On June 5, 2025, Provident Bancorp, Inc., Amesbury, Massachusetts, announced the signing of a merger agreement with NB Bancorp, Inc., Needham, Massachusetts, pursuant to which Provident Bancorp will merge with and into NB Bancorp in a cash and stock transaction valued at approximately $211.8 million.

Provident Bancorp is the holding company for BankProv and has approximately $1.6 billion in assets and conducts business through seven branch locations on the North Shore of Massachusetts and in southern New Hampshire, and a loan office located in Ponte Vedra Beach, Florida.

NB Bancorp is the holding company for Needham Bank and has approximately $5.5 billion in assets and conducts business through eleven branch locations, located primarily in eastern Massachusetts.

Luse Gorman is serving as legal counsel to Provident Bancorp in the transaction. The Luse Gorman team consists of Larry Spaccasi, Ned Quint, Thomas Hutton, Kent Krudys, Scott Brown and Babette Schwartz.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and on more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.