Wheeler said in an interview that he cannot speak about Beverly Bank going public until its prospectus comes out in early to mid-May.
As for the changes at other North Shore banks, Wheeler said it appears that the cost of doing business in an era of tight regulatory scrutiny means that small banks need to raise money to grow.
“It’s the cost of doing business,” he said. “The need for additional employees, the need to fund an organization ... So, you need growth.”
Wheeler said the North Shore Bank and Saugusbank strategic alliance makes sense for both. In general, mutual banks have few options to raise capital; either they form alliances with each other or they issue stock and go public.
Staff writer Ethan Forman can be reached at 978-338-2673, by email at firstname.lastname@example.org or on Twitter at @DanverSalemNews.