Randolph Bancorp closed today on both its mutual-to-stock conversion and its acquisition of First Eastern Bankshares Corp.

The proposed holding company for Randolph Savings Bank announced earlier this week that it had received all the necessary regulatory approvals for both transactions.

Randolph Bancorp is picking up First Eastern’s wholly owned subsidiary, First Federal Savings Bank of Boston, which operates a mortgage banking division, First Eastern Mortgage. First Eastern has eight mortgage loan production offices in Eastern Massachusetts and a loan operations center in Andover that services $700 million in mortgage loans. First Federal Savings Bank has a retail banking office in downtown Boston.

The company also announced its intent to sell 5.6 million shares of common stock, representing the adjusted maximum of the offering range, at $10 per share. Randolph Bancorp said that it would contribute 181,976 shares of common stock and $454,940 in cash to the charitable foundation it set up in connection with the conversion and offering.

The offering was oversubscribed in the first category of the subscription offering by eligible depositors, the company said.

Randolph Bancorp Closes On Conversion, Acquisition

by Banker & Tradesman time to read: 1 min