NB Bancorp, Inc. and Provident Bancorp, Inc. announced a definitive merger agreement for Provident to merge into Needham in a stock and cash transaction valued at an estimated $211.8 million. This valuation is based on Needham's share price of $16.62 as of June 4, 2025.
Under the terms, Provident stockholders will receive either 0.691 shares of Needham common stock or $13.00 in cash for each share, with an allocation ensuring 50% stock consideration. Needham anticipates issuing approximately 5.9 million shares of its common stock in conjunction with the merger.
The transaction is expected to expand Needham Bank's physical footprint into the North Shore of Massachusetts and New Hampshire, with the combined organization operating 18 branches. Total assets at close are projected to be approximately $7.1 billion, with $5.9 billion in total deposits and $6.1 billion in total loans.
Joseph B. Reilly, President and CEO of Provident, will join the board of directors of Needham and Needham Bank as part of the merger. The merger is anticipated to be completed in the fourth quarter of 2025, subject to regulatory and Provident shareholder approvals.
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