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. (NASDAQ: EBC) stands as the stock holding company for the historic Eastern Bank, the oldest and largest mutual bank in the United States. Founded in 1818 and headquartered in Boston, Eastern Bank has grown to oversee $10 billion in assets and operates more than 120 locations across eastern Massachusetts, southern, and coastal New Hampshire. Eastern Bankshares, Inc. is renowned for its comprehensive suite of financial products and services, catering to retail, commercial, and small business customers. Their diversified portfolio includes lending, deposit, wealth management, and insurance services.
As a recognized leader in corporate social responsibility, Eastern Bank takes pride in its ongoing advocacy for social justice causes, demonstrating a deep commitment to the communities it serves. This inclusive approach is reflected in their professional team, which values strong relationships with customers, colleagues, and the wider community.
Recently, Eastern Bankshares has made headlines with its proposed merger with Cambridge Bancorp, parent company of Cambridge Trust Company. This merger, slated to complete around July 12, 2024, will create a $26 billion organization poised to become Greater Boston's premier local bank and the largest bank-owned independent investment advisor in Massachusetts. This strategic union aims to enhance product offerings and service capabilities, ensuring an enriched customer experience.
With a forward-looking approach, Eastern Bankshares remains vigilant in navigating the dynamic financial landscape, with a focus on achieving revenue and expense synergies through strategic integrations and partnerships. For more information, visit their investor relations page.
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.
Eastern Bank has appointed Kimberly Dee as Executive Vice President, Consumer Banking Director. Dee, who previously served as Executive Vice President and Head of the Retail Branch Network at Citizens Financial Group, brings over 20 years of banking experience. She will oversee Eastern's retail, consumer lending, and mortgage businesses, replacing retiring Barbara Heinemann. At Citizens Bank, Dee led over 1,000 branches and 6,000 financial experts, driving growth in retail, wealth, and business banking. She will join Eastern Bank's Management Committee in early December 2023.
Eastern Bankshares (NASDAQ: EBC) reported Q3 2024 financial results, including a net loss of $6.2 million, impacted by a $40.9 million initial provision on non-PCD loans and $30.5 million in merger-related charges. Operating net income was $49.7 million ($0.25 per diluted share). The company completed its merger with Cambridge Bancorp, adding $3.7 billion in loans and $3.9 billion in deposits. Net interest margin increased to 2.97%, while trust and investment advisory fees grew 122% to $14.9 million. The Board approved a 9% increase in quarterly dividend to $0.12 per share.
Eastern Bankshares, Inc. (Nasdaq: EBC), the stock holding company for Eastern Bank, has announced the schedule for reporting its third quarter 2024 results. The earnings release is set for Thursday, October 24, 2024 after the market close. A conference call will follow on Friday, October 25, 2024 at 9:00 AM Eastern Time.
Interested parties can join the call via telephone using the toll-free dial-in number (800) 549-8228 with Conference ID 35193. Additionally, a simultaneous webcast will be available on the company's Investor Relations website at investor.easternbank.com. For those unable to attend live, a replay of the webcast will be made available on demand on the same site.
Eastern Bank has announced key leadership appointments following its merger with Cambridge Trust, focusing on product development, wealth management, and private banking. Sujata Yadav has been named Chief Product Officer, while former Cambridge Trust leaders have taken on new roles: Jeffrey F. Smith as EVP of Wealth Management, Danielle Remis Hackel as EVP and Chief Marketing Officer, and Kerri A. Mooney as EVP of Private Banking.
These appointments aim to drive innovation, revenue growth, and strategic alignment with customer needs. The bank's vision is to become the leading local bank offering comprehensive banking and wealth management solutions in its communities. The newly appointed leaders bring extensive experience in their respective fields, which is expected to contribute significantly to Eastern Bank's growth plans and commitment to clients.
Eastern Bank has been recognized by Disability:IN as a 2024 Best Place to Work for Disability Inclusion, scoring highly on the Disability Equality Index. This index, a joint initiative with The American Association of People with Disabilities, is considered the most comprehensive disability inclusion assessment tool in business.
Eastern Bank's commitment to disability inclusion is evident through its:
- Inclusive workplace practices
- disAbility Advocacy Alliance Employee Resource Group
- Health benefits accommodating apparent and nonapparent disabilities
- Equity Alliance for Business program supporting disability-owned businesses
The bank's efforts align with Disability:IN's mission to drive disability inclusion and equality in business, impacting the unemployment/underemployment of people with disabilities.
Eastern Bankshares, Inc. (NASDAQ: EBC) reported its Q2 2024 financial results, announcing net income of $26.3 million, or $0.16 per diluted share. The company completed its merger with Cambridge Bancorp on July 12, 2024, surpassing $25 billion in assets. Key highlights include:
- Operating net income of $36.5 million, or $0.22 per diluted share
- Net interest margin (FTE) declined to 2.64%
- Total loans increased by $56.8 million to $14.1 billion
- Deposits declined by $129 million to $17.5 billion
- Non-performing loans reduced from 0.41% to 0.28% of total loans
- Board approved a new share repurchase program of up to 10.8 million shares
The company declared a quarterly cash dividend of $0.11 per common share, payable on September 16, 2024.
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