Brookline Bancorp, Inc. Completes Acquisition of PCSB Financial Corporation
03 Januar 2023 - 10:05PM
Brookline Bancorp, Inc. (NASDAQ: BRKL) (“Brookline”), today
announced that it has completed its acquisition of PCSB Financial
Corporation (NASDAQ: PCSB) (“PCSB”), a $1.9 billion bank holding
company based in Yorktown Heights, New York, effective January 1,
2023. PCSB’s bank subsidiary, PCSB Bank, now operates as a separate
subsidiary of Brookline Bancorp and has 15 banking offices
throughout the Lower Hudson Valley of New York State.
Michael P. Goldrick assumed the role of
President and CEO of PCSB Bank on January 1st. Prior to his
appointment as President and CEO, Mr. Goldrick served as PCSB
Bank’s Executive Vice President and Chief Lending Officer.
Brookline also announced that Willard I. Hill,
Jr., has joined the Brookline Board of Directors and has stepped
down from the PCSB Bank board. From 2017 until his appointment to
the Brookline Board of Directors, Mr. Hill served on the PCSB
Financial Corporation and PCSB Bank boards.
Paul Perrault, Chairman and Chief Executive
Officer of Brookline, commented on the transaction, “I am pleased
to welcome the customers and employees of PCSB Bank to Brookline
Bancorp. The addition of PCSB Bank to our growing family of banks
represents a unique opportunity for us to expand our banking
operations into one of the country’s largest markets.” Mr. Perrault
continued, “We look forward to deepening the already strong bonds
PCSB has forged within the community.”
“The addition of Willard Hill, Jr. to our board
and the appointment of Michael Goldrick as President and CEO of
PCSB Bank ensures a smooth transition and continued growth at PCSB
Bank for years to come. I look forward to working with both of
these seasoned leaders.”
In connection with the merger, Paul Perrault
will join the PCSB Bank Board of Directors, and the Board will
be comprised of Mr. Perrault, William V. Cuddy, Jr., Kevin B.
Dwyer, Jeffrey D. Kellog, Matthew G. McCrosson, Joseph D. Roberto,
Karl A. Thimm, Michael T. Weber, Richard F. Weiss, Marsha Gordon,
and Robert C. Lusardi.
ABOUT BROOKLINE BANCORP,
INC.
Brookline Bancorp, Inc., a bank holding company
with approximately $11 billion in assets and branch locations in
eastern Massachusetts, Rhode Island and the Lower Hudson Valley of
New York State, is headquartered in Boston, Massachusetts and
operates as the holding company for Brookline Bank, Bank Rhode
Island, and PCSB Bank. The Company provides commercial and retail
banking services and cash management and investment services to
customers throughout Central New England and the Lower Hudson
Valley of New York State. More information about Brookline Bancorp,
Inc. and its banks can be found at the following websites:
www.brooklinebank.com, www.bankri.com, and www.pcsb.com.
FORWARD-LOOKING STATEMENTS
Certain of the statements made in this press
release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended. The words “expect,” “anticipate,”
“intend,” “plan,” “believe,” “seek,” and “estimate,” and similar
expressions, are intended to identify such forward-looking
statements, but other statements not based on historical
information may also be considered forward-looking, including
statements about the benefits to Brookline of the merger,
Brookline’s future financial and operating results and its plans,
objectives, and intentions. All forward-looking statements are
subject to risks, uncertainties, and other factors that may cause
the actual results, performance, or achievements of Brookline to
differ materially from any results, performance, or achievements
expressed or implied by such forward-looking statements. Such
risks, uncertainties, and other factors include, among others, (1)
the risk that the cost savings and any revenue synergies from the
merger may not be realized or take longer than anticipated to be
realized, (2) the risk that the cost savings and any revenue
synergies from the merger may not be realized or may take longer
than anticipated to realize, (3) disruption from the merger, with
customer, supplier, or employee relationships, (4) the possibility
that the amount of the costs, fees, expenses, and charges related
to the merger may be greater than anticipated, including as a
result of unexpected or unknown factors, events, or liabilities,
(5) the risk of successful integration of the two companies’
businesses, including the risk that the integration of PCSB’s
operations with those of Brookline will be materially delayed or
will be more costly or difficult than expected, (6) the risk of
expansion into new geographic or product markets, (7) reputational
risk and the reaction of the parties’ customers to the merger, (8)
the risk of potential litigation or regulatory action related to
the merger, (9) the dilution caused by Brookline’s issuance of
additional shares of its common stock in the merger, and (10)
general competitive, economic, political, and market conditions.
Additional factors which could affect the forward-looking
statements can be found in Brookline’s annual report on Form 10-K,
quarterly reports on Form 10-Q, and current reports on Form 8-K, in
each case filed with the SEC and available on the SEC’s website at
http://www.sec.gov. Brookline disclaims any obligation to update or
revise any forward-looking statements contained in this
communication, which speak only as of the date hereof, whether as a
result of new information, future events, or otherwise.
INVESTOR CONTACT:
Contact: |
Carl M. CarlsonBrookline Bancorp, Inc.Co-President, Chief Financial
and Strategy Officer(617) 425-5331ccarlson@brkl.com |
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