NB Bancorp to acquire Provident Bancorp for $13 cash or 0.691 shares per share

Provident Bancorp, Inc. /MD/

Provident shareholders may elect $13.00 cash or 0.691 NB Bancorp shares per share, with proration to ensure 50% stock consideration.
Joseph Reilly, Provident CEO, will join NB Bancorp board and enter an 18-month consulting agreement at $27,500/month, plus $800,000 settlement and $250,000 non-compete.
Transaction expected to close in Q4 2025, subject to shareholder approval, regulatory clearances, and customary conditions.
Provident must pay an $8.5 million termination fee under certain circumstances if the deal fails.
Directors and officers holding ~4.17% of Provident shares have agreed to vote in favor of the merger.

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Departed

Joseph B. Reilly

Director, President and Chief Executive Officer

Provident Bancorp, Inc. /MD/

Filed: Jun 05, 2025 23:59 UTC

Upon and subject to the completion of the Merger, Joseph B. Reilly, Provident’s Director, President and Chief Executive Officer will join the respective Boards of Directors of the Company and Needham Bank.

Source: SEC EDGAR

accession 0001104659-25-056902

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