Eastern Bankshares, Inc. Added To The Russell 2000® and Russell 3000® Indexes

Rhea-AI Summary

Eastern Bankshares (EBC) has been added to the U.S. small-cap Russell 2000 Index and the Russell 3000 Index, effective December 21, 2020. CEO Bob Rivers highlighted that this inclusion marks a significant milestone, as it may enhance visibility and broaden the shareholder base for the company. Russell indexes, which are utilized by investment managers, benchmark around $9 trillion in assets, reflecting their prominence in the investment community. Eastern Bankshares reported total assets of approximately $15.5 billion as of September 30, 2020.

Positive

• Inclusion in Russell 2000 and Russell 3000 Indexes may increase visibility among investors.
• Potential to broaden the shareholder base following the recent IPO.

Negative

• None.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the holding company for Eastern Bank, today announced that the Company has been added to the U.S. small-cap Russell 2000^® Index and the U.S. broad-market Russell 3000^® Index, as well as the appropriate growth and value style indexes. The Russell index changes were effective upon the opening of the U.S. stock market today, December 21, 2020.

“Following our recent IPO just two months ago, we are very pleased to be added to these Russell indexes,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. “This inclusion is an important milestone, and we believe it will increase awareness of Eastern Bankshares within the investment community and help to broaden our shareholder base.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to Russell, approximately $9 trillion in assets are benchmarked against their U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider. For more information on the Russell 2000^® and 3000^® Indexes, please visit the FTSE Russell website.

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 September 30, 2020, Eastern Bank had approximately $15.5 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 subsidiary. Eastern takes pride in its outspoken advocacy and community support that has exceeded $140 million in charitable giving since 1999. An inclusive company, Eastern employs 1,800+ 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.

The shares of common stock of Eastern Bankshares, Inc. are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005761/en/

FAQ

When was Eastern Bankshares added to the Russell 2000 Index?

Eastern Bankshares was added to the Russell 2000 Index on December 21, 2020.

What is the significance of being added to the Russell 2000 Index for Eastern Bankshares (EBC)?

Being added to the Russell 2000 Index can enhance visibility and attract more institutional investors, potentially broadening the shareholder base.

What total assets did Eastern Bankshares report as of September 30, 2020?

As of September 30, 2020, Eastern Bankshares reported approximately $15.5 billion in total assets.

What does the inclusion in Russell indexes imply for Eastern Bankshares' investors?

Inclusion in Russell indexes often implies greater recognition in the market, which can lead to increased investment interest.

How much in assets are benchmarked against the Russell U.S. indexes?

Approximately $9 trillion in assets are benchmarked against the Russell U.S. indexes.