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.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Joseph B. Reilly

Director, President and Chief Executive Officer

Provident Bancorp, Inc. /MD/

Filed: June 5, 2025, 7:59 PM ET

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.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.85

Joseph B. Reilly departed as Director, President and Chief Executive Officer at Provident Bancorp, Inc. /MD/.

Role: Director, President and Chief Executive Officer

Exact text from the filing

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.

View on SEC.gov

Source: SEC EDGAR

accession 0001104659-25-056902

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.