On October 22, 2019, PB Bancorp, Inc., Putnam, Connecticut, the holding company for Putnam Bank, a Connecticut-chartered stock savings bank, and Centreville Bank, West Warwick, Rhode Island, a Rhode Island-chartered mutual savings bank, announced the signing of a definitive merger agreement pursuant to which Centreville Bank will acquire PB Bancorp and Putnam Bank, with Centreville Bank as the surviving institution. PB Bancorp shareholders will receive $15.25 in cash per share of PB Bancorp common stock. The total merger consideration is valued at approximately $115.5 million.
Luse Gorman is serving as legal counsel to PB Bancorp in the transaction. The Luse Gorman team consists of Eric Luse, Kent M. Krudys, Scott A. Brown and Zachary A. Davis (Corporate/M&A) and Max Seltzer (Executive Compensation).
This is Luse Gorman’s 17th bank merger transaction announced in 2019.
PB Bancorp has $538 million in total assets and operates eight full-service offices in Putnam, Pomfret Center, Plainfield, Griswold, Gales Ferry and Norwich, Connecticut and a full-service loan center in Putnam, Connecticut.
Centreville Bank operates seven branch locations in Coventry, Cranston, East Greenwich, Narragansett, North Kingstown, West Greenwich, and West Warwick, Rhode Island and has total assets of $1.25 billion.