Provident Bancorp Inc., a newly formed Maryland corporation that is the proposed successor holding company for Provident Bank (MHC), is beginning the community offering related to previously announced plans of Provident Bancorp Inc. (MHC) to become a fully public company.
The community offering, which follows a recently concluded subscription offering, is expected to expire at 5 p.m. ET on Sept. 20 but may be closed at an earlier date or time depending on receipt of orders.
Valid orders already received in the subscription will be given priority over the community orders. In the community offering, preference to purchase shares of New Provident Bancorp common stock will first be given to natural persons residing in the Massachusetts cities and towns of Amesbury, Newburyport and Salisbury, and the New Hampshire cities and towns of Bedford, Exeter, Greenland, Hampton, Hampton Falls, Manchester, Newcastle, Newington, North Hampton, Portsmouth, Rye, Seabrook and Stratham. Preference will be given second to other members of the general public.
Sandler O'Neill & Partners LP is assisting New Provident Bancorp in selling its common stock in the community offering on a best-efforts basis.
The completion of the conversion and offering is subject to selling a minimum of 9,775,000 shares in the offering, the receipt of all regulatory approvals and the approval of Provident Bancorp's shareholders.
