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NEEDHAM/AMESBURY, Mass. - NB Bancorp, Inc. (NASDAQ:NBBK) and Provident Bancorp, Inc. (NASDAQ:PVBC) announced Friday that their pending merger is expected to close shortly after midnight on November 15, 2025, with November 14 being the last trading day for Provident common stock. Provident shares are currently trading at $12.75, just 2% below their 52-week high of $13.02, according to InvestingPro data.
The companies confirmed that Provident shareholders have until 5:00 p.m. Eastern Time on November 7, 2025, to elect their preferred form of merger consideration. Shareholders can choose between receiving 0.691 shares of Needham common stock or $13.00 in cash for each Provident share, subject to allocation and proration procedures outlined in the merger agreement. With Provident’s market capitalization of approximately $214 million and the stock generally trading with low price volatility (beta of 0.33), the cash consideration represents a slight premium to current trading prices.
The system conversion of BankProv products and services to Needham Bank’s systems is scheduled to occur over the weekend beginning November 15.
Provident shareholders who do not submit valid elections by the deadline will receive stock consideration, cash consideration, or a combination of both, depending on the elections of other shareholders and subject to the proration procedures in the merger agreement.
The transaction will merge Provident into NB Bancorp, with BankProv merging into Needham Bank. Shareholders with questions about the election process can contact Alliance Advisors, LLC at (855) 206-1249 or via email.
NB Bancorp operates as Needham Bank, which has served individuals, businesses, and non-profits since 1892. Provident Bancorp operates as BankProv, a commercial bank with branches in Massachusetts and New Hampshire, and offices in New Hampshire and Florida.
The announcement was made in a press release statement issued by both companies.
In other recent news, Provident Bancorp stockholders have approved the company’s planned acquisition by NB Bancorp. The approval came during a special shareholder meeting focused on proposals related to the merger. The Agreement and Plan of Merger, dated June 5, 2025, involves NB Bancorp, Needham Bank, 1828 MS, Inc., Provident Bancorp, and BankProv. As part of this transaction, 1828 MS, Inc. will merge with and into Provident Bancorp, with Provident Bancorp remaining as the surviving entity. This development marks a significant step forward in the planned merger process. The merger agreement was detailed in a press release statement and filed with the Securities and Exchange Commission, ensuring transparency for all stakeholders involved. These recent developments highlight the ongoing changes within Provident Bancorp and its strategic direction.
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