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 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.
Eastern Bank has welcomed Alarm Detection Systems, Inc. as a new commercial banking customer. Founded in 1968, Alarm Detection Systems is among the largest security firms in the U.S. Eastern Bank is providing a full suite of banking services, including a revolving line of credit aimed at supporting working capital and expansion plans. The deal showcases Eastern's commitment to serving the security alarm sector. With approximately $15.5 billion in total assets, Eastern Bank continues to expand its commercial banking footprint.
Eastern Bank has welcomed Curate Partners LLC and its subsidiaries as new customers in its Commercial Banking Division by providing an asset-based lending (ABL) line of credit. Curate Partners is a recruitment and consulting agency focusing on digital transformation, serving clients in various sectors including banking and healthcare. Founded in 2014, Curate ranked first among Massachusetts’ Fastest-Growing Private Companies in 2018. Eastern Bank aims to support Curate's operations and expansion with tailored financial solutions.
Eastern Bank has been recognized as a leading lender for small businesses by the U.S. Small Business Administration (SBA), ranking as the No. 1 SBA lender in Massachusetts for the 12th consecutive year. Eastern Bank originated 426 SBA 7(a) loans worth approximately $41.2 million and was also the top 504 lender with 19 loans totaling $12.9 million. The bank delivered around 8,800 PPP loans totaling $1.1 billion, showcasing its commitment to providing critical support to small businesses during the pandemic.
Eastern Insurance Group LLC, a subsidiary of Eastern Bank, has acquired the assets of Campbell, Flaherty & Ring Insurance Agency, Inc., effective December 1, 2020. This marks Eastern Insurance's 32nd acquisition since 2002. The agency, a family-owned business serving the greater Boston area for over 60 years, emphasizes exceptional customer service in personal lines insurance. The acquisition will allow Eastern to enhance customer offerings and maintain high service standards. David Campbell, the agency owner, announced his retirement after decades in the industry.
Eastern Bank announced that Greg Buscone, Executive Vice President and Senior Commercial Banking Officer, has joined the Board of Directors of BDC Capital. BDC Capital focuses on providing financing for growing companies in New England. Buscone emphasized the importance of supporting small- and mid-sized businesses to foster economic growth. He is active in various community organizations and brings extensive experience in business lending. Eastern Bank, founded in 1818, has over $14 billion in total assets and is committed to supporting its local communities.
Eastern Bank has announced Alarm New England as a new commercial banking customer, supporting its financing needs. Alarm New England, established in 1972, offers innovative security solutions and serves the Connecticut, Massachusetts, and Rhode Island regions. Eastern Bank is providing a revolving line of credit and comprehensive cash management to assist with Alarm New England’s growth plans. With approximately $14.0 billion in total assets, Eastern Bank is committed to helping local businesses across various industries improve cash flow and efficiency.
Eastern Bank announced significant leadership changes, with Nancy Huntington Stager stepping into the full-time role as President and CEO of the Eastern Bank Charitable Foundation, while retaining her position on the Management Committee. Kathleen C. Henry will take on the role of Chief Human Resources Officer in addition to her duties as General Counsel. The bank's IPO has enhanced the foundation's assets to over $220 million, boosting its philanthropic reach. Both leaders are expected to advance the bank's focus on economic inclusion, benefiting the communities served.
Eastern Bankshares, Inc. (EBC) plans to file its third-quarter 2020 financial results on or about November 16, 2020. The Company will not issue a press release or hold a conference call for this quarter. Following its conversion from mutual to stock organization on October 14, 2020, Eastern Bank will provide earnings reports starting in early 2021. Additionally, regulatory filings will occur, with the Call Report to be submitted to FFIEC on October 30, 2020, and other financial statements to the Federal Reserve by November 9, 2020.
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