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.
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Eastern Bankshares, Inc. (EBC) reported a net loss of $44.1 million or $0.26 per share for Q4 2020, primarily due to a $91.3 million stock donation to the Eastern Bank Charitable Foundation. Operating net income was $31.6 million or $0.18 per share. The company initiated a quarterly cash dividend of $0.06 per share as part of its capital management strategy. Total assets increased to $16 billion, while deposits decreased by 9% to $12.2 billion. Notably, they provided $1.1 billion in PPP loans, reflecting their commitment to supporting businesses during the pandemic.
Eastern Bankshares, Inc. (EBC) announced its fourth quarter and fiscal year 2020 results. The earnings release is scheduled for January 28, 2021, after market close, followed by a conference call on January 29, 2021, at 9:00 AM Eastern Time. Investors can register for the call via the Company's Investor Relations website. Established in 1818, Eastern Bank has over 110 locations and approximately $15.5 billion in total assets as of September 30, 2020, offering banking, investment, and insurance services across New England.
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Eastern Bankshares (EBC) has been added to the U.S. small-cap Russell 2000 Index and the Russell 3000 Index, effective December 21, 2020. CEO Bob Rivers highlighted that this inclusion marks a significant milestone, as it may enhance visibility and broaden the shareholder base for the company. Russell indexes, which are utilized by investment managers, benchmark around $9 trillion in assets, reflecting their prominence in the investment community. Eastern Bankshares reported total assets of approximately $15.5 billion as of September 30, 2020.
Eastern Bank has welcomed Alarm Detection Systems, Inc. as a new commercial banking customer. Founded in 1968, Alarm Detection Systems is among the largest security firms in the U.S. Eastern Bank is providing a full suite of banking services, including a revolving line of credit aimed at supporting working capital and expansion plans. The deal showcases Eastern's commitment to serving the security alarm sector. With approximately $15.5 billion in total assets, Eastern Bank continues to expand its commercial banking footprint.
Eastern Bank has welcomed Curate Partners LLC and its subsidiaries as new customers in its Commercial Banking Division by providing an asset-based lending (ABL) line of credit. Curate Partners is a recruitment and consulting agency focusing on digital transformation, serving clients in various sectors including banking and healthcare. Founded in 2014, Curate ranked first among Massachusetts’ Fastest-Growing Private Companies in 2018. Eastern Bank aims to support Curate's operations and expansion with tailored financial solutions.
Eastern Bank has been recognized as a leading lender for small businesses by the U.S. Small Business Administration (SBA), ranking as the No. 1 SBA lender in Massachusetts for the 12th consecutive year. Eastern Bank originated 426 SBA 7(a) loans worth approximately $41.2 million and was also the top 504 lender with 19 loans totaling $12.9 million. The bank delivered around 8,800 PPP loans totaling $1.1 billion, showcasing its commitment to providing critical support to small businesses during the pandemic.
Eastern Insurance Group LLC, a subsidiary of Eastern Bank, has acquired the assets of Campbell, Flaherty & Ring Insurance Agency, Inc., effective December 1, 2020. This marks Eastern Insurance's 32nd acquisition since 2002. The agency, a family-owned business serving the greater Boston area for over 60 years, emphasizes exceptional customer service in personal lines insurance. The acquisition will allow Eastern to enhance customer offerings and maintain high service standards. David Campbell, the agency owner, announced his retirement after decades in the industry.
Eastern Bank announced that Greg Buscone, Executive Vice President and Senior Commercial Banking Officer, has joined the Board of Directors of BDC Capital. BDC Capital focuses on providing financing for growing companies in New England. Buscone emphasized the importance of supporting small- and mid-sized businesses to foster economic growth. He is active in various community organizations and brings extensive experience in business lending. Eastern Bank, founded in 1818, has over $14 billion in total assets and is committed to supporting its local communities.