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The Boston Globe

Business

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.

JAY FITZGERALD

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