Randolph Bancorp in Stoughton, Mass., plans to convert from a mutual thrift to a stock-owned bank.

The $386 million-asset company will hold an initial public offering as part of its conversion, it said Tuesday. It plans to use the proceeds from the offering to finance its deal to acquire the $64 million-asset First Eastern Bankshares in Andover, Mass., and to support future growth through branch openings and increased lending.

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