- Details
- Category: Past Issues
Putnam Bank
acquisition
complete
Customers will see
no immediate changes
W. WARWICK & PUTNAM — May 1, Centreville Bank, a Rhode Island- chartered savings bank, completed its cash acquisition of PB Bancorp, Inc. and its wholly owned subsidiary, Putnam Bank. The transaction is valued at $115.5 million.
Harold M. Horvat, president, CEO and chairman of Centreville Bank, said there are no immediate changes for Putnam Bank customers. All the current branches of Putnam Bank will remain open and will conduct business under the name ‘Putnam Bank, a division of Centreville Bank.”
“We’re thrilled that Putnam Bank will now be part of the Centreville Bank family,” said Horvat. “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.”
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 former PB Bancorp director, John Miller, has been elected to the board of trustees of Centreville Bank.
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