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Dedham Institution for Savings looking to reorganize to MHC structure

Dedham, Mass.-based Dedham Institution for Savings plans to reorganize into a mutual holding company structure, the Boston Business Journal reported.

The plan includes the formation of a mutual holding company, 1831 Bancorp MHC, and a mid-tier holding company, 1831 Bancorp Inc.

The publication also quoted Dedham Institution for Savings CEO Peter Brown as saying that if the right opportunity comes, the bank is keen on striking a merger agreement. Dedham Institution for Savings currently has no pending deal.

Brown also said that the bank intends to remain a mutual and has no plans to go public.