Cambridge Financial Group, the mutual holding company of Cambridge Savings Bank, and First Seacoast Bancorp, the holding company of First Seacoast Bank, announced they have entered into a definitive merger agreement under which First Seacoast Bancorp will merge with Cambridge Financial, while First Seacoast Bank will merge with Cambridge Savings Bank.
The all-cash transaction is valued at approximately $80.9 million based on the number of shares of First Seacoast Bancorp common stock outstanding as of the merger agreement date. Under the terms of the agreement, First Seacoast Bancorp stockholders will receive $17.25 in cash for each share of common stock.
The companies said the merger is intended to strengthen local banking services while combining two community-focused financial institutions with long operating histories. Cambridge Savings Bank, which has nearly 200 years of history, plans to continue investing in banking technologies and customer-focused solutions as part of the combined organization.
Following the merger, Cambridge Savings Bank will operate all of First Seacoast Bank’s banking offices as branch locations within a combined network of 24 full-service offices. The transaction remains subject to customary closing conditions, including regulatory and shareholder approvals, and is expected to close in the third quarter of 2026.
Cambridge Savings Bank currently has approximately $7 billion in assets and operates across Massachusetts through both physical branches and digital banking services. First Seacoast Bank, founded in 1890, is headquartered in Dover, New Hampshire, and operates five branch offices in the Seacoast region.
KEY QUOTES:
“This is an exciting period of growth for our organization. At the heart of both institutions is a shared belief in the power of relationships – knowing our customers, supporting our communities, and showing up when it matters most. First Seacoast Bank has long been a trusted presence in the Seacoast region, and we’re proud to build on that legacy – deepening our commitment to the people, businesses, and nonprofit organizations that call it home. Our goal remains the same: to treat every customer like our only customer, just as we have for nearly two centuries.”
Ryan A. Bailey, President and Chief Executive Officer, Cambridge Savings Bank
“Over the years we have witnessed exceptional growth in the greater Seacoast markets that we serve. We have been fortunate to play a role in that growth, and we truly believe that joining forces with Cambridge Savings Bank will allow us to preserve and better meet the expanding needs of the strong businesses and vibrant communities here in the Seacoast and beyond. This merger ensures community banking continuity for our customers while positioning Cambridge Savings Bank for future growth in an evolving and expanding economic landscape. Our mutual commitment to exceptional service and community engagement is an excellent basis that will allow us to move forward and remain true to the same values that have supported our success for the last 135 years.”
James R. Brannen, Chief Executive Officer, First Seacoast Bank
