Beverly Cooperative becomes latest Mass. bank to prepare for IPO
- Matthew L. Brown[1]
- Reporter- Boston Business Journal
- This email address is being protected from spambots. You need JavaScript enabled to view it.[2] | Twitter[3]
With the addition of Beverly Cooperative Bank, the number of Massachusetts community banks clamoring for conversion to public stock ownership has reached five this year.
The bank converted to ownership by a holding company, Beverly Financial MHC, in 2003, and now says its board of directors has approved a plan to go public. The bank has not yet filed paperwork with the U.S. Securities and Exchange Commission.
The bank joins Hyde Park-based Blue Hills Bank, Melrose Cooperative Bank, Cohasset-based Pilgrim Bank and East Boston Savings Bank, all of which have said they’ll begin offering stock to the public this year.
Beverly Bank finished 2013 with about $324 million in total assets and a profit of about $1.5 million, a nearly 22 percent tumble from its bottom line a year before.
The bank has about $26.5 million in capital, a growing loan portfolio and healthy performance ratios. It is getting expensive to run, however. Last year, the bank spent more than 77 cents of every dollar it brought in, up from 72 cents a year prior.
The six-branch bank employs about 60 people. CEO Michael Wheeler[4] has been in the top job for about a year. He was previously senior vice president in charge of the bank’s commercial lending operation.
References
- ^ Matthew L. Brown (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ Michael Wheeler (feeds.bizjournals.com)