Meridian Interstate Bancorp, Inc. (NasdaqGS: EBSB), the holding company for East Boston Savings Bank, announced today that Meridian Bancorp, Inc., a newly formed corporation (“New Meridian”) that is the proposed successor holding company for East Boston Savings Bank, is commencing its stock offering in connection with the Company’s previously announced plans to become a fully public company.
New Meridian is offering between 23,375,000 and 31,625,000 shares of common stock for sale at $10.00 per share, subject to increase to up to 36,368,750 shares, which represents the majority ownership interest in the Company currently owned by Meridian Financial Services, Incorporated. At the conclusion of the conversion and offering, each existing share of common stock held by the public stockholders of the Company will be exchanged for between 1.7580 and 2.3785 shares of New Meridian, subject to adjustment to up to 2.7353 shares of New Meridian. This exchange ratio, which will be determined at closing, ensures that the Company’s current public stockholders will maintain approximately the same aggregate percentage ownership interest in New Meridian that they had in the Company, as adjusted to reflect certain assets owned by Meridian Financial Services, Incorporated. After the completion of the conversion and offering, New Meridian will be 100% owned by public stockholders and the Company and Meridian Financial Services, Incorporated will cease to exist. Source: Filing
