Randolph Bancorp announced late last week that its board of trustees had unanimously adopted a plan to convert to a stock holding company.

Upon conversion to the stock holding form, the holding company for the $385.8 million Randolph Savings Bank will conduct an initial public offering. Qualifying depositors as of Dec. 31, 2014, will get first priority to purchase shares in the offering.

The company said in its statement that the funds raised through its IPO would be used in part to raise capital to finance its acquisition of First Eastern Bancshares, an Andover-based mortgage company.

Randolph Bancorp also said it intends to establish a charitable foundation as part of the conversion and fund the charitable foundation with 4 percent of the gross proceeds of the offering in cash and stock.