First Seacoast Bancorp Inc (FSEA) News & EventsFSEAFirst Seacoast Bancorp Inc

Cambridge Financial Group Completes Acquisition of First Seacoast Bancorp

Cambridge Financial Group has completed the acquisition of First Seacoast Bancorp, Inc., the holding company of First Seacoast Bank. As a result of the acquisition, First Seacoast Bank has merged with Cambridge Savings Bank, with Cambridge Savings Bank serving as the surviving institution. Effective today, First Seacoast Bank becomes part of Cambridge Savings Bank, bringing together two longstanding community-focused institutions that share a commitment to relationship banking, personalized service, local decision-making, and community investment. The combined organization now serves customers across eastern Massachusetts and the Seacoast region of New Hampshire through a network of 24 full-service banking offices. While branding and signage changes will immediately take place at FSB, systems and account integration are expected to be completed in 2027.

Cambridge Financial and First Seacoast Bancorp Enter Merger Agreement

Cambridge Financial, the mutual holding company of Cambridge Savings Bank, and First Seacoast Bancorp, the holding company of First Seacoast Bank, jointly announced they have entered into a definitive merger agreement under which First Seacoast Bancorp will merge with Cambridge Financial, with Cambridge Financial as the surviving corporation, and First Seacoast Bank will merge with Cambridge Savings Bank, with Cambridge Savings Bank as the surviving institution.

First Seacoast Bancorp authorizes additional buyback of up to 229K shares

The company states: "First Seacoast Bancorp announced it has authorized additional share repurchases, up to an additional 228,858 shares of common stock, under its ongoing stock repurchase program. Previously announced in April 2024, the original repurchase authorization encompassed 507,707 shares of common stock, representing approximately 10% of the then outstanding shares. To date, the Company has repurchased 397,008 shares at an average price of $9.15 per share. The additional repurchase authorization represents approximately 5% of pro forma outstanding shares assuming the repurchase of the remaining shares subject to the original authorization."