NB Bancorp in Needham, Mass., has agreed to buy Provident Bancorp in Amesbury, Mass.
The $5.5 billion-asset company said in a press release that it will pay $211.8 million in cash and stock for the $1.6 billion-asset Provident. The deal, which is expected to close in the fourth quarter, priced Provident at 93% of its tangible book value.
BankProv has seven branches, $1.2 billion in total deposits and $1.3 billion in gross loans. It also has a loan production office in Ponte Vedra Beach, Fla.
The deal is expected to be 19% accretive to NB Bancorp’s 2026 earnings per share, including cost savings. It should take less than three years for NB Bancorp to earn back an estimated 6.1% dilution to its tangible book value.
NB Bancorp plans to cut 35% of Provident’s annual noninterest expenses and incur $19.7 million of merger-related charges.
Joseph Reilly, Provident’s president and CEO, will join NB Bancorp’s board.