Melrose Bancorp in Massachusetts has completed its mutual-to-stock conversion.
The $194.7 million-asset company said in a press release that it raised $27.2 million from selling more than 2.7 million shares of common stock at $10 each.
The company sold roughly 226,300 shares, or 8%, to its employee stock ownership plan, and contributed 106,170 shares and $300,000 in cash to the Melrose Cooperative Bank Foundation.
Melrose Bancorp, incorporated in February to serve as the holding company following its Melrose Cooperative Bank's mutual-to-stock conversion, said it expects to trade on the Nasdaq.
Keefe, Bruyette & Woods served as financial adviser for the conversion.
Melrose offers deposit accounts and invests primarily in one- to four-family residential real estate loans and home equity loans and lines of credit.