The Completion of the Merger Between NB Bancorp and Provident Bancorp: A New Era in Banking

On November 14, 2025, NB Bancorp, Inc. and Provident Bancorp, Inc. jointly announced the successful completion of their merger, a significant milestone that promises to reshape the banking landscape in New England. The merger reflects a strategic effort to enhance the offerings and efficiencies of both institutions, with NB Bancorp operating Needham Bank and Provident being the holding company for BankProv.

The merger transaction was made possible after fulfilling all the necessary closing conditions as outlined in the Agreement and Plan of Merger established on June 5, 2025. Under this agreement, Merger Sub, a wholly-owned subsidiary of Needham, was merged into Provident, followed by the consolidation of Provident into Needham, thus creating a new financial entity aimed at increasing its market share and technological capabilities in the regions it serves.

The effective time for this merger is set to commence shortly after midnight on November 15, 2025. Notably, this merger not only signifies the establishment of a more robust banking institution but also represents the operational transition of BankProv's products and services to those offered by Needham Bank. These changes are scheduled to take place over the weekend following the merger's official conclusion.

Joseph B. Reilly has been appointed as a director for both Needham and Needham Bank, an addition seen as beneficial given his substantial standing in the New England banking community. Joe Campanelli, the president and CEO of Needham, expressed enthusiasm, stating that Reilly's extensive experience is expected to be a great asset in navigating the competitive market zones between Northern Massachusetts and Southern New Hampshire.

The merger comes with excitement but also forward-looking caution as expressed by the entities involved. The institutions have identified potential risks and uncertainties tied to such significant transitions. These include factors like shifts in economic conditions, regulatory changes, rising interest rates, and the broader competitive landscape, which could impact the anticipated advantages of the merger.

As part of the merger intricacies, Provident's common stock is set to be delisted from the NASDAQ Global Select Market following the last day of trade. The deadline for Provident stockholders to choose their preferred form of consideration in this merger was set at 5:00 PM ET on November 7, 2025. The results of this allocation and proration process were announced on November 13, indicating a smooth progression toward merger completion.

NB Bancorp, as the holding company of Needham Bank, which has served the community since 1892, prides itself on its commitment to its customers. Post-merger, clients can expect additional resources, enhanced banking solutions, and technology-forward services designed to facilitate better banking experiences. Needham Bank emphasizes its dedication to helping individuals, businesses, and non-profits build their futures through comprehensive financial products.

Meanwhile, Provident Bancorp, known for its full-service commercial banking through BankProv, aims to continue offering traditional banking services while innovating financial solutions to meet modern market demands. The merger aligns with both banks' intentions to leverage their combined strengths to cater more effectively to their diverse customer bases across Massachusetts and New Hampshire, including retail branches in the North Shore and a loan office positioned in Florida.

In conclusion, the merger between NB Bancorp and Provident Bancorp marks a pivotal turning point in the regional banking industry, showcasing how strategic partnerships can lead to growth and improved service delivery. Customers of both institutions can anticipate a broadened array of financial services and a firmer commitment to supporting community investments, ensuring that their banking needs are met with both care and innovation.