NB Bancorp to acquire Provident Bancorp in stock/cash merger valued at $13.00/share or 0.691 NBBK shares

NB Bancorp, Inc.

Provident shareholders elect either 0.691 NBBK shares or $13.00 cash per share, subject to 50% stock/50% cash proration.
Merger expected to close in Q4 2025, requiring shareholder and regulatory approvals; termination fee of $8.5M payable by Provident.
Provident CEO Joseph B. Reilly to join NB Bancorp and Needham Bank boards post-merger; consulting agreement at $27,500/month for 18 months.
Provident board unanimously approved; voting agreements with directors/officers covering ~4.17% of outstanding shares.
Lump sum payments to Reilly: $800,000 for employment agreement settlement and $250,000 for non-competition commitments.

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Executive movements

Appointed

Joseph B. Reilly

Director

NBBK · NB Bancorp, Inc.

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.

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