992 Convertible Trust USA 678 • 6.46% Class A Shares David E. Abendroth, Trustee Markesan, WI USA

Charles & Sherry Slinger USA 900 • 8.57% Class A Shares Slinger Enterprises, LLC Randolph, WI USA

Report Item 4: Insiders (1) , (2) , (3)(a)(b)( c) and (4)(a)(b)( c)

(3)( C) (1)(a) (2) (3)(a) (3)(b) Title & Position (4)(a) (4)(b) (4)( C)

with other Percentage of Principal Occupation if Title & Position Businesses Voting Shares Percentage of Names of other Name other than with Bank with Subsidiaries (Name of in Bank Holding Voting Shares companies with >25%

Citv/State Holdino Comoanv Title & Position with Bank Holdina Comoanv (Name of Subsidiaries} Other Businesses} Comoanv in Subsidiaries votlna shares held Dillle, Joseph N/A Director Director N/A 2.57% N/A N/A Markesan, WI USA of Ergo Bank Director · FOXMAR

Perry, Steve Farmer Director • Vice President Director & Chairman N/A 2.91% N/A N/A Fox Lake, WI USA of Ergo Bank

Reabe, Damon Spray plane Director Director Owner/ Member 0.33% N/A (Dalryland Aviation, Inc.) • 50% Ripon, WI USA Corporation of Ergo Bank (Dalryland Aviation, Inc.) (B&D Aircraft Leasing, LLC) • 50% Director • FOXMAR (B&D Aircraft Leasing, LLC) (B&D Leasing, LLC) • 50%

(B&D Leasing, LLC) (MD Aircraft Leasing, LLC) • 50% (MO Aircraft Leasing, LLC)

Kinas, Lorene Excavating Director Director Vice President/Member 0.05% N/A (Kinas Excavating, Inc) • 50% Markesan, WI USA Corporation of Ergo Bank (Kinas Excavating, Inc) (Kinas Materials, LLC) - 50% {Kinas Materials, LLC)

Smits, Steven Dairy Farmer Director Director Member 0. 19% N/A (Double S Dairy, LLC) • 50% Markesan, WI USA Corporation of Ergo Bank (Double S Dairy, LLC)

Wells , Debra Accountant Director Director CPA, Member 0.14% N/A (O'Connor, Wells, Vander Werff, LLC) • 33% Fox Lake, WI USA of Ergo Bank (O'Connor, Wells, Vander Werff, LLC)

Witt, Kyle N/A Director & President & Treasurer Director & CEO Member 2.20% N/A (K Witt Farms, LLC) • 100% Waupun, W I USA of Ergo Bank (K Witt Farms, LLC) Director • FOXMAR

Note: No shareholders of record holding 1 0 % or more O'Nflership of Class A voting stock. Note: No shares held by any directors and officers In the BHC subsidiaries. Note: No controlll no Interest of 25% or more of outstandlno shares held In other businesses.