PROVIDENCE – The parent company of Bank Rhode Island completed the $313 million cash-and-stock purchase of a New York bank.
The deal between Brookline Bancorp Inc. and PCSB Financial Corp. closed on Jan. 1, having received state and federal regulatory approvals in December, Carl Carlson, a company spokesman, confirmed in an email Tuesday.
The acquisition, first announced in May 2022, aims to help Massachusetts-based Brookline Bancorp grow its Northeast presence, reaching more than $10 billion in assets with operations in Boston, New York and Providence markets.
Brookline Bancorp, the parent company for Bank Rhode Island, Brookline Bank and First Ipswich Bank, is headquartered in Boston with approximately $8.6 billion in assets and branch locations in eastern Massachusetts and Rhode Island.
PCSB Financial Corp. is a New York-chartered commercial bank that serves the lower Hudson Valley. It operates from its executive offices and 14 branch offices in Dutchess, Putnam, Rockland and Westchester counties in New York.
Under the agreement, PCSB Financial Corp. will operate as a subsidiary of Brookline Bancorp, keeping its Yorktown Heights, N.Y., headquarters and New York state bank charter.
PCSB Financial Corp. stockholders will receive either $22 in cash consideration or 1.3284 shares of Brookline common stock for each share of PCSB Financial Corp. shares, based on preliminary election results announced Dec. 30.
Also on Jan. 1, Michael P. Goldrick became PCSB Bank’s CEO and president, after previously serving as its executive vice president and chief lending officer, according to a press release. As part of the deal, Brookline Bancorp Chairman and CEO Paul Perrault joined PCSB Bank’s board of directors.
Providence-based Bank Rhode Island, founded in 1995, has $2.7 billion in deposits with 20 branches and 40 ATMs, according to the 2022 Providence Business News Book of Lists.
Bank Rhode Island has the fifth-highest share of in-state deposits in Rhode Island as of June 30 at $2.6 billion, according to the Federal Insurance Deposit Corp.
(Update: adds Goldrick named PCSB Bank’s CEO and president in 8th paragraph)
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
