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Avidia Bancorp, Inc. (AVBC) completed its initial public offering in connection with the mutual-to-stock conversion of Assabet Valley Bancorp, the former mutual holding company of Avidia Bank, according to a company statement.
The Hudson (NYSE:HUD), Massachusetts-based company sold 19,176,250 shares of common stock at $10.00 per share, generating gross proceeds of approximately $191.8 million before expenses. The offering included 1,606,100 shares sold to Avidia Bank’s Employee Stock Ownership Plan.
Avidia Bancorp contributed an additional 900,000 shares to the Avidia Bank Charitable Foundation, Inc., established in connection with the conversion. The company now has 20,076,250 shares of common stock outstanding.
Trading on the New York Stock Exchange under the ticker symbol "AVBC" is expected to begin August 1, 2025.
The subscription offering was oversubscribed by eligible depositors of Avidia Bank as of December 31, 2023. All valid subscription orders from first-tier eligible depositors and the ESOP were filled according to procedures outlined in the company’s May 13, 2025 prospectus. Other subscribers will receive full refunds with interest.
Continental Stock Transfer & Trust Company plans to mail Direct Registration System statements for purchased shares and refund checks on or about July 31, 2025.
Keefe, Bruyette & Woods, Inc., a Stifel Company, served as marketing agent for the subscription offering. Luse Gorman, PC provided legal counsel to the company and Avidia Bank.
Avidia Bank operates as a Massachusetts-chartered stock savings bank with headquarters in Hudson and nine full-service banking offices in western Middlesex County and eastern Worcester County.