NB Bancorp, Inc., operating as Needham Bank, implemented significant changes to its retirement and compensation plans, as disclosed in a recent SEC filing. On January 28, 2025, the Bank, a wholly owned subsidiary of NB Bancorp, Inc., adopted amendments freezing benefits under the Second Amended and Restated Director Retirement Plan (DRP) and participation in the Needham Bank Nonqualified Deferred Compensation Plan for Officers (NQDP).
The Benefit Freeze Amendment to the DRP stipulates that no additional benefits will accrue for participants post-December 31, 2024. Similarly, the Participation Freeze Amendment to the NQDP states that no new participants can enroll in the plan after January 28, 2025. The details of these amendments are outlined in Exhibit 10.1 and Exhibit 10.2 attached to the Current Report on Form 8-K filed by NB Bancorp.
NB Bancorp, an emerging growth company as defined by the SEC, is proactively managing its financial obligations and strategic initiatives. The amendments reflect a careful consideration of the company’s current financial position and its evolving business landscape.
For further details regarding these changes and their implications, refer to the complete filings on the SEC’s EDGAR database or the company’s official communications.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NB Bancorp’s 8K filing here.
About NB Bancorp
NB Bancorp, Inc focuses on operating as a bank holding company for Needham Bank that provides various banking products and services in Greater Boston metropolitan area and surrounding communities in Massachusetts, eastern Connecticut, southern New Hampshire, and Rhode Island. The company offers various deposits, including certificate of deposit, individual retirement, money market, savings, NOW, demand deposit, and interest-bearing and noninterest-bearing checking accounts; and commercial real estate and multifamily, one- to four-family residential real estate, construction and land development, commercial and industrial, and consumer loans, as well as home equity loans and lines of credit.
