The merger closed effective after midnight on November 15, 2025, completing NB Bancorp’s acquisition of Provident Bancorp. The transaction, announced on June 5, 2025, was structured as a tax‑free reorganization and required regulatory approval and a September 16 shareholder vote. The closing was executed through a three‑step process that left Needham Bank as the surviving entity and incorporated BankProv’s 18 branches into Needham’s network.
The combined bank will have approximately $7.1 billion in assets, $5.9 billion in deposits and $6.1 billion in loans, making it the sixth‑largest Massachusetts‑based bank in the Boston metropolitan area. The deal is valued at roughly $211.8 million, based on NB Bancorp’s share price at the time of the agreement, and is expected to dilute NB Bancorp’s tangible book value by about 6.1 percent with an earn‑back period of roughly 2.7 years.
Earnings‑per‑share accretion is projected at about 19 percent in 2026, driven by cost synergies, expanded branch footprint, and a higher loan‑to‑deposit ratio. NB Bancorp’s Q3 2025 net income of $15.4 million ($0.43 per diluted share) and Provident’s $2.7 million ($0.16 per diluted share) illustrate the complementary financial profiles that underpin the accretion forecast.
Management highlighted the strategic rationale behind the deal. NB Bancorp’s chairman, president and CEO Joseph Campanelli said the transaction “expands our geographic reach and strengthens our competitive position in the New England market.” Provident’s former CEO Joseph Reilly added that the merger “leverages Needham’s technology platform and community focus to accelerate growth for our customers and employees.”
The transaction also aligns with a broader trend of consolidation in the regional banking sector, where institutions seek scale to improve operational efficiency and diversify risk. By combining the two banks, the new entity can offer a broader range of products, invest in digital banking capabilities, and pursue cross‑selling opportunities across Massachusetts and New Hampshire.
The closing marks a key milestone for Provident Bancorp, ending its independent operations and integrating its assets and loan portfolio into Needham’s broader network. For NB Bancorp, the acquisition represents a significant expansion of its branch network and deposit base, positioning the bank for continued growth in a competitive regional market.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.