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.
Needham Bank has finalized the transfer of cannabis banking and money service businesses from Eastern Bankshares, Inc. (EBC) after obtaining regulatory approvals. Needham has also onboarded the previous cannabis banking team led by Paul Evangelista, enhancing its ability to serve this sector. The Medford branch of Eastern will continue servicing customers as part of the transition. President Joseph Campanelli expressed confidence in the bank's infrastructure and commitment to building relationships with new clients. The asset purchase was initially announced on January 14, 2022.
Eastern Bank has secured a new asset-based lending relationship with Boston Battery LLC, providing
Eastern Bank has announced key appointments to its Management Committee, including Gregory P. Buscone, Martha A. Dean, Timothy J. Lodge, Matthew A. Osborne, and Sujata Yadav. CEO Bob Rivers expressed optimism about their diverse expertise and community involvement. The Management Committee now comprises fourteen senior executives, with 64% being women, people of color, or younger than 50. Eastern Bank, founded in 1818, has over 120 locations and approximately $24 billion in total assets, emphasizing its commitment to community engagement and strategic growth.
Eastern Bank Foundation has appointed Natalia Urtubey as a Foundation Fellow, focused on enhancing equity in the small business ecosystem. She comes from the City of Boston’s Office of Economic Opportunity & Inclusion, where she led significant initiatives like distributing over $28.6M in small business grants during the pandemic. Her role aims to support economic inclusion and mobility, particularly for historically underrepresented communities. The Foundation focuses on building networks for business owners of color through strategic funding and collaborations with nonprofit organizations.
Eastern Bank announces the financing of Landry's Bicycles to aid its transition to a 100% employee-owned structure. Founded in 1922, Landry's is recognized as one of America's Best Bike Shops and operates eight locations across Massachusetts. The term loan will support Landry's employee ownership model, which aims to enhance teamwork and customer service. Eastern Bank, with over $24 billion in total assets, also offers various commercial financing solutions to support businesses like Landry's.
Eastern Bank announces an $8 million financing deal with Work ‘N Gear, the largest U.S. retailer in work and healthcare apparel. Based in Quincy, MA, Work ‘N Gear operates 39 stores in the Northeast and Midwest. The partnership aims to enhance Work ‘N Gear's liquidity and funding for day-to-day operations. Eastern Bank, founded in 1818, has over $24 billion in assets and provides various commercial financing solutions, including asset-based lending, to support businesses in improving cash flow and operational efficiency.
Eastern Insurance Group, a subsidiary of Eastern Bank, has acquired the operating assets of Michals Insurance Agency, effective March 1, 2022. This marks Eastern Insurance's 35th acquisition of an independent agency since 2002. Michals Insurance, serving clients since 1993, is recognized for its exemplary customer service and specialization in the national fine arts sector. Eastern Insurance aims to enhance its offerings and client service through this acquisition, welcoming the Michals team to expand their reach and capabilities in the insurance market.
Eastern Bankshares, Inc. (EBC) reported a quarterly net income of $35.1 million for Q4 2021, down from $37.1 million in Q3. However, operating net income rose to $44.9 million, or $0.26 per diluted share. The company declared a 25% increase in its quarterly cash dividend to $0.10 per share. Key highlights include the successful merger with Century Bancorp, adding approximately $7 billion in assets. Total loans and deposits surged, with organic loan growth of 6%. However, noninterest expenses rose significantly, primarily due to merger costs.
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.
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