Banker & Tradesman photo / File

Everett Bank plans to open a new branch in Woburn, the bank’s third location.

The Woburn branch will be located at 331 Montvale Ave. The bank said in a statement yesterday that it expects the new office to open in September.

This is the bank’s first branch expansion since converting to a stock bank in July, raising $89 million in its initial public offering. The bank’s assets increased by nearly 60 percent year-over-year as of the end of 2022 to $1.06 billion.

“We are excited to expand our existing franchise as we continue to grow and implement our business plan following our mutual to stock conversion and initial public offering which were consummated in July 2022,” President and CEO Richard O’Neil said in the statement. “Customers will be able to conduct all of their banking business, from opening new accounts to applying for loans, at our new location.”

In addition to its main office at 419 Broadway in Everett, the bank also has a branch in Lynnfield.

East Boston Savings Bank had opened a branch on the ground floor of the 6-story office building at 331 Montvale Ave. in 2020. That branch closed in 2021 after East Boston Savings Bank was acquired by Rockland Trust. Citizens Bank previously had a branch there as well.