Brookline also announced that Willard I. Hill, Jr., has joined the Brookline Board of Directors and has stepped down from the PCSB Bank board.
Brookline Bancorp completes acquisition of PCSB Financial. (Credit: Gerd Altmann from Pixabay)
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.
Michael P. Goldrick assumed the role of President and CEO of PCSB Bank on January 1st. Prior to his appointment as President and CEO, Mr. Goldrick served as PCSB Bank’s Executive Vice President and Chief Lending Officer.
Brookline also announced that Willard I. Hill, Jr., has joined the Brookline Board of Directors and has stepped down from the PCSB Bank board. From 2017 until his appointment to the Brookline Board of Directors, Mr. Hill served on the PCSB Financial Corporation and PCSB Bank boards.
Paul Perrault, Chairman and Chief Executive Officer of Brookline, commented on the transaction, “I am pleased to welcome the customers and employees of PCSB Bank to Brookline Bancorp. The addition of PCSB Bank to our growing family of banks represents a unique opportunity for us to expand our banking operations into one of the country’s largest markets.” Mr. Perrault continued, “We look forward to deepening the already strong bonds PCSB has forged within the community.”
“The addition of Willard Hill, Jr. to our board and the appointment of Michael Goldrick as President and CEO of PCSB Bank ensures a smooth transition and continued growth at PCSB Bank for years to come. I look forward to working with both of these seasoned leaders.”
In connection with the merger, Paul Perrault will join the PCSB Bank Board of Directors, and the Board will be comprised of Mr. Perrault, William V. Cuddy, Jr., Kevin B. Dwyer, Jeffrey D. Kellog, Matthew G. McCrosson, Joseph D. Roberto, Karl A. Thimm, Michael T. Weber, Richard F. Weiss, Marsha Gordon, and Robert C. Lusardi.
Source: Company Press Release