Meetinghouse Bancorp in Dorchester, Mass., raised roughly $6.6 million from its initial public offering.
The $74 million-asset company sold 661,250 shares of common stock at a price of $10 per share as it converted from a mutual holding company to a fully stock-owned one, it said Monday.
Meetinghouse Bank's employee stock ownership plan was eligible to purchase up to 46,287 shares but was able to buy only 27,700 shares due to demand from eligible account holders. The employee stock plan intends to acquire up to an additional 18,587 shares in the open market.
The subscription offering was managed by Keefe, Bruyette & Woods. Kilpatrick Townsend & Stockton acted as special legal counsel to both the company and the bank.
The company also announced Monday that it earned $273,000, down almost 7% from a year earlier, for its fiscal year, which ended Sept. 30. Net interest and dividend income fell 5%, to $2 million, year over year while noninterest income rose almost 34%, to $1.2 million.