secwatch.observer — SEC 8-K summary
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Issuer:     Provident Bancorp, Inc. /MD/ (—)
CIK:        0001778784
Form:       8-K
Filed at:   2025-06-05T23:59:59+00:00
Accession:  0001104659-25-056902
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1778784/000110465925056902/0001104659-25-056902-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1778784/000110465925056902/tm2517310d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-056902

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