NASDAQ Framework: Eastern Bankshares Inc.

Regional bank offering diverse financial services 1 2 3.

Eastern Bankshares, Inc. is the stock holding company for Eastern Bank, a Boston-based local bank founded in 1818. With over 120 locations, it serves communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2024, Eastern Bank had approximately $21 billion in total assets. The bank provides a comprehensive range of banking and wealth management solutions for consumers and businesses of all sizes, and is known for its strong advocacy and community support, including more than $240 million in charitable giving since 1994. The company recently completed a merger with Cambridge Bancorp, further solidifying its position in the market 4 5 6.

4: About Eastern Bankshares, Inc. and Eastern BankEastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2024, Eastern Bank had approximately $21 billion in total assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. For investor information, visit investor.easternbank.com. View Source5: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source6: Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts. It also offers commercial and industrial, commercial real estate and construction, small business, residential real estate, and home equity loans; lines of credit; and other consumer loans comprising unsecured personal lines of credit, overdraft protection, automobile loans, home improvement loans, airplane loans, and other personal loans. In addition, the company provides trust, financial planning and portfolio management, automated lock box collection, cash management, and account reconciliation services; personal, business, and employee benefits insurance products. Eastern Bankshares, Inc. was founded in 1818 and is headquartered in Boston, Massachusetts. View Source

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Eastern Bankshares Inc. is not led by its founders, nor is there any indication that the founders are heavily involved. The current leadership includes Bob Rivers as CEO and chair of the board, and Denis Sheahan, who became the CEO of Eastern and Eastern Bank following the merger with Cambridge Bancorp 7.

7: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source

LOW RISK

Eastern Bankshares Inc. appears to be in a financially stable position. The company reported a significant net profit of $318.5 million for the quarter ending December 31, 2023, compared to $42.29 million in the previous year 8. Additionally, the recent merger with Cambridge Bancorp is expected to increase earnings per share by roughly 20% in 2024 9. The company has also divested its insurance services business for $515 million, which is part of its strategic capital redeployment to strengthen its banking franchise 10. These factors, combined with a strong market capitalization of $2.54 billion and a favorable price-to-earnings ratio, suggest that Eastern Bankshares Inc. is well-positioned to cover its costs and spending plans 11.

8: Based on Eastern Bankshares’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $100.9 million and a net profit of $318.5 million. In comparison, last year the company earned a revenue of $118.93 million and had a net profit of $42.29 million View Source9: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source10: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source11: The stock’s market cap achieved a total value of $2.54 billion as of the last trading session. Market capitalization is the total value of all outstanding shares of a corporation and it is used to measure a company’s market value. The price-to-earnings ratio for Eastern Bankshares Inc. (NASDAQ:EBC) is 5.03. The price-to-earnings ratio is a method of assessing corporate values by comparing them to their per-share profit. Forward P/E stands at 9.67. Forward price-to-earnings is calculated using predicted earnings for the next financial year’s P/E determination. The stock has achieved an effective Price-to-Sales Ratio of 2.72 that mirrors the cost to be found for sales by the market. The firm managed a Price-to-Book ratio of 0.86, which equates the market value of a stock with its book value. View Source

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There is no evidence to suggest that Eastern Bankshares Inc. is launching any new product offerings. The provided information primarily focuses on mergers, financial performance, and leadership changes 12 13 14 15.

12: Eastern Bankshares’ Strategic Acquisition and CFO Appointment Eastern Bankshares merges with Cambridge Bancorp, David Rosato named CFO Eastern Bankshares Bolsters Board Ahead of Merger Eastern Bankshares, Inc. And Cambridge Bancorp Announce Regulatory Approvals Received To Merge Eastern Bankshares, Cambridge Bancorp approved for merger View Source13: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source14: (RTTNews) - Eastern Bankshares, Inc. (EBC) on Monday announced it has appointed David Rosato as Chief Financial Officer of Eastern Bankshares, Inc. and Eastern Bank. View Source15: BOSTON, May 28, 2024 /PRNewswire/ -- Eastern Bankshares, Inc. ("Eastern") (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, and Cambridge Bancorp (NASDAQ: CATC) ("Cambridge"), the parent company of Cambridge Trust Company, today jointly announced they have received all necessary regulatory approvals to complete their proposed merger (the "Merger"), which was previously announced on September 19, 2023. The Merger is expected to close on or about July 12, 2024. View Source

Eastern Bankshares Inc.'s product roadmap and expansion strategy for 2024 through 2026 primarily focuses on strategic mergers and capital redeployment to strengthen its banking franchise. The recent merger with Cambridge Bancorp, completed in July 2024, aligns with Eastern Bankshares’ inorganic growth strategy and is expected to increase earnings per share by roughly 20% in 2024 16. Additionally, the company divested its insurance services business for $515 million to focus on core banking operations 17. The merger has expanded Eastern Bankshares’ total assets to approximately $27.1 billion and enhanced its market position, particularly in Greater Boston 18. The company has a history of opportunistic acquisitions, having completed eight mergers and acquisitions since 1997, and aims to continue this trend to deepen its market presence and offerings 19.

