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.
Needham Bank has finalized the transfer of cannabis banking and money service businesses from Eastern Bankshares, Inc. (EBC) after obtaining regulatory approvals. Needham has also onboarded the previous cannabis banking team led by Paul Evangelista, enhancing its ability to serve this sector. The Medford branch of Eastern will continue servicing customers as part of the transition. President Joseph Campanelli expressed confidence in the bank's infrastructure and commitment to building relationships with new clients. The asset purchase was initially announced on January 14, 2022.
Eastern Bank has secured a new asset-based lending relationship with Boston Battery LLC, providing
Eastern Bank has announced key appointments to its Management Committee, including Gregory P. Buscone, Martha A. Dean, Timothy J. Lodge, Matthew A. Osborne, and Sujata Yadav. CEO Bob Rivers expressed optimism about their diverse expertise and community involvement. The Management Committee now comprises fourteen senior executives, with 64% being women, people of color, or younger than 50. Eastern Bank, founded in 1818, has over 120 locations and approximately $24 billion in total assets, emphasizing its commitment to community engagement and strategic growth.
Eastern Bank Foundation has appointed Natalia Urtubey as a Foundation Fellow, focused on enhancing equity in the small business ecosystem. She comes from the City of Boston’s Office of Economic Opportunity & Inclusion, where she led significant initiatives like distributing over $28.6M in small business grants during the pandemic. Her role aims to support economic inclusion and mobility, particularly for historically underrepresented communities. The Foundation focuses on building networks for business owners of color through strategic funding and collaborations with nonprofit organizations.
Eastern Bank announces the financing of Landry's Bicycles to aid its transition to a 100% employee-owned structure. Founded in 1922, Landry's is recognized as one of America's Best Bike Shops and operates eight locations across Massachusetts. The term loan will support Landry's employee ownership model, which aims to enhance teamwork and customer service. Eastern Bank, with over $24 billion in total assets, also offers various commercial financing solutions to support businesses like Landry's.
Eastern Bank announces an $8 million financing deal with Work ‘N Gear, the largest U.S. retailer in work and healthcare apparel. Based in Quincy, MA, Work ‘N Gear operates 39 stores in the Northeast and Midwest. The partnership aims to enhance Work ‘N Gear's liquidity and funding for day-to-day operations. Eastern Bank, founded in 1818, has over $24 billion in assets and provides various commercial financing solutions, including asset-based lending, to support businesses in improving cash flow and operational efficiency.
Eastern Insurance Group, a subsidiary of Eastern Bank, has acquired the operating assets of Michals Insurance Agency, effective March 1, 2022. This marks Eastern Insurance's 35th acquisition of an independent agency since 2002. Michals Insurance, serving clients since 1993, is recognized for its exemplary customer service and specialization in the national fine arts sector. Eastern Insurance aims to enhance its offerings and client service through this acquisition, welcoming the Michals team to expand their reach and capabilities in the insurance market.
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Eastern Bankshares, Inc. (EBC) reported a quarterly net income of $35.1 million for Q4 2021, down from $37.1 million in Q3. However, operating net income rose to $44.9 million, or $0.26 per diluted share. The company declared a 25% increase in its quarterly cash dividend to $0.10 per share. Key highlights include the successful merger with Century Bancorp, adding approximately $7 billion in assets. Total loans and deposits surged, with organic loan growth of 6%. However, noninterest expenses rose significantly, primarily due to merger costs.
Eastern Insurance Group LLC has announced the promotion of Timothy J. Lodge to President and CEO, succeeding John Koegel, who will transition to a consultant role. Lodge, with over 23 years in the insurance sector, previously led the Commercial Lines Division. The leadership change aims to strengthen the company's position and customer service quality. Additionally, several key promotions were made within the Executive Leadership Team to further develop operational efficiency.
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