After East Boston Savings Bank’s (EBSB) parent company Meridian Interstate Bancorp, Inc. has formed a new corporation to go fully public, the newly formed corporation and announced it has completed the “second step” conversion of Meridian Financial Services, Incorporated (MFS). As a result of the closing of the conversion and offering, Meridian Financial Services Company is now the holding company for EBSB.
MFS offered between 23,375,000 and 31,625,000 shares of common stock for sale at $10.00 per share, subject to increase to up to 36,368,750 shares, which represents the majority ownership interest in EBSB owned by Meridian Financial Services, Incorporated.
As of this week, Meridian Interstate Bancorp, Inc., has ceased to exist and the company’s common stock began trading on the Nasdaq Global Select Market under the trading symbol “EBSB” Tuesday.
At the conclusion of the conversion and offering each existing share of common stock held by the public stockholders of Meridian will be exchanged for between 1.7580 and 2.3785 shares, subject to adjustment to up to 2.7353 shares of the new corporation’s stock.
EBSB will now be 100 percent owned by public stockholders.