The $1.3 billion-asset 1854 Bancorp said in a press release
Friday that it will pay $15.75 a share for the $208 million-asset Patriot
Community. The deal is expected to close in the third quarter.
“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 … for their banking needs,” Gilda Nogueira, East
Cambridge’s president and CEO, said in the release.
“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,” Nogueira added. “We are committed to
continuing as a strong financial and community partner.”
John O’Donnell, Patriot Community’s president and
CEO, will join East Cambridge as its senior commercial lending officer.
Goodwin Procter and The Kafafian Group advised 1854 Bancorp. Griffin
Financial Group and K&L Gates advised Patriot Community.
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