NB Bancorp And Provident Bancorp Confirm Election Deadline For Merger Consideration And Expected Closing Date; Provident Stockholders Must Elect Merger Consideration By November 7

Author: Benzinga Newsdesk | October 31, 2025 03:15pm

NB Bancorp, Inc. ("Needham") (NASDAQ:NBBK), the holding company for Needham Bank, and Provident Bancorp, Inc. ("Provident") (NASDAQ:PVBC), the holding company for BankProv, today jointly announced that:

• the deadline for holders of Provident common stock to elect their preferred form of merger consideration by completing the election materials previously sent to such holders is confirmed as 5:00 p.m. (Eastern Time) on November 7, 2025 (the "Election Deadline"), unless extended;
  
  
  
   
• Needham and Provident expect that the merger of Provident with and into Needham (the "Merger"), and the merger of BankProv with and into Needham Bank, will become effective shortly after midnight (Eastern Time) on November 15, 2025 ("Effective Time"), and the conversion of BankProv products and services to Needham Bank's systems is expected to occur over the weekend beginning on November 15, 2025; and
  
  
  
   
• November 14, 2025 will be the last day on which Provident common stock will trade.

Stock and Cash Merger Consideration

Shares of Provident common stock issued and outstanding immediately prior to the Effective Time will be converted into the right to receive, at the election of each Provident stockholder, and subject to the allocation, proration and other procedures specified in the Agreement and Plan of Merger among Needham, 1828 MS Inc., Needham Bank, Provident, and BankProv (the "Merger Agreement"), either:

• 0.691 shares of Needham common stock per share of Provident common stock (the "Stock Consideration"); or
  
  
  
   
• $13.00 in cash per share of Provident common stock (the "Cash Consideration").

Stockholder Election Process

As further described in the election form and letter of transmittal (together with the related instructions, the "Election Materials"), for a Provident stockholder to make a valid election, a properly completed election form and any Provident stock certificate(s), together with any other required documents described in the Election Materials, must be received by the Exchange Agent prior to the Election Deadline, which is 5:00 p.m. (Eastern Time) on November 7, 2025. Provident stockholders who hold their shares through a broker, bank, trustee or other nominee should follow the instructions of such broker, bank, trustee or other nominee as to the procedures for making elections and exchanging their shares of Provident common stock. Provident stockholders should carefully read the Election Materials provided to them, as well as the relevant portions of the proxy statement/prospectus and the Merger Agreement, before making their elections.

Any Provident stockholder who does not make a proper election by the Election Deadline will have their shares of Provident common stock exchanged for Stock Consideration, Cash Consideration or a combination of the two depending on the valid elections of other Provident stockholders and subject to the allocation and proration procedures in the Merger Agreement. 

Posted In: NBBK PVBC