Yorktown Heights-based PCSB Financial Corp. is being acquired by Brookline Bancorp. Inc., a Boston-headquartered bank holding company, in a $313 million transaction.
PCSB”™s wholly owned subsidiary, PCSB Bank, will operate as a separate bank subsidiary of Brookline. PCSB Bank will retain its headquarters, New York bank charter and board of directors, with Brookline selecting one PCSB director to join its board. Following the closing, PCSB Bank”™s Michael P. Goldrick, currently the executive vice president and chief lending officer, will become president and CEO.
Brookline has approximately $8.6 billion in assets and branch locations in eastern Massachusetts and Rhode Island. It operates as the holding company for Brookline Bank and Bank Rhode Island. PCSB can trace its roots back to 1871 and operates 14 branch offices located in Dutchess, Putnam, Rockland and Westchester counties.
“We are truly excited to be merging with Brookline. Paul and his team have built an impressive regional financial services company with a bedrock culture of performance, service and support of their customers, employees and shareholders,” “Partnering with Brookline will allow PCSB to deliver even more value to our communities and customers as we continue to expand in the lower Hudson Valley,” said Joseph D. Roberto, PCSB”™s chairman, president and CEO.
Photo courtesy of PCSB
