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, Inc. (NASDAQ: EBC) will release its first quarter 2023 results on April 27, 2023, after market close. A conference call is scheduled for April 28, 2023, at 9:00 AM ET. Investors can join the call via toll-free dial-in at (888) 886-7786 using conference ID 83330813. The call will also be webcast on the Company's investor relations website, with a replay available post-event. Eastern Bank, founded in 1818, serves eastern Massachusetts, New Hampshire, and Rhode Island, boasting approximately $23 billion in total assets as of December 31, 2022, and over 120 locations. The bank employs around 2,100 professionals and has committed $240 million to charitable giving since 1994.
Eastern Bank has launched the Equity Alliance for Business, aimed at supporting underrepresented business owners, particularly women and people of color. This initiative seeks to offer specialized credit solutions and access to resources designed to foster economic inclusion. Credit products include term loans up to
Eastern Bankshares reported its fourth quarter 2022 financial results, showing a net income of $42.3 million, or $0.26 per diluted share, down from $54.8 million in the previous quarter. The operating net income was $49.9 million, or $0.31 per diluted share. The company achieved a record annual net income of $199.8 million for 2022, a 29% increase year-over-year. Total assets grew by 3% to $22.6 billion, while total loans increased by 5% to $13.6 billion. A quarterly cash dividend of $0.10 per share has been declared, payable on March 15, 2023. Asset quality remained robust with minimal charge-offs.
EBC has announced a financing deal of
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