A Big Moment For A Rapidly Growing Institution
By Josh Resnek
With approximately $700 million in assets, thousands of happy depositors, mortgage customers and small business relationships, commensurate with commercial and real estate growth in the city, the Everett Cooperative Bank, Everett Bank, is going public.
If depositors approve the plan at a special meeting on May 5, millions of dollars of additional capital will be raised with the sale of stock that will be traded and a new company will be formed. The capital raised will enable Everett Bank to continue to grow in increasingly competitive marketplace.
Initially, ECB Bancorp, Inc. will sell shares to eligible depositors of the bank as of December 31, 2020. ECB Bancorp will also be establishing and funding a charitable foundation to be named, Everett Co-operative Bank Charitable Foundation, Inc.
In both instances, the bank is positioning itself to continue to have an important place in the future economic development of the city as well as to provide a rock solid depository for those who use the bank as well as for those who will own its stock.
Bank President Richard O’Neil will be given a 3 year contract to remain at the helm.Continue reading “Everett Bank Going Public; Depositors Asked to Vote For Plan on May 5”