16: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source17: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source18: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source19: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source

Sources

1: About Eastern Bankshares, Inc. and Eastern BankEastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2024, Eastern Bank had approximately $21 billion in total assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. For investor information, visit investor.easternbank.com. View Source2: Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts. It also offers commercial and industrial, commercial real estate and construction, small business, residential real estate, and home equity loans; lines of credit; and other consumer loans comprising unsecured personal lines of credit, overdraft protection, automobile loans, home improvement loans, airplane loans, and other personal loans. In addition, the company provides trust, financial planning and portfolio management, automated lock box collection, cash management, and account reconciliation services; personal, business, and employee benefits insurance products. Eastern Bankshares, Inc. was founded in 1818 and is headquartered in Boston, Massachusetts. View Source3: Eastern Bankshares, Inc. is the stock holding company for Eastern Bank (The Bank). The Bank is a Boston-based local bank and the bank-owned independent investment advisor in Massachusetts with approximately 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. Through the Bank, it provides a variety of banking and trust and investment services. Its banking business offers a range of commercial, retail... View Source4: About Eastern Bankshares, Inc. and Eastern BankEastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2024, Eastern Bank had approximately $21 billion in total assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. For investor information, visit investor.easternbank.com. View Source5: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source6: Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts. It also offers commercial and industrial, commercial real estate and construction, small business, residential real estate, and home equity loans; lines of credit; and other consumer loans comprising unsecured personal lines of credit, overdraft protection, automobile loans, home improvement loans, airplane loans, and other personal loans. In addition, the company provides trust, financial planning and portfolio management, automated lock box collection, cash management, and account reconciliation services; personal, business, and employee benefits insurance products. Eastern Bankshares, Inc. was founded in 1818 and is headquartered in Boston, Massachusetts. View Source7: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source8: Based on Eastern Bankshares’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $100.9 million and a net profit of $318.5 million. In comparison, last year the company earned a revenue of $118.93 million and had a net profit of $42.29 million View Source9: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source10: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source11: The stock’s market cap achieved a total value of $2.54 billion as of the last trading session. Market capitalization is the total value of all outstanding shares of a corporation and it is used to measure a company’s market value. The price-to-earnings ratio for Eastern Bankshares Inc. (NASDAQ:EBC) is 5.03. The price-to-earnings ratio is a method of assessing corporate values by comparing them to their per-share profit. Forward P/E stands at 9.67. Forward price-to-earnings is calculated using predicted earnings for the next financial year’s P/E determination. The stock has achieved an effective Price-to-Sales Ratio of 2.72 that mirrors the cost to be found for sales by the market. The firm managed a Price-to-Book ratio of 0.86, which equates the market value of a stock with its book value. View Source12: Eastern Bankshares’ Strategic Acquisition and CFO Appointment Eastern Bankshares merges with Cambridge Bancorp, David Rosato named CFO Eastern Bankshares Bolsters Board Ahead of Merger Eastern Bankshares, Inc. And Cambridge Bancorp Announce Regulatory Approvals Received To Merge Eastern Bankshares, Cambridge Bancorp approved for merger View Source13: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source14: (RTTNews) - Eastern Bankshares, Inc. (EBC) on Monday announced it has appointed David Rosato as Chief Financial Officer of Eastern Bankshares, Inc. and Eastern Bank. View Source15: BOSTON, May 28, 2024 /PRNewswire/ -- Eastern Bankshares, Inc. ("Eastern") (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, and Cambridge Bancorp (NASDAQ: CATC) ("Cambridge"), the parent company of Cambridge Trust Company, today jointly announced they have received all necessary regulatory approvals to complete their proposed merger (the "Merger"), which was previously announced on September 19, 2023. The Merger is expected to close on or about July 12, 2024. View Source16: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source17: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source18: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source19: Eastern Bankshares Inc. EBC announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under the Eastern Bank brand name.At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration.At the same time, EBC announced the divestiture of its insurance services business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This deal was closed in October 2023 with a sale price of $515 million.On a combined basis, the merger and the insurance sale transaction were projected to increase EBC’s 2024 earnings per share by roughly 20% and reduce the tangible book value per share by approximately 7.5%. The anticipated earnback period is roughly 2.75 years, with an internal rate of return of roughly 20%.These efforts indicate the strategic redeployment of the capital to strengthen the banking franchise.Bob Rivers, CEO and chair of the board of Eastern Bankshares, stated, “We are excited to have successfully completed Eastern’s merger with Cambridge Trust and, in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts.”The transition of Cambridge Trust’s banking products and services to EBC’s systems took place during the weekend of Jul 12, 2024. Further, the conversion of the customers of Eastern Wealth Management to Cambridge Trust’s systems is anticipated to take place later this year.As part of the deal, Denis Sheahan, chairman, president, and CEO of Cambridge, became the CEO of Eastern and Eastern Bank and joined EBC’s board of directors. Additionally, Quincy Miller has been promoted to chief operating officer of Eastern Bank. This move aligns with EBC’s objective to establish itself among the leading banking institutions in the market. The company has been engaged in opportunistic buyouts in the past as well. In November 2021, it acquired Century Bancorp Inc. to boost its offerings and deepen its presence within the market. Notably, the company has completed eight mergers & acquisitions of banking businesses since 1997.Eastern Bankshares’ shares have risen 19.2% in the past year. View Source