About one year after its initial public offering, Hudson-based Avidia Bancorp is buying back a good chunk of its stock.
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About one year after its initial public offering, Hudson-based Avidia Bancorp is buying back a good chunk of its stock.
The plan authorized by Avidia’s board could see the firm buy back up to $30 million of its shares, with the plan going into effect on Tuesday, according to a filing made with the U.S. Securities and Exchange Commission that same day.
The plan is set to expire at the end of July 2027, with the size and timing of repurchases depending on pricing, market conditions, and Avidia’s capital position, according to the filing.
The bank reported second-quarter net income of $7.2 million in July, a 20% increase from the first quarter.
Avidia completed a $192-million subscription offering in July 2025 as part of its effort to go public, which was finalized in August of that year.
The bank’s stock was trading at $21.74 per share Wednesday afternoon on the New York Stock Exchange, up about 1.4% since the buyback plan was announced.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
