Brookline Bancorp to acquire PCSB Financial for $313M in cash, stock

May 24, 2022 9:07 AM ETBrookline Bancorp, Inc. (BRKL), PCSBBy: Pranav Ghumatkar, SA News Editor1 Comment
  • Brookline Bancorp (NASDAQ:BRKL) and PCSB Financial (NASDAQ:PCSB) has entered into a definitive merger agreement whereby Brookline will acquire PCSB and its wholly owned subsidiary, PCSB Bank for ~$313M in cash and stock.
  • Following the transaction, PCSB Bank will operate as a separate bank subsidiary of Brookline.
  • The transaction is presently valued at ~$313M in the aggregate, or ~$20.72 per PCSB share, based on Brookline’s common stock price of $14.96 at close on May 23rd, 2022.
  • Combined company total assets of $10.6B, loans of $8.5B, and deposits of $8.7B.
  • Expected IRR of ~15%, exceeding Brookline’s cost of capital and Pro forma capital ratios of 8.6% TCE/TA and 13.0% Total Risk-Based Capital Ratio.
  • “Partnering with Brookline will allow PCSB to deliver even more value to our communities and customers as we continue to expand in the lower Hudson Valley.” said Joseph D. Roberto, Chairman, President and CEO of PCSB.

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