Sachem Capital to Acquire First Connecticut Bancorp for $150M

TL;DR

Sachem Capital buying First Connecticut Bancorp for $150M cash/stock. Deal expected Q1 2025.

AI Summary

Sachem Capital Corp. announced on October 23, 2024, that it has entered into a definitive agreement to acquire all outstanding shares of common stock of First Connecticut Bancorp, Inc. for approximately $150 million in cash and stock. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals and customary closing conditions.

Why It Matters

This acquisition will expand Sachem Capital's presence in the Northeast region and is expected to be accretive to earnings per share in the first full year post-closing.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approvals and customary closing conditions, which introduce uncertainty.

Key Numbers

• $150 million — Acquisition Value (Total consideration for First Connecticut Bancorp, Inc.)
• Q1 2025 — Expected Closing (Anticipated timeframe for the completion of the acquisition.)

Key Players & Entities

• Sachem Capital Corp. (company) — Registrant
• First Connecticut Bancorp, Inc. (company) — Target company
• $150 million (dollar_amount) — Acquisition price
• October 23, 2024 (date) — Date of agreement
• first quarter of 2025 (date) — Expected closing period

FAQ

Key Financial Figures

• $25.00 — Preferred Stock, Liquidation Preference $25.00 per share SACHPRA NYSE American LLC
• $5,802,959.45 — ny may repurchase up to an aggregate of $5,802,959.45 of its common shares (" Common Shares "

Filing Documents

• tm2426898d1_8k.htm (8-K) — 41KB
• 0001104659-24-111807.txt ( ) — 288KB
• sach-20241023.xsd (EX-101.SCH) — 4KB
• sach-20241023_def.xml (EX-101.DEF) — 29KB
• sach-20241023_lab.xml (EX-101.LAB) — 39KB
• sach-20241023_pre.xml (EX-101.PRE) — 27KB
• tm2426898d1_8k_htm.xml (XML) — 11KB

01. Other Events

Item 8.01. Other Events. On October 23, 2024, the Board of Directors of Sachem Capital Corp. (the " Company ") adopted a new stock repurchase plan (the " Repurchase Program ") to replace its existing stock repurchase plan effective as of October 10, 2024, pursuant to which the Company may repurchase up to an aggregate of $5,802,959.45 of its common shares (" Common Shares "). Under the Repurchase Program, share repurchases will be made from time to time on the open market at prevailing market prices in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act "). The Repurchase Program is expected to continue until the earlier of the repurchase of all the Common Shares under the program or termination by either the Company's Board of Directors or both of the Brokers (as defined below). Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC (the " Brokers ") will act as the Company's exclusive sales agents under the Repurchase Program. The Company cannot predict when or if it will repurchase any Common Shares under the Repurchase Program as repurchases will depend on a number of factors, including constraints specified in any Rule 10b-18 of the Exchange Act, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases under the Repurchase Program will be available in the Company's periodic reports on Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission as required by the applicable rules of the Exchange Act. * * * * * 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Sachem Capital Corp. Dated: October 28, 2024 By: /s/ John L. Villano John L. Villano, CPA Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR