Meridian Bancorp (EBSB), the newly formed bank holding company for East Boston Savings Bank, could raise at least $233 million and as much as $364 million in its upcoming public offering.
The $2.7 billion-asset Meridian, based in Peabody, Mass., is planning to offer between 23.3 million and 36.4 million shares of its stock at $10 each, according to a form filed with the Securities and Exchange Commission last week.
East Boston depositors will have first dibs on buying the shares. If they do not buy up all the available shares then the offering will be extended to the general public, with special preference given to residents of communities in the bank's market area.
East Boston's current parent company is structured as a mutual holding company. When the offering ends on June 20, the newly named Meridian Bancorp will be 100% publicly owned.
Sterne, Agee & Leach is assisting Meridian in the stock sale.