NB Bancorp and Provident Bancorp distribute election forms to stockholders

NB Bancorp (NBBK), the holding company for Needham Bank, and Provident Bancorp (PVBC) the holding company for BankProv, announced that the election form and letter of transmittal have been distributed to holders of Provident common stock so Provident stockholders may elect to receive either Needham common stock, cash or a combination of both upon the completion of the pending combination of Needham and Provident. On June 5 Needham, Needham Bank, Provident, and BankProv entered into an Agreement and Plan of Merger pursuant to which Provident will merge with and into Needham, with Needham as the surviving entity, and, immediately thereafter, BankProv will merge with and into Needham Bank, with Needham Bank as the surviving entity. Needham anticipates that all required regulatory approvals will be received and all of the other closing conditions will be satisfied by November 14 and the Merger Transaction will become effective on November 15 although Needham cannot provide any assurance that all required regulatory approvals, waivers or consents will be obtained, when they will be obtained, or whether there will be burdensome conditions in the approvals or any litigation challenging the approvals.