ADDED
For the three months ended September 30, 2025, there were no losses on sales of securities.
The income tax benefit associated with the reclassification adjustment for the nine months ended September 30, 2025 was $ 174 thousand.
The income tax benefit associated with the reclassification adjustment for the three and nine months ended September 30, 2024 was $ 279 thousand and $ 663 thousand, respectively.
The donation is included in other general and administrative expense as a non-interest expense in the Consolidated Statements of Operations for the three and nine months ended September 30, 2025.
(the Company, we or us ) is the holding company for Avidia Bank that was created upon the conversion of Assabet Valley Bancorp, the mutual holding company and sole stockholder of Avidia Bank (the "Bank"), from the mutual form of organization to the stock form of organization.
Prior to July 31, 2025, the conversion had not yet been completed and the Company had no assets or liabilities and had not conducted any business activities other than organizational activities.
Accordingly, the unaudited consolidated financial statements, and related notes, and other financial information included in this report at or for any period prior to July 31, 2025 relate to Assabet Valley Bancorp.
Conversion and Change in Corporate Form Pursuant to the Plan of Conversion (the "Plan"), Assabet Valley Bancorp converted from the mutual to stock form of organization on July 31, 2025 and Avidia Bank became the wholly-owned subsidiary of the Company In connection with the conversion, Assabet Valley Bancorp established a Massachusetts stock corporation as a first-tier subsidiary and Assabet Valley Bancorp merged with and into the Massachusetts stock corporation, with the Massachusetts stock corporation as the surviving entity.
Immediately thereafter the Massachusetts stock corporation merged with and into the Company, with the Company as the surviving entity and Avidia Bank becoming a wholly owned subsidiary of the Company.
Pursuant to the Plan, the Company sold 19,176,250 shares of common stock in a public offering at $ 10.00 per share, including 1,606,100 shares of common stock purchased by the Bank's employee stock ownership plan, for net offering proceeds of approximately $ 186.2 million.
REMOVED
(the Company, we or us ) was incorporated on February 28, 2025, to serve as the bank holding company for Avidia Bank upon the consummation of the conversion of Assabet Valley Bancorp, the mutual holding company and sole stockholder of Avidia Bank, from the mutual form of organization to the stock form of organization.
As of June 30, 2025, the conversion had not yet been completed and the Company had no assets or liabilities and had not conducted any business activities other than organizational activities.
Accordingly, the unaudited consolidated financial statements, and related notes, and other financial information included in this report relate to Assabet Valley Bancorp.
The unaudited consolidated financial statements and other financial information contained in this report should be read in conjunction with the audited consolidated financial statements, and related notes, of Assabet Valley Bancorp as of and for each of the years ended December 31, 2024 and 2023, contained in the Company s definitive prospectus dated May 13, 2025, as filed with the Securities and Exchange Commission on May 21, 2025.
The income tax benefit associated with the reclassification adjustment for the three and six months ended June 30, 2025 was $ 22 thousand and $ 174 thousand, respectively.
The income tax benefit associated with the reclassification adjustment for the three and six months ended June 30, 2024 was $ 384 thousand for both periods.
NATURE OF OPERATIONS AND CONVERSION PLAN Avidia Bancorp, Inc.
(the Company, we or us ) was incorporated on February 28, 2025, to serve as the bank holding company for Avidia Bank upon the consummation of the conversion of Assabet Valley Bancorp, the mutual holding company and sole stockholder of Avidia Bank, from the mutual form of organization to the stock form of organization.
As of June 30, 2025, the conversion had not yet been completed and the Company had no assets or liabilities and had not conducted any business activities other than organizational activities.
Accordingly, the unaudited consolidated financial statements, and related notes, and other financial information included in this report relate to Assabet Valley Bancorp.