East Boston Savings Bank got the OK from the Securities and Exchange Commission on Tuesday to make an initial public offering of stock worth about 44% of the bank's value.A Boston Business Journal article quotes bank chairman Richard J. Gavegnano as saying that "the move will increase the bank's capital, 'enhance earnings' and support its growth in commercial and construction lending."
A majority of the bank will still be in the hands of its parent company, Meridian Interstate Bankcorp, Inc.
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