January 9, 2024

On December 27, 2023, NB Financial, MHC, Needham, Massachusetts, completed its conversion from a mutual holding company to a stock holding company. Concurrently with the conversion, NB Bancorp, Inc. (the “Company”), the newly formed holding company for Needham Bank, completed its initial public offering by selling 40,997,500 shares of its common stock at $10.00 per share.  The Company also contributed 1,708,229 shares of common stock and $2.0 million in cash to Needham Bank Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “NBBK.”

Luse Gorman served as legal counsel to Needham Bank in the conversion and stock offering. The Luse Gorman team included Lawrence Spaccasi, Kent Krudys, Steve Lanter, Thomas Hutton and Brendan Saxon.

Needham Bank has approximately $4.0 billion in assets, and operates from its main office in Needham, Massachusetts, and its ten branch offices located in the greater Boston metropolitan area.

Since 2000, Luse Gorman has been the leading law firm in the United States in 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.