Business
NB Bancorp, Inc. and Provident Bancorp, Inc. Announce Mailing of Stock/Cash Election Form
NEEDHAM, Mass. and AMESBURY, Mass., Oct. 8, 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., Oct. 8, 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 announced that the election form and letter of transmittal (together with the related instructions, the \"Election Materials\") have been distributed to holders of Provident common stock so Provident stockholders may elect to receive either Needham common stock, cash or a combination of both upon the completion of the pending combination of Needham and Provident. \n \n \n \n \n \n \n \n On June 5, 2025, Needham, Needham Bank, Provident, and BankProv entered into an Agreement and Plan of Merger (the \"Merger Agreement\") pursuant to which Provident will merge with and into Needham, with Needham as the surviving entity (the \"Holdco Merger\"), and, immediately thereafter, BankProv will merge with and into Needham Bank, with Needham Bank as the surviving entity (the \"Bank Merger\" and, together with the Holdco Merger, the \"Merger Transaction\"). \n On September 16, 2025, Provident announced that its stockholders had approved the Merger Agreement.\n Needham anticipates that all required regulatory approvals will be received and all of the other closing conditions will be satisfied by November 14, 2025, and the Merger Transaction will become effective on November 15, 2025, although Needham cannot provide any assurance that all required regulatory approvals, waivers or consents will be obtained, when they will be obtained, or whether there will be burdensome conditions in the approvals or any litigation challenging the approvals.\n \n Stock and Cash Merger ConsiderationAs disclosed previously, including in the definitive proxy statement/prospectus filed by Needham with the Securities and Exchange Commission (the \"SEC\") on July 30, 2025 (the \"proxy statement/prospectus\"), at the effective time of the Holdco Merger (the \"Effective Time\"), shares of Provident common stock issued and outstanding immediately prior to the Effective Time will be converted into the right to receive, at the election of each Provident stockholder, and subject to the allocation, proration and other procedures specified in the Merger Agreement, either:\n \n 0.691 shares of Needham common stock per share of ...