ECB Bancorp, a regional co-operative bank in Everett, Massachusetts, raised $89 million by offering 8.9 million shares at $10. The company plans to list on the Nasdaq under the symbol ECBK, and is set to begin trading on Thursday, July 28.
ECB Bancorp had originally filed to sell up to 10.6 million shares at $10 per share, on a min-max, best efforts basis. The company sold the shares in a subscription offering to eligible depositors of the bank, as well as a community offering with preference to residents of Everett and the greater Boston area. Keefe Bruyette Woods acted as marketing agent on the deal.
Because ECB Bancorp did not complete a firm commitment offering, and instead the offering was made via subscription under a min-max, best-efforts basis, it is excluded from Renaissance Capital's 2022 IPO stats.
