First Seacoast Bancorp Inc. (NASDAQ: FSEA), the holding company of First Seacoast Bank, will merge with Cambridge Financial Group, Inc., the mutual holding company of Cambridge Savings Bank. The all‑cash transaction values First Seacoast at approximately $80.9 million, giving each FSEA share $17.25 in cash. Cambridge Financial will be the surviving corporation, and the merger is expected to close in the third quarter of 2026 after regulatory approval.
The deal expands Cambridge Savings Bank’s footprint into New Hampshire for the first time. By adding First Seacoast Bank’s five branches, the combined institution will operate 24 full‑service offices, creating a broader network that can serve a larger customer base and leverage complementary strengths in retail and commercial banking.
Financially, First Seacoast reported a net loss of $840,000 for the quarter ended December 31 2025 and a trailing‑12‑month net profit margin of –14.68%. In contrast, Cambridge Savings Bank reported total assets of $6.937 billion and a net income of $66.951 million for the same period, underscoring the stronger financial position of the acquirer.
The $17.25 per‑share cash offer represents a premium of roughly 47% over First Seacoast’s closing price on May 4 2026, indicating that Cambridge Financial values the target’s local market presence and potential synergies highly.
Ryan A. Bailey, President and CEO of Cambridge Savings Bank, said, “This is an exciting period of growth for our organization. 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. Our goal remains the same: to treat every customer like our only customer, just as we have for nearly two centuries.” James Brannen, CEO of First Seacoast, added, “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.”
Investor sentiment has been strongly positive, driven by the substantial premium offered and the strategic expansion into a new geographic market. The transaction is expected to create immediate value for First Seacoast shareholders and position Cambridge Savings Bank for continued growth.
The merger will close after obtaining the necessary regulatory approvals, with the third‑quarter 2026 closing window providing a clear timeline for the integration of the two institutions.
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