Eastern Bankshares, Inc. Added To The KBW Nasdaq Regional Banking Index

Rhea-AI Summary

Eastern Bankshares (EBC) has been added to the KBW Nasdaq Regional Banking Index as part of the first quarter 2021 rebalancing, effective March 22, 2021. CEO Bob Rivers expressed pride in this achievement, viewing it as a significant milestone following the company's IPO just five months prior. The KBW Nasdaq Regional Banking Index tracks the performance of publicly traded U.S. regional banks. Eastern Bank operates over 110 locations in New England and had approximately $16.0 billion in total assets as of December 31, 2020.

Positive

• Inclusion in the KBW Nasdaq Regional Banking Index enhances visibility among investors.
• The company had approximately $16.0 billion in total assets as of December 31, 2020.

Negative

• Potential risks due to the Covid-19 pandemic affecting loan delinquencies and charge-offs may impact future performance.
• Increased competitive pressures and changes in the interest rate environment pose additional challenges.

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced that the Company has been added to the KBW Nasdaq Regional Banking Index (Index Ticker: KRX) as part of the first quarter 2021 index rebalancing. The addition will be effective prior to the opening of business on Monday, March 22, 2021.

“We are honored to be added to the KBW Nasdaq Regional Banking Index,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. “This step reflects what we believe is another strong milestone following our initial public offering just five months ago, and we look forward to continuing to build awareness about Eastern within the broader investment community.”

The KBW Nasdaq Regional Banking Index is a modified market capitalization weighted index designed to track the performance of U.S. regional banks and thrifts that are publicly traded in the U.S. The compilation, maintenance, and calculation of the KRX Index are the responsibility of Nasdaq and Keefe, Bruyette & Woods, Inc., a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF). For more information on the KBW Nasdaq Regional Banking Index, please visit kbw.com.

About Eastern Bankshares, Inc. and Eastern Bank

Eastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of December 31, 2020, Eastern Bank had approximately $16.0 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pride in its outspoken advocacy and community support that has exceeded $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 1,900 deeply committed professionals who value relationships with their customers, colleagues, and communities. For investor information, visit investor.easternbank.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include developments in the Company’s market relating to the Covid-19 pandemic, including the severity and duration of the associated economic slowdown, adverse developments in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for loan losses, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and Eastern Bank are engaged.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005778/en/

FAQ

What does the addition of EBC to the KBW Nasdaq Regional Banking Index mean?

The inclusion enhances EBC's visibility in the investment community, potentially attracting more investors.

When will EBC be added to the KRX Index?

EBC will be added to the KBW Nasdaq Regional Banking Index effective March 22, 2021.

What is the significance of EBC's total assets?

As of December 31, 2020, EBC had approximately $16.0 billion in total assets, demonstrating substantial financial stability.

What are the potential risks mentioned in EBC's press release?

The risks include impacts from the Covid-19 pandemic, competitive pressures, and changes in the interest rate environment.