Banker & Tradesman file photo
Dover, New Hampshire-based First Seacoast Bank has agreed to be acquired by Cambridge Savings Bank, adding to the list of larger Bay State lenders making inroads in the Granite State.
It’s also a historically less-common instance of a mutual bank buying a publicly traded stock bank.
“This is an exciting period of growth for our organization,” Cambridge Savings Bank President and CEO Ryan Bailey said in a statement. “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. First Seacoast Bank has long been a trusted presence in the Seacoast region, and we’re proud to build on that legacy – deepening our commitment to the people, businesses, and nonprofit organizations that call it home. Our goal remains the same: to treat every customer like our only customer, just as we have for nearly two centuries.”
The all-cash transaction is valued at approximately $80.9 million based on the number of shares of First Seacoast Bancorp common stock outstanding as of the date of the merger agreement. Under the terms of the agreement, First Seacoast Bancorp’s stockholders will receive $17.25 in cash for each of their shares of common stock.
Following the merger, Cambridge Savings Bank will operate all five of First Seacoast Bank’s banking offices as branch offices and as part of a branch network of 24 full-service offices.
At the end of 2025, First Seacoast had $599.3 million in assets, including $419.5 million in loans, and $470.8 million in deposits. Cambridge Savings Bank has $7 billion in assets.
“Over the years we have witnessed exceptional growth in the greater Seacoast markets that we serve,” First Seacoast Bank CEO James Brannen said in a statement. “We have been fortunate to play a role in that growth, and 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. This merger ensures community banking continuity for our customers while positioning Cambridge Savings Bank for future growth in an evolving and expanding economic landscape. Our mutual commitment to exceptional service and community engagement is an excellent basis that will allow us to move forward and remain true to the same values that have supported our success for the last 135 years.”
The merger is expected to be completed in the third quarter of 2026.
It also marks the fifth major acquisition of a New Hampshire bank by a much larger bank from neighboring states in recent years, after buys by Maine’s Camden National Bank and Massachusetts’ Needham Bank, Eastern Bank and Rockland Trust. – all four of them publicly traded stock banks. The former two are roughly the same size as Cambridge Savings, while the latter pair are more than three times the size.
With Cambridge’s acquisition of First Seacoast, Massachusetts banks will own 7.75 percent of deposits in New Hampshire, according to FDIC data.
Piper Sandler & Co. is financial advisor to Cambridge Savings. Keefe, Bruyette & Woods is acting as First Seacoast Bancorp’s financial advisor. Luse Gorman, PC is serving as legal counsel to First Seacoast Bancorp, the publicly traded holding company for First Seacoast.
