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Dover-based First Seacoast Bank has agreed to be acquired by Massachusetts-based Cambridge Savings Bank, adding to the list of larger Bay State lenders making inroads in the Granite State.
It’s also a historically less-common instance of a mutual bank buying a stock 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. Under the terms of the agreement, First Seacoast Bancorp’s stockholders will receive $17.25 in cash for each of their shares of common stock.
None of First Seacoast’s five branches are expected to close following the merger, and will instead be rebranded as Cambridge Savings Bank locations, bringing Cambridge Savings’ network of 24 full-service offices.
At the end of 2025, First Seacoast had $470.8 million in deposits and $599.3 million in assets, including $419.5 million in loans, below the $1 billion-asset threshold that many bankers say is needed to ensure a lender’s long-term survival in the coming decades. Cambridge Savings Bank has $7 billion in assets.
In a statement, First Seacoast CEO James Brannen billed the merger deal as one that would “ensure community banking continuity” for customers in the Seacoast once the 135-year-old institution is folded into the 185-year-old Cambridge Savings.
“Over the years we have witnessed exceptional growth in the greater Seacoast markets that we serve,” Brannen said. “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.”
The merger is expected to be completed in the third quarter of 2026.
It also marks the fourth major acquisition of a New Hampshire bank by a much larger bank from neighboring states in recent years, after buys by Maine’s Camden National Bank and Massachusetts’ Eastern Bank and Rockland Trust Co. – all three of them publicly traded stock banks. The former is roughly the same size as Cambridge Savings, while the latter pair are more than three times the size.
“This is an exciting period of growth for our organization,” Cambridge Savings Bank President and CEO Ryan Bailey said in a statement. “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.”
