On July 31, 2025, Assabet Valley Bancorp, the mutual holding company of Avidia Bank, completed its mutual-to-stock conversion and Avidia Bancorp, Inc., the new stock holding company of Avidia Bank, completed its initial public offering by selling 19,176,250 shares of its common stock at $10.00 per share. As part of the transaction, Avidia Bancorp also funded a newly established charitable foundation with a $10.0 million contribution of cash and stock. Avidia Bancorp’s common stock is listed on the New York Stock Exchange under the symbol “AVBC.”

Luse Gorman served as legal counsel to Avidia Bancorp, Assabet Valley Bancorp and Avidia Bank in the transaction. The Luse Gorman team included Lawrence Spaccasi, Kent Krudys, Victor Cangelosi and Thomas Hutton.

Avidia Bancorp has approximately $3.0 billion in assets. With headquarters in Hudson Massachusetts, Avidia Bank also operates nine full-service branch offices in western Middlesex County and eastern Worcester County, Massachusetts.

Since 2000, Luse Gorman has been the leading law firm in the United States in mergers, mutual holding company transactions and mutual-to-stock conversions, based on number of transactions. Click here to learn more about our capital markets and corporate finance services.