Keegan also questioned why Braude believed the bank would hide the conversion.
"Why would we be secretive?" Keegan says. "We hope they buy the stock."
According to Keegan, the plan was approved at a public hearing on January 28.
"All concerns were addressed at that meeting," Keegan says.
He also says the conversion will allow the bank to increase its services to its depositors.
"We want to provide more and better services," Keegan says. "We need more capital to do that."
Since 1994, the Cambridgeport Bank has been organized under the Cambridgeport Mutual Holding Company. Earlier this year, however, the board of trustees of the company adopted a plan to convert to a publicly traded company to be named Port Financial Corp.
The bank is allowing depositors to purchase a minimum of 25 shares of stock at $10 apiece until 10 a.m. tomorrow. After the deadline, the sale of stock will be open to the community.
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