NB Bancorp, the holding company for Needham Bank, and Provident Bancorp, the holding company for BankProv, jointly announced that:
- All closing conditions under the merger agreement have been satisfied and the parties have initiated steps to complete the merger transaction contemplated by the agreement and plan of merger, dated June 5, 2025, among Needham, Needham Bank, 1828 MS, a wholly owned subsidiary of Needham formed solely to facilitate the transaction, Provident and BankProv
- The merger of merger sub with and into Provident, followed by the merger of Provident with and into Needham, with Needham as the surviving entity, and the merger of BankProv with and into Needham Bank, with Needham Bank as the surviving entity, will become effective shortly after midnight (Eastern Time) on Nov. 15, 2025
- The conversion of BankProv products and services to Needham Bank’s products and services is scheduled to occur over the weekend beginning on Nov. 15, 2025
- Needham has appointed Joseph B. Reilly to become a director of Needham and Needham Bank, in accordance with the terms of the merger agreement.
“We are honored to have such an influential member of the New England banking community join our board,” Joe Campanelli, president and CEO of Needham, said. “Joe’s leadership and vast experience will be an incredible asset for Needham Bank in the Northern Massachusetts and Southern New Hampshire markets.”
