Avidia Bank in Hudson, Mass., is planning to convert from a mutual to a stock holding company.
The $2.7 billion-asset bank said in a regulatory filing that Avidia Bancorp, a newly formed holding company, plans to sell 12.3 million to 16.7 million shares of common stock. The offering could go up to 19.2 million shares if there is enough demand.
Net proceeds could range from $118.3 million to $186 million.
Avidia plans to invest $69.9 million, or roughly half of the net proceeds, into its bank. It will lend $12.3 million to the ESOP and contribute $1 million to its charitable foundation. The company may use some of the net proceeds for investments, to pay cash dividends, to buy back stock, among other things.