From Yahoo Finance: 2025-06-06 15:18:00

NB Bancorp, holding Needham Bank, to acquire Provident Bancorp, holding BankProv, in stock and cash deal. Merger expands Needham’s market presence in Massachusetts and Southern New Hampshire. Provident stockholders to receive 0.691 Needham shares or $13.00 per share. Deal valued at $211.8m, diluting Needham’s tangible book value by 6.1%.

Merger to be completed in Q4 2025 pending regulatory approval. Provident directors and executives support the merger. Provident CEO Joseph B. Reilly to join Needham’s board post-merger. Combined entity to have 18 branches, $7.1bn in assets, $5.9bn in deposits, and $6.1bn in loans.

Needham Bank’s CEO sees merger as expansion into new market areas. BankProv’s CEO highlights focus on community service and customer value. BankProv, founded in 1828, has 7 branches and $1.6bn in assets. Advisers for the deal include Keefe Bruyette & Woods, Nutter McClennen & Fish, Piper Sandler & Co., and Luse Gorman, PC.

Read more: Needham Bank to acquire BankProv to expand market reach