IPOs (Initial Public Offerings) are usually the domain of Cambridge's start-up Internet companies. But Cambridgeport Bank is now joining the fray, but not without facing public scrutiny.

The normally uncontroversial move of the bank's conversion from a privately owned business to a publicly traded stock company was attacked by local residents during a meeting last night at City Hall.

City Councillor Jim Braude led the joint public hearing of the City Council's Housing Committee and Neighborhood and Longterm Planning Committee in an attempt to inform Cambridge residents of the conversion.

"We basically want to do the best we can to educate the community, especially the depositors, what their rights are in this conversion," Braude said. "We see it as necessary to shine some light on a deal hatched in darkness that will affect this community."

According to Braude, Cambridgeport Bank has been known for a strong commitment to the community, continually providing affordable housing lending to residents. But Braude is concerned that might change.

"Our concern is that when they are responsible to stock holders instead of depositors that the commitment may disappear," Braude says. "We want to make sure that they are still responsive to the community."

President and CEO of Cambridgeport Bank James B. Keegan '63 says he believes the fears are "ridiculous."

"The bank has a proud, proud tradition of working in the community," Keegan says. "Nothing will change our focus on the community or the valued relationship with depositors."