Centreville Bank, a Rhode Island-chartered savings bank, agreed to acquire PB Bancorp, the parent of Putnam Bank, a state-chartered stock savings bank founded in 1862, for $115m. Under the terms of the agreement, shareholders of PB Bancorp will receive $15.25 in cash per share. The merger consideration represents approximately 145% of PB Bancorp's tangible book value as of June 30, 2019. "Bringing Putnam Bank into the Centreville Bank family makes great strategic sense, business sense, and cultural sense. Our two organizations share many common traits, including being solid fiscally, making decisions that are customer centric, and having an unwavering commitment to the communities that make up our market area. We feel that our entry into Eastern Connecticut through Putnam Bank is a 'win/win' for both institutions," Harold M. Horvat, President, CEO and Chairman of Centreville Bank.