Cambridge, Mass.-based Cambridge Financial Group is acquiring First Seacoast Bancorp, Dover, N.H., for $80.9 million. .The deal is expected to close in the third quarter of this year. Cambridge Financial Group is the mutual holding company of $7 billion Cambridge Savings Bank. First Seacoast Bancorp is the holding company of First Seacoast Bank. After the merger, Cambridge Savings Bank will operate First Seacoast Bank’s branches. As of late January, Cambridge Savings Bank had $5.6 million in net loans and leases and $5.5 billion in deposits. First Seacoast Bank had nearly $600 million in assets, $416 million in net loans and leases and $488 million in deposits. “This is an exciting period of growth for our organization,” said Cambridge Savings Bank CEO Ryan A. Bailey. Minneapolis-based Piper Sandler & Co. is financial advisor to Cambridge, while Keefe, Bruyette & Woods, New York City, is financial adviser to First Seacoast Bancorp. Washington, D.C.-based Luse Gorman, PC is legal counsel to First Seacoast.
