NorthEast Community Bancorp completes second-step conversion, raises $97.8M

NorthEast Community Bancorp, Inc./MD/

Sold 9,784,077 shares at $10.00/share for gross proceeds of $97.8 million.
Total shares outstanding post-conversion: 16,378,201; public shares exchanged at 1.3400 ratio.
Common stock to trade on Nasdaq under symbol NECB starting July 13, 2021.
Piper Sandler & Co. served as marketing agent for the offering.
Cash in lieu of fractional shares will be paid at $10.00 per share.

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