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 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.
Eastern Insurance Group LLC, a subsidiary of Eastern Bank, has acquired the operating assets of Barr Insurance Agency, effective May 1, 2021. This marks Eastern Insurance's 34th acquisition since 2002. Barr Insurance, operating for over 50 years, offers a range of personal and business insurance coverages and has demonstrated excellent client retention. The acquisition aims to enhance service offerings and create new opportunities for Barr Insurance clients through Eastern Insurance’s resources.
Eastern Bankshares, Inc. (EBC) reported a strong first quarter of 2021, with a net income of $47.7 million, or $0.28 per share, a significant turnaround from a net loss of $44.1 million in Q4 2020. Operating net income increased to $46.5 million, up from $31.6 million quarter-over-quarter. Total revenue was $155.3 million, bolstered by high insurance revenues and interest rate swap gains. The company is progressing with its merger with Century Bancorp, expected to close in Q4 2021, and announced a 33% increase in its quarterly dividend to $0.08 per share.
