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The Boston Globe

Business

Steven Syre | Boston Capital

Insiders big winners when mutual banks go public

One of the more clever ways to get rich is to sell something you don’t own.

This is a well-established fact in the community banking world, of all places. It is the key concept that drives the conversion of many smaller mutual banks into public stock ownership, a process that commonly leads to the sale of that institution a few years later.

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