Randolph Bancorp, Inc. Announces Receipt of Regulatory Approvals and Closing Date of Mutual-to-Stock Conversion and Acquisition of First Eastern Bankshares Corporation

Randolph Bancorp, Inc. (the “Company”), 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.

The offering was oversubscribed in the first category of the subscription offering by eligible depositors as of December 31, 2014. Accordingly, eligible depositors will have valid orders filled in accordance with the allocation procedures described in the prospectus and as set forth in the Plan of Conversion.

If you are a first category subscriber and would like to confirm your allocation, you may contact the Stock Information Center at (877) 821-5783 (toll free) from 10:00 a.m. until 4:00 p.m., Eastern Time, Monday through Friday. This information is also available online at https://allocations.kbw.com/.

Subject to the satisfaction of closing conditions, the conversion and the acquisition are expected to close on July 1, 2016, at which time the Company will become the holding company of the Bank, First Eastern will be merged into the Company and First Federal will be merged into the Bank.

The shares of common stock sold in the offering are expected to begin trading on the NASDAQ Global Market on July 1, 2016 under the ticker symbol “RNDB.” Direct registration statements reflecting the shares purchased in the subscription offering and refund checks for any subscribers not receiving all or part of the shares they ordered are expected to be mailed on or about July 5, 2016.

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.

Forward-Looking Statements

This press release contains certain forward-looking statements about the conversion, the stock offering and the acquisition. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and Bank are engaged.

A registration statement relating to the common stock has been filed with the United States Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus forming part of the registration statement.

The shares of common stock of the Company are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation, the Depositors Insurance Fund, or any other government agency.

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