Form 4: Provident Bancorp Director Sells Shares Post-Merger

A director of Provident Bancorp, Inc. reported the disposition of common stock and stock options following the merger with NB Bancorp, Inc.

Summary

• Kathleen Chase Curran, a director of Provident Bancorp, Inc. (PVBC), reported changes in beneficial ownership.
• The transactions occurred on November 15, 2025, pursuant to the Agreement and Plan of Merger dated June 5, 2025, between NB Bancorp, Inc. and Provident Bancorp, Inc.
• Curran disposed of 408 shares of common stock held indirectly through an IRA.
• Curran also disposed of 15,210 shares of common stock held directly.
• Additionally, 25,500 stock options with an exercise price of $17.41 were cancelled.
• Each outstanding share of Provident Bancorp common stock was converted into the right to receive either 0.691 shares of NB Bancorp common stock or $13.00 in cash, subject to proration ensuring 50% stock and 50% cash consideration.
• All unvested restricted stock automatically vested in full at the effective time of the merger and were converted into the merger consideration.
• Outstanding and unexercised stock options were cancelled in exchange for a cash amount equal to the product of (i) the excess of the merger consideration over the per share exercise price, multiplied by (ii) the number of shares subject to the option, net of withholding taxes.

Sentiment

Score: 5

Explanation: The filing is a factual report of a completed corporate transaction (merger) and insider share disposition, not a performance update. Therefore, the sentiment is neutral.

Positives

• The successful completion of the merger provides liquidity or shares in the acquiring entity to Provident Bancorp, Inc. shareholders.
• Unvested restricted stock automatically vested in full, benefiting holders of such awards.

Negatives

• Provident Bancorp, Inc. ceased to exist as an independent publicly traded entity following the merger.

Future Outlook

Provident Bancorp, Inc. has been acquired by NB Bancorp, Inc., and as such, its independent future outlook is now integrated into that of the acquiring entity. The filing details the final transactions related to the merger's completion.

Industry Context

This transaction reflects ongoing consolidation within the banking sector, where smaller regional banks are often acquired by larger institutions to achieve economies of scale, expand market reach, or enhance financial stability. Such mergers typically result in the acquired entity's shares being delisted and converted into shares or cash of the acquiring company.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders of Provident Bancorp, Inc. received merger consideration (cash or NB Bancorp shares) for their holdings.
• Holders of restricted stock and stock options received cash or vested shares as per the merger agreement terms.

Key Dates

Keywords

Provident Bancorp, PVBC, NB Bancorp, Merger, Form 4, Insider Transaction, Beneficial Ownership, Stock Options, Common Stock, Acquisition, Banking