Randolph Bancorp in Stoughton, Mass., plans to convert from a mutual thrift to a stock-owned bank.
The $386 million-asset company will hold an initial public offering as part of its conversion, it said Tuesday. It plans to use the proceeds from the offering to finance its deal to acquire the $64 million-asset First Eastern Bankshares in Andover, Mass., and to support future growth through branch openings and increased lending.
Also as part of the conversion, Randolph will establish a charitable foundation with a grant of 4% of the IPO's offering in cash and stock.
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Randolph Savings Bank in Massachusetts has agreed to buy First Eastern Bankshares in Andover, Mass.
September 4 -
Cape Cod Five Cents Savings Bank in Orleans, Mass., has agreed to buy a branch in Falmouth, Mass., from Mutual Bank.
January 25 -
Scituate Federal Savings Bank in Scituate, Mass., and S-Bank in Weymouth, Mass., have merged and changed the name of the surviving institution.
December 7
The conversion requires approval from state and federal regulators and from Randolph's board of corporators. Randolph did not provide a timetable for the conversion.
The company's Randolph Savings Bank, founded in 1851, operates six branches, in Randolph, Stoughton, Holbrook and North Attleboro.
