US EditionNB Bancorp, Inc. and Provident Bancorp, Inc. Enter Into Definitive Merger Agreement
- On June 5, 2025, NB Bancorp, Inc. And Provident Bancorp, Inc. Announced they had finalized a merger arrangement to combine their banking operations across Massachusetts and New Hampshire.
- The agreement, which received unanimous approval from both boards, comes as an inquiry is underway regarding whether Provident's board failed to uphold its responsibilities to shareholders in connection with the sale.
- Provident shareholders can choose to receive either approximately 0.691 Needham common shares or $13.00 in cash for each Provident share they hold, with allocation procedures in place to guarantee that about half of the shares are exchanged for stock.
- The transaction is valued at an estimated $211.8 million, based on Needham's closing share price of $16.62 on June 4, 2025, and is projected to recoup its cost in roughly 2.7 years.
- Completion is expected in the fourth quarter of 2025 pending stockholder approval and regulatory consents, with Provident CEO Joseph B. Reilly joining Needham's board after closing.
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SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Provident Bancorp, Inc. ...
BALA CYNWYD, Pa., June 06, 2025 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Provident Bancorp, Inc. (“Provident” or the “Company”) (Nasdaq - PVBC) for possible…
NB Bancorp and Provident Bancorp to Merge
NB Bancorp, Inc. (Nasdaq: NBBK), the holding company for Needham Bank, and Provident Bancorp, Inc. (Nasdaq: PVBC), the holding company for BankProv, today announced that they have entered into a definitive merger agreement for Provident to merge with and into Needham in a stock and cash transaction. Needham anticipates that promptly following the merger of Provident into Needham, BankProv will merge with and into Needham Bank. Under the terms of…
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