Winchester Bancorp falls in Nasdaq debut after mutual bank conversion

Community bank Winchester Bancorp's WSBK.O shares fall 6.5% to $9.35 in Nasdaq debut

Stock opened for trading at $10.1 vs $10 offer price

WSBK sold ~4 million shares in its initial public offering in connection with its mutual bank conversion

Mutual-to-stock conversion occurs when financial institutions, such as banks or savings associations, convert from mutual to stock form

Mutual banks are owned by their depositors unlike traditional banks that are owned by shareholders

Such conversions can be attractive as depositors get first crack at any stock offering at discounted price

Established by Massachusetts Legislature in 1871, WSBK has four branch offices located in Arlington, Danvers and Woburn

WSBK has 9.3 million outstanding shares after mutual bank conversion

Raymond James was marketing agent for stock offering