NB Bancorp and Provident Bancorp Set Merger Election Deadline and Closing Date

NB Bancorp and Provident Bancorp's Merger Announcement

On October 31, 2025, NB Bancorp, Inc., which operates Needham Bank, and Provident Bancorp, Inc., the holding company for BankProv, jointly declared the timeline for their anticipated merger. This strategic move is expected to provide significant advantages while enhancing their capabilities in financial services.

Election Deadline Confirmation

The companies confirmed that shareholders of Provident Bancorp who wish to choose their preferred merger consideration must submit their election materials by 5:00 p.m. ET on November 7, 2025. Following this, both entities plan to execute the merger shortly after midnight on November 15, 2025. As part of this arrangement, BankProv will blend into Needham Bank's operations over the weekend, encompassing a seamless transition of products and services.

Trading and Stockholder Considerations

Importantly, November 14, 2025 marks the final trading day for Provident's common stock. The merger agreement stipulates two methods of consideration for Provident’s shareholders: they can opt to receive either 0.691 shares of Needham common stock for each share held or choose to cash out at $13.00 per share. Shareholders must make their election accurately, as a failure to do so by the specified deadline will result in an automatic exchange based on other holders' choices and stipulated allocation guidelines.

Participation Options for Shareholders

Those holding shares through a financial intermediary should consult their brokers or nominees for detailed procedures on fulfilling their election. Shareholders are advised to read the provided Election Materials and the related proxy statement thoroughly before making an election to ensure understanding of their options.

For questions about the election process or for assistance, Provident shareholders can reach Alliance Advisors, LLC, Needham's designated information agent.

Caution About Forward-Looking Statements

The announcement also included cautionary notes regarding forward-looking statements. These statements encompass various elements such as potential benefits from the merger, anticipated completion schedules, and operational objectives. It is acknowledged that such projections may face risks and uncertainties, pointing to the fact that external factors could alter expectations significantly. Notable considerations include economic conditions, competition, and various regulatory factors.

Overview of Both Institutions

Established in 1892, Needham Bank is known as the “Builder’s Bank” and offers a wide spectrum of financial products. The organization prides itself on innovation while serving both individual and business needs in Massachusetts. Conversely, Provident Bancorp operates BankProv, which is distinguished for pairing traditional banking with innovative financial solutions throughout Massachusetts and New Hampshire.

The merger stands to enhance both institutions' operational strengths and market positions significantly. As they prepare for this pivotal transition, stakeholder communication remains a focal point to alleviate any concerns while bolstering confidence in their strategic direction.

As the merger process advances, all eyes will be on how this collaboration will reshape the landscape of community banking in New England. Stakeholders are encouraged to stay tuned for further updates as November approaches, marking an important chapter in the journey of these two prominent financial entities.