East Cambridge Bank in Cambridge, Massachusetts, has agreed to acquire Patriot Community Bank, a deal that will give it a presence in neighboring Woburn and push its assets over $1.5 billion.
The depositor-owned mutual bank said it would pay $15.75 per share for the $207.6 million-asset Patriot Community.
The cash deal is expected to close in the third quarter. The two banks did not disclose the total price.
Patriot Community, which operates a single branch, reported net income of $2.3 million for 2021. John O’Donnell, who has been Patriot Community's chief executive since it opened its doors in April 2006, plans to join the $1.3 billion-asset East Cambridge as senior commercial lending officer once the deal closes.
Gilda Nogueira, East Cambridge’s president and CEO, said her institution can offer an expanded product set to Patriot Community’s consumer and small-business customers. Founded in 1854, East Cambridge operates 10 branches in the Greater Boston area.
“We are committed to continuing as a strong financial and community partner,” Nogueira said in a press release.
East Cambridge has made one other bank acquisition, in 2015. It bought Chelsea Bank, a single-branch mutual in Chelsea, Massachusetts, with $56.5 million of assets.
