Business
NB Bancorp, Inc. and Provident Bancorp, Inc. Announce Closing of Merger
NEEDHAM, Mass. and AMESBURY, Mass., Nov. 14, 2025 /PRNewswire/ -- NB Bancorp, Inc. ("Needham") (NASDAQ: NBBK), the holding company for Needham Bank, and
About this update from Nb Bancorp, Inc.
[{"type":"text","content":"\n NEEDHAM, Mass. and AMESBURY, Mass., Nov. 14, 2025 /PRNewswire/ -- NB Bancorp, Inc. (\"Needham\") (NASDAQ: NBBK), the holding company for Needham Bank, and Provident Bancorp, Inc. (\"Provident\") (NASDAQ: PVBC), the holding company for BankProv, today jointly announced that:\n \n All closing conditions under the Merger Agreement (as defined below) have been satisfied and the parties have initiated steps to complete the Merger Transaction (as defined below) contemplated by the Agreement and Plan of Merger, dated June 5, 2025, among Needham, Needham Bank, 1828 MS Inc., a wholly owned subsidiary of Needham formed solely to facilitate the transaction (\"Merger Sub\"), Provident, and BankProv (the \"Merger Agreement\").\n The merger of Merger Sub with and into Provident (the \"Merger\"), followed by the merger of Provident with and into Needham, with Needham as the surviving entity (the \"Holdco Merger\"), and the merger of BankProv with and into Needham Bank, with Needham Bank as the surviving entity (the \"Bank Merger,\" and together with the Merger and the Holdco Merger, the \"Merger Transaction\"), will become effective shortly after midnight (Eastern Time) on November 15, 2025 (the \"Effective Time\").\n The conversion of BankProv products and services to Needham Bank's products and services is scheduled to occur over the weekend beginning on November 15, 2025.\n Needham has appointed Joseph B. Reilly to become a director of Needham and Needham Bank, effective as of the Effective Time, in accordance with the terms of the Merger Agreement. \"We are honored to have such an influential member of the New England banking community join our board,\" said Joe Campanelli, president and CEO of Needham. \"Joe's leadership and vast experience will be an incredible asset for Needham Bank in the Northern Massachusetts and Southern New Hampshire markets.\"\n As previously disclosed, the deadline was 5:00 p.m. (Eastern Time) on November 7, 2025 for holders of Provident common stock to elect their preferred form of merger consideration by completing the election materials previously sent to such holders. On November 13, 2025, Needham announced the results of the allocation and proration procedures set forth in the Merger Agreement.\n As previously disclosed, Provident common stock will be delisted from the NASDAQ Global Select Market in conne...