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Avidia Bancorp, Inc. announced it received final regulatory approvals to close its initial public offering in connection with the mutual-to-stock conversion of Assabet Valley Bancorp, the mutual holding company of Avidia Bank.
The closing is expected to occur at the close of business on July 31, 2025. The company’s common stock is expected to begin trading on the New York Stock Exchange under the ticker symbol NYSE: AVBC on August 1, 2025.
The company expects to sell 19,176,250 shares of common stock at $10.00 per share, representing the adjusted maximum of the offering range. This includes 1,606,100 shares to be sold to Avidia Bank’s Employee Stock Ownership Plan. The subscription offering was oversubscribed in the first-tier by eligible depositors of Avidia Bank as of December 31, 2023.
All valid subscription orders submitted by first-tier eligible depositors and the ESOP will be filled according to priorities and allocation procedures disclosed in the company’s May 13, 2025 prospectus. Other subscribers who submitted valid subscription orders will receive full refunds with interest.
The company intends to contribute 900,000 shares of common stock to the Avidia Bank Charitable Foundation, Inc., which will be established in connection with the conversion. Upon completion of the conversion and stock offering, the company expects to have 20,076,250 shares of common stock issued and outstanding.
Continental Stock Transfer & Trust Company expects 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, acted as marketing agent for the subscription offering.
Avidia Bank is a Massachusetts-chartered stock savings bank headquartered in Hudson (NYSE:HUD), Massachusetts, operating nine full-service banking offices in western Middlesex County and eastern Worcester County.