Welcome to our dedicated page for Eastern Bankshares news (Ticker: EBC), a resource for investors and traders seeking the latest updates and insights on Eastern Bankshares stock.
Eastern Bankshares, Inc. (NASDAQ: EBC) is the holding company for Eastern Bank, which it describes as Greater Boston’s leading local bank. News about EBC often centers on its regional banking activities, commercial lending relationships, wealth management initiatives and corporate developments. Eastern Bank operates approximately 109 to 110 branches across eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut, and provides banking and wealth management solutions for consumers and businesses of all sizes.
The EBC news feed highlights announcements of new commercial banking customers and financing arrangements, such as working capital facilities, revolving lines of credit and cash management services for companies in sectors ranging from security solutions to marketing logistics. Releases also cover Eastern’s recognition as a top SBA 7(a) lender in Massachusetts, reflecting its role in small business lending and programs like its Equity Alliance for Business, which is designed to support women and entrepreneurs of color.
Investors and analysts following Eastern Bankshares, Inc. will find regular updates on quarterly earnings release dates, conference calls and webcasts, as well as detailed financial results and commentary from management on loan growth, profitability metrics, net interest margin and asset quality. Corporate actions, including share repurchase authorizations, dividend declarations and governance matters, are also disclosed through company news and related SEC filings.
Another key theme in EBC news is merger and acquisition activity. Eastern has reported on its agreement to acquire HarborOne Bancorp, Inc., the receipt of required regulatory approvals and the completion of the merger, including the proration of stock and cash consideration for HarborOne shareholders and the integration of HarborOne Bank into Eastern Bank. For ongoing coverage of these developments and other company updates, the EBC news page aggregates press releases and third-party reports in one place.
Eastern Bankshares, Inc. (EBC) announced a new share repurchase program with regulatory non-objection, allowing the purchase of up to 8.9 million shares, or about 5% of outstanding shares, with a budget of $200 million. This program is set to commence later this month, following the completion of the current buyback program, which successfully repurchased 9.1 million shares for $182 million. The buyback aims to create shareholder value and reflects the company’s financial strategy, subject to market conditions and other factors.
Eastern Insurance Group LLC has acquired the operating assets of John T. Burns Insurance Agency, effective August 1, 2022. This marks Eastern Insurance's 36th acquisition since 2002 and its second in 2022, strengthening its market position. Burns Insurance, a family-owned agency in Newtonville, MA since 1892, brings strong customer relationships that will enhance Eastern's service offerings. The acquisition aims to provide better choices and services to customers, leveraging Eastern Insurance's extensive resources.
Eastern Bankshares (NASDAQ: EBC) reported Q2 2022 net income of $51.2 million or $0.31 per diluted share, slightly down from the previous quarter. Operating net income was $52.5 million with a consistent $0.32 per share, reflecting strong net interest income growth of 8% to $137.8 million. The bank experienced double-digit growth in major lending categories while maintaining solid credit quality. It declared a quarterly cash dividend of $0.10 per share, payable on September 15, 2022. Total assets stood at $22.4 billion.
Eastern Bank Foundation has appointed Turahn Dorsey as Chief Impact Officer, a role aimed at enhancing the Foundation's impact across Massachusetts, New Hampshire, and Rhode Island. Dorsey brings over 25 years of experience in civic change and public policy, having previously served as Boston's Chief of Education. The Foundation, which manages over
Eastern Bankshares, Inc. (NASDAQ: EBC) will disclose its Q2 2022 earnings on July 28, 2022, after market close. A conference call is scheduled for July 29, 2022, at 9:00 AM ET. Investors can join via toll-free dial-in (888) 396-8049 using conference ID 97071632, or through a webcast available on the Company's Investor Relations website. Eastern Bank, founded in 1818, boasts over 120 locations and $23 billion in total assets as of March 31, 2022. The company is known for its strong community support, providing $240 million in charitable contributions since 1994.
Eastern Bank has secured a $14 million loan to support the Arts & Business Council of Greater Boston in acquiring the Western Avenue Studios & Lofts in Lowell, MA.
This project, part of the Creative Campus Initiative, aims to enhance affordable housing for artists amidst growing gentrification. The facility will feature 250 artist studios and communal spaces, ensuring sustainability for local creative communities.
Additionally, BlueHub Capital contributed $3 million towards this financing.
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