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Massachusetts-based Provident Bancorp completes second-stage conversion

Amesbury, Mass.-based Provident Bancorp MHC completed its conversion from the mutual holding company to the stock holding company form of organization. The related stock offering has also been completed.

Provident Bancorp Inc. is now the holding company of Provident Bank. The company's common stock is expected to trade on the Nasdaq Capital Market under the trading symbol PVBC beginning Oct. 17.

The previous mid-tier holding company of the MHC and the bank, Provident Bancorp Inc (MHC), ceased to exist effective upon the closing of the conversion.

Luse Gorman PC was legal counsel to Provident Bank's new holding company in connection with the conversion and offering. Sandler O'Neill & Partners LP was marketing agent for the company in connection with the offering, and Nutter McClennen & Fish LLP was legal counsel to Sandler O'Neill & Partners.