NB Bancorp Moves Closer to Merger Completion with Provident Bancorp

Stockholders given election options as Needham and Provident finalize plans for mid-November closing.

October 09, 2025

Stockholder Elections Underway

NB Bancorp and Provident Bancorp are on track to finalize their merger next month. As of October 8, Provident stockholders have received the necessary materials to select how they want to receive their merger consideration—Needham common stock, cash, or a mix of both.

This follows a series of key milestones. Back in June, the two holding companies signed a merger agreement that sets up Needham as the surviving entity. Provident stockholders approved that agreement in September. Now, the companies are working through the final steps, with the goal of closing the deal on November 15. That timeline depends on receiving the remaining regulatory approvals and satisfying all closing conditions.

Stockholders have until 5:00 p.m. Eastern on November 7 to submit their election forms. Anyone holding shares through a broker or nominee will need to follow that party’s instructions. For those participating in Provident’s ESOP or 401(k) plans, the deadline is earlier— October 31. These participants must make their elections through the plan and submit by the plan’s cutoff.

Merger Consideration Options

Shareholders can choose from three options:

• Receive 0.691 shares of NB Bancorp stock for each share of Provident


• Receive $13.00 in cash per Provident share


• Choose a combination of stock and cash

The total payout across all shares is subject to a 50/50 allocation between stock and cash. If a stockholder misses the deadline, their consideration will be determined based on how others have voted and the pro-rata allocation rules in the agreement.

Next Steps and Integration Planning

Looking ahead, both companies are preparing for integration. That includes aligning operations between BankProv and Needham Bank once the transaction closes. While the merger is expected to move forward as planned, the companies acknowledge a number of variables—such as regulatory review timelines and integration planning—that could affect the process or timing.

NB Bancorp brings a tech-forward approach to regional banking, while BankProv focuses on commercial services in the Northeast and beyond. The combination is designed to expand market coverage and support growth on both sides.

For stockholders, the next few weeks are critical. Submitting election forms on time ensures they receive the preferred form of payment. Updated information, including final deadlines and additional materials, is available through the designated election agent or investor relations contacts.