WEST WARWICK, R.I. and
PUTNAM, Conn., April 27, 2020 /PRNewswire/ -- 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".
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act.
Forward-looking statements include statements regarding the
anticipated closing date of the transaction. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include words
like "believe," "expect," "anticipate," "estimate" and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could" or "may." Certain factors that could cause actual
results to differ materially from expected results. Undue
reliance should not be placed on the forward-looking statements,
which speak only as of the date hereof. None of PB Bancorp,
Inc., Putnam Bank or Centreville Bank undertake, and specifically
disclaims any obligation, to publicly release the result of any
revisions that may be made to update any forward-looking statement
to reflect the events or circumstances after the date on which the
forward-looking statement is made, or reflect the occurrence of
unanticipated events, except to the extent required by law.
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content:http://www.prnewswire.com/news-releases/centreville-bank-and-pb-bancorp-inc-announce-receipt-of-regulatory-approvals-and-targeted-closing-date-of-pending-merger-301047853.html
SOURCE PB Bancorp, Inc.