Cambridge, Mass. and Woburn, Mass. – 1854 Bancorp, the mutual holding company of East Cambridge Savings Bank, and Patriot Community Bank, a cooperative bank headquartered in Woburn, Massachusetts, have jointly announced today that they have reached a definitive merger agreement in which 1854 Bancorp will acquire Patriot Community Bank for $15.75 in cash per share.
Upon completion of the merger, East Cambridge Savings Bank will operate Patriot Community Bank’s one office as a branch of East Cambridge Savings Bank. East Cambridge Savings Bank’s proforma assets are expected to exceed $1.5 billion and will operate a branch network of 11 banking centers.
East Cambridge Savings Bank President and CEO Gilda M. Nogueira stated, “We are pleased to announce this partnership. As local community banks, we are committed to serving communities that we have long been a part of. Through this merger, we look forward to providing expanded banking services and convenience to consumers and small businesses that have long looked to Patriot Community Bank for their banking needs. Our organizations, with similar corporate cultures and values, credit our long-term success to the confidence and trust of the many local residents and businesses we serve. We are committed to continuing as a strong financial and community partner.”
John O’Donnell, President and CEO of Patriot Community Bank, stated, “We are excited to partner with East Cambridge Savings Bank and I am confident that this merger will continue Patriot Community Bank’s longstanding commitment to our customers, communities, and employees. East Cambridge Savings Bank has a 168-year history of working with customers and businesses to help them grow and thrive which is exactly what Patriot Community Bank has strived to do since our founding. This partnership brings together two community-focused local banks that are dedicated to helping our customers, supporting employees, and serving our communities.” Mr. O’Donnell will remain with East Cambridge Savings Bank as an Executive Vice President, Senior Commercial Lending Officer, following the completion of the merger.
The merger is subject to regulatory approval and the approval of the shareholders of Patriot Community Bank. The transaction is expected to close in the third quarter of 2022.
Goodwin Procter LLP served as legal counsel to 1854 Bancorp and East Cambridge Savings Bank, and The Kafafian Group, Inc. served as financial advisor to 1854 Bancorp and East Cambridge Savings Bank. Griffin Financial Group LLC served as financial advisor and provided a fairness opinion to Patriot Community Bank and K&L Gates LLP served as legal counsel to Patriot Community Bank.
For common customer questions and answers about this merger announcement, please reference our FAQ document which can be found
here.
About 1854 Bancorp:
1854 Bancorp is a mutual holding company and the parent company of East Cambridge Savings Bank. East Cambridge Savings Bank is a full-service mutually-held bank that is committed to be the preferred banking partner in the communities it serves. Established in 1854, the Bank strives to provide an exceptional customer experience and generous support for the community. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, and Waltham, as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender. For more information about East Cambridge Savings Bank, please visit www.ecsb.com.
About Patriot Community Bank:
Patriot Community Bank is an independent state co-operative chartered bank with consolidated assets of $208 million as of December 31, 2021. Patriot Community Bank is a full-service community bank headquartered in Woburn, Massachusetts. Founded in 2006, Patriot Community Bank provides a full range of consumer and commercial deposit and lending products to the communities surrounding Woburn. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender. For more information about Patriot Community Bank, please visit www.patriotcb.com.
CONTACT:
Leo Gayne
Assistant Vice President, Public and Community Relations Officer
(617) 551-2353
lgayne@ecsb.com