Avidia Bancorp Announces Expected Closing Date of Initial Public Offering

Avidia Bancorp, Inc. announces expected closing date of initial public offering on July 31, 2025. The company will sell 19,176,250 shares of common stock at $10.00 per share, including 1,606,100 shares to the Employee Stock Ownership Plan. The Avidia Bank Charitable Foundation will receive 900,000 shares. Listing on the New York Stock Exchange is expected to begin on August 1, 2025.

Avidia Bancorp, Inc., the proposed stock holding company of Avidia Bank, has announced that all final regulatory approvals have been received to close its initial public offering (IPO). The IPO will occur on July 31, 2025, with the company's common stock expected to begin trading on the New York Stock Exchange (NYSE) under the ticker symbol "AVBC" on August 1, 2025 [1].

The company's subscription offering, which was oversubscribed in the first-tier by eligible depositors of Avidia Bank as of December 31, 2023, is expected to sell 19,176,250 shares of common stock at $10.00 per share. Of these, 1,606,100 shares will be sold to Avidia Bank's Employee Stock Ownership Plan (ESOP). The remaining shares will be allocated according to the priorities and allocation procedures disclosed in the company's Prospectus dated May 13, 2025 [1].

In addition to the shares sold in the subscription offering, Avidia Bancorp, Inc. intends to contribute 900,000 shares of common stock to the Avidia Bank Charitable Foundation, Inc., which will be established and funded 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 [1].

Continental Stock Transfer & Trust Company, the company's transfer agent, expects to mail Direct Registration System (DRS) Book-Entry statements for the shares purchased in the subscription offering, as well as refund and interest checks, on or about July 31, 2025. Eligible subscribers can contact the Stock Information Center at (877) 821-5783 (toll-free) to confirm their subscriptions and allocations. Online confirmation will also be available beginning on or about July 25, 2025, at https://allocations.kbw.com [1].

The shares of common stock of Avidia Bancorp, Inc. are not deposit accounts or savings accounts and are not insured by the Federal Deposit Insurance Corporation, the Depositors Insurance Fund, or any other government agency. This press release contains certain forward-looking statements about the conversion transaction and the subscription offering, which are subject to risks and uncertainties [1].

References:
[1] https://www.stocktitan.net/news/AVBC/avidia-bancorp-inc-announces-expected-closing-date-of-initial-public-4i4c23la6df7.html