Citing the need to bolster its commercial real estate portfolio, Everett Bank recently announced its intention to become a publicly traded financial institution. The conversion must be approved by Massachusetts Banks Commissioner Mary Gallagher, the Federal Deposit Insurance Corporation, the Federal Reserve System and the bank’s depositors.
According to the 217-page prospectus that Everett Bank filed on March 10 with the U.S. Securities and Exchange Commission, the bank is planning to enhance its retail operations as well as its commercial real estate business. “We generally have not held any loan or portion of a loan we originated in excess of $8.4 million,” bank officials said in the prospectus. “With the increase in capital resulting from the conversion, we will be able to selectively retain larger loans that we historically would have originated for participation with other local institutions. In this regard, we will be revising our lending policies and loans to one borrower limitations to increase our lending limits and the type and size of loans we choose to portfolio.”
The conversion will also allow the bank to offer stock-based benefit plans to its employees.
In addition, ECB Bancorp, Inc. will be established as the parent company of Everett Bank and will be listed as ECBK on the NASDAQ.
Founded in 1890, Everett Bank now boasts $666 million in assets. In addition to its location in Everett Square, the bank has an office on Route 1 in Lynnfield. According to the prospectus, Everett Bank reported a net income of $4 million in 2021 as well as $571 million in deposits and $517 million in net loans.
Since 2016, Everett Bank has been under the guidance of President & CEO Richard O’Neil Jr., Esq. Prior to becoming President & CEO, O’Neil served as the bank’s outside general counsel. He has also been on the Board of Directors since 1997.
In 2019, John Citrano was hired as the bank’s CFO, executive vice president and COO. Citrano has been in banking for more than three decades, having spent a number of those years with Belmont Savings Bank.
Most recently, Everett Bank announced the hiring of Cary Lynch as senior vice president of retail operations. Prior to joining the bank, Lynch was the director of retail sales at Century Bank.
John Migliozzi also came on board earlier this year as the head of commercial banking and mortgage. In addition to having more than 25 years of experience in the financial industry, Migliozzi was a senior lender at East Boston Savings Bank.