First Connecticut Bancorp Inc.'s stock rose 10% Thursday in its first day trading on the Nasdaq after converting to a stock company from mutual ownership.
The parent of the $1.5 billion-asset Farmington Bank completed its initial public offering Wednesday, raising $171.9 million in an oversubscribed offering of 17.2 million shares at $10 each. Shares were sold to eligible account holders as of Dec. 31.
First Connecticut began trading on the Nasdaq the next day under the stock symbol "FBNK." The company's common stock closed at $11.08 a share.
First Connecticut also said in a press release that it would contribute 687,700 shares to the Farmington Bank Community Foundation Inc., or 4% of the common stock sold in the IPO. Farmington Bank's Employee Stock Ownership Plan would buy another 1.4 million shares of common stock.