Page 2 THE EVERETT ADVOCATE – FRiDAy, MARCH 25, 2022 Everett Bank to become publicly traded By Christopher Roberson C iting the need to bolster its commercial real estate portfolio, Everett Bank recently announced its intention to become a publicly traded fi - nancial institution. The conversion must be approved by Massachusetts Banks Commissioner Mary Gallagher, the Federal Deposit Insurance Corporation, the Federal Reserve System and the bank’s depositors. According to the 217-page prospectus that Everett Bank fi led on March 10 with the U.S. Securities and Exchange Commission, the bank is planning to enhance its retail operations as well as its commercial real estate business. “We generally have not held any loan or portion of a loan we originated in excess of $8.4 million,” bank offi cials said in the prospectus. “With the increase in capital resulting from the conversion, we will be able to selectively retain larger loans that we historically would have originated for participation with other local institutions. In this regard, we will be revising our lending policies and loans to one borrower limitations to increase our lending limits and the type and size of loans we choose to portfolio.” The conversion will also allow the bank to offer stockbased benefi t plans to its employees. In addition, ECB Bancorp, Inc. will be established as the parent company of Everett Bank and will be listed as ECBK on the NASDAQ. Founded in 1890, Everett Bank now boasts $666 million in assets. In addition to its location in Everett Square, the bank has an offi ce on Route 1 in Lynnfi eld. According to the prospectus, Everett Bank reported a net income of $4 million in 2021 as well as $571 million in deposits and $517 million in net loans. Since 2016, Everett Bank has been under the guidance of President & CEO Richard O’Neil Jr., Esq. Prior to becoming President & CEO, O’Neil served as the bank’s outside general counsel. He has also been on the Board of Directors since 1997. In 2019, John Citrano was hired as the bank’s CFO, executive vice president and COO. Citrano has been in banking for more than three decades, having spent a number of those years with Belmont Savings Bank. Most recently, Everett Bank announced the hiring of Cary Lynch as senior vice president of retail operations. Prior to joining the bank, Lynch was the director of retail sales at Century Bank. John Migliozzi also came on board earlier this year as the head of commercial banking and mortgage. In addition to having more than 25 years of experience in the fi nancial industry, Migliozzi was a senior lender at East Boston Savings Bank. Desiree Ruiz Ramoz honored as 2022-2023 Newman Civic Fellow E ASTON – Stonehill College junior Desiree Ruiz Ramoz of Everett recently joined 173 student leaders from across the country to make up the 20222023 cohort of Newman Civic Fellows. This program recognizes young adults committed ANGELO’S FULL SERVICE Regular Unleaded $4.099 Mid Unleaded $4.369 Super $4.499 Diesel Fuel $4.899 "43 Years of Excellence!" 1978-2021 KERO $6.99 DEF $4.75 9 Diesel $4.839 9 HEATING OIL 24-Hour Burner Service Call for Current Price! (125—gallon minimum) DEF Available by Pump! Open an account and order online at: www.angelosoil.com (781) 231-3500 (781) 231-3003 367 LINCOLN AVE • SAUGUS • OPEN 7 DAYS to fostering change locally and globally. Sponsored by Campus Compact, a Boston-based, nonprofit national coalition, this prestigious opportunity allows students to participate in virtual training and networking experiences that emphasize personal, professional and civic growth. “Desiree is a valued member of the Stonehill community. She is eager to off er her presence, ideas and talents to support her peers and will undeniably be a source of light and hope in all her endeavors,” said Stonehill College President John Denning. Over the last few years, Ruiz Ramoz, who is double majoring in Psychology and English, has made a lasting impact on campus. She has been involved in the H.O.P.E. Service Immersion Program since coming to Stonehill, fi rst as a participant, then as an immersion leader and now as an intern responsible for helping shepherd the program. Ruiz Ramoz is also president of Students Outreach for Refugees, Asylees, & Immigrants (SORAI) at Stonehill. Additionally, she is a mentor in BACES Mentoring Program (Black, Indigenous and People of Color Achieving Connection & Empowerment at Stonehill). In her Newman Civic Fellowship application, Ruiz Ramoz, a first-generation Guatemalan-American, wrote about her desire to help women of color gain access to opportunities that will allow them to fl ourish personally and professionally. “My hope is that my mark in this world is not the last because it sure wasn’t the fi rst,” she said. “But that my mark inspires others to want to continue to see and act towards social justice in all aspects.” A proposal is currently before the Zoning Board of Appeals to allow the construction of 16 apartments above the property at 403 Main St. EVERETT SUPPLY | FROM PAGE 1 However, the Zoning Board of Appeals has determined that the hardware store and the adjacent building, where Lattanzi’s offi ce is located, are non-conforming structures. Therefore, he will need a Special Permit in order to move forward with the project. “Hopefully, I can start this project in a timely manner,” he said. He also highlighted the advantages of his Main Street location. “It’s a nice little area,” said Lattanzi, adding that restaurants, shopping and public transportation are all easily accessible. “I’ve got a great location; I’m going to design and build some really interesting stuff .” In addition, Lattanzi said his home on Peirce Avenue is only 500 yards from Everett Supply. “My family has been in this neighborhood for 115 years,” he said. “I’m not going anywhere.” Alfred Lattanzi, owner of Everett Supply and True Value Hardware, is planning to expand his business to include 16 residential units. (Advocate photos by Christopher Roberson) Prices subject to change Ask about our Conditioner! FLEET
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