Dover Bank Goes Public

The holding company of Dover-based Federal Savings Bank has finished reorganizing itself from a mutual bank to a publicly-traded company and changing its name to First Seacoast Bank.

The company’s stock began trading on the NASDAQ exchange on July 17.

The Company sold nearly 2.68 million shares of common stock, which includes 238,473 shares sold to the First Seacoast Bank Employee Stock Ownership Plan, at a price of $10 per share. A total of 6,083,500 shares of common stock of the Company are issued and outstanding.

“We have proudly supported the Seacoast region for nearly 130 years and want to clearly communicate our strong commitment to the people, businesses and communities we serve,” James R. Brannen, First Seacoast Bank president and CEO, said in a statement. “We have always moved forward with purpose, from our founding as Dover Co-Operative Savings Fund and Loan Association in 1890 and now to First Seacoast Bank. We are excited to renew our longstanding pledge to this wonderful region that we call home as we look toward a future filled with the prospect of growth and opportunity.”