Announcement • Nov 17

NB Bancorp, Inc. (NasdaqCM:NBBK) completed the acquisition of Provident Bancorp, Inc. (NasdaqCM:PVBC).

NB Bancorp, Inc. (NasdaqCM:NBBK) agreed to acquire Provident Bancorp, Inc. (NasdaqCM:PVBC) for approximately $220 million on June 5, 2025. Provident Bancorp shareholders are entitled to elect to receive either (i) 0.691 shares of Needham common stock (the “Stock Consideration”) or (ii) $13.00 in cash (the “Cash Consideration”), subject to allocation procedures to ensure that 50% of the shares of Provident common stock will receive the Stock Consideration. In case of termination of transaction, seller will pay a termination fee of $8.5 million. As part of the merger, Joseph B. Reilly, will join the board of directors of Needham and Needham Bank. Immediately following the Merger, Provident Bancorp will merge with and into Needham, with Needham as the surviving entity (the “Holdco Merger”), and promptly following the Holdco Merger, BankProv will merge with and into Needham Bank, with Needham Bank as the surviving entity. The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board and approval of offer by target shareholders. As of September 16, 2025, Provident announced that its stockholders approved the merger agreement. As of October 20, 2025, all required regulatory approvals have been received. The transaction is expected to close on or about November 14, 2025. As of November 13, 2025, the transaction is anticipated to be completed on November 15, 2025, at 12:01 a.m. (Eastern Time), when 1828 MS Inc. will merge with and into Provident Bancorp, Inc. Nutter McClennen & Fish LLP acted as legal advisor for NB Bancorp, Inc. Luse Gorman, P.C acted as legal advisor for Provident Bancorp, Inc. Keefe, Bruyette & Woods, Inc. acted as financial advisor for NB Bancorp, Inc. Piper Sandler & Co. acted as financial advisor for Provident Bancorp, Inc. Continental Stock Transfer & Trust Company acted as a exchange agent to NB Bancorp. Alliance Advisors LLC acted as a Information agent to Provident Bancorp. Provident Bancorp has paid $12,500 fee to Alliance Advisors. NB Bancorp, Inc. (NasdaqCM:NBBK) completed the acquisition of Provident Bancorp, Inc. (NasdaqCM:PVBC) on November 15, 2025.

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