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Brookline Bancorp, Inc. Completes Acquisition Of Pcsb Financial Corporation

Jan 03, 2023•almost 3 years ago

Acquiring Company

Brookline Bancorp

Acquired Company

PCSB Financial

BankingLendingFinanceFinancial Services

Description

Brookline Bancorp, Inc. (NASDAQ: BRKL) (“Brookline”), today announced that it has completed its acquisition of PCSB Financial Corporation (NASDAQ: PCSB) (“PCSB”), a $1.9 billion bank holding company based in Yorktown Heights, New York, effective January 1, 2023. PCSB’s bank subsidiary, PCSB Bank, now operates as a separate subsidiary of Brookline Bancorp and has 15 banking offices throughout the Lower Hudson Valley of New York State.

Company Information

Company

Brookline Bancorp

About

Brookline Bancorp, Inc., a bank holding company with approximately $8.7 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. The Company provides commercial and retail banking services and cash management and investment services to customers throughout Central New England. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, and www.bankri.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed