Eastern Bankshares elects Markell lead independent director

Available on EDGAR 11/13/2026 - 04:20 PM EST Accepted by SEC EDGAR 11/13/2026 - 04:20 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Eastern Bankshares, Inc. (EBC) elected Peter K. Markell Lead Independent Director effective January 1, 2027, succeeding Deborah C. Jackson, who will step down from that role the same day and plans to retire from the Board at year-end 2027. Markell has been a Company director since 2006 and chairs the Audit Committee; the Board’s independent directors elected him to a one-year term.

Richard E. Holbrook will retire from the Company and Eastern Bank boards effective December 31, 2026, under the Corporate Governance Guidelines’ mandatory age limits. Luis A. Borgen will resign from both boards that date to devote more time to personal and professional commitments. Neither departure was the result of a disagreement with the Company. Markell has been Executive Vice President and Chief Financial Officer of Brown University Health since January 2023.

8-K Event Classification

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Markell’s Lead Independent Director term: One year Lead Independent Director transition: January 1, 2027 Holbrook and Borgen board departures: December 31, 2026 +5 more

8 metrics

Markell’s Lead Independent Director term One year The Board’s independent directors elected Markell to the role.

Lead Independent Director transition January 1, 2027 Markell’s appointment and Jackson’s step-down from the role take effect on this date.

Holbrook and Borgen board departures December 31, 2026 Their departures from the Company and Eastern Bank boards take effect on this date.

Markell’s Company board tenure Since 2006 Markell has served as a director of Eastern Bankshares since 2006.

Jackson’s Lead Director tenure Since 2018 Jackson has served as Lead Director since 2018.

Eastern assets Approximately $31.7 billion As of September 30, 2026.

Assets under management $10.8 billion Reported for Cambridge Trust Wealth Management and Private Banking divisions.

Branch locations More than 125 Eastern Bank locations serving communities in Massachusetts, New Hampshire, and Rhode Island.

Key Terms

Lead Independent Director, Audit Committee, Corporate Governance Guidelines, assets under management

4 terms

Lead Independent Director technical

"elected as Lead Independent Director"

A lead independent director is a board member who is not part of company management and is chosen to coordinate and represent the other independent directors, often running sessions without the CEO, helping set meeting agendas, and serving as a liaison between shareholders and the board. For investors, this role signals stronger, more balanced oversight—like a neutral referee who helps ensure decisions are fair, transparent and focused on protecting shareholder interests.

Audit Committee technical

"chairs the Board’s Audit Committee"

A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.

Corporate Governance Guidelines technical

"mandatory age limitations for members of the Board"

A company’s corporate governance guidelines are a set of written rules and practices that explain how its board and executives make decisions, oversee risks, and hold themselves accountable—think of them as the organization’s playbook for fair and responsible leadership. Investors care because these guidelines shape how transparent decision-making is, reduce the chance of surprises or conflicts, and influence long‑term stability and trust, much like house rules keep a household running smoothly.

assets under management financial

"$10.8 billion in assets under management"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who will become EBC’s Lead Independent Director?

Peter K. Markell will become Eastern Bankshares’ Lead Independent Director on January 1, 2027, succeeding Deborah C. Jackson. The Board’s independent directors elected him to a one-year term. Markell has served as a Company director since 2006 and currently chairs its Audit Committee.

When will EBC’s board departures take effect, and why?

Richard E. Holbrook will retire from the Eastern Bankshares and Eastern Bank boards effective December 31, 2026, under the Corporate Governance Guidelines’ mandatory age limits. Luis A. Borgen will resign from both boards that day to devote more time to personal and professional commitments.

Will Deborah C. Jackson remain on EBC’s board?

Yes. Jackson will step down as Lead Director effective January 1, 2027, and plans to retire from the Board at year-end 2027. She will continue as a director through 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 9, 2026

EASTERN BANKSHARES, INC.

(Exact Name of Registrant as Specified in Charter)

Massachusetts		001-39610		84-4199750
(State or Other Jurisdiction of Incorporation or Organization)		(Commission File Number)		(I.R.S. Employer Identification Number)

125 High Street Boston, Massachusetts		02110
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (617) 897-1100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		EBC		Nasdaq Global Select Market

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Election of Directors; Appointment of Certain Officers; Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers.

