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.
The Eastern Bank Foundation has announced an expanded approach to its philanthropic efforts, now rebranded as the Eastern Bank Foundation. This reflects a shift from traditional charity to investing in systemic change within communities. Key initiatives include continued grassroots community donations, a dedicated commitment to eliminating regional inequities, and an additional $2 million for COVID-19 support, totaling $15 million in relief efforts. The foundation focuses on equitable access to resources, advocating for change by listening to community experiences.
Eastern Bankshares (EBC) plans to declassify its Board of Directors over five years, transitioning from three classes to a single class. This change aims to enhance corporate governance and accountability to shareholders. Beginning with the 2024 Annual Meeting, directors will be elected for one-, two-, and three-year terms, with a full transition to annual elections by 2027. CEO Bob Rivers emphasized the importance of robust governance for long-term shareholder value. The full proposal will be included in the upcoming proxy statement before the 2022 Annual Meeting.
Eastern Insurance Group LLC, a subsidiary of Eastern Bank, has acquired the operating assets of Barr Insurance Agency, effective May 1, 2021. This marks Eastern Insurance's 34th acquisition since 2002. Barr Insurance, operating for over 50 years, offers a range of personal and business insurance coverages and has demonstrated excellent client retention. The acquisition aims to enhance service offerings and create new opportunities for Barr Insurance clients through Eastern Insurance’s resources.
Eastern Bankshares, Inc. (EBC) reported a strong first quarter of 2021, with a net income of $47.7 million, or $0.28 per share, a significant turnaround from a net loss of $44.1 million in Q4 2020. Operating net income increased to $46.5 million, up from $31.6 million quarter-over-quarter. Total revenue was $155.3 million, bolstered by high insurance revenues and interest rate swap gains. The company is progressing with its merger with Century Bancorp, expected to close in Q4 2021, and announced a 33% increase in its quarterly dividend to $0.08 per share.
EBC and CNBKA have entered a definitive all-cash merger agreement valued at $642 million. Century shareholders will receive $115.28 per share. The merger is expected to close in Q4 2021, pending regulatory and shareholder approvals. Eastern plans to merge Century into its operations, enhancing services in Greater Boston and southern New Hampshire. The acquisition is projected to be 55% accretive to earnings, funded by Eastern's available cash. A 33% increase in Eastern's quarterly dividend to $0.08 per share was also announced.
Eastern Bankshares, Inc. (NASDAQ: EBC) is set to release its first quarter 2021 earnings after market close on April 29, 2021. A conference call for investors will follow on April 30, 2021, at 9:00 AM ET, providing a platform for discussion and insights into the Company’s performance. Eastern Bank, founded in 1818 and based in Boston, boasts over $16 billion in assets and more than 110 locations across New England. The bank emphasizes community support, having contributed $240 million to charitable initiatives since 1994.
Eastern Insurance Group LLC, a subsidiary of Eastern Bank, has acquired the assets of NorthBridge Insurance Agency, Inc., effective April 1, 2021. This acquisition marks Eastern Insurance's 33rd acquisition since 2002. NorthBridge, operating since 1997, is known for its robust customer service in personal and business insurance. This strategic move is intended to enhance Eastern's position in the insurance market, serving over 75,000 clients across the United States.
Eastern Bank announces the promotion of Martha A. Dean to Executive Vice President of Operations. Dean brings over 35 years of experience in operations, risk management, and compliance. She joined Eastern Bank in 2014 and has held various roles, showcasing her leadership capabilities. CEO Bob Rivers praised her contributions to customer experience and team development. Eastern Bank, founded in 1818, manages approximately $16.0 billion in assets and employs around 1,900 professionals across 110 locations.
Eastern Bankshares (EBC) has been added to the KBW Nasdaq Regional Banking Index as part of the first quarter 2021 rebalancing, effective March 22, 2021. CEO Bob Rivers expressed pride in this achievement, viewing it as a significant milestone following the company's IPO just five months prior. The KBW Nasdaq Regional Banking Index tracks the performance of publicly traded U.S. regional banks. Eastern Bank operates over 110 locations in New England and had approximately $16.0 billion in total assets as of December 31, 2020.
Summary not available.
FAQ
What is the current stock price of Eastern Bankshares (EBC)?
What is the market cap of Eastern Bankshares (EBC)?
