Press Release
May 26, 2022

Goodwin Advises on Two Announced Bank Deals: Northmark Bank Agrees to Merge with Cambridge Trust; Brookline Bancorp, Inc. Announces Agreement to Acquire PCSB Financial Corporation

The Financial Industry team advised in two strategic transactions announced this week: Northmark Bank’s agreement to merge with Cambridge Trust Company in an all-stock transaction valued at approximately $63 million, and Brookline Bancorp’s agreement to acquire PCSB Financial Corporation for approximately $313 million in cash and stock.

Northmark Bank is a locally owned and managed full service commercial bank. Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 132-year-old Massachusetts chartered commercial bank with approximately $5 billion in assets as of March 31, 2022, and a total of 19 private banking offices and five wealth management locations in Massachusetts and New Hampshire. Cambridge Trust is one of New England's leaders in private banking and wealth management with $4.7 billion in client assets under management and administration.

Brookline Bancorp, Inc., a bank holding company with approximately $8.6 billion in assets and branch locations in eastern Massachusetts and Rhode Island, is headquartered in Boston, Massachusetts, and operates as the holding company for Brookline Bank and Bank Rhode Island. PCSB Financial Corporation is the bank holding company for PCSB Bank. Following the closing of the transaction, PCSB Bank will operate as a separate bank subsidiary of Brookline Bancorp.

The Goodwin team advising Northmark Bank was led by Samantha Kirby and Regina Pisa, and included Bill McCurdy, Kim Rodriquez, Eva Xu, and Natascha George (Executive Compensation). For more details about the transaction, please read the joint press release.

The Goodwin team advising Brookline Bancorp, Inc. was led by Samantha Kirby and included Bill McCurdy and Eva Xu (FIN); Natascha George, Morgan Frisoli, and Jennifer Miani (Executive Compensation); Rob Hale (Labor & Employment); Blake Liggio and Caitlin Tompkins (Public M&A); and Bob Kester (Tax). For more details about the transaction, please read the joint press release.