The Board of Directors (the “Board”) of Eastern Bankshares, Inc. (the “Company”) announced Mr. Peter K. Markell has been unanimously elected as Lead Independent Director effective January 1, 2027, and will succeed Deborah C. Jackson, who will step down as Lead Director effective January 1, 2027, in anticipation of her planned retirement from the Board at year-end 2027.

Mr. Markell has served as a director of the Company, and as a trustee of its predecessor holding company, Eastern Bank Corporation, since 2006. He currently chairs the Board’s Audit Committee and serves on its Risk Management Committee and Compensation and Human Capital Management Committee. Following a comprehensive nomination process, Mr. Markell was recommended for the role by the Board’s Nominating and Governance Committee and unanimously elected to a one-year term by the Board’s the independent Directors, consistent with the Company’s Corporate Governance Guidelines.

Robert F. Rivers, Chair of the Board and Executive Chair of the Company, stated, “Peter Markell has been a trusted and steady voice on our Board for two decades, and his deep financial expertise, leadership of our Audit Committee and broad perspective across our committees make him exceptionally well suited to lead our independent directors. We are equally grateful to Deborah Jackson, who has led our independent directors with exceptional integrity and excellence since 2018. We are fortunate to continue to benefit from her wise, experienced counsel as a director through 2027.”

Earlier this week, Richard Holbrook and Luis A. Borgen provided notice of their intent to resign from their positions as members of the Board and as members of the Board of Directors of the Company’s wholly owned subsidiary, Eastern Bank, effective December 31, 2026. Mr. Holbrook will resign in accordance with the mandatory age limitation for members of the Board set forth in the Company’s Corporate Governance Guidelines, while Mr. Borgen will resign to devote more time to his personal and professional commitments. In connection with their resignation from the Board, neither Mr. Holbrook nor Mr. Borgen expressed any disagreement with the Company on any matter relating to its operations, policies, or practices.

Mr. Holbrook, who has been a director of Eastern Bank since 2001, was also Chair Emeritus. He retired as Chair and CEO of Eastern Bank in 2016, having served in those roles since 2007. He served on the Risk Management Committee of the Board immediately prior to his resignation.

Mr. Borgen, who has been a director of Eastern Bank since 2016, chaired the Risk Management Committee of the Board immediately prior to his resignation.

Robert F. Rivers, Chair of the Board and Executive Chair of the Company, stated, “We are very grateful for the many contributions Rich Holbrook and Luis Borgen have made to our Company, particularly over the past six years of extraordinary transformation. Rich joined Eastern in 1996 and since that time has strengthened our Company through his exemplary leadership and financial stewardship as CFO, CEO, Board Chair and Director. Luis Borgen’s decades of financial expertise and public company experience likewise strengthened our Board. We wish them both the very best in their next chapters.”

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are included with this Report:

Exhibit		Description
99.1		Press Release, dated November 13, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

				EASTERN BANKSHARES, INC.
DATE: November 13, 2026				By:		/s/ David Rosato
				Name:		David Rosato
				Title:		Chief Financial Officer

Exhibit 99.1

FOR IMMEDIATE RELEASE

Eastern Bankshares, Inc. Announces Board Leadership Transition; Peter K. Markell Elected Lead Independent Director

Board thanks Deborah C. Jackson for her service as Lead Director, and announces the retirement of Chair Emeritus Richard E. Holbrook and the resignation of Director Luis A. Borgen

BOSTON, MA, November 13, 2026 – Eastern Bankshares, Inc. (the “Company”) (Nasdaq: EBC), the holding company of Eastern Bank, today announced its Board of Directors (the “Board”) has unanimously elected Peter K. Markell as Lead Independent Director, effective January 1, 2027. Mr. Markell will succeed Deborah C. Jackson, who will step down as Lead Director effective January 1, 2027, in anticipation of her planned retirement from the Board at year-end 2027. The Company also announced Director and Chair Emeritus Richard E. Holbrook will retire from the Board effective December 31, 2026 in accordance with the mandatory age limitations for members of the Board set forth in the Company’s Corporate Governance Guidelines, and Luis A. Borgen will resign from the Board effective December 31, 2026 to devote more time to his personal and professional commitments.

Lead Independent Director Transition

Mr. Markell has served as a director of the Company, and as a trustee of its predecessor holding company, Eastern Bank Corporation, since 2006. He currently chairs the Board’s Audit Committee and serves on its Risk Management Committee, and Compensation and Human Capital Management Committee. Mr. Markell was recommended for the role by the Board’s Nominating and Governance Committee and elected by the Board’s independent Directors, consistent with the Company’s Corporate Governance Guidelines.

