Grove Bank declared its independence Wednesday, and the tiny Massachusetts thrift paid a price: nearly one-quarter of its market value disappeared in a heavy selloff.

Grove announced it had decided against selling, and would instead continue as a community bank. sending its stock plummeting $7.75 a share, to close at $22.75.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.