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. (EBC) maintains this dedicated news hub for stakeholders tracking its financial operations and community impact. As New England's oldest mutual bank, EBC delivers timely updates on strategic developments through verified press releases and official announcements.
This comprehensive resource consolidates essential updates including quarterly earnings reports, merger announcements like the Cambridge Trust integration, and community initiatives reflecting its social responsibility commitments. Investors will find material disclosures while local residents discover updates on branch network expansions and financial literacy programs.
All content undergoes strict verification to ensure accuracy standards expected from a FDIC-insured institution. The news archive serves both immediate research needs and long-term trend analysis, with historical context spanning EBC's 1818 founding to modern digital banking innovations.
Bookmark this page for direct access to primary-source updates on commercial lending developments, wealth management offerings, and leadership changes at one of America's most enduring community-focused financial institutions.
Eastern Bankshares, Inc. (NASDAQ: EBC) has successfully completed its merger with Cambridge Bancorp (NASDAQ: CATC), creating Greater Boston's leading local bank with over $25 billion in assets. The all-stock transaction, announced on September 19, 2023, involved exchanging each Cambridge share for 4.956 Eastern shares, resulting in Eastern issuing approximately 39.2 million new shares.
Key leadership changes include Denis Sheahan becoming CEO of Eastern and Eastern Bank, Quincy Miller promoted to COO, and David Rosato appointed as the new CFO. The merger aims to strengthen Eastern's position in banking and wealth management services, with Cambridge Trust Wealth Management becoming the largest bank-owned independent investment advisor in Massachusetts.
Eastern Bankshares, the stock holding company for Eastern Bank, announced it will release its second quarter 2024 earnings on Thursday, July 25, 2024, after the market closes. A conference call will follow on Friday, July 26, 2024, at 9:00 AM Eastern Time. The call can be accessed toll-free via (800) 549-8228 with Conference ID 26729, or through a webcast on the company's Investor Relations website. A replay of the webcast will be available for on-demand viewing.
Eastern Bankshares announced the appointment of four members from Cambridge Bancorp's Board of Directors to both the Eastern Bankshares and Eastern Bank Boards. This change is set to occur upon the completion of Eastern and Cambridge's pending merger, expected around July 12, 2024. Denis Sheahan, Cambridge's CEO, will become Eastern's CEO and join its Boards. Additionally, three Cambridge directors—Leon A. Palandjian, Cathleen A. Schmidt, and Andy S. Zelleke—will be appointed to Eastern's Boards. The new appointments aim to leverage their extensive experience in banking, real estate, risk management, and corporate governance to drive value and innovation.
Eastern Bankshares (NASDAQ: EBC) and Cambridge Bancorp (NASDAQ: CATC) have received regulatory approvals for their merger, initially announced on September 19, 2023. The merger is set to close around July 12, 2024, resulting in a $26 billion organization positioned as Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts. Leaders Bob Rivers and Denis Sheahan expressed their excitement and commitment to customer service, collaboration, and community engagement. Shareholders approved the merger on February 28, 2024, and the integration aims to enhance banking and wealth management services.
Eastern Bankshares and Cambridge Bancorp have received all necessary regulatory approvals for their proposed merger, initially announced on September 19, 2023. The merger is anticipated to close around July 12, 2024.
This merger will create a $26 billion organization, enhancing their position as Greater Boston's leading local bank and the largest bank-owned independent investment advisor in Massachusetts.
Bob Rivers, CEO of Eastern, highlighted the expected benefits and expressed gratitude to both teams for their efforts. Denis Sheahan, CEO of Cambridge Trust, emphasized enhanced customer service and community engagement resulting from this merger.
Shareholders from both companies approved the merger on February 28, 2024.
Eastern Bank has facilitated Capstan Atlantic's transition to an employee-owned company through financing. This includes a term loan for implementing an Employee Stock Ownership Plan (ESOP) and a revolving line of credit for ongoing financial needs. Capstan Atlantic, a prominent powder metal manufacturer, will be rebranded to Atlantic Sintered. The move aims to ensure long-term success and reward its 260 employees. Eastern Bank offers various commercial financing solutions, aiding businesses in improving cash flow and efficiency. Key personnel involved include Greg Buscone, Brendan O’Neill, Thomas King, and Youssef Abdouh from Eastern Bank, with Chuck Coyne from Empire Valuation advising Capstan Atlantic.
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