The parent company of Quincy-based Colonial Federal Savings Bank has seen three straight quarters with positive income after recording a loss of $828,000 in the first quarter of 2022, when the bank had a partial initial public offering and used some of the proceeds for a donation to its new charitable foundation.
In a quarter that included its partial conversion to a stock bank, Quincy-based Colonial Federal Savings Bank saw a first quarter earnings loss, driven by a donation to its new charitable foundation.
In its first quarterly earnings statement since partially converting to a stock bank, Quincy-based Colonial Federal Savings Bank reported fourth quarter earnings of $234,000, an 8 percent increase over the fourth quarter of 2020.
Quincy-based Colonial Federal Savings Bank has completed its partial conversion to a stock bank, and the company’s stock began trading on the Nasdaq exchange today.
