Blue Hills in Massachusetts Hit Overallotment for Conversion

Blue Hills Bancorp in Norwood, Mass., has received significant demand for its planned stock sale.

Blue Hills, the proposed holding company that would emerge from the conversion of the $1.3 billion-asset Hyde Park Bancorp to a stock-owned company, said in a press release Friday that preliminary results indicate the volume of orders it has received exceeds its adjusted maximum offering of roughly 27.7 million shares of common stock.

As a result, Blue Hills, which is aiming to raise up to $285 million, said it will stop accepting new orders. "The number of shares to be sold in connection with the conversion and stock offering will be based on a final appraisal and receipt of final regulatory approvals," the release said.

Separately, Blue Hills said Hyde Park had redeemed the $18.7 million of preferred stock it issued the Treasury Department as part of the Small Business Lending Fund.

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