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 announced a new banking partnership with A-COM Integrated Solutions, providing a comprehensive treasury solution including a
Eastern Bank announces a new commercial banking relationship with Metropolitan Cabinets & Countertops, providing $23 million in financing, including a revolving line of credit and real estate funding. Metropolitan, founded in 1984, operates a 150,000 square foot facility and four showrooms in Greater Boston. This collaboration aims to enhance Metropolitan's operational efficiency and cash flow. Eastern Bank, based in Boston, has over $17 billion in total assets and offers various commercial financing solutions.
Eastern Bank has promoted Sujata Yadav to Executive Vice President and Chief Marketing Officer, reporting to President Quincy Miller. With a career in financial services, Yadav has been instrumental in advancing digital marketing innovations and analytics since joining Eastern in 2017. Under her leadership, Eastern launched integrated online platforms for unsecured lending and home equity. Yadav stresses the importance of maintaining Eastern's Join Us For Good brand campaign as the company continues to grow and engage with communities.
Eastern Bankshares (NASDAQ: EBC) reported its Q2 2021 results, highlighting a net income of $34.8 million ($0.20 per share), a decline from $47.7 million ($0.28 per share) in Q1 2021. The results included $3.5 million in merger expenses related to the Century Bancorp acquisition and $3.3 million for litigation settlements. Excluding these, operating net income was $37.1 million ($0.22 per share). Total loans decreased by 3% to $9.6 billion, but non-PPP loan growth was 5%. A quarterly cash dividend of $0.08 per share was declared, payable on September 15, 2021.
The Eastern Bank Foundation has pledged an additional $2 million to enhance COVID-19 vaccination outreach, particularly targeting communities of color in Gateway Cities of Massachusetts and New Hampshire. This initiative aims to address vaccination inequities through collaboration with local health centers and organizations. The funding supports three areas: vaccine access, culturally-inclusive outreach, and advocacy. To date, the Foundation has contributed $15 million in total COVID-19 relief.
Eastern Bank has partnered with Stanley Tree Service, providing financial support as the company transitions to a fully employee-owned structure through an Employee Stock Ownership Plan (ESOP). Founded in 1986, Stanley Tree serves commercial accounts and major utilities in Rhode Island and Southern Massachusetts. Eastern Bank is providing a term loan and credit lines to facilitate this transition. Stanley Tree's President emphasizes the competitive advantage of employee ownership for retention and community engagement. Eastern Bank aims to strengthen its commercial banking portfolio with this partnership.
Eastern Bankshares, Inc. (EBC) will release its second quarter 2021 earnings on Thursday, July 29, 2021, post-market close.
A conference call is scheduled for Friday, July 30, 2021, at 9:00 AM ET, accessible via a toll-free number or international dial-in. The call will also be webcasted live on the company's Investor Relations website.
Founded in 1818, Eastern Bank operates over 110 locations in Massachusetts, New Hampshire, and Rhode Island, boasting approximately $17 billion in total assets as of March 31, 2021.
Eastern Bank has announced a new partnership with Boston Warehouse Trading Corp. as a commercial banking customer. Founded in 1974, Boston Warehouse specializes in creative gifts and home décor, sourcing products globally. Eastern Bank will provide a $13 million revolving line of credit for working capital and inventory management, alongside comprehensive treasury management services. This partnership aims to support Boston Warehouse's growth and inventory needs, with Eastern Bank's extensive commercial financing options enhancing cash flow and operational efficiencies for businesses.
The Eastern Bank Foundation has announced an expanded approach to its philanthropic efforts, now rebranded as the Eastern Bank Foundation. This reflects a shift from traditional charity to investing in systemic change within communities. Key initiatives include continued grassroots community donations, a dedicated commitment to eliminating regional inequities, and an additional $2 million for COVID-19 support, totaling $15 million in relief efforts. The foundation focuses on equitable access to resources, advocating for change by listening to community experiences.
Eastern Bankshares (EBC) plans to declassify its Board of Directors over five years, transitioning from three classes to a single class. This change aims to enhance corporate governance and accountability to shareholders. Beginning with the 2024 Annual Meeting, directors will be elected for one-, two-, and three-year terms, with a full transition to annual elections by 2027. CEO Bob Rivers emphasized the importance of robust governance for long-term shareholder value. The full proposal will be included in the upcoming proxy statement before the 2022 Annual Meeting.
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