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) is the holding company for Eastern Bank, which it describes as Greater Boston’s leading local bank. News about EBC often centers on its regional banking activities, commercial lending relationships, wealth management initiatives and corporate developments. Eastern Bank operates approximately 109 to 110 branches across eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut, and provides banking and wealth management solutions for consumers and businesses of all sizes.
The EBC news feed highlights announcements of new commercial banking customers and financing arrangements, such as working capital facilities, revolving lines of credit and cash management services for companies in sectors ranging from security solutions to marketing logistics. Releases also cover Eastern’s recognition as a top SBA 7(a) lender in Massachusetts, reflecting its role in small business lending and programs like its Equity Alliance for Business, which is designed to support women and entrepreneurs of color.
Investors and analysts following Eastern Bankshares, Inc. will find regular updates on quarterly earnings release dates, conference calls and webcasts, as well as detailed financial results and commentary from management on loan growth, profitability metrics, net interest margin and asset quality. Corporate actions, including share repurchase authorizations, dividend declarations and governance matters, are also disclosed through company news and related SEC filings.
Another key theme in EBC news is merger and acquisition activity. Eastern has reported on its agreement to acquire HarborOne Bancorp, Inc., the receipt of required regulatory approvals and the completion of the merger, including the proration of stock and cash consideration for HarborOne shareholders and the integration of HarborOne Bank into Eastern Bank. For ongoing coverage of these developments and other company updates, the EBC news page aggregates press releases and third-party reports in one place.
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.
Eastern Insurance Group has acquired the assets of Auburn Insurance Agency, a family-owned insurance agency based in Massachusetts. Founded in 1982, Auburn specializes in complex commercial insurance coverage. The acquisition, effective October 1, 2020, marks Eastern Insurance's 31st acquisition since 2002, expanding their presence across 16 states. President Janice Ryan expressed enthusiasm about joining Eastern, highlighting their commitment to customer service and shared values. This move is expected to enhance Eastern's specialty offerings and strengthen customer relationships.
Eastern Bankshares, Inc. (EBC) announced the successful completion of its mutual-to-stock conversion and common stock offering, raising approximately $1.79 billion. A total of 179,287,828 shares were sold at $10.00 each, with 14,940,652 shares allocated to the employee stock ownership plan. The company also donated 7,470,326 shares to the Eastern Bank Charitable Foundation. Trading for EBC is set to commence on the Nasdaq Global Select Market on October 15, 2020. The offering was facilitated by Keefe, Bruyette & Woods, Inc., with J.P. Morgan as the capital markets advisor.