Needham, MA & Amesbury, MA, October 8, 2025 – NB Bancorp, Inc. (“Needham”) (NASDAQ: NBBK) and Provident Bancorp, Inc. (“Provident”) (NASDAQ: PVBC) have announced the distribution of the election form and letter of transmittal to holders of Provident common stock. This will allow stockholders to elect to receive either Needham common stock, cash, or a combination of both upon the completion of the pending combination of Needham and Provident.
As per the merger agreement, shares of Provident common stock will be converted into the right to receive, at the election of each Provident stockholder, either 0.691 shares of Needham common stock per share of Provident common stock or $13.00 in cash per share of Provident common stock. Provident stockholders may also elect to receive a combination of stock consideration and cash consideration.
The election deadline for stockholders to make a valid election is anticipated to be 5:00 p.m. (Eastern Time) on November 7, 2025. Any stockholder who does not make a proper election by the 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.
The merger transaction is expected to become effective on November 15, 2025, pending all required regulatory approvals and the satisfaction of closing conditions.
For more information on the election process and to obtain copies of the election materials, Provident stockholders may contact Alliance Advisors, LLC, Needham’s information agent for the stockholder election process.
Additionally, electronic copies of the merger agreement, the definitive proxy statement/prospectus, and the election materials, as well as other filings containing information about Needham and Provident, may be obtained at the SEC's website and on the respective corporate websites of Needham and Provident.
Contact: Alliance Advisors, LLC 150 Clove Road, Suite 400 Little Falls, NJ 07424 Telephone: (855) 206-1249 Email: [email protected] The market has reacted to these announcements by moving the company's shares -0.83% to a price of $17.85. For more information, read the company's full 8-K submission here.
