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 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.
Eastern Bankshares, Inc. (EBC) has agreed to transfer its cannabis-related and money service business deposit relationships to Needham Bank. This decision follows a review revealing that the cannabis banking operation does not align with Eastern's customer service approach. The transaction is set to close in the first half of 2022, pending regulatory approvals. Needham Bank's CEO expressed excitement over servicing this growing sector, while Eastern aims to streamline its business focus. No financial terms were disclosed as the transaction is deemed non-material to Eastern.
Eastern Bankshares, Inc. (NASDAQ: EBC) announced its fourth quarter 2021 earnings release scheduled for January 27, 2022, after market close. A conference call will take place on January 28, 2022, at 9:00 AM ET, with participation details provided. Based in Boston, Eastern Bank has over 110 locations and approximately $17 billion in total assets as of September 30, 2021. The bank offers comprehensive banking, investment, and insurance services while maintaining a strong commitment to community support.
The Eastern Bank Foundation announced an additional $280,000 in COVID-19 support to combat food insecurity in location value="LS/us.ma"Massachusetts and location value="LS/us.nh"New Hampshire. This funding will benefit 56 organizations dedicated to alleviating hunger. Since the pandemic began, the foundation has contributed over $15 million to more than 665 community organizations, addressing various needs, including vaccination efforts and support for vulnerable populations. This latest initiative highlights the foundation's ongoing commitment to local communities.
Eastern Bank has been recognized by the U.S. Small Business Administration as the top lender for small businesses in Massachusetts, marking its 13th consecutive year in this position. In the last fiscal year, Eastern Bank originated 185 SBA 7(a) loans totaling approximately $35.7 million and 30 504 loans totaling about $31.2 million. The bank also issued over $1.7 billion in PPP loans since the pandemic began, demonstrating its commitment to supporting small businesses during challenging economic times.
Eastern Bankshares, Inc. has successfully completed its acquisition of Century Bancorp, Inc. for approximately $642 million. Effective November 12, 2021, each Century shareholder will receive $115.28 per share. This merger aims to enhance Eastern's market presence in location value="LU/us.ma.boston"Boston and Eastern Massachusetts. Additionally, Eastern received a regulatory non-objection notice for a share repurchase program allowing the repurchase of up to 9,337,900 shares. This program is authorized for $225 million through November 30, 2022.
The Eastern Bank Foundation has announced its 2021 Community Advocacy Award honorees, recognizing nonprofit organizations addressing pandemic-induced inequities across various regions, including Cape Cod, Greater Boston, and New Hampshire.
Significant issues highlighted include food insecurity, child care scarcity, and vaccination inequities. The report states that 30% of Massachusetts adults faced food insecurity earlier this year, with disparities among racial groups. Several organizations received awards for their critical interventions in these areas.
Eastern Bankshares, Inc. (EBC) reported a net income of $37.1 million, or $0.22 per share, for Q3 2021, marking an increase from $34.8 million in Q2 2021. The company declared a quarterly dividend of $0.08 per share and announced a share repurchase program to buy back 5% of outstanding shares, pending Federal Reserve approval. Loan growth was robust at $175 million (8% annualized), while nonperforming loans slightly rose to $42.1 million. Total assets reached $17.5 billion, with a decrease in net interest income to $102.7 million, attributed to a low interest rate environment.
The Eastern Bank Foundation announced a plan to sell a pre-arranged portion of Eastern Bankshares, Inc. (NASDAQ: EBC) stock over 18 months. This plan, initiated under Rule 10b5-1 of the Securities Exchange Act, aims to enhance asset diversification and liquidity. The Foundation will sell approximately 25,000 shares weekly starting at the end of October, potentially reducing its holding to 5.6 million shares by February 2023. The Foundation remains committed to its charitable mission while fulfilling fiduciary duties through this strategic plan.
Eastern Bank has announced a new asset-based lending partnership with The GEM Group, allocating $33.1 million in financing. Established in 1958, The GEM Group is a leading supplier in the promotional products industry, recognized for its customer service and community stewardship. This partnership aims to enhance The GEM Group's operational efficiency and support its financial needs, fostering economic development in underrepresented communities. Eastern Bank, with assets of approximately $17 billion, is dedicated to offering a range of commercial financing solutions to various industries.