Beverly Financial’s board of trustees recently announced it adopted a plan of conversion, whereby the company will convert from a mutual holding company to a stock holding company. Beverly Bank is now the fifth Massachusetts mutual bank this year to announce its plans to go public.

In a statement, President and CEO Michael Wheeler said, "The conversion is intended to provide an additional source of capital not now available in order to allow the bank and the [mutual holding company] to better serve the needs of the local community by remaining competitive in what has always been a highly competitive market. The capital we expect to raise will afford us the opportunity to continue to grow our franchise while maintaining our commitment to the communities we serve."

The $324 million bank’s plan of conversion would establish Dec. 31, 2012, as the eligibility record date for determining which depositors will receive first priority subscription rights to purchase common stock.

In a statement, Wheeler said he anticipated Beverly Financial would begin its stock offering around this year’s third quarter. The company has not yet filed registration documents with the Securities and Exchange Commission.

Earlier this month, Blue Hills Bank, Melrose Co-operative Bank and Pilgrim Bank in Cohasset all announced plans to go public. Meridian Interstate Bancorp, the holding company for East Boston Savings Bank, filed documents outlining the second step of its own conversion plans.

Beverly Bank was founded in 1888 and has four locations, three in Beverly and one in Salem.

Email: lalix@thewarrengroup.com