A Massachusetts-based bank holding company is going public in a bid to bankroll its expansion into New Hampshire. Hometown Financial Group filed paperwork Thursday to list on the Nasdaq Capital Market under the ticker HFG, seeking to raise between roughly $510 million and $690 million, with an offering size of up to $793.5 million, as it converts from a mutual holding company into a fully public stock corporation.
The filing, submitted September 10, comes just two months after Hometown Financial Group, MHC announced a $160 million cash-and-stock deal to acquire Bedford, New Hampshire-based Primary Bank, according to a company announcement from July 6. That same announcement included a board-approved plan to convert the holding company structure to a public stock company, laying the legal groundwork for Thursday's S-1. As reported by TradingView, the company set an offering price of $10.00 per share and plans to sell between 51,000,000 and 69,000,000 shares, with up to 79,350,000 shares available.
Where the IPO Money Is Going
The S-1 filing spells out a specific capital deployment plan. Net proceeds are earmarked to fund an $85.4 million cash portion of the Primary Bank acquisition, extinguish a $135 million senior note due in 2027, and cover a roughly $49.9 million loan to the company's Employee Stock Ownership Plan, with at least 50% of proceeds contributed directly to TruNorth Bank, the report notes. Hometown Financial Group is the bank holding company for TruNorth Bank, a Massachusetts-chartered savings bank, and says it plans to use the funds for organic growth, debt repayment, capital and liquidity, commercial lending, technology infrastructure, and general corporate purposes.
Primary Bank, established in 2015, brings approximately $743 million in total assets and four southern New Hampshire branches in Bedford, Derry, Manchester, and Nashua into the fold, according to Business NH Magazine. The acquisition marks Hometown Financial Group's ninth M&A merger over the past decade, a pace that reflects how New England community banks are pursuing scale in a crowded regional market, per Banking Dive.
A Newly Unified Bank Brand
A Newly Unified Bank Brand The IPO follows a separate but related planned regulatory change. The Massachusetts Division of Banks said bankESB and bankHometown were expected to come under the TruNorth Bank name and certificate number in the first quarter of 2027. That planned consolidation is expected to fold in the eastern Massachusetts branches Hometown had picked up through its $44 million all-cash acquisition of CFSB Bancorp, Inc. and its subsidiary Colonial Federal Savings Bank, completed October 31, 2025. TruNorth Bank now operates 55 branches across Massachusetts, northeastern Connecticut, and southern New Hampshire, along with 8 additional operations and loan offices, according to the TradingView filing summary. The bank ranks 12th by deposits in Massachusetts, 16th in New Hampshire, and 38th in Connecticut. Its lending mix leans heavily on one- to four-family residential mortgages at 37.3%, followed by commercial real estate at 34.3%, multifamily loans at 11.4%, commercial business loans at 7.2%, home equity loans at 5.3%, and construction loans at 4.5%.
Financial Snapshot Ahead of the Listing
Hometown Financial Group reported total assets of $6.94 billion, deposits of $5.81 billion, and loans of $5.46 billion. Interest and dividend income grew 12.2% year over year, from $311.3 million to $349.3 million, reaching $349.3 million in fiscal 2026, while net income came in at $43.4 million and income before income tax hit $57.5 million. Non-interest income totaled $32.0 million for the year.
Core deposits made up 63.3% of total deposits, and municipal deposits stood at $772.3 million, per the same filing. Non-performing assets equaled 1.19% of total assets, and non-accrual loans equaled 1.42% of total loans. The company employs 706 full-time-equivalent employees across its footprint in Massachusetts, northeastern Connecticut, and southern New Hampshire.
Mortgage and Wealth Management Arms
Beyond traditional lending, TruNorth Bank operates TruNorth Mortgage, a mortgage banking division that originates loans for both sale and its own portfolio. TruNorth Mortgage originated $458.1 million and sold $151.6 million in fiscal 2026 while servicing $525.0 million in loans over the same period.
The bank also provides wealth management services, partnering with LPL Financial, with assets under management of approximately $192.9 million as of June 30, 2026. TruNorth Bank additionally works with IntraFi for reciprocal deposits and expanded FDIC coverage, the filing states.
Regulatory Marks and Leadership
In a CRA performance evaluation, bankESB received an “Outstanding” rating from the Federal Reserve Bank of Boston. As part of the mutual-to-stock reorganization, Hometown Financial Group, MHC will cease to exist, with ownership transferring to a newly incorporated Maryland entity, Hometown Financial Group, Inc., that will serve as the public stock holding company, according to BauerFinancial.
Chairman and CEO Matthew S. Sosik has led the holding company since 2013 and previously served as CEO of bankHometown, having earlier worked as an FDIC bank examiner. Michael R. Wheeler serves as president and director, Reed H. Whitman, who joined the company in 2025, is chief financial officer, treasurer, and assistant secretary, William S. Beitler is executive vice president and chief risk officer, and Dena M. Hall is executive vice president and chief retail and marketing officer. Keefe, Bruyette & Woods, Inc. is serving as lead underwriter for the offering.
Growth Bet on the Boston Region
The company's expansion plans lean on regional demographic momentum. The Boston-Cambridge-Newton metro area has a population of approximately 5.1 million and a median household income of $121,960, with the broader Massachusetts population projected to grow approximately 1.78% from 2026 to 2031 and the Boston metro area itself projected to grow approximately 2.14% over the same period, per the filing details reported by TradingView.
Hometown Financial Group has also drawn attention for its workplace culture. The company was named a 2026 USA TODAY Top Workplaces winner in April, marking the fourth time in five years it earned national workplace culture recognition among employers with 150 or more staff, according to a Hometown Financial Group announcement. The company says it emphasizes disciplined underwriting, risk governance, and diversified funding as it moves toward its Nasdaq debut and completes its pending acquisition of Primary Bank.
