NB Bancorp, Inc. (NBBK), the holding company for Needham Bank, entered a merger agreement on June 5, 2025, to acquire Provident Bancorp, Inc. (PVBC), the holding company for BankProv, in a deal valued at $211.8 million.
Under the terms of the agreement, stockholders of Provident will receive for each share of Provident common stock, at the holder’s election, either 0.691 shares of Needham common stock (Stock Consideration) or $13.00 in cash (Cash Consideration), subject to allocation procedures to ensure that 50% of the shares of Provident common stock will receive the Stock Consideration. The cash consideration represents a 14.34% premium from the stock’s last close.
Needham expects to issue approximately 5.9 million shares of common stock as part of the merger.
Provident Bancorp is the holding company for BankProv, a full-service commercial bank that provides traditional and innovative financial services to individuals and businesses across Massachusetts, New Hampshire, and Florida. As of March 31, 2025, BankProv had $1.6 billion in total assets, $1.2 billion in deposits, and $1.3 billion in gross loans.
NB Bancorp is the holding company for Needham Bank, a Massachusetts-based financial institution offering a wide range of tech-forward banking products and services to individuals, businesses, and non-profits across New England.
The combined organization will operate 18 branches across MetroWest, Greater Boston, the North Shore of Massachusetts, and Southern New Hampshire. At the time the transaction closes, which is expected in the fourth quarter of 2025, total assets are expected to be around $7.1 billion, with approximately $5.9 billion in deposits and $6.1 billion in loans.
Joseph Reilly, the CEO of Provident, will become a member of the boards of Needham and Needham Bank.
Provident Bancorp received financial advice from Piper Sandler & Co. and legal support from Luse Gorman, PC. NB Bancorp was advised financially by Keefe Bruyette & Woods, Inc., a Stifel company, and received legal counsel from Nutter McClennen & Fish.
NB Bancorp purchased Provident Bancorp at 0.85 times the tangible book value.
For a more detailed examination of this M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Provident Bancorp, Inc. (PVBC) by NB Bancorp, Inc. (NBBK)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement to completion or failure.
– Key events as the merger progresses through various stages including the HSR period, regulatory approvals, shareholder votes, and more.
– Relevant news and SEC filings.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article