NB Bancorp, Inc. and Provident Bancorp, Inc. Finalize Their Merger Transaction in Historical Deal
On November 14, 2025, NB Bancorp, Inc. (commonly referred to as Needham, trading under NASDAQ: NBBK) and Provident Bancorp, Inc. (NASDAQ: PVBC) announced the successful closing of their highly anticipated merger. This strategic merger aims to combine resources and enhance customer offerings within the banking sector, marking a significant point in both companies' histories.
The merger was executed under a Merger Agreement formulated on June 5, 2025, which detailed that Merger Sub, a wholly owned subsidiary created by Needham, would first merge with Provident, followed by Provident merging into Needham Bank. As a result of this transaction, Needham Bank will emerge as the surviving entity representing a unified bank, dedicated to providing innovative products and services.
Effective from midnight on November 15, 2025, the new strategic framework will integrate BankProv's financial solutions into Needham Bank's existing portfolio, streamlining operations and enhancing customer experience. Customers can expect a shift in services over that weekend, aligning BankProv’s offerings with those of Needham Bank.
Joseph B. Reilly has been appointed as a director for both Needham and Needham Bank post-merger. This appointment is seen as a boon to Needham, bringing decades of banking expertise to the board. Joe Campanelli, president and CEO of Needham, commented on the significant impact Reilly will have, particularly in the regions of Northern Massachusetts and Southern New Hampshire, which are crucial markets for the bank’s growth.
As communicated previously, holders of Provident common stock had a deadline to elect their preferred merger consideration, which concluded at 5 p.m. (Eastern Time) on November 7, 2025. Following these procedures, the final allocation results were disclosed by Needham shortly before the merger was finalized. Notably, with the completion of this merger, Provident’s common stock will no longer be listed on NASDAQ following trading on November 14, 2025—the last day its shares were active.
During the merger process, the companies highlighted their commitment to transparency and proactivity concerning stakeholder concerns and potential challenges. As with any major corporate transaction, there are inherent risks and uncertainties that could affect the anticipated success of the merger, such as market fluctuations, regulatory changes, and operational integration hurdles.
Both NB Bancorp and Provident Bancorp are looking ahead with optimism, underlining their foresight and planning to bring their combined capabilities to bear on new banking products and services. They aim to create a more robust presence in the financial landscape of New England.
The forward-looking statements surrounding this merger indicate aspirations toward synergies that could result in a stronger competitive standing in the marketplace. However, stakeholders are advised to remain mindful of market dynamics and to engage with the results that unfold as both organizations integrate and operate as a unified entity.
For additional insights and developments regarding this merger, stakeholders can refer to the Investor Relations sections of both companies' respective websites, where updates will be regularly posted as they unfold. With this merger, NB Bancorp and Provident hope to capitalize on combined resources to provide exceptional financial services and cater to a more extensive customer base.
Established as a pivotal bank holding company, NB Bancorp, also known as Needham Bank, operates from Needham, Massachusetts. It has a rich history of over a century, focusing on providing comprehensive financial services aimed at helping individuals, businesses, and nonprofits achieve their goals by offering innovative and technology-forward banking solutions.
As the holding company for BankProv, Provident Bancorp services Maine, Massachusetts, New Hampshire, and Florida. Known for offering traditional banking alongside modern financial solutions, the company seeks to build lasting relationships and ensures their offerings are not just standard but uniquely tailored to meet customer needs. Visit their website for additional details on their product lines and community engagements.
The merger was executed under a Merger Agreement formulated on June 5, 2025, which detailed that Merger Sub, a wholly owned subsidiary created by Needham, would first merge with Provident, followed by Provident merging into Needham Bank. As a result of this transaction, Needham Bank will emerge as the surviving entity representing a unified bank, dedicated to providing innovative products and services.
Effective from midnight on November 15, 2025, the new strategic framework will integrate BankProv's financial solutions into Needham Bank's existing portfolio, streamlining operations and enhancing customer experience. Customers can expect a shift in services over that weekend, aligning BankProv’s offerings with those of Needham Bank.
Joseph B. Reilly has been appointed as a director for both Needham and Needham Bank post-merger. This appointment is seen as a boon to Needham, bringing decades of banking expertise to the board. Joe Campanelli, president and CEO of Needham, commented on the significant impact Reilly will have, particularly in the regions of Northern Massachusetts and Southern New Hampshire, which are crucial markets for the bank’s growth.
As communicated previously, holders of Provident common stock had a deadline to elect their preferred merger consideration, which concluded at 5 p.m. (Eastern Time) on November 7, 2025. Following these procedures, the final allocation results were disclosed by Needham shortly before the merger was finalized. Notably, with the completion of this merger, Provident’s common stock will no longer be listed on NASDAQ following trading on November 14, 2025—the last day its shares were active.
During the merger process, the companies highlighted their commitment to transparency and proactivity concerning stakeholder concerns and potential challenges. As with any major corporate transaction, there are inherent risks and uncertainties that could affect the anticipated success of the merger, such as market fluctuations, regulatory changes, and operational integration hurdles.
Both NB Bancorp and Provident Bancorp are looking ahead with optimism, underlining their foresight and planning to bring their combined capabilities to bear on new banking products and services. They aim to create a more robust presence in the financial landscape of New England.
The forward-looking statements surrounding this merger indicate aspirations toward synergies that could result in a stronger competitive standing in the marketplace. However, stakeholders are advised to remain mindful of market dynamics and to engage with the results that unfold as both organizations integrate and operate as a unified entity.
For additional insights and developments regarding this merger, stakeholders can refer to the Investor Relations sections of both companies' respective websites, where updates will be regularly posted as they unfold. With this merger, NB Bancorp and Provident hope to capitalize on combined resources to provide exceptional financial services and cater to a more extensive customer base.
About NB Bancorp, Inc.
Established as a pivotal bank holding company, NB Bancorp, also known as Needham Bank, operates from Needham, Massachusetts. It has a rich history of over a century, focusing on providing comprehensive financial services aimed at helping individuals, businesses, and nonprofits achieve their goals by offering innovative and technology-forward banking solutions.
About Provident Bancorp, Inc.
As the holding company for BankProv, Provident Bancorp services Maine, Massachusetts, New Hampshire, and Florida. Known for offering traditional banking alongside modern financial solutions, the company seeks to build lasting relationships and ensures their offerings are not just standard but uniquely tailored to meet customer needs. Visit their website for additional details on their product lines and community engagements.
Topics Financial Services & Investing）
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