What to Expect from Eastern Bank's IPO
Eastern Bank (NASDAQ: EBC) is gearing up to go public in mid-October in what will be one of the few bank IPOs of the year. This should be interesting to watch not only because it's going public in an extremely uncertain environment for the banking industry, but also because it's a mutual savings bank -- and not just any mutual, but the biggest one left in the country. Let's look at what we can expect from this IPO and whether it can be successful.
Image source: 2018 Eastern Bank annual review.
As a mutual bank, Eastern has a unique corporate structure in that it's technically owned by its depositors. While the bank is still run by a standard management team, retail depositors with as little as $50 in an account get to participate in its IPO.
Source Fool.com