Eastern Bankshares, Inc. Stock Price, News & Analysis

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.

Eastern Bankshares, Inc. (EBC) has agreed to transfer its cannabis-related and money service business deposit relationships to Needham Bank. This decision follows a review revealing that the cannabis banking operation does not align with Eastern's customer service approach. The transaction is set to close in the first half of 2022, pending regulatory approvals. Needham Bank's CEO expressed excitement over servicing this growing sector, while Eastern aims to streamline its business focus. No financial terms were disclosed as the transaction is deemed non-material to Eastern.

Eastern Bankshares, Inc. (NASDAQ: EBC) announced its fourth quarter 2021 earnings release scheduled for January 27, 2022, after market close. A conference call will take place on January 28, 2022, at 9:00 AM ET, with participation details provided. Based in Boston, Eastern Bank has over 110 locations and approximately $17 billion in total assets as of September 30, 2021. The bank offers comprehensive banking, investment, and insurance services while maintaining a strong commitment to community support.

The Eastern Bank Foundation announced an additional $280,000 in COVID-19 support to combat food insecurity in Massachusetts and New Hampshire. This funding will benefit 56 organizations dedicated to alleviating hunger. Since the pandemic began, the foundation has contributed over $15 million to more than 665 community organizations, addressing various needs, including vaccination efforts and support for vulnerable populations. This latest initiative highlights the foundation's ongoing commitment to local communities.

Eastern Bank has been recognized by the U.S. Small Business Administration as the top lender for small businesses in Massachusetts, marking its 13th consecutive year in this position. In the last fiscal year, Eastern Bank originated 185 SBA 7(a) loans totaling approximately $35.7 million and 30 504 loans totaling about $31.2 million. The bank also issued over $1.7 billion in PPP loans since the pandemic began, demonstrating its commitment to supporting small businesses during challenging economic times.