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.