Actionable Opportunities in Special Situations: Spinoffs, Bankruptcy, Restructurings

Thrift Conversion

Beverly Bank board decides to pursue thrift conversion

The Board of Trustees of Beverly Financial, MHC, the holding company for Beverly Bank, has voted unanimously in favor of a plan of conversion whereby Beverly Financial, MHC will convert from the mutual to the stock form of organization. “We believe that transitioning to the stock form of ownership and raising additional capital will best support Beverly Bank’s future growth.” Source: Filing

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