CFSB Bancorp (CFSB) said Tuesday that it has agreed to be acquired by Hometown Financial Group in a deal valued at about $44 million.
Under the terms of the deal, CFSB shareholders will receive $14.25 in cash for each share they hold.
The deal will see CFSB Bancorp's subsidiary, Colonial Federal Savings Bank, merge into North Shore Bank to create a $3.3 billion bank, with 29 retail locations across the North Shore and South Shore regions of Massachusetts and southern New Hampshire.
Following completion, Hometown will have assets of almost $6.9 billion and a branch network of 56 offices across Massachusetts, southern New Hampshire, and northeastern Connecticut, the statement added.
The merger is expected to close in Q4, subject to approvals.
Shares of CFSB soared over 67% in recent premarket activity Wednesday.
Price: 13.75, Change: +5.56, Percent Change: +67.89
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