Georgetown Bancorp (GTWN) in Massachusetts has raised $11 million and completed its conversion to a stock-owned firm from a mutual holding company.
The $206 million-asset Georgetown said it sold 1.1 million shares of common stock at $10 per share. It now has roughly 1.9 million outstanding shares.
Existing shareholders get 0.72 shares of new stock for each share they had previously owned. These shareholders now hold about the same percentage of stock in the new company as they did in the old one, Georgetown said in a release Wednesday.
Georgetown announced its plans to convert to a stock-owned company in November.