Blue Hills Bank, based in Hyde Park, said on Wednesday it had received all the necessary regulatory approvals to start selling stock to the public, with the expectation it would raise more than $277 million.
The small, mutually owned bank expects to close on the stock offering on July 21, according to a press release from the bank.
Blue Hills was one of a flurry of community banks this spring that announced plans to launch public stock offerings, a step that allows a mutual bank to eventually be sold to a larger institution.
Blue Hills has been trying to grow and raise its profile in recent years. The 143-year-old bank bought the naming rights to a concert pavilion on the Boston waterfront last year after the site had long been named after one of the country’s largest lenders, Bank of America. It bought three Nantucket branches in 2013 to expand its footprint beyond the Boston area. And Thomas Menino, the longtime former Boston mayor, joined the board of directors in February.
The bank will begin trading on July 22 under the ticker symbol BHBK, the bank said.
Deirdre FernandesDeirdre Fernandes can be reached at firstname.lastname@example.org. Follow her on Twitter @fernandesglobe.