Boston Business Journal reports that our own little 100-year-old Wellesley Bank is going public, a move that could raise $30.5M.
Of itself, the currently mutual bank says on its website: “Wellesley Bank is the real thing when it comes to community banking. We are mutually owned and governed by local people who maintain an interest in the community and in you.”
Sounds like it won’t necessarily be owned and governed just by local people anymore, but it should have more assets at its disposal to loan to locals, perhaps including businesses looking to fill some of Wellesley Square’s vacancies.
Wellesley Bank, which has locations in Wellesley Square and on Linden Street, keeps getting new competitors in town, with First Commons Bank recently opening its doors in Linden Square and First Republic Bank putting down roots in Wellesley Hills.
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