NB Bancorp to acquire Provident Bancorp; shareholders get 0.691 shares or $13 cash

NB Bancorp, Inc.

Election of 0.691 NBBK shares or $13 cash per Provident share, prorated to 50% stock/50% cash.
Merger expected to close Q4 2025; termination fee of $8.5M payable by Provident under certain conditions.
Voting agreements with Provident directors/officers covering ~4.17% of shares; they agree to vote for the deal.
Post-merger, Provident CEO Joseph B. Reilly joins NBBK and Needham Bank boards; consulting fee $27,500/month for 18 months plus $1.05M in lump sums.
Provident equity awards will be cashed out; options and restricted stock vest at effective time.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Joseph B. Reilly

Director

NBBK · NB Bancorp, Inc.

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

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Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph B. Reilly was appointed as Director at NB Bancorp, Inc..

Action: appointed
Role: Director

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

NB Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-25-008435

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