Eastern Bankshares Form 3 lists holdings and converted options
Filing Impact
Filing Sentiment
Form Type
3
Rhea-AI Filing Summary
Eastern Bankshares (EBC) reported an initial statement of beneficial ownership by a director following the HarborOne merger effective November 1, 2025. The merger consideration allowed each HarborOne share to elect either $12.00 in cash or 0.765 shares of Eastern common stock, subject to proration.
The filing lists 36,112 common shares held directly, plus indirect holdings including 107,160 by spouse and 83,962 by trust, along with IRA, ESOP, and 401(k) positions. Converted stock options now cover 118,947 shares at $11.74, 101,912 at $12.8, and 101,912 at $13.38. Per the merger agreement, these options must be exercised no later than February 1, 2026.
Positive
- None.
Negative
- None.
Insider Trade Summary
10 transactions reported
Mixed
10 txns
Insider
CASEY JOSEPH F
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option (Right to Buy) — 118,947 shares (Direct);
Common Stock — 36,112 shares (Direct);
Common Stock — 107,160 shares (Indirect, By Spouse)
Footnotes (1)
- Pursuant to the terms of the Agreement and Plan of Merger dated April 24, 2025 among Eastern Bankshares, Inc. ("Eastern"), Eastern Bank, HarborOne Bancorp, Inc. (HarborOne"), and HarborOne Bank (the "Merger Agreement"), upon the merger of HarborOne into Eastern, effective November 1, 2025 (the "Merger"), each share of HarborOne common stock was converted into the right to receive, at the election of the holder, either (i) $12.00 in cash or (ii) 0.765 shares of Eastern common stock (the "Exchange Ratio"), subject to certain proration provisions contained in the Merger Agreement. Pursuant to the terms of the Merger Agreement, the stock option must be exercised within no later than February 1, 2026 (i.e., three (3) months from the time reporting person's employment as an executive of HarborOne was terminated). Pursuant to the Merger Agreement, each outstanding and unexercised option to purchase shares of HarborOne common stock was converted into an option to purchase shares of Eastern common stock by multiplying the number of shares by the Exchange Ratio (rounded down to the nearest whole share). Pursuant to the Merger Agreement, the exercise price per share of each converted option was determined by dividing the exercise price of the HarborOne stock option by the Exchange Ratio (rounded up to the nearest whole cent).
FAQ
What did EBC’s Form 3 disclose?
It disclosed a director’s initial beneficial ownership, including direct and indirect common stock holdings and converted stock options after the HarborOne merger.
What merger election terms were noted for EBC (EBC)?
Each HarborOne share could elect either $12.00 in cash or 0.765 EBC shares, subject to proration.
What EBC stock options were listed and at what prices?
Options for 118,947 shares at $11.74, 101,912 at $12.8, and 101,912 at $13.38.
When must the converted EBC options be exercised?
No later than February 1, 2026, per the merger agreement.
What triggered the Form 3 for EBC (EBC)?
The effective date of the HarborOne merger on November 1, 2025 and the reporting person’s director status.
Is the reporting person a 10% owner of EBC?
No. The filing indicates the person is a Director, not a 10% owner.