Mr. Markell has served as Executive Vice President and Chief Financial Officer of Brown University Health (formerly Lifespan) since January 2023. Previously, he served as Executive Vice President of Administration and Finance, Chief Financial Officer and Treasurer of Mass General Brigham, which he joined in 1999, until March 2021. Prior to that, he was a partner at Ernst & Young LLP. A Certified Public Accountant, Mr. Markell is a graduate of Boston College, where he served as both Chair of the Board and Chair of its Finance Committee. He serves on the boards of directors of Huron Consulting Group Inc. and CodaMetrix.

“Peter Markell has been a trusted and steady voice on our Board for two decades, and his deep financial expertise, leadership of our Audit Committee and broad perspective across our committees make him exceptionally well suited to lead our independent directors,” said Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank. “We are equally grateful to Deborah Jackson, who has led our independent directors with exceptional integrity and excellence since 2018. She guided the Board through an extraordinary period of transformation, from our initial public offering through a series of mergers, and through it all she kept our mission and our commitment to the communities we serve at the center of our work, helping to solidify our role as the largest, locally-headquartered bank in Boston. We are fortunate to continue to benefit from her counsel as a director through 2027.”

Of his new Board role, Mr. Markell said, “I am honored by the confidence of my fellow directors and grateful to Deborah Jackson for the strong example she has set. Eastern is a company with a remarkable history and an even brighter future, and I look forward to working closely with Bob and my fellow directors in this new role.”

Ms. Jackson added, “For more than two centuries, Eastern has modelled what it means for a bank to lead in, and for, the communities it serves, and that commitment matters as much today as it ever has. It has been my privilege to serve on this Board for more than 25 years and as Lead Director since 2018, a period in which Eastern became a public company, grew organically and through several mergers, and never lost sight of who we serve. Peter has been a valued colleague and an exceptional Audit Committee Chair, and I have every confidence in his leadership. I look forward to supporting Peter, Bob and my fellow directors through a seamless transition, and to continuing to champion Eastern’s mission as a director through 2027.”

Director Retirement and Resignation

Mr. Holbrook will retire from the Boards of Directors of the Company and Eastern Bank effective December 31, 2026, in accordance with the mandatory age limitations for directors set forth in the Company’s Corporate Governance Guidelines. Mr. Holbrook, who has been a director of Eastern Bank since 2001, was also Chair Emeritus. He retired as Chair and CEO of Eastern Bank in 2016, having served in those roles since 2007. He served on the Risk Management Committee of the Board immediately prior to his resignation.

Mr. Borgen, who has been a director of Eastern Bank since 2016, chaired the Risk Management Committee of the Board immediately prior to his resignation. An accomplished public company finance executive, Mr. Borgen previously served as Chief Financial Officer of athenahealth, Inc., among other publicly traded companies, and served as a Captain in the U.S. Air Force.

Neither Mr. Holbrook nor Mr. Borgen is leaving the Board as the result of any disagreement with the Company on any matter relating to its operations, policies or practices.

Mr. Rivers stated, “We are very thankful for the many contributions Rich Holbrook and Luis Borgen have made to our Company. Rich joined Eastern in 1996 and since that time has strengthened our Company through his exemplary leadership and financial stewardship as CFO, CEO, Board Chair, and Director. There are few in the community banking industry who have contributed more than Rich, and we are incredibly grateful to benefit from his leadership. Luis Borgen’s decades of financial expertise and public company experience likewise strengthened our Board. We wish them both the very best in their next chapters.

On behalf of my fellow directors and leadership team, I want to thank Deborah, Rich and Luis for their counsel, candor and expertise. I look forward to working with Peter and the full Board as we continue to deliver for our customers, colleagues, communities and shareholders across the communities we serve.”

About Eastern Bankshares, Inc.

Eastern Bankshares, Inc. is the holding company for Eastern Bank. Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 125 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2026, Eastern had approximately $31.7 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management and Private Banking Divisions, which include the largest bank-owned independent investment adviser in Massachusetts with $10.8 billion in assets under management. Eastern takes pride in its advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. For investor information, visit investor.easternbank.com.

Media contact:

Andrea Goodman

Eastern Bank

a.goodman@easternbank.com

781-598-7847

Investor contact:

Andrew Hersom

Eastern Bankshares, Inc.

a.hersom@easternbank.com

617-897-1177

###

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 11.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB