Bank Will Have Eastern CT And RI Locations
May 5, 2020
Centreville Bank, a Rhode Island- chartered savings bank, has completed its cash acquisition of PB Bancorp, Inc. and its wholly owned subsidiary, Putnam Bank. The transaction is valued at $115.5 million. Centreville and PB Bancorp announced the transaction in October 2019.
“We're thrilled that Putnam Bank will now be part of the Centreville Bank family," said Harold M. Horvat, president, CEO and chairman, Centreville Bank, in a statement. The acquisition closed May 1.
“Our due diligence over these past six months has validated what we first saw: that bringing these two similar institutions together aligns well strategically, operationally and culturally. And we truly believe that the biggest benefit will be realized by our new employees and customers in Eastern Connecticut."
There is no immediate change for Putnam Bank customers nor is any action required on their part. All current branches of Putnam Bank will remain open and will conduct business under the name “Putnam Bank, a Division of Centreville Bank."
The combined organization will have approximately $1.76 billion in assets and $1.37 billion in deposits.
“I want to take this opportunity to publicly thank outgoing Putnam Bank President and CEO Tom Borner for his leadership and vision during his tenure running this fine organization. He's built a solid bank that has a strong sense of community, and we intend to carry on that tradition," said Horvat.
Horvat also announced that John Miller, a former PB Bancorp director, has been elected to the board of trustees of 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. In addition, Putnam Bank in Putnam, Connecticut, operates as a division of Centreville Bank and serves the Eastern Connecticut market. Centreville currently has total assets of $1.76 billion. For more information, visit www.centrevillebank.com.