The Bank Slate


Needham Bank in Mass. converts to stock holding company

NB Bancorp in Needham, Mass., completed its conversion from a mutual holding company to a stock holding company.

The $4.2 billion-asset company said in a press release that it sold nearly 41 million shares of common stock at $10 each, or roughly $410 million. It contributed roughly 1.7 million shares and $2 million cash to the Needham Bank Charitable Foundation.

Needham Bank’s employee stock ownership plan plans to buy up to 3.4 million shares of company common stock in the open market.

Luse Gorman was legal counsel, while Piper Sandler was the marketing agent. Goodwin Procter served as level counsel to Piper Sandler.

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