December 20, 2022

On December 16, 2022, Pentucket Bank Holdings, MHC, Haverhill, Massachusetts, and Newburyport Five Cents Bancorp, MHC, Newburyport, Massachusetts, announced their agreement to form a strategic partnership through the merger of Pentucket Bank Holdings, MHC and Newburyport Five Cents Bancorp, MHC.  Newburyport Bank and Pentucket Bank, the bank subsidiaries of Newburyport Five Cents Bancorp, MHC and Pentucket Bank Holdings, MHC, respectively, will remain independent entities under a mutual multi-bank holding company.

Pentucket has six offices and approximately $946 million in assets.

Newburyport has 11 offices and approximately $1.4 billion in assets.

Luse Gorman is serving as legal counsel to Pentucket in the transaction. The Luse Gorman team consists of Lawrence Spaccasi, Kent Krudys, Victor Cangelosi and Max Seltzer.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.