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ECB Bancorp (ECBK) stock rallied over 40% during its market debut on Thursday following the bank’s conversion from a mutual company and an $89M stock offering.

Shares of ECB Bancorp, the holding company for Everett Co-operative Bank, opened at $13.86, later hitting a session high of $14.25. The stock recently changed hands at $14.12, up 41% from its offering price of $10 per share, at approximately 1:45 p.m. ET.

ECB Bancorp listed the shares following the bank’s conversion from a mutual to a stock bank. The company also held a subscription offering of 8.9M shares priced at $10 per share, which included 734K to be sold to the Everett Co-operative Bank Employee Stock Ownership Plan.

For more IPO news, check out SA’s IPO News page.

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By admin