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Blue Hills Bank plans to go public “as soon as practicable” it notified the US Securities and Exchange Commission on Tuesday.
Blue Hills expects to raise nearly $240 million in the public offering by selling its shares for $10 apiece.
The bank plans to invest $119 million into the bank, spend $19.8 million in an employee stock-ownership plan, contribute $963,000 to the bank’s charitable foundation, use $18.7 million to redeem preferred stock and the remaining $79.5 million will be retained with the bank, according to the filings.