Belmont Savings Raise $90M in IPO

It has a new website, an extra $90 million dollars and a brand new name to go by.

But for , the big news comes Wednesday when the bank will become a member of the Nasdaq and will offer shares in the company under the ticker name BLMT.

BSB Bancorp Inc., which will be the bank's holding company, , Tuesday, Oct. 4, having raised $90 million from issuing more than 8.99 million shares at $10 to current eligible bank customers, a deal that was so popular it was oversubscribed.

"We are so excited that the community was so supportive," said Hal Tovin, Belmont Saving's executive vice president and chief operating officer.

Tovin said the move will allow the bank to become the "most admired community bank" in the region by supporting future growth and allowing the bank to provide its products to a wider customer base.

"It will allow us to have the critical mass needed to begin growing into a super community bank," said Tovin, describing institutions that will develop around major cities with 60 to 80 branches that will provide, with the use of new technology, many of the same products larger national banks have but deliver them "with a local feel."

Belmont Savings announced on Aug. 22 it started the process of converting the 126-year-old institution from a mutual bank to a stock-ownership holding company.

This is the second reorganization for the bank in two years, having transformed from a savings bank into a mutual holding company in 2009.

The company will also contribute $200,000 in cash and 179,860 shares of common stock to a new Belmont Savings Bank Foundation.