Avidia Bank fully completes transition to public company, begins trading on NYSE

Photo | Courtesy of Avidia Bank An Avidia Bank branch in Hudson

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Hudson-based Avidia Bank is now a publicly-traded company, having closed its initial public offering in connection with its conversion from a mutual community bank.

Following a $191.8-million subscription offering, Avidia sold roughly 19.18 million shares of common stock, including 1.6 million shares sold to the bank’s employee stock ownership plan. Beginning today, the company’s stock is now trading on the New York Stock Exchange under the ticker symbol AVBC. Shares began trading at an initial price of $10, climbing to around $14.30 as of late Monday morning.

As part of the transition into a public company, Avidia contributed 900,000 shares of its common stock to the Avidia Bank Charitable Foundation, according to a Friday press release from Avidia.

Luse Gorman, PC, a law firm based in Washington D.C., served as legal counsel for Avidia, while New York City-based Keefe, Bruyette & Woods, Inc. acted as marketing agent.

Avidia Bank is the eighth largest bank in Central Massachusetts when ranked by local deposits, with $2 billion in local deposits and $2.7 billion in total assets, according to data compiled to the WBJ Research Department. The bank has 250 employees and is led by President & CEO Robert Cozzone, who joined Avidia in 2023.

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.