STOUGHTON, Mass.--(BUSINESS WIRE)--Randolph Bancorp, Inc., a Massachusetts corporation and the proposed holding company for Randolph Savings Bank (the “Bank”), announced today that it has received all required regulatory approvals and intends to close its mutual-to-stock conversion and related stock offering and the acquisition of First Eastern Bankshares Corporation (“First Eastern”) and its wholly-owned subsidiary, First Federal Savings Bank of Boston (‘First Federal”), on July 1, 2016.

The Company also announced that it intends to sell 5,686,750 shares of common stock, representing the adjusted maximum of the offering range, at $10.00 per share, for gross offering proceeds of $56,867,500, including the sale of 469,498 shares to the employee stock ownership plan in the stock offering. Additionally, 181,976 shares of Company common stock and $454,940 in cash will be contributed to The Randolph Savings Charitable Foundation, Inc. in connection with the conversion and offering.

Keefe, Bruyette & Woods, Inc., A Stifel Company acted as selling agent in the subscription offering, and served as financial advisor to the Company and the Bank in connection with the conversion.