Cambridge resident Fred Reese criticized the minimum restriction requiring depositors to buy at least $250 worth of stock.
"I couldn't do it," Reese said. "I'm on a fixed income."
Members of the community also say they feared the sale of public stock would leave the bank open to takeovers.
"They are at the risk of being purchased by a larger bank or insurance company," said Cambridge resident Kathleen Kelly. "There is no guarantee the bank will not be taken over."
According to the prospectus, the board of directors and executive officers of the bank will only own 1.22 percent of the shares sold.
Keegan, however, dismisses fears of takeover, saying the bank will remain in the community in the same form as before.
"We are staying independent," he says.
No representatives from Cambridgeport Bank were present at the public meeting.