Randolph Bancorp to conduct IPO

RANDOLPH, Mass. – Randolph Bancorp last month announced it would conduct an initial public offering to raise money for future growth and its acquisition of a Boston-based bank.
The parent company of Randolph Savings Bank, in Randolph, Mass., made the announcement through its Board of Trustees on Jan. 26, which voted unanimously to convert the mutual-holdings company to a stock-holding company, according to a press release. The impetus behind going public is to raise capital to acquire First Eastern Bankshares Corp. and its subsidiaries First Federal Savings Bank of Boston and First Eastern Mortgage, which Randolph Bancorp agreed to acquire last September.
Going public also gives depositors, as of Dec. 31, 2014, a unique opportunity to purchase stock before it’s offered to the general public, as is customary during bank IPOs.
Through the conversion, Randolph Bancorp, with total assets totaling $385.9 million as of June 30, will become Randolph Bancorp Inc. and intends to establish a charitable foundation with 4 percent of the gross proceeds from the cash and stock offering.
The bank, with branches throughout Massachusetts, including North Attleboro, says going public will have no impact on current depositors, borrowers or other customers of Randolph Savings Bank and there are no charges association with the conversion. More details will be sent to eligible depositors following regulatory approval.

No posts to display