Investment Banking - Centreville Bank
Transactions | Banking
Client: Centreville Bank
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
Centreville Bank has acquired PB Bancorp, Inc.
- Centreville Bank (“Centreville”), a Rhode Island-chartered savings bank, is a full-service mutual bank operating through seven branch locations in Coventry, Cranston, East Greenwich, Narragansett, North Kingstown, West Greenwich, and West Warwick. As of June 30, 2019, Centreville had assets of $1.25 billion, $705.6 million in loans, and $921.8 million in deposits.
- PB Bancorp, Inc. (NASDAQ: PBBI) (“PB Bancorp”), headquartered in Putnam, Connecticut, is the parent of Putnam Bank, a state-chartered stock savings bank founded in 1862. The bank offers a wide range of financial services through its eight full-service offices. Putnam Bank also operates a full-service loan center in Putnam, Connecticut. As of June 30, 2019, PB Bancorp had assets of $538.0 million, $378.0 million in loans, and $383.9 million in deposits.
- Under the terms of the agreement, shareholders of PB Bancorp will receive $15.25 in cash per share. The total transaction value is approximately $115.5 million. The combined organization will have approximately $1.78 billion in assets and $1.31 billion in deposits.
- Upon the closing of the acquisition, Putnam Bank, the wholly owned subsidiary of PB Bancorp, will merge into Centreville Bank. Following completion of the merger, the current branches of Putnam Bank will remain open and will conduct business under the trade name “Putnam Bank, a Division of Centreville Bank”.
- The transaction closed on May 1, 2020.
- Boenning & Scattergood, Inc. served as financial advisor to Centreville and rendered a fairness opinion to its board of directors.