May 25, 2022

On May 24, 2022, PCSB Financial Corporation, Yorktown Heights, New York, announced the signing of a merger agreement with Brookline Bancorp, Inc., Boston, Massachusetts, pursuant to which PCSB Financial Corporation will merge with and into Brookline Bancorp in a stock and cash transaction valued at approximately $313.0 million. Following the transaction, PCSB Bank will operate as a separate bank subsidiary of Brookline Bancorp.

PCSB Financial Corporation is the holding company for PCSB Bank and has approximately $2.0 billion in total assets.

Brookline Bancorp, Inc. is the holding company for Brookline Bank and Bank Rhode Island and has approximately $8.6 billion in total assets.

Luse Gorman is serving as legal counsel to PCSB Financial Corporation in the transaction. The Luse Gorman team consists of Kip Weissman, Victor Cangelosi, Marc Levy, and Max Seltzer.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and 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.