Eastern Bankshares, Inc. Stock Price, News & Analysis

Eastern Bank has been recognized by Disability:IN as a 2024 Best Place to Work for Disability Inclusion, scoring highly on the Disability Equality Index. This index, a joint initiative with The American Association of People with Disabilities, is considered the most comprehensive disability inclusion assessment tool in business.

Eastern Bank's commitment to disability inclusion is evident through its:

• Inclusive workplace practices
• disAbility Advocacy Alliance Employee Resource Group
• Health benefits accommodating apparent and nonapparent disabilities
• Equity Alliance for Business program supporting disability-owned businesses

The bank's efforts align with Disability:IN's mission to drive disability inclusion and equality in business, impacting the unemployment/underemployment of people with disabilities.

Eastern Bankshares, Inc. (NASDAQ: EBC) reported its Q2 2024 financial results, announcing net income of $26.3 million, or $0.16 per diluted share. The company completed its merger with Cambridge Bancorp on July 12, 2024, surpassing $25 billion in assets. Key highlights include:

- Operating net income of $36.5 million, or $0.22 per diluted share
- Net interest margin (FTE) declined to 2.64%
- Total loans increased by $56.8 million to $14.1 billion
- Deposits declined by $129 million to $17.5 billion
- Non-performing loans reduced from 0.41% to 0.28% of total loans
- Board approved a new share repurchase program of up to 10.8 million shares

The company declared a quarterly cash dividend of $0.11 per common share, payable on September 16, 2024.

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.