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Beverly Bank is joining a growing list of small Massachusetts banks that are selling stock to the public this year in an effort to raise additional money.
The 125-year old bank is the fifth financial institution in recent weeks to announce that it planned to launch an initial public offering this year. The decision by the bank’s board of trustees was first reported by the Salem News.
The bank hasn’t yet filed an application with regulators, including the Securities and Exchange Commission and the state’s Division of Banks.