Eastern Bankshares Inc (EBC)

[LordDarley]

I don't know AFBI. As for WMPN, it's awfully small to be public, and I don't know its market area.

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.