| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Mystic Financial, Inc. |
| 60 High Street, Medford, MA 02155 * (617) 395-2800 |
| The business of the bank primarily consists of attracting savings from the general public and investing such deposits in loans secured by one-to-four family residential real estate located in its market area and commercial loans secured by real estate. |
| Manager | Tier | Phone |
| Trident Securities, Inc. | Lead Manager | (919) 781-8900 |
| NASNTL: | MYST | Financial: | SIC 6035 | |
| Type of Shares: | Common Shares | Filing Date: | 8/27/97 | |
| U.S. Shares: | 2,711,125 | Offer Date: | 1/9/98 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 2,711,125 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.00 | |
| Offering Amount: | $27,111,250 | Selling: | $0.00 | |
| Expenses: | $0 | Reallowance: | $0.00 | |
| Post-IPO Shares: | - | |||
| Employees: | 44 |
| Issuer's Law Firm: | Thacher Proffitt & Wood |
| Bank's Law Firm: | Foley Hoag & Eliot |
| Auditor: | Wolf & Company P.C. |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/97 | 6/30/97 | ||||
| Revenue: | $10.78 | Assets: | $149.65 | ||
| Net Income: | $0.74 | Curr Assets: | |||
| EPS: | Liabilities: | $137.71 | |||
| Prior EPS: | Curr Liab: | ||||
| Cash Flow/Oper: | $2.04 | Equity: | $11.94 | ||
| Cash Flow/Fin: | $17.25 | Cash: | $6.22 | ||
| Cash Flow/Inv: | -$21.84 | ||||
| Competition |
| The Bank experiences competition both in attracting and retaining savings deposits and in the making of mortgage, commercial and other loans. Direct competition for savings deposits primarily comes from larger commercial banks and other savings institutions located in or near the Bank's primary market area which often have significantly greater financial and technological resources than the Bank. Additional significant competition for savings deposits comes from credit unions, money market funds and brokerage firms. With regard to lending competition in the local market area, the Bank experiences the most significant competition from the same institutions providing deposit services, most of whom have placed an emphasis on real estate lending as a line of business. In addition, the Bank competes with local and regional mortgage companies, independent mortgage brokers and credit unions in originating mortgage and non-mortgage loans. The primary factors in competing for loans are interest rates and loan origination fees and the range of services offered by the various financial institutions. Competition from other financial institutions operating in the Bank's local community includes a number of both large and small commercial banks and savings institutions. As of June 30, 1997, the Bank's market share was approximately 14.5% of overall financial institution deposits in the City of Medford. The Bank has experienced growth in deposits in recent years primarily due to an increased emphasis on marketing products and services. However, competition remains high in the marketplace. |
| Business Plan |
| The Bank's business strategy is to operate as a well capitalized, profitable and independent community bank dedicated to financing home ownership and small business and consumer needs in its market area and providing quality service to its customers. The Bank has implemented this strategy by: (i) monitoring the needs of customers and providing quality service; (ii) emphasizing consumer-oriented banking by originating residential mortgage loans and consumer loans, and by offering various deposit accounts and other financial services and products; (iii) recently increasing its emphasis on commercial banking and lending by originating loans and taking deposits for small businesses and providing greater services in its commercial loan department; (iv) maintaining high asset quality through conservative underwriting; and (v) producing stable earnings. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |