On its first day of trading, First Connecticut Bancorp saw its stock price rise nearly 12 percent during mid afternoon trading.
The $1.5 billion lender completed an initial public offering Tuesday raising $172 million.
The parent company of Farmington Bank, whose stock offering was oversubscribed, sold 17.2 million shares at $10 per share.
Prior to becoming publicly traded, the central Connecticut lender was a mutual savings institution owned by its depositors.
John J. Patrick, Jr., the chairman, president and CEO of First Connecticut Bancorp said the changing, stricter regulatory environment along with the need to invest in growth opportunities drove the decision to go fully public.
“The offering proceeds will ensure Farmington Bank remains strong and continues to meet the needs of our customers and the community, and will allow us to continue our growth strategy in the Central Connecticut market and beyond,” Patrick said.
