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.
Eastern Bankshares (EBC) and HarborOne Bancorp (HONE) have announced a definitive merger agreement valued at approximately $490 million. Under the terms, HarborOne shareholders will receive either 0.765 shares of Eastern common stock or $12.00 in cash per share, with stock consideration representing 75-85% of the total transaction.
The merger will strengthen Eastern's position in Greater Boston and expand into Rhode Island. The combined entity will have approximately $30.7 billion in assets, with Eastern contributing $25.0 billion and HarborOne adding $5.7 billion. The transaction is expected to provide 16% EPS accretion and a tangible book value earnback of 2.8 years.
The merger is anticipated to close in the fourth quarter of 2025, subject to regulatory approvals and HarborOne shareholder approval. Upon closing, HarborOne's CEO Joseph Casey and one other director will join Eastern's Board of Directors.
Eastern Bankshares (NASDAQ: EBC) reported Q1 2025 financial results, highlighting a net loss of $217.7 million ($1.08 per share) due to a $1.3 billion investment portfolio repositioning. However, operating net income reached $67.5 million ($0.34 per share).
Key highlights include:
- Net interest margin expanded 33 basis points to 3.38%
- Non-performing loans improved to $91.6 million (0.51% of total loans) from $135.8 million (0.76%) at year-end 2024
- Strong CET1 ratio of 14.15% and loan coverage ratio of 1.25%
- Repurchased 2.9 million shares for $48.7 million
- Announced 8% increase in quarterly dividend to $0.13 per share
The bank's loan portfolio grew nearly 3% annualized, primarily from C&I balances, while deposits decreased by $522.2 million to $20.8 billion. Assets under management ended at $8.4 billion.
Eastern Bankshares (Nasdaq: EBC) has scheduled its first quarter 2025 earnings release and associated events. The company will release its Q1 2025 financial results on Thursday, April 24, 2025 after market close. A conference call to discuss the results is scheduled for Friday, April 25, 2025 at 9:00 AM Eastern Time.
Interested parties can join via telephone using the toll-free number (800) 549-8228 with Conference ID 70523. Additionally, a simultaneous webcast will be available on the company's Investor Relations website at investor.easternbank.com, with an on-demand replay option provided afterward.
Eastern Bank has appointed Theresa Conroy as Senior Vice President, Commercial Banking Relationship Manager, bringing 20 years of commercial and industrial lending experience to the institution. Prior to joining Eastern Bank, Conroy served as Senior Relationship Manager in the Middle Market Division at Needham Bank and held positions at TD Bank and Santander Bank.
Conroy's expertise includes structuring commercial loans, building client relationships, and providing tailored financing solutions. Her previous roles encompassed portfolio management, credit analysis, and business development. She holds a Bachelor of Science from Babson College and an MBA from Boston College's Carroll School of Management.
Eastern Bank offers various commercial financing solutions including working capital lines of credit, equipment loans, real estate loans, acquisition financing, asset-based lending, franchise lending, and ESOP-related financing.
Eastern Bank announces a significant expansion of its Franchise Lending division with two key appointments. David Farwell joins as Senior Vice President and Head of Specialty Finance, bringing over 20 years of specialty finance experience, previously serving as EVP at Citizens Bank where he led multiple industry-focused finance groups including McDonald's Franchise Finance.
Randi Baskin Blume joins as Senior Vice President of Franchise Finance, contributing 25 years of commercial lending experience, including over 10 years in franchise finance. At BMO Bank, she grew the McDonald's clientele from three to 50 operators in three years.
The expansion strengthens Eastern Bank's Franchise Finance division, which specializes in Quick Service Restaurant (QSR) business and offers various commercial financing solutions including working capital, equipment loans, real estate loans, and acquisition financing.
Eastern Bankshares (NASDAQ: EBC) reported Q4 2024 net income of $60.8 million ($0.30 per diluted share), with operating net income of $68.3 million ($0.34 per diluted share). The quarter reflected strong financial performance with net interest margin expanding 8 basis points to 3.05%. The company announced a $1.2 billion investment portfolio repositioning planned for Q1 2025, expected to add $0.13 to 2025 operating EPS.
Key metrics include net interest income of $179.2 million (up 5% quarter-over-quarter), noninterest income of $37.3 million (up 11%), and total loans of $18.1 billion. The company maintained strong capital positions with a CET1 ratio of 15.73% and loan loss allowance coverage of 1.29%. Non-performing loans were 0.76% of total loans, with net charge-offs at 0.71% of average total loans.
The Board declared a quarterly cash dividend of $0.12 per share, payable March 14, 2025.
Eastern Bank has appointed Andrew Hersom as Senior Vice President, Head of Investor Relations. Hersom brings 19 years of investor relations experience, previously serving as head of investor relations at Argo Group International Holdings and Senior Vice President of Investor Relations at People's United Financial until its M&T Bank acquisition. His prior roles include Director of Investor Relations at The Travelers Companies and financial analyst at Citigroup Life Insurance & Annuities.
Hersom holds a Bachelor of Arts degree from Providence College and an MBA from the University of Connecticut. CEO Denis Sheahan highlighted Hersom's experience and previous work with Eastern's CFO David Rosato at People's United Financial. Jillian Belliveau, who previously led investor relations, will now focus on her role as Senior Vice President and Treasurer while maintaining involvement in strategic initiatives.
Eastern Bankshares (NASDAQ: EBC) has announced it will release its fourth quarter 2024 financial results on Thursday, January 23, 2025, after market close. The company will host a conference call to discuss the results on Friday, January 24, 2025, at 9:00 AM Eastern Time. Investors can join via telephone using the toll-free number (800) 549-8228 with Conference ID 65981, or through a simultaneous webcast available on the company's Investor Relations website at investor.easternbank.com. A replay of the webcast will be available on demand.
Eastern Bank has been named the top lender for SBA 7(a) and 504 loans in Massachusetts for the 16th consecutive year. The bank originated 305 SBA 7(a) loans totaling $37.9 million and 23 banking 504 loans worth $17.5 million during the SBA fiscal year. Eastern's Equity Alliance for Business program, launched in 2023, contributed to their lending activity, leading to recognition as the #1 lender to Asian American Pacific Islander and Hispanic/Latino/a/e-owned businesses.
Eastern Bank has been named the winner of Wolters Kluwer's 2024 Community Impact Award for its Equity Alliance for Business program. The program supports underrepresented business owners, including women, entrepreneurs of color, LGBTQ+, veterans, and individuals with disabilities through specialized credit solutions and banking services.
As the #1 Small Business Administration lender in Massachusetts for 16 consecutive years, Eastern Bank has developed innovative approaches to credit scoring that help level the playing field for those with low or 'invisible' credit scores. The program has generated dozens of referrals supporting underserved businesses in their service area. This marks Eastern Bank's second Community Impact Award, following their 2018 win for launching the Foundation for Business Equity.
