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Eastern Bankshares, Inc. has successfully completed its acquisition of Century Bancorp, Inc. for approximately
Century Bancorp, Inc. (NASDAQ:CNBKA) reported a net income of $33.3 million for the nine months ended September 30, 2021, reflecting an 8.9% increase year-over-year. Total assets grew 12.1% to $7.13 billion. For Q3 2021, net income was $11.7 million, up 7.8% from the previous year. The company's net interest income rose 13.5% to $88.9 million, despite a decrease in the net interest margin to 1.81%. The firm is set to merge with Eastern Bankshares, Inc. in Q4 2021, with a total transaction value of approximately $642 million.
Eastern Bankshares and Century Bancorp have secured regulatory approvals for their merger, set to close in mid-fourth quarter 2021. This merger, initially announced on April 7, 2021, aims to enhance banking services across Boston and Eastern Massachusetts. Both companies express optimism about integration, with expected benefits such as expanded locations and improved digital banking. Eastern Bank currently holds approximately $17 billion in assets and boasts a robust community presence with $240 million in charitable contributions since 1994.
Century Bancorp, Inc. (NASDAQ:CNBKA) has declared a quarterly dividend of $0.18 per share for Class A common stock and $0.09 per share for Class B common stock. These dividends are payable on October 15, 2021, to shareholders on record as of October 1, 2021. This announcement reflects the company's commitment to returning value to its shareholders amid ongoing operations through its subsidiaries, including Century Bank and Trust Company, which serves the Greater Boston area and Southern New Hampshire.
Century Bancorp, Inc. (NASDAQ:CNBKA) reported a net income of $21.6 million for the six months ended June 30, 2021, reflecting a 9.5% increase year-over-year. Total assets rose 14.2% to $7.26 billion. For Q2 2021, net income was $10.8 million, a 7.6% increase. The company declared a quarterly dividend of $0.18 per share. Net interest income increased 14.8% to $58.6 million, though net interest margin decreased to 1.81%. The provision for loan losses saw a significant credit of $550,000. Shareholders approved a merger with Eastern Bankshares, expected to finalize in Q4 2021.
Century Bancorp, Inc. (NASDAQ:CNBKA) reported a net income of $10.77 million for Q1 2021, an 11.4% increase from $9.67 million in Q1 2020, translating to $1.93 per Class A share diluted. Total assets rose 14.6% to $7.29 billion. The company declared a quarterly dividend of $0.18 per Class A share and $0.09 per Class B share, payable on May 17, 2021. Net interest income improved by 13.4% to $28.6 million, although the net interest margin fell to 1.80%. A proposed merger with Eastern Bankshares at a value of $642 million is expected to close in Q4 2021.
EBC and CNBKA have entered a definitive all-cash merger agreement valued at $642 million. Century shareholders will receive $115.28 per share. The merger is expected to close in Q4 2021, pending regulatory and shareholder approvals. Eastern plans to merge Century into its operations, enhancing services in Greater Boston and southern New Hampshire. The acquisition is projected to be 55% accretive to earnings, funded by Eastern's available cash. A 33% increase in Eastern's quarterly dividend to $0.08 per share was also announced.
Century Bancorp, Inc. (NASDAQ:CNBKA) reported a net income of $42.2 million for the year ended December 31, 2020, reflecting a 6.3% increase year-over-year. Net income for Q4 was $11.6 million, an 8.1% rise. Total assets grew 15.8% to $6.36 billion, while net interest income rose 11.5% to $106.8 million, despite a decline in net interest margin from 2.10% to 2.00%. The Board increased quarterly dividends to $0.18 for Class A shares, and provisions for loan losses rose to $5.8 million due to COVID-19 uncertainties.
Century Bank has elected Dr. Anthony P. Monaco and Dr. O'Neil Britton to its Board of Directors, enhancing its leadership team. Dr. Monaco, President of Tufts University, brings extensive experience in academic leadership and healthcare initiatives. Dr. Britton, Chief Medical Officer at Massachusetts General Hospital, offers deep expertise in medical management and patient care. Barry Sloane, Century Bank’s Chairman and CEO, highlights their integrity and diverse backgrounds as key factors in the bank's continued growth.
Century Bancorp, Inc. (NASDAQ:CNBKA) reported a net income of $30.6 million for the nine months ending September 30, 2020, marking a 5.7% increase year-over-year. Total assets grew by 14.6% to $6.3 billion. For Q3 2020, net income was $10.9 million, an 8.0% rise from the previous year's quarter. The Board announced a dividend increase for Class A and Class B stocks. Net interest income rose to $78.4 million, up 11.2%, though the net interest margin decreased to 2.01%. The provision for loan losses increased to $3.7 million, mainly due to COVID-19 uncertainties.
