The mutual holding company of East Cambridge Savings Bank in Massachusetts has agreed to buy Patriot Community Bank in Woburn, Mass.
The $1.3 billion-asset 1854 Bancorp said in a press release Friday that it will pay $15.75 a share for the $208 million-asset Patriot Community. The deal is expected to close in the third quarter.
“Through this merger, we look forward to providing expanded banking services and convenience to consumers and small businesses that have long looked to Patriot Community … for their banking needs,” Gilda Nogueira, East Cambridge’s president and CEO, said in the release.
“Our organizations, with similar corporate cultures and values, credit our long-term success to the confidence and trust of the many local residents and businesses we serve,” Nogueira added. “We are committed to continuing as a strong financial and community partner.”
John O’Donnell, Patriot Community’s president and CEO, will join East Cambridge as its senior commercial lending officer.
Goodwin Procter and The Kafafian Group advised 1854 Bancorp. Griffin Financial Group and K&L Gates advised Patriot Community.