Dive Brief:
- Massachusetts-based Cambridge Savings Bank has agreed to acquire First Seacoast Bank in a roughly $80.9 million deal set to close in the third quarter of 2026, the banks announced Tuesday.
- The transaction will add five branches to Cambridge’s 19-location footprint, expanding the $7 billion-asset bank into New Hampshire for the first time.
- Buying Dover, New Hampshire-based First Seacoast will also bolster Cambridge’s bottom line with nearly $600 million in assets, $489 million in deposits and $416 million in loans.
Dive Insight:
In a statement Tuesday, Cambridge Savings Bank CEO Ryan Bailey said the transaction heralded an “exciting period of growth for our organization.”
“At the heart of both institutions is a shared belief in the power of relationships – knowing our customers, supporting our communities, and showing up when it matters most,” Bailey said. “Our goal remains the same: to treat every customer like our only customer, just as we have for nearly two centuries.”
Under Tuesday’s deal, First Seacoast shareholders will receive $17.25 in cash for each outstanding share they own.
In a statement Tuesday, First Seacoast CEO James Brannen said the deal “ensures community banking continuity for our customers while positioning Cambridge Savings Bank for future growth in an evolving and expanding economic landscape.”
“We truly believe that joining forces with Cambridge Savings Bank will allow us to preserve and better meet the expanding needs of the strong businesses and vibrant communities here in the Seacoast and beyond,” Brannen said.
Bailey, meanwhile, called First Seacoast Bank “a trusted presence” in the region.
“We’re proud to build on that legacy – deepening our commitment to the people, businesses and nonprofit organizations that call it home,” he said.
