Friday, April 02, 2021 8:40:38 AM
WMPN has done this in two stages, starting in 2018. That's a more typical prcess with small mutuals (unlike EBC). It gives them time to manage expnses and improve their bottom line so that the eventual second stage will be more attractive to investors.
Simply because WMPN has had that lead time, I don't see the boost from expense management with WMPN that you will probably see with EBC, which went full IPO and was mutual until mid-October, 2020. Don't expect huge cuts at EBC; that's not the bank's culture, but there will undoubtedly be some improvements, based on the conference call and common sense. In addition, they have the insurance and employee benefits subsidiary, which keeps growing and is a great source for cross-selling EBC's banking services.
For WMPN, there must be demand for the shares, because the ESOP could not get shares through a subscription in this recent second round and has to buy through the open market. I haven't checked to see if it is sensibly diversified (like EBC with the insurance subsidiary) and suspect it is just straight banking.
Bottom line: I might check into WMPN a bit more, but wonder how such a small company can prosper as a public entity, and I doubt their market area comes close to the Boston region. Frankly, I would rather buy more EBC, even as the stock approaches 20. Thanks for calling WMPN to my attention.
Recent EBC News
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 09/20/2024 05:30:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/05/2024 09:40:34 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/04/2024 10:12:00 PM
- Eastern Bank Announces Senior Leadership Appointments • Business Wire • 09/04/2024 05:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2024 06:02:19 PM
- Eastern Bank Is Recognized By Disability:IN® as a 2024 Best Place to Work for Disability Inclusion • Business Wire • 07/31/2024 04:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 08:17:53 PM
- Eastern Bankshares, Inc. Reports Second Quarter 2024 Financial Results • Business Wire • 07/25/2024 08:15:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 07/15/2024 12:25:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/15/2024 12:24:01 PM
- Eastern Bankshares, Inc. Announces Successful Merger With Cambridge Bancorp, And Names David Rosato New Chief Financial Officer • Business Wire • 07/15/2024 12:00:00 PM
- Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments • Edgar (US Regulatory) • 07/11/2024 09:23:24 PM
- Eastern Bankshares, Inc. Announces Second Quarter 2024 Earnings Release Date, Conference Call and Webcast • Business Wire • 07/03/2024 02:59:00 PM
- Eastern Bankshares, Inc. Announces Newly Appointed Members To Its Board of Directors • Business Wire • 07/01/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/28/2024 12:30:33 PM
- Eastern Bankshares, Inc. And Cambridge Bancorp Announce Regulatory Approvals Received To Merge • PR Newswire (US) • 05/28/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:14:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:12:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:05:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:05:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:05:45 PM
- Eastern Bank Provides Financing for Capstan Atlantic’s Conversion to an Employee-Owned Company • Business Wire • 05/14/2024 03:33:00 PM
- Eastern Bankshares, Inc. Reports First Quarter 2024 Financial Results • Business Wire • 04/25/2024 08:15:00 PM
- Eastern Bankshares, Inc. Announces First Quarter 2024 Earnings Release Date, Conference Call and Webcast • Business Wire • 04/04/2024 02:34:00 PM
- Eastern Bank Announces DPV Transportation (DPV) As A Commercial Banking Customer • Business Wire • 03/06/2024 04:45:00 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
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VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM