ECB Bancorp stock rallies 40% in market debut following bank's conversion from mutual company

Jul. 28, 2022 2:07 PM ETECB Bancorp, Inc. (ECBK)By: Val Kennedy, SA News Editor2 Comments

Large yellow signboard on metal frame with the word IPO


ECB Bancorp (ECBK) stock rallied over 40% during its market debut on Thursday following the bank’s conversion from a mutual company and an $89M stock offering.

Shares of ECB Bancorp, the holding company for Everett Co-operative Bank, opened at $13.86, later hitting a session high of $14.25. The stock recently changed hands at $14.12, up 41% from its offering price of $10 per share, at approximately 1:45 p.m. ET.

ECB Bancorp listed the shares following the bank’s conversion from a mutual to a stock bank. The company also held a subscription offering of 8.9M shares priced at $10 per share, which included 734K to be sold to the Everett Co-operative Bank Employee Stock Ownership Plan.

For more IPO news, check out SA’s IPO News page.

Recommended For You

Comments (2)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.