Centreville Bank, a Rhode Island-chartered savings bank, and PB Bancorp received all regulatory approvals relating to the acquisition by Centreville Bank of PB Bancorp and its wholly owned subsidiary, Putnam Bank. PB Bancorp shareholders previously approved the merger at a special meeting of shareholders on Feb. 7. The merger is targeted to close before the opening of business on May 1.
Under the terms of the merger agreement, PB Bancorp shareholders will receive cash of $15.25 for each share of PB Bancorp. After the merger closes, Centreville will provide instructions to PB Bancorp shareholders for exchanging their stock certificates for the cash payment.
PB Bancorp, headquartered in Putnam, CT, is the parent of Putnam Bank, a state-chartered stock savings bank founded in 1862.