Cambridge Financial Group in Cambridge, Mass., has agreed to buy First Seacoast Bancorp in Dover, N.H.
The $7 billion-asset Cambridge said in a press release that it will pay $80.9 million in cash for the $599 million-asset First Seacoast. The deal is expected to close in the third quarter.
“At the heart of both institutions is a shared belief in the power of relationships – knowing our customers, supporting our communities, and showing up when it matters most,” Ryan Bailey, Cambridge’s president and CEO, said in the release. First Seacoast “has long been a trusted presence in the Seacoast region, and we’re proud to build on that legacy – deepening our commitment to the people, businesses, and nonprofit organizations that call it home.”
Piper Sandler advised Cambridge. Keefe, Bruyette & Woods and Luse Gorman advised First Seacoast.