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Centreville Bank and PB Bancorp, Inc. Announce Receipt of Regulatory Approvals and Targeted Closing Date of Pending Merger
April 30, 2020
Source: PR Newswire
Centreville Bank, a Rhode Island-chartered savings bank, and PB Bancorp, Inc. (NASDAQ Capital Market: PBBI) jointly announced today that all regulatory approvals relating to the acquisition by Centreville Bank of PB Bancorp and its wholly owned subsidiary, Putnam Bank, have been received. PB Bancorp shareholders previously approved the merger at a special meeting of shareholders on February 7, 2020. The merger is targeted to close before the opening of business on May 1, 2020.
Under the terms of the merger agreement, PB Bancorp shareholders will receive cash of $15.25 for each share of PB Bancorp. After the closing, Centreville will provide instructions to PB Bancorp shareholders for exchanging their stock certificates for the cash payment.
About Centreville Bank
Founded in 1828 and headquartered in West Warwick, Rhode Island, Centreville 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, with total assets of $1.34 billion as of December 31, 2019. For more information, please visit www.centrevillebank.com.
About PB Bancorp, Inc. and Putnam Bank
PB Bancorp, Inc., 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. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. PB Bancorp, Inc.'s common stock trades on the NASDAQ Capital Market under the symbol "PBBI".
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