** Community bank Winchester Bancorp's WSBK.O shares fall 6.5% to $9.35 in Nasdaq debut
** Stock opened for trading at $10.1 vs $10 offer price
** WSBK sold ~4 million shares in its initial public offering in connection with its mutual bank conversion
** Mutual-to-stock conversion occurs when financial institutions, such as banks or savings associations, convert from mutual to stock form
** Mutual banks are owned by their depositors unlike traditional banks that are owned by shareholders
** Such conversions can be attractive as depositors get first crack at any stock offering at discounted price
** Established by Massachusetts Legislature in 1871, WSBK has four branch offices located in Arlington, Danvers and Woburn
** WSBK has 9.3 million outstanding shares after mutual bank conversion
** Raymond James was marketing agent for stock offering
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.