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Small banks converting to public ownership

So far this year, five community banks in Massachusetts have moved to become publicly held companies. Here’s where each stands in the process:

• After winning depositors and regulatory approvals, Blue Hills Bank began trading publicly in late July, raising $277 million in capital.

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• After selling a minority stake in the bank in 2008, East Boston Savings Bank converted to a 100 percent shareholder-owned bank in July, raising an additional $325 million in its second offering.

Melrose Cooperative Bank has already won necessary depositor and regulatory approvals and is expected hold its IPO soon, potentially raising $23 million to $34 million.

Pilgrim Bank of Cohasset has also won approvals and is expected to go public soon, raising $20 million.

Beverly Bank never got to file for an IPO with the Securities and Exchange Commission due to depositors’ rejection of its conversion plan. The bank had hoped to raise about $47 million.


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