
Needham Bank Raises Half a Million More Than Expected from IPO
Needham Bank raised half a million dollars more in funds than it had intended to raise during its Dec. 28 initial public offering due to healthy demand.
Needham Bank raised half a million dollars more in funds than it had intended to raise during its Dec. 28 initial public offering due to healthy demand.
Needham Bank has secured all required approvals for its initial public offering and its conversion from a mutual bank to a stock bank. The bank’s shares will start trading on the Nasdaq Capital Market on Dec. 28 under the symbol NBBK.
Massachusetts now has another stock bank after Everett Bank converted from a mutual cooperative bank yesterday, raising $89.2 million in its initial public offering.
With preliminary results showing that Everett Bank has not sold enough shares to complete its initial public offering, the bank has extended the deadline for purchasing shares and adjusted the maximum purchase limits for some prospective shareholders.