April 6, 2022

On April 1, 2022, Needham Bank, Needham, Massachusetts, completed its acquisition of cannabis banking and money service businesses from Eastern Bank, Boston, Massachusetts.  As a part of the transaction, Needham Bank assumed approximately $300 million of deposits, and will sublet space in Eastern Bank’s Medford branch.

Needham Bank, the wholly owned subsidiary of NB Financial, Inc. and NB Financial, MHC, is a cooperative bank headquartered in Needham, Massachusetts with $3.2 billion in assets and 12 offices in Massachusetts.

Eastern Bank, the wholly owned subsidiary of Eastern Bankshares, Inc., is a trust company headquartered in Boston, Massachusetts with $23.5 billion in consolidated assets and more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island.

Luse Gorman served as legal counsel to Needham Bank in the transaction.  The Luse Gorman team consisted of Kent Krudys, Gary Lax and Ned Quint.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five 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.