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.

Also as part of the conversion, Randolph will establish a charitable foundation with a grant of 4% of the IPO's offering in cash and stock.

The conversion requires approval from state and federal regulators and from Randolph's board of corporators. Randolph did not provide a timetable for the conversion.

The company's Randolph Savings Bank, founded in 1851, operates six branches, in Randolph, Stoughton, Holbrook and North Attleboro.

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.