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. reports news as the holding company for Eastern Bank, a regional banking institution serving consumers, commercial clients and small businesses in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Recurring updates cover operating results, loan and deposit trends, dividends, share repurchases and the integration of completed bank acquisitions.
Company announcements also describe Eastern Bank’s commercial lending, community development financing, affordable housing loans, ESOP-related financing, treasury services, and wealth management, trust and private banking activity through Cambridge Trust Wealth Management. Leadership appointments and human capital governance updates are recurring corporate topics.
Eastern Bank has been recognized as the top lender to small businesses in Massachusetts for the 14th consecutive year by the U.S. Small Business Administration (SBA). For the fiscal year ending September 30, the bank originated 251 SBA 7(a) loans totaling approximately $35.7 million and was also the leading 504 lender with 19 loans amounting to around $27.1 million. This recognition underscores Eastern Bank's commitment to supporting local businesses with essential financial solutions.
Eastern Bank Foundation has appointed Jerry Rubin as a Foundation Fellow, focusing on workforce development and economic mobility in New England. Rubin, with decades of leadership in workforce training and adult education, aims to address systemic disparities affecting workers, particularly around wage gaps. He previously led Jewish Vocational Service in Greater Boston, tripling its budget and expanding its outreach. The Foundation emphasizes enhancing employment opportunities and worker protections, with efforts aimed at supporting local communities to overcome employment barriers.
The Foundation for Business Equity has successfully merged with Mill Cities Community Investments after completing its spin-off from Eastern Bank. This merger aims to enhance their capacity to support small businesses of color, with a significant emphasis on addressing racial wealth inequities. FBE has raised over $13 million and generated $120 million in new revenue for local businesses. The combined entity will offer new low-interest loan products and expand capital access to Black and Latino entrepreneurs across Massachusetts, reinforcing their shared mission.
Eastern Bank has partnered with The Forsyth Institute to provide commercial banking and insurance services. Forsyth, based in Cambridge, focuses on the relationship between oral health and overall well-being. Eastern Bank will offer a revolving line of credit to support Forsyth’s ongoing needs. Additionally, Eastern Insurance Group will assist in developing a customized risk management program. This collaboration aims to enhance Forsyth's financial growth and address public health demands.
Eastern Bankshares, Inc. (EBC) reported a robust third quarter for 2022, showing a net income of $54.8 million, equating to $0.33 per diluted share, compared to $51.2 million the previous quarter. Operating net income rose to $55.7 million, reflecting significant loan growth of 16% on an annualized basis. The net interest margin expanded by 24 basis points, leading to a 10% increase in net interest income, reaching $152.2 million. The company has declared a quarterly cash dividend of $0.10 per share, payable on December 15, 2022. Total assets stood at $22.0 billion, with total loans increasing to $12.9 billion.
Eastern Bank has announced a new partnership with Crime Prevention Security Systems, LLC (CPSS), providing $8.5 Million in working capital financing. This financial support will enable CPSS, a leader in security and fire alarm systems based in Gainesville, Florida, to continue its growth. Eastern Bank aims to bolster cash flow and operational efficiency, supporting numerous industries with its diverse financing solutions. Founded in 1818, Eastern Bank serves communities in Massachusetts, New Hampshire, and Rhode Island, boasting approximately $22 billion in total assets.
EBC announced its third quarter 2022 earnings release scheduled for October 27, 2022, after market close. A conference call will follow on October 28, 2022, at 9:00 AM Eastern Time. Interested investors can join via toll-free dial-in at (888) 396-8049 using conference ID 09796048. Participants can also access the call through a webcast on investor.easternbank.com. The company, based in Boston, has over $22 billion in total assets and more than 120 locations in Massachusetts, New Hampshire, and Rhode Island.
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