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sentiment neutral
materiality 0.40
ECB Bancorp enters agency agreement with KBW for stock offering in mutual-to-stock conversion
ECB Bancorp, Inc. /MD/
- KBW to receive $30,000 management fee and selling agent fee of 1% of shares sold in subscription and community offerings.
- KBW also receives $25,000 fee for conversion agent and data processing services plus reimbursement of out-of-pocket and legal expenses.
- If syndicated community offering is conducted, transaction fee capped at 6% of aggregate purchase price of shares sold.
- Stock offering is part of Everett Co-operative Bank's conversion from mutual to stock co-operative bank under Form S-1.