NB Bancorp and Provident Bancorp Set Merger Election Deadlines
Important Merger Announcement
NB Bancorp, Inc. (Nasdaq: NBBK), the parent company of Needham Bank, and Provident Bancorp, Inc. (Nasdaq: PVBC), the parent company of BankProv, are excited to share updates regarding their upcoming merger. As this partnership unfolds, holders of Provident common stock need to be aware of critical deadlines and provisions that will impact stockholder decisions.
Merger Completion Timeline
One crucial date stands out: the Election Deadline, which is set at 5:00 p.m. Eastern Time on November 7, 2025. This is the cutoff for Provident stockholders to choose their desired form of merger consideration. It is essential for stockholders to complete the election materials sent previously to ensure their voices are heard in this significant transition.
Effective Time of the Merger
Following the Election Deadline, the merger between Provident and NB Bancorp will officially commence shortly after midnight on November 15, 2025. This merger signifies the union of BankProv with Needham Bank, and it aims to enhance the banking experiences of clients across their combined services.
Choosing the Right Merger Consideration
Provident stockholders will have the opportunity to choose between stock or cash as their form of merger consideration. Specifically, holders can opt for either 0.691 shares of Needham common stock for each share of Provident common stock or receive a cash payment of $13.00 per share. Understanding these options is vital, as they can significantly influence stockholder outcomes.
The Election Process Explained
To ensure that your election is valid, it is critical to submit a completed election form along with any necessary certificates and documents described in the Election Materials. These documents must reach the Exchange Agent by the specified Election Deadline. Stockholders who hold their shares through various intermediaries should heed the guidance offered by their respective brokers or trustees to complete the process smoothly.
Final Trading Day for Provident Stock
The trading of Provident common stock will cease on November 14, 2025. This marks the final opportunity for any trading activity before the transition to the merger completion. Stockholders should be prepared for this cutoff as they decide on their preferred consideration option.
Contact Information for Stockholders
Should any stockholder have questions regarding the election process, or if they require more information, Alliance Advisors, LLC will serve as Needham's information agent. They can be reached directly for assistance.
About the Companies
NB Bancorp, Inc. operates as the registered bank holding company of Needham Bank. Established in 1892, it has held a steadfast commitment to providing comprehensive banking services to individuals, businesses, and non-profits alike, with an emphasis on innovation and customer satisfaction.
Provident Bancorp, Inc. functions as the holding company for BankProv, which provides an effective blend of traditional banking and financial solutions to its client base across Massachusetts and New Hampshire. With locations in both regions, it aims to support and empower its customers through a range of banking services.
Frequently Asked Questions
What is the Election Deadline for Provident stockholders?
The Election Deadline is set for 5:00 p.m. Eastern Time on November 7, 2025.
What options do Provident stockholders have for the merger consideration?
Stockholders can choose either 0.691 shares of Needham common stock or $13.00 in cash per share of Provident common stock.
When will the merger become effective?
The merger is expected to be effective shortly after midnight on November 15, 2025.
What happens if a stockholder does not make an election?
Those who do not make a proper election will have their shares exchanged based on the elections of other stockholders.
Who can stockholders contact for assistance with the election?
Stockholders can contact Alliance Advisors, LLC, who is assisting Needham with the election process